Appraising and Rewarding Performance of Manulife China Bank Life Assurance Corporation and Sun Life Financial

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CHAPTER I: Introduction and Background of the Companies

A. Company Profile and Background of Manulife China Bank Life Assurance Corporation
Manulife Philippines marks its 100th year of existence in our country. It is one of the oldest insurance firms in the country. The firm received its license to operate in Manila in 1907, twenty years after the company was first established in Toronto, Canada in 1887 by Sir John A. Macdonald, who at the same time was Prime Minister of Canada.
Manulife Philippines was the first foreign company to list in the Philippine Stock Exchange, and is among the top five life insurance companies in our country today. The firm’s dedication to client service enabled it to grow and increase financial strength.
In 2007, the Philippine Insurance Commission (IC) and the Bangko Sentral ng Pilipinas (Central Bank) approved the operation of a bank assurance joint venture company, Manulife China Bank Life Assurance Corporation (MCB Life). MCB Life is a strategic bank assurance alliance of China Banking Corporation (China Bank), the Philippines’ first privately owned commercial bank, and The Manufacturers Life Insurance Company (Manulife), a wholly owned subsidiary of Canadian-based Manulife Financial Corporation.

B. Company Mission and Vision of Manulife China Bank Life Assurance Corporation
In Asia, Manulife 's goal for each market is to develop a company that will best meet the needs of customers, achieve employee satisfaction, and provide leadership in the life insurance industry. Manulife works hard to build companies that cultivate wealth creation, wealth protection, and an improved quality of life for local customers.
Manulife 's corporate vision is to be the most professional life insurance company in the world: providing the very best financial protection and wealth management services tailored to customers in every market where the company does business. MCB Life’s mission is committed to develop long term



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