Beijing approved Manulife-Sinochem Life Insurance Corp, a joint venture 51% owned by Canada's largest insurer–Manulife Financial Corp, to start selling its product in Hangzhou. Manulife will now have eight licenses, matching American International Group, and plans to be selling in 10 China cities by the end of the year. Overseas companies had raised their share in China's life insurance market to 15% at the end of May, up from 2.64% at the end of last year.
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