Myanmar is now the 13th life insurance market for Prudential in Asia
Prudential Corporation Asia granted license for its life insurance business in Myanmar. Photo: courtesy of Prudential Corporation Asia.
Prudential Corporation Asia, a business unit of UK-based Prudential, has secured a licence from the Myanmar government to operate its life insurance business in the Southeast Asian country.
The newly-issued licence from the Ministry of Planning and Finance (MoPF) of Myanmar permits the company to start providing life insurance products and solutions to residents of the country for their long-term protection and savings needs.
According to the Asian life insurer, Myanmar has an increasingly urbanised and tech-savvy population apart from its fast-growing middle class. As per the Hootsuite and We are Social: “Digital 2019: Myanmar” report, Myanmar has nearly 57 million mobile subscriptions, with a mobile penetration of about 105%.
The Hong Kong-based insurer said that it is looking to make use of its wide-ranging digital capabilities and broad variety of offerings in Asia to adopt a digital-led strategy in the country. The company will also use face-to-face distribution to expand access to life insurance in Myanmar.
Prudential chief executive comments on the Myanmar licence
Prudential chief executive Nic Nicandrou said: “As an Asia-led business with more than 95 years of operations in the region, Prudential looks forward to expanding its life insurance footprint into Myanmar and extending its leadership region-wide.
“With Myanmar, we now have 13 life insurance markets and 25 life and asset management businesses across Asia. 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.”
In April 2019, MoPF had given approval to the company as a preferred applicant to operate a fully-owned life insurance operation in Myanmar. Last month, the company’s local subsidiary Prudential Myanmar moved into a new corporate office in Yangon.
Prudential Myanmar CEO Asit Rath said: “A key focus of Prudential Myanmar will be to support national efforts to raise life insurance penetration, at just 0.05 percent of GDP in 20182, and financial inclusion in the country.
“With our technology-enabled approach, we not only aim to reach as many people as possible, but also ensure their experience with us is one of ease, simplicity and convenience. We look forward to serving the growing life insurance needs of individuals and families across Myanmar.”
The other 12 Asian markets where the company has operations are Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Thailand, Singapore, Taiwan, and Vietnam.