China's first joint-venture life insurance company says income up

Emerging Markets Economy, Jan 12, 2004

Manulife-Sinochem Life Insurance Co., China's first joint-venture life insurance company, said its premium incomes went up by 18 percent last year compared to 2002.

Manulife-Sinochem collected premiums worth some 500 million yuan (US$60.24 million) last year, said the Shanghai-based firm, according to Shanghai Daily news.

Manulife-Sinochem, formed between Canada's Manulife (International) Ltd. and Sinochem Corp. in 1996, reported profits after six years of operation.

Last year, Manulife-Sinochem received a license from the China Insurance Regulatory Commission to set up a Beijing branch.

Manulife-Sinochem has employed about 4,000 sales agents in Shanghai and Guangzhou to serve more than 200,000 individual clients in the cities.