HONG KONG, 8 April 2019 – AIA Group Limited (“AIA”; or the “Company”; stock code: 1299) today announced that it has been granted an approval by the Republic of the Union of Myanmar Ministry of Planning and Finance (MoPF) as a Preferred Applicant to operate in Myanmar through a 100% wholly-owned subsidiary. Upon fulfilment of pre-licencing conditions, AIA will be granted a foreign life insurance licence.
Ng Keng Hooi, Group Chief Executive and President, said:
“As we celebrate our centennial year, we are delighted to have received this approval and to have the opportunity to contribute to the further development of the financial services market in Myanmar. Myanmar has one of the fastest growing economies in South East Asia, with significant development potential given its relatively young population of over 53 million, a growing middle class and rapid urbanisation.
“Looking ahead, we are committed to meeting the significant life insurance needs in Myanmar through providing best-in-class protection solutions, ensuring greater financial inclusion and creating employment and development opportunities for the local workforce. We are excited to be able to play a role in Myanmar’s long-term socioeconomic development as we help the people of Myanmar to lead Healthier, Longer, Better lives.”