Prudential receives licence to operate life insurance business in Myanmar
Prudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar on November 28, 2019.
The licence will allow the company to offer life insurance products and solutions to the people of Myanmar to meet their growing long-term protection and savings needs.
U Soe Win, Union Minister, MoPF, awarded the license to Prudential at Naypyidaw, the capital of Myanmar.
Asit Rath, chief executive officer of Prudential Myanmar, said, "A key focus of Prudential Myanmar will be to support national efforts to raise life insurance penetration, at just 0.05 per cent of GDP in 2018, and financial inclusion in the country."
Myanmar has a fast-growing middle class, as well as an increasingly urbanised and tech-savvy population. The country has around 57 million mobile subscriptions, with a mobile penetration of around 105 per cent.
Prudential intends to employ a digital-led strategy, complemented by face-to-face distribution, to broaden access to life insurance in Myanmar and deliver its products to the population.
In April 2019, Prudential was granted approval by MoPF as a preferred applicant to operate a wholly-owned life insurance operation in Myanmar. In October, Prudential Myanmar moved into its new corporate office in Sule Square, Yangon.
According to Nic Nicandrou, chief executive, Prudential Corporation Asia, obtaining a license to operate in Myanmar is just the first step of the company’s expansion in the region.
“To capture the compelling opportunities in Myanmar and the region, we will remain focused on our efforts to provide tailored and comprehensive products and solutions that meet the needs of customers," Mr Nicandrou said.
With Myanmar, the company now has 13 life insurance markets and 25 life and asset management businesses across Asia.