(L-R) Lilian Ng, chief executive, insurance, Prudential Corporation Asia, U Soe Win, Union Minister, Myanmar’s Ministry of Planning and Finance, and Tim Lau, chairman of the board, Prudential Myanmar Life Insurance
Prudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar, the insurer has announced in a statement.
The newly-granted licence will allow Prudential to start conducting life insurance business in Myanmar. It was awarded to Prudential at a ceremony in Naypyidaw, the country’s capital, by U Soe Win, Union Minister, Ministry of Planning and Finance.
According to Prudential, 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%. The insurer will attempt to harness its wide-ranging digital capabilities and broad range of offerings in Asia, and implement a digital-led strategy, complemented by face-to-face distribution, to broaden access to life insurance in Myanmar, it said.
In April 2019, Prudential was named by MoPF as a preferred applicant to operate a wholly-owned life insurance operation in Myanmar. Last month, Prudential Myanmar moved into its new corporate office in Sule Square in Yangon, reinforcing its commitment to the long-term development of the country, the statement said.
“A key focus of Prudential Myanmar will be to support national efforts to raise life insurance penetration, at just 0.05% of GDP in 2018 and financial inclusion in the country,” said Asit Rath, CEO of Prudential Myanmar. “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.”
