AEC News - Muang Thai wants to expand its life presence in AEC markets
Source: Asia Insurance Review | Mar 2016
Muang Thai Life Assurance plans to ride on the momentum of the Asean Economic Community (AEC) to expand in the region focusing on the CLMV countries (Cambodia, Laos, Myanmar and Vietnam).
Muang Thai Life has formed a 49:51 joint venture with Canadia Investment Holding – the holding company of Canadia Bank, Cambodia’s second-largest bank – to establish Sovannaphum Life Assurance in Cambodia. The JV, with registered capital of US$7 million, has been granted a life insurance license at the start of the year and is in the process of starting operations.
In addition, Muang Thai Life has signed a MoU with a Vietnamese partner to set up a joint-venture company in Vietnam, while it has also opened a representative office in Myanmar.
Speaking to the media recently, Mr Sara Lamsam, President and CEO of Muang Thai Life revealed the company’s vision to become a truly regional life insurance company. To that effect, the company recently set up an Innovation Centre to monitor and study changing trends, including consumer behaviour and financial technology to cope with the changing business landscape.
Meanwhile, Mr Kiam Khiaw Ho, Muang Thai Life’s Senior Executive Vice President added that there were three key strategies for its growth: penetration of the middle-income segment, promotion of life insurance through financial advisory service, and after-sale service.
In 2015, the company recorded 17% growth to reach total premiums of TBT87.9 billion (US$2.5 billion).