US-based life insurer MetLife has received regulatory approval from Myanmar's Directorate of Investment and Company Administration to set up a representative office in the country.

The company will now concentrate on completing the registration procedure and preparations to set up a representative office.

MetLife Asia designated markets and health head and senior vice president Dr Nirmala Menon said, "In line with MetLife’s enterprise strategy to grow our business in emerging markets, we are pleased to announce that we have received the approval to open a representative office in Myanmar.

"With its economic growth prospects and favorable demographics, Myanmar is an attractive market for MetLife’s continued expansion ambitions into Southeast Asia, and follows our recent announcement of the formation of a joint venture with Bank for Investment & Development of Vietnam."

MetLife recently finalized acquisition of a 64.3% stake of Chilean pension fund administrator, AFP Provida from Spanish bank BBVA, in a deal worth approximately $1.54bn.

In September this year, MetLife, Bank for Investment & Development of Vietnam (BIDV), and Bank for Investment and Development of Vietnam Insurance Corporation (BIC), have reached an agreement to form a life insurance joint venture (JV) in Vietnam.

Serving 90 million customers, MetLife provides insurance, annuities and employee benefit programs, and maintains presence the US, Japan, Latin America, Asia, Europe and the Middle East.