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Manulife Financial Corp. headquarters is seen in Toronto.KEVIN FRAYER/The Canadian Press

Manulife Financial Corp. said it has received approval to establish operations in Cambodia, which will expand the Canadian insurer's reach into an 11th Asian market.

Manulife said in a statement it had "approval in principle" from Cambodia's Ministry of Economy and Finance to set up a wholly-owned life insurance operation in the Southeast Asian country.

Manulife is Canada's largest insurer and owns U.S.-based John Hancock insurance. Its growing Asian presence is a key part of its goal to boost its annual profit to $4-billion by 2015.

The company said it had agreed to support the Cambodian government's efforts to develop the insurance profession and build confidence in the industry.

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