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.
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.
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.
Source: Insurance Business Asia