China Banking Corp. and Manulife Financial Corp.’s Philippine unit have renewed their bancassurance partnership for another 15 years, extending a collaboration that began in 2007.
The partnership operates through their joint venture, Manulife China Bank Life Assurance Corp. (MCBL), which distributes insurance and wealth-management products through about 650 Chinabank and China Bank Savings branches nationwide.
Manulife president and CEO Phil Witherington met with Chinabank chairman Hans Sy and president and CEO Romeo Uyan Jr. during his recent visit to the Philippines.
“MCBL has grown through the strength of a partnership built on trust, shared values, and a steadfast commitment to customers,” Sy said.
MCBL offers life and health insurance, savings, retirement and investment products, including coverage for a range of critical illnesses and fund options for customers seeking to build wealth and plan for retirement, education and other financial goals.
The venture combines Manulife’s insurance expertise with Chinabank’s banking franchise and distribution network, Witherington said.
“Through our renewed 15-year agreement, we are well-positioned to help more customers protect what matters most to them, plan with greater confidence, and build a more secure financial future,” he said.
