Manulife gears up for growth in China

The Greater China chief of Canada’s largest insurer, Manulife, is seeking new opportunities on the mainland as the country looks to introduce important reforms in the pension system for a rapidly ageing population.

The most exciting business opportunity is the Shanghai pension pilot that the government has been planning for some time, said Michael Huddart, executive vice-president and general manager for Greater China Manulife (International) in an interview with the Post.

Under the scheme, taxes on pension insurance will be deferred until retirement to encourage more people to buy insurance products. The more they set aside for annuities and pension insurance, the more they will save by way of lower tax payments when they start receiving the pension payouts.

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