Japanese Life Insurer With Myanmar Presence Eyes Cambodia

Japan’s Dai-ichi Life Holdings Inc plans to start a life insur­ance business in Cambo­dia in 2018 and expand its US presence, its presi­dent said, in line with the firm’s strategy to boost overseas growth as in­vestment returns dimin­ish at home.

Life insurers in Japan have been hit by lower re­turns with massive stimu­lus measures, aimed at spurring inflation, driving down yields on Japanese government bonds. While several insurers have ef­fectively stopped buying JGBs, Dai-ichi – the coun­try’s No.2 private-sector insurer – has turned to foreign markets over the past few years to prop up its business.

In the Mekong region, it runs life insurance busi­nesses in Thailand and Vietnam. It opened a rep­resentative office in Cam­bodia in July last year and Myanmar last month.

Dai-ichi, which cur­rently has 50 trillion yen ($449 billion) in assets, acquired a 40 percent stake in Indonesia’s PT Panin Life for about $248 million in 2013. It bought Protective Life Corp of the United States for $5.6 billion in 2015.

 

Source: Myanmar Business Today

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