Prudential’s 13th life insurance market and 25th business in Asia
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
HONG
KONG, CHINA/YANGON, MYANMAR – Media
OutReach – 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 13life 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.
[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
About Prudential Corporation Asia
Prudential Corporation Asia is a business unit of
Prudential plc based in the United Kingdom.
Established in London in 1848, Prudential is a leading
international insurance and asset management group focused on the exciting
potential of our Asian, African and US markets.
The Group serves 20 million customers and is listed in the stock
exchanges in London, Hong Kong, New York and Singapore.
In Asia, Prudential is a leading life insurer and has
been operating across the region for more than 95 years. We have life insurance
operations spanning 13 markets covering Cambodia, China, Hong Kong, India,
Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Taiwan,
Thailand and Vietnam. Prudential has a robust multi-channel distribution
platform providing a comprehensive range of savings, investment and protection
products to meet the diverse needs of Asian families.
Prudential’s asset management business, Eastspring
Investments, manages investments on behalf of a wide range of retail and
institutional investors. It is one of the region’s largest asset managers with
a presence in 11 major Asian markets plus distribution offices in North America
and Europe. It has £169 billion (about US$216 billion) in assets under management
(as at 30 June 2019), managing funds across a range of asset classes including
equities and fixed income.
Prudential plc is not affiliated in any manner with Prudential Financial,
Inc. of the United States or with the Prudential Assurance Company, a subsidiary
of M&G plc, a company incorporated in the United Kingdom.
