In partnership with Japanese life insurance company, Nippon Life, Grand Guardian Insurance (GGI) will provide the life insurance and additional services in Myanmar

Grand Guardian Insurance (GGI), a member of Shwe Taung Group, has teamed up with Japanese life insurance company Nippon Life. The two companies signed an agreement in June, Grand Guardian Insurance will own 65 percent and Nippon Life 35 percent.

The joint venture will operate under the name Grand Guardian Nippon Life Insurance, they will provide life insurance and additional services. The two companies have submitted approval for their joint venture and are expecting to receive the approval around October of this year.

“GGI decided to partner with a foreign company to make a presence in the global market. We have reached the agreement with Nippon Life, who has been operating for 130 years,”said Daw Hhin Sein, Deputy Chief Executive Officer of GGI.

Nippon Life Insurance was established in 1889 and stands as the biggest life insurance company in Japan. 

GGI, on the other hand, was awarded the Best Selling Health Insurance by Myanmar Insurance Supervisory Board in 2017, it is also listed as one of the most transparent companies in the Pwint Thit Sa report published earlier this year.

Myanmar recently opened up its insurance sector, which previously had only one company, the state-owned Myanma Insurance. As of now, there are 11 local insurance companies in Myanmar including Myanma Insurance. In April this year, Myanmar allowed five new foreign insurance companies.

The country also allowed foreign wholly owned insurance companies and joint-ventures to provide life insurance and general insurance.

Now government has approved U.S. based Chubb Tempest Reinsurance Limited, Hong Kong based AIA Company Limited and Prudential Company, Japan’s Dai Ichi Life Insurance and Canada based Manufacturers Life Company as foreign entities fully owned by foreign investors in September 2019.

Experts believe that allowing foreign investors can increase competition among insurance businesses, they encourage local insurers to make use of technology to compete with the new foreign competition.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/ggi-and-nippon-life-partner-provide-insurance-services )

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