AIA teams up with two local firms for Myanmar venture

AIA will partner with local firms AYA Financial Group and Max Myanmar Group (AFG Max) to set up its life insurance venture in Myanmar.

The new venture will leverage AFG Max’s extensive retail customer and business partner networks to offer life and health insurance to the newly opened-up market, the Myanmar Times reported.

AIA is one of five international insurers that were awarded licences by the Ministry of Planning, Finance and Industry to operate a wholly owned subsidiary in the country.

“The partnership will focus on making strong social impact and providing insurance offerings to people of Myanmar, through a combination of AIA’s deep insurance experience across Asia-Pacific and AFG Max’s local expertise,” AIA said in a statement. “The partnership also aims to raise the awareness of life and health insurance in the country, which are crucial to help Myanmar people live healthier, longer, better lives.”

AYA Financial Group is one of the largest financial services companies in Myanmar. Under its belt are AYA Bank, a major player in the market; general insurer AYA Sompo Insurance, a joint venture with Sompo Japan Nipponkoa Insurance; and securities dealer AYA Trust Securities.

Meanwhile, Max Myanmar Group is a conglomerate involved in various sectors such as infrastructure, manufacturing, construction, transportation and logistics, energy, hotels and tourism, agriculture, and retail trading.