Prudential Corporation Asia (Prudential) is now able to operate a life insurance business in Myanmar after receiving a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar. The newly-granted licence will allow Prudential to start offering life insurance products and solutions to people in Myanmar to meet their long-term protection and savings needs.
The licence was awarded to Prudential by U Soe Win, Union Minister, Ministry of Planning and Finance, at the official ceremony on November 28 at Naypyidaw, the capital city of Myanmar.
Nic Nicandrou, Chief Executive, Prudential Corporation Asia, says, "With Myanmar, we now have 13 life insurance markets and 25 life and asset management businesses across Asia."
Myanmar has a fast-growing middle class, as well as an increasingly urbanized and tech-savvy population. The country has around 57 million mobile subscriptions, with a mobile penetration of around 105 percent.
Harnessing its wide-ranging digital capabilities and broad range of offerings in Asia, Prudential intends to embrace a digital-led strategy, complemented by face-to-face distribution, to broaden access to life insurance in Myanmar and deliver its benefits to the population.
Asit Rath, Chief Executive Officer of Prudential Myanmar, says, "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 2018, 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."
In April, Prudential was granted approval 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.