Cambodia: Dai-ichi Life to set up a subsidiary
Source: Asia Insurance Review | Apr 2018
Major Japanese insurer, Dai-ichi Life Holdings, is expanding into Cambodia, anticipating rising demand for insurance in Southeast Asia as the region’s economy grows.
The Tokyo-based insurer was planning to establish a wholly owned subsidiary in Cambodia, a first for a Japanese life insurer, aiming to begin operating in the current fiscal year which started on 1 April, reported Nikkei Asian Review.
Dai-ichi Life will gradually invest around JPY4 billion (US$37.7 million) in the Phnom Penh-based unit. The Cambodian unit will start off by offering insurance through local banks. Dai-ichi Life entered Southeast Asia in FY2006 with the acquisition of Vietnam’s Bao Minh CMG Life Insurance and has worked since then to build up its presence in the region. A