Manulife casts wide China net

27 June 2005

Manulife Financial, the global life insurer, will invest about US$25.15bn to expands its presence in the Mainland to more than 20 cities over two years, the Standard of Hong Kong reported, citing company officials. Manulife now has seven branches in the Mainland, 51% owned by Manulife and 49% owned by China Foreign Economic and Trade Trust and Investment Co. Global insurers see China as a massive, untapped market and its entry to the World Trade organization has lifted geographical restrictions on foreign insurers.