Foreign-invested life insurer expands into Xi'an with new branch

Manulife-Sinochem Life Insurance Co Ltd announced the opening of its 15th provincial branch in Xi'an, capital of Shaanxi Province, on Friday.

The Manulife-Sinochem Shaanxi branch marks a significant milestone for the company as it expands its footprint in western China. 

As the first Sino-foreign joint-venture life insurance company established in China, it has been serving the health, protection and retirement needs of customers in China for almost 25 years. 

Kai Zhang, CEO of Manulife-Sinochem, said the move is a key development. 

"As a major economic province with the second-largest GDP in western China, Shaanxi has seen strong growth in its life insurance industry, and its overall financial strength, in recent years," Zhang said. 

"Xi'an is an important hub in rapidly developing western China. We are honored to be entering this exciting region and extremely grateful for the support from the Shaanxi and Xi'an governments," she said.

Manulife-Sinochem will focus on delivering customer-centric health and retirement solutions to meet the fast-growing insurance needs of the local market.

Sixty-seven insurers in Shaanxi Province had achieved a cumulative premium income of 109.5 billion yuan (US$16.9 billion) by the end of 2020, with year-on-year growth of 6.5 percent, according to data released by Shaanxi Insurance Association.

Manulife-Sinochem has recently launched its "PEAK Program" covering many aspects, including recruitment, training, promotion and business development. 

With its new agent value proposition, the company strives to build an elite "Pioneering, Entrepreneurial, Authentic, Knowledgeable" agency force to support development of the financial sector and insurance industry in Shaanxi.