Prudential Myanmar and Yoma Bank Sign Memorandum of Understanding to Establish Exclusive Partnership for Distribution of Life Insurance Products to the People of Myanmar
Yangon, Myanmar, 5 March 2020 – Prudential Myanmar Life Insurance Limited, a wholly-owned business unit of Prudential Corporation Asia, and Yoma Bank, one of the largest private banks in Myanmar, have signed a memorandum of understanding to establish an exclusive partnership to distribute life insurance solutions to customers in Myanmar, helping them meet their growing long-term protection needs.
Under the proposed partnership, it is envisaged that customers of Yoma Bank will have access to Prudential Myanmar’s savings and protection products via the bank’s extensive branch network. With Prudential Myanmar’s significant investments in cutting-edge technology, combined with the nation-wide reach and market expertise of Yoma Bank, the partnership has the potential to create a truly digital, inclusive financial ecosystem through which Prudential Myanmar’s suite of solutions will be distributed.
Established in 1993, Yoma Bank is among the top-five biggest domestic banks in Myanmar with over 80 branches across 43 cities. It is also one of the most progressive banks in terms of technology investments and a pioneer in mobile and digital banking. Last year, it became Myanmar’s first commercial lender to have a foreign shareholder after International Finance Corporation, a member of the World Bank Group, acquired a stake in the bank.
In November 2019, Prudential was granted a licence from the Ministry of Planning and Finance of Myanmar to operate a wholly-owned life insurance business in the country. Prudential Myanmar will be offering simple and easy-to-understand protection and long-term savings products that will help customers meet their financial goals. The company will adopt a multi-channel and digital-enabled strategy with the aim to distribute its solutions to customers conveniently and seamlessly.
Prudential Myanmar and Yoma Bank have a shared focus to raise the awareness of life insurance among the people of Myanmar and ensure it is accessible to all. Demand for life insurance products in Myanmar is expected to grow strongly in the coming years, supported by a sizeable population of around 53 million
and a fast-growing middle class, which is expected to account for 19 million people by 2030
Mr. Dean Cleland, CEO of Yoma Bank, said, “This event marks another step in Yoma Bank’s continued efforts to develop relevant financial services to people of Myanmar. We look forward to building on our distribution strength and harnessing the expertise of a global life insurer with demonstrated capabilities in bancassurance distribution partnerships to broaden the depth and breadth of our offerings and services to our customers.”
Mr. Asit Rath, CEO of Prudential Myanmar, said, “We look forward to working with Yoma Bank as our strategic partner in Myanmar. Yoma Bank is one of the most innovative and digitally-oriented banks in the country. We are confident that our proposed partnership will allow us to reach more people in this growing market and help them achieve their financial aspirations and life goals. Prudential Myanmar is now one step closer in our mission to provide life insurance to everyone, everywhere at a click. We look forward to a successful and symbiotic partnership.”
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 nor with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.