China Fueling Manulife Expansion
As North America’s largest insurer by market value, Manulife Financial Corp. believes China’s confidence in Canadian-based insurance companies will help to double or even triple the company’s China-based operations in the next 5 years. Manulife’s head of China operations noted that the Chinese “…were taken aback by all the failures in the U.S. and Europe while in Canada there wasn’t the same kind of damage. They’re more comfortable that the Canadian companies are well run.”
Manulife China Expansion
Manulife is known as Manulife-Sinochem Life Insurance in China, a joint venture in which they own 51% of the company. Canadian Finance Prime Minister Stephen Harper visited China recently in order to encourage economic growth and partnership between the two countries. Manulife currently operates in 38 cities in China, including Beijing, Shanghai and Hong Kong – it plans to open businesses in up to 100 cities in a few years.