INTERNATIONAL: H&K aids SLC in hunt for Chinese partner

BEIJING: Insurance company Sun Life of Canada (SLC) has handed Hill and Knowlton its Chinese corporate PR account after receiving approval in April to apply for a business licence. Under Chinese law the approval for application means SLC needs to find a joint venture partner before launching any financial products.

BEIJING: Insurance company Sun Life of Canada (SLC) has handed Hill

and Knowlton its Chinese corporate PR account after receiving approval

in April to apply for a business licence. Under Chinese law the approval

for application means SLC needs to find a joint venture partner before

launching any financial products.



There are currently 96 foreign insurance firms in the process of vying

for a business licence in China, and there is no typical approval

time.



The emerging state of China’s financial products market means

competition between foreign companies for a suitable partner is

fierce.



SLC is hoping to offer individual life insurance products, but not

health insurance, in which it leads the market in Canada and the UK.



The insurance giant saw three international agencies pitch for the

account in Beijing and Toronto before handing the corporate brief to

H&K. Toronto-based SLC appointed H&K both in Toronto and Beijing ’to

co-ordinate and maintain consistency of messaging’, according to H&K

Beijing managing director Diane Ho. H&K has worked for large

multinational insurance firms in China before, including Aetna, Lincoln

Mutual and Prudential.



As an insurance provider in Asia, SLC is the market leader in individual

life insurance in the Philippines and has been operating in Hong Kong

since 1899.



A representative office has been in operation in Beijing since 1995,

conducting mainly market research and government relations.



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