Manulife Appoints Former Canadian Diplomat to Board

Manulife Financial Corp. has appointed Joseph Caron, a former Canadian diplomat in China, Japan and India to its board of directors, bringing more than four decades of international affairs experience in Asia to the group.

Caron was the former Canadian ambassador to China and Japan and high commissioner to India. Manulife Financial Chairman Gail Cook-Bennett said in a statement that Caron's "expertise will help inform our strategies as we continue to explore the many opportunities throughout this region."

In Manulife's recent board meeting in Beijing, the Canadian financial group affirmed its growth strategy in China. With the success of the group's partnerships in China, Cook-Bennett said Manulife is focused on "the new opportunities we see ahead."

In China, Manulife-Sinochem Life Insurance Co. Ltd. is a joint venture between Manulife International and China Foreign Economy and Trade Trust Co., a member of conglomerate Sinochem Group, has been operating since November 1996.

"China is rapidly growing into one of the world's largest economies," said Donald Guloien, Manulife president and chief executive officer.

Manulife first started operations in Shanghai in 1897. The life joint venture is now licensed in 43 cities in 11 provinces with about 13,000 employees and agents. The group also has Manulife TEDA, a wealth management joint venture serving more than 1 million customers in China.

Among the group's most recent Asia/Pacific moves, Manulife Life Insurance Co. said it will seek to tap into Japan's mature insurance market with new product development and diversified distribution strategy to meet changing market dynamics (BestWire, Aug. 17, 2010).

About 75% of Manulife's total business is conducted outside of Canada, including operations in 11 countries and territories in Asia. Manulife-Sinochem is one of the fastest-growing units for insurance sales for the group, said Manulife.