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AIA teams up with two local groups for insurance venture

AIA Myanmar announced last week that it has entered into a partnership with AYA Financial Group and Max Myanmar Group (AFG Max) to form AIA Myanmar to offer life, health and wellness insurance offerings to AFG Max’s extensive retail customer and business partner ecosystem.

The partnership is the first of its kind in Myanmar and represents a long-term, strategic and purpose-led partnership between AIA and AFG Max, the companies said.

“The partnership will focus on making strong social impact and providing insurance offerings to people of Myanmar, through a combination of AIA’s deep insurance experience across Asia-Pacific and AFG Max’s local expertise. The partnership also aims to raise the awareness of life and health insurance in the country, which are crucial to help Myanmar people live healthier, longer, better lives.”

AIA Myanmar was awarded a life insurance licence by the Ministry of Planning, Finance and Industry to operate in the country through a wholly owned subsidiary on November 28.

“We are extremely excited to be entering this long-term strategic partnership with the AFG Max Group. We believe that we share a mutual aspiration to contribute to Myanmar’s social and economic development and to bring innovative solutions to this growing market while honouring the rich culture of Myanmar. This partnership will help AIA deliver on our brand promise of helping Myanmar people live healthier, longer, better lives,” Nhon (Luc) Ly, CEO of AIA Myanmar,said.

“We are extremely pleased to enter into the partnership with AIA, one of the largest life insurers in the world. We strongly believe that AIA and AFG MAX will create the synergy needed to help us make a significant contribution to the lives of people in Myanmar,” U Zaw Zaw, chair of AYA Financial Group and Max Myanmar Group said.

AYA Financial Group is one of the largest financial services umbrella organisations and includes the second largest full-service universal bank, AYA SOMPO Insurance Co, a joint venture with SOMPO Japan Nipponkoa Insurance Inc in the general insurance sector, and AYA Trust Securities, a full service securities dealer. Max Myanmar Group is involved infrastructure development, manufacturing, construction, mechanical engineering, transportation and logistics, energy, hotels and tourism, agriculture, and Trading.

From: Myanmar Times