28 Nov 2019

Prudential Receives Licence to Operate Life Insurance Business in Myanmar

HONG KONG/ YANGON, 28 November 2019 – Prudential Corporation Asia (“Prudential”), a leading life insurer in Asia, today announced it has received 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 the people of Myanmar to meet their growing 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 this morning at Naypyidaw, the capital city of Myanmar.

Mr Nic Nicandrou, Chief Executive, Prudential Corporation Asia, said, “We are grateful to the Myanmar government for granting us a life insurance licence and for their strong support. 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.”

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 percent ^[1]. 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.

Mr Asit Rath, Chief Executive Officer of Prudential Myanmar, 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 2018 ^[2], 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.”

In April 2019, 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, reinforcing its commitment to the long-term development of the country.

From left to right: Ms Lilian Ng, Chief Executive, Insurance, Prudential Corporation Asia; U Soe Win, Union Minister, Myanmar’s Ministry of Planning and Finance; Mr Tim Lau, Chairman of the Board, Prudential Myanmar Life Insurance Ltd.

Notes

^[1]Hootsuite and We are Social: “Digital 2019: Myanmar” report
^[2]Nikkei Asia Review, “Foreign insurers bring disruption in untapped Myanmar Market”, 12 June 2019