Manulife Financial has received an approval to establish operations in Cambodia, which will expand the company's reach of Asia's operations to an 11th territory.

The company has received approval in principle from Cambodia’s Ministry of Economy and Finance to set up a wholly foreign-owned life insurance operation.

Manulife has agreed to support the Cambodian government’s efforts to develop the insurance profession in the country.

The company said that it is working to expedite the final stages of licence approval from the Cambodian government and actively establishing its head office, to be in Phnom Penh.

Manulife senior vice president of ASEAN Operations David Wong said they are grateful for the Cambodian Government’s support. They hope that in Cambodia they can match the achievements of Manulife in other ASEAN markets and help develop Cambodia’s life insurance industry to better serve the emerging life insurance needs of its population.