Manulife-Sinochem Life Insurance Co. Ltd., a subsidiary of Canadian-based Manulife Financial has received initial approval from the China Insurance Regulatory Commission (CIRC) for a Sichuan Provincial Branch license that permits a branch operation to commence operation in the provincial capital of Chengdu. Preparations are now underway to facilitate a second quarter opening.

“As our first foray into Western China, the opening in Sichuan Province is a very big step for our company,” said Marc Sterling, chairman, Manulife- Sinochem, in a release. “Manulife has a long history with this province in that much of our China market entry work and strategy began in Sichuan. We were also one of the first foreign financial institutions to establish a presence in Sichuan, through the opening of our Representative Office in Chengdu, more than 10 years ago.”

The Chengdu Branch license marks the 12th city in which Manulife-Sinochem has received approval to operate, the most city licenses of any foreign-invested life insurer operating in China. The company is currently operating in nine cities — in and around the major metropolises of Shanghai, Guangzhou and Beijing — with plans to open in Shenzhen and Shaoxing in the first quarter of this year.

Today, Manulife-Sinochem’s almost 5,000-strong staff and agency force serves more than a quarter million customers across the cities where it operates.

Manulife-Sinochem is a joint venture company between Manulife (International) Limited (51%) and China Foreign Economic and Trade Trust & Investment Co., a member of the Sinochem group (49%).