Kyobo Life Insurance will be able to start selling insurance products in Myanmar by the end of next year after receiving business approval from the Myanmar government.
Kyobo Life Insurance will be the first Korean life insurance company to enter the country after Myanmar’s local government started allowing foreign insurance companies to enter its local market in January, reported JoongAng Daily.
The insurer plans to finish setting up its office by the end of this year and is currently looking for local partners in the Southeast Asian country to form a joint venture.
The Myanmar government has also approved 100% life insurance subsidiaries for UK’s Prudential, Dai-ichi Life, AIA, Chubb and Manulife, as well as three life insurance joint ventures: Capital Life Insurance and Tokyo-based Taiyo Life Insurance; Citizen Business Insurance and Bangkok-based Thai Life Insurance; and Grand Guardian Life Insurance and Osaka-based Nippon Life Insurance.
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Source : Life and Health
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