Prudential Myanmar and Yoma Bank Establish Exclusive Strategic Bancassurance Partnership
Yangon, Myanmar, 26 January 2021 – Prudential Myanmar Life Insurance Limited (Prudential Myanmar), a wholly-owned business unit of Prudential Corporation Asia, and Yoma Bank, one of Myanmar’s leading banks, have established an exclusive bancassurance partnership following the regulatory approval from the Myanmar government.
As part of the bancassurance partnership, Yoma Bank will be distributing Prudential Myanmar’s life insurance solutions at its branches across the country. Starting from 27 January 2021, customers will be able to access Prudential Myanmar’s savings and financial protection products at 25 Yoma Bank branches in Yangon, Mandalay, Monywa and Pyinmana. The nationwide bancassurance rollout across all Yoma Bank branches will take place from July to December 2021.
Founded in 1993, Yoma Bank is one of Myanmar’s largest private banks with more than 3,000 employees and branches in 43 cities nationwide. The bank is expanding rapidly to support national growth and financial inclusion through mobile and digital banking. In November 2019, Prudential was granted a life insurance licence from the Ministry of Planning and Finance to offer life insurance products and solutions to the people of Myanmar to help protect their health and financial wellbeing.
Together, Prudential Myanmar and Yoma Bank will provide a comprehensive range of life insurance solutions to help customers achieve their financial aspirations and meet their long-term protection and savings needs. Prudential Myanmar’s well-trained Financial Services Consultants will be deployed at Yoma Bank branches. Using innovative technology, the Financial Services Consultants will provide strategic financial planning services and tailored products to help people get the most out of life.
Asit Rath, CEO of Prudential Myanmar, said, “We are pleased to partner with Yoma Bank to help people in Myanmar lead healthier lives and build financially secure futures. The collaboration of our advanced technology and international expertise with Yoma Bank’s rich experience and understanding of customers’ needs will make life insurance accessible to everyone. This will give individuals, families, corporates and SMEs peace of mind to do, achieve and experience more. We would also like to extend our appreciation to the Myanmar government for their approval of our bancassurance partnership with Yoma Bank, and for supporting our common goal to drive financial inclusion in Myanmar.”
Dean Cleland, CEO of Yoma Bank, said, “We're thrilled to announce this partnership with Prudential Myanmar to help our customers achieve financial security. Both Prudential Myanmar and Yoma Bank have a shared focus on providing customer-centric financial products, services and solutions to hard-working individuals and families in Myanmar. By including insurance as part of our retail banking offerings, we are acting on our commitment to better serve customers, helping them to live their best life, today and into the future.”
The bancassurance partnership builds on Prudential Myanmar’s ambition of becoming a leading insurance provider in Myanmar and is aligned with Yoma Bank’s commitment to be a trusted partner to its customers through all stages of their lives.
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Chilli Agency (for Prudential Myanmar Life Insurance)
About Prudential Myanmar Life Insurance
Prudential Myanmar Life Insurance (Prudential Myanmar) is a wholly owned life insurance operation in Myanmar under Prudential Corporation Asia. In November 2019, Prudential was granted a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar to offer life insurance products and solutions to the people of Myanmar to meet their growing long-term protection and savings needs.
Prudential Myanmar is focused on supporting national efforts to raise life insurance penetration and financial inclusion in the country. With its technology-enabled approach, Prudential Myanmar is committed to reach as many people as possible, and to ensure they enjoy an easy, simple and convenient experience.
About Prudential Corporation Asia
Prudential Corporation Asia (Prudential) is a business unit of Prudential plc*, comprising its life insurance operations in Asia and Africa, as well as its asset management business, Eastspring Investments. Headquartered in Hong Kong, Prudential helps people get the most out of life through savings, protection and investment solutions that meet their diverse and evolving needs.
Prudential is a leading life insurer with operations spanning 13 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand and Vietnam. In Africa, Prudential has a presence in eight markets, covering Cameroon, Cote d’Ivoire, Ghana, Kenya, Nigeria, Togo, Uganda and Zambia. With a robust multi-channel distribution platform, Prudential delivers comprehensive and innovative solutions to more than 16 million customers across the two continents.
Eastspring Investments manages investments in Asia on behalf of a wide range of retail and institutional investors. It is a leading Asia-based asset manager with on-the-ground presence in 11 major Asian markets as well as distribution offices in North America and Europe. It has US$220 billion in assets under management (as at 30 June 2020), managing funds across a range of asset classes including equities and fixed income.
In line with the company’s mission to make healthcare affordable and accessible for all, ‘Pulse by Prudential’ (Pulse) was first introduced in Malaysia in August 2019. Today, Pulse is available in 11 markets across Asia, and soon Africa. The app uses AI-powered self-help tools and real-time information to serve as a 24/7 health and wellness partner to users, helping them prevent, postpone, and protect against the onset of diseases. As at January 2021, the app has been downloaded more than 17 million times in Asia. For more information, visit www.wedopulse.com.
*Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N). It is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States nor with The Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
About Yoma Bank
Founded in 1993, Yoma Bank is a trusted domestic bank offering multi-service personal and business solutions. It is among the largest banks in Myanmar with more than 3,000 employees and 80 branches nation-wide. Yoma Bank strives to fulfil its mission to “Build A Better Myanmar For Its People” by financing and supporting the needs of Myanmar families and businesses. Strong partnerships have been built over the years with SMEs and local corporate clients to fund their aspirations and operations in Myanmar. For more information, please visit www.yomabank.com.