Manulife Expands in China
- On 2:31 pm EDT, Tuesday September 29, 2009
Manulife Financial Corporation (NYSE: MFC - News) is growing its operations in China. The China Insurance Regulatory Commission (CIRC) has approved Manulife-Sinochem, Manulife’s joint venture company, to operate in the Province of Tianjin, which is one of the fastest growing provinces in China. Manulife-Sinochem is now licensed in 37 cities across 11 provinces in China.
Manulife-Sinochem is a joint venture company between Manulife (International) Limited (51%) and China Foreign Economic and Trade Trust & Investment Company, a member of the Sinochem group (49%). The company currently serves over 450,000 customers across China through approximately 11,500 professionally trained staff and agents.
Manulife Financial has confirmed its commitment to China after media reports suggested that foreign insurance companies were intending to leave the country.
Many insurers are eyeing the Chinese market for its growth potential. In August Fairfax Financial Holdings Ltd (NYSE: FFH - News) entered the Chinese market by purchasing 15% stake in Alltrust Insurance Co. of China for about $66 million.
We believe that such expansion drive will considerably add to Manulife’s scale and strengthen its position globally.
As a result of the severe downturn in the equity market in the last few quarters, the balance sheets of insurance and wealth management companies have been challenged. Besides Manulife, the balance sheets have been impacted adversely for many other companies such as Principal Financial Group (NYSE: PFG - News), Lincoln Financial Group (NYSE: LNC - News) and Hartford Financial Services Group Inc. (NYSE: HIG - News). Particularly, the variable annuity business of these companies has been worst hit. However, we think that the recent rebound in the equity markets should provide some relief.
MANULIFE FINL CORP (MFC): Read the Full Research Report
PRINCIPAL FINANCIAL GROUP IN (PFG): Read the Full Research Report
LINCOLN NATL CORP IND (LNC): Read the Full Research Report
HARTFORD FINL SVCS GROUP INC (HIG): Read the Full Research Report
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