Mar 6, 2013

Global insurer to open office in Myanmar

American International Assurance, the third largest insurance group in Asia, has received permission to open a representative office in Myanmar, news agencies reported last week.

"It clearly once was a very attractive market and will be again," the company’s chief executive, Mark Tucker, told Reuters.

A representative office will allow the insurer to establish a presence in Myanmar but does not allow it to do business here.

Myanmar’s insurance sector comprises one state-owned company and 12 private companies that were given permission to operate last year, including Japanese firms like Sompo Japan Insurance, Mitsui Sumitomo Insurance, Tokio Marine Insurance and Taiyo Life Insurance.

American International Assurance is headquartered in Hong Kong and, like other insurers, is drawn to Southeast Asia by its young populations, high savings rates and fast-growing economies.

Last year it bought insurance businesses in Malaysia and Sri Lanka.

The value of its new business rose 27 percent, to US$1.19 billion, last fiscal year, it said. Its net profit was $3.02 billion or 18 cents per share.

Source: Eleven Weekly Media