First European life insurer to be granted a licence to establish a representative office in the country
14 November 2013, Yangon – Prudential plc (“Prudential”), the UK-based international financial services group with significant operations in Asia, the US and the UK, has been awarded a licence to establish a representative office in Yangon, Myanmar. The licence was granted by the Directorate of Investment and Company Administration (DICA) of the Republic of the Union of Myanmar on 29 October, 2013. This is one of the first steps in the process to receive an operating licence.
Prudential has become the first European life insurer to establish an office in the country, following Myanmar’s early steps towards economic liberalisation started last year. Prudential is one of Asia’s leading life insurers, with operations spanning 13 markets, providing a wide range of savings and protection products to meet the needs of more than 12 million customers in the region.
Prudential has a long history in Asia and its involvement in Myanmar dates back to 1923 when it had an office based on Strand Road in the former capital, Rangoon. Its re-entry into the market is in step with the growing international support for Myanmar’s efforts to reintegrate with the international community.
Barry Stowe, Chief Executive of Prudential Corporation Asia, said: “We are excited to be expanding our footprint to Myanmar. We see immense potential in this country as it continues to reform and progress its economic growth. Prudential is committed to the long-term development of the insurance sector and the capital market in the country. We will offer our expertise to support the Myanmar Government’s efforts to develop the financial services available to its people.”
Upon receiving an operating licence in due course, Prudential will be able to help families in Myanmar protect their lives and save for the future through its world-class suite of products. The new Prudential representative office, which will be headed by Mr Allen Thai, will lay the foundation for Prudential’s future business operations, while supporting the Government’s priorities to develop the financial services sector to serve the needs of the people of Myanmar.
Prudential is a core member of the UK-Myanmar Financial Services Taskforce, set up by Myanmar’s Ministry of Finance, the Central Bank of Myanmar, UK Trade and Investment and Standard Chartered Bank. The Taskforce was established in 2013 to support the holistic development of Myanmar’s financial sector, focusing on priority areas to ensure faster adoption of financial services across the market. The Taskforce will also provide relevant training to the private and public sectors, and act as a sounding board to the Minister of Finance and the Central Bank Governor.