With the approval of the Ministry of Planning and Finance of Myanmar, AYA Myanmar General Insurance Company Limited has entered into a joint venture agreement with Sompo Japan Nipponkoa Insurance Inc. The Joint Venture Agreement Signing Ceremony was held on 7th September 2019 at Novotel Yangon Max, Pathein Ballroom.
H.E. U Set Aung – Deputy Minister, Ministry of Planning and Finance, Myanmar, H.E. Mr. Ichiro Maruyama – Ambassador, Embassy of Japan in Myanmar, Chairman U Zaw Zaw, Board of Directors, Directors, Management Staff from Max Myanmar Group and AYA Financial Group, distinguished guests and media were present at the event. H.E. U Set Aung opened the ceremony with opening remarks followed by H.E Mr. Ichiro Maruyama’s speech.
AYA Myanmar Insurance has been a leading insurer in Myanmar for both Life and General Insurance since inception in 2013. AMI (AYA Myanmar Insurance Co Ltd) has established two subsidiaries “AYA Myanmar General Insurance Co Ltd” conducting GENERAL INSURANCE Business and “AYA Myanmar Life Assurance Co Ltd” conducting Life and General Insurance Business respectively in Myanmar with the approval of the Ministry of Planning and Finance of Myanmar. The new subsidiaries were issued with operating licenses from the Insurance Business Regulatory Board under Ministry of Planning and Finance effective 1st April 2019.
Sompo Japan Nipponkoa was the first foreign insurance company to obtain a business license for the Thilawa Special Economic Zone in 2015, and has been a leading foreign insurance company in the zone.
As a young and emerging market like Myanmar, joint venture between AYA Myanmar General Insurance and Sompo Japan Nipponkoa Insurance Inc will bring a host of benefits to the economy and the industry through job creation, human capital development and transfer of knowledge.