Yangon, Myanmar, 2nd May 2020 – Yoma Bank, one of the largest private banks in Myanmar, is providing PRUGroup Life, a life insurance solution offered by Prudential Myanmar Life Insurance Limited (Prudential Myanmar), to more than 3,000 employees across the country. The PRUGroup Life, a group term plan for companies and organisations, provides protection against financial loss should death, total and permanent disability, or disability happen to an employee covered under the plan.
While it is not mandatory for companies to provide life insurance for employees in Myanmar, Yoma Bank is providing PRUGroup Life on a voluntary basis to its employees, the majority of whom are not protected by individual insurance. By being covered under PRUGroup Life, Yoma Bank’s employees can enjoy peace of mind knowing that their family and loved ones will be protected against financial challenges in the event of an unfortunate and unforeseen life event.
In addition, all Yoma Bank employees registered under PRUGroup Life can also enjoy free, additional coverage to help protect them against the threat posed by COVID-19 pandemic. Under the COVID-19 Free Cover initiative, Prudential Myanmar will provide lump sum benefits to any of Yoma Bank’s employees who is unfortunately diagnosed with COVID-19 or passes away as a result of the disease.
Mr. Dean Cleland, CEO of Yoma Bank, said, “We believe people are the foundation of our success and as a company, we consider life insurance as an important form of financial protection for our employees across Myanmar. Our employees, who rely on their salaries to support their families and for purchasing power, will be well-served by being protected under PRUGroup Life insurance coverage, which complements and supplements our employee benefits and welfare programmes.”
Mr. Asit Rath, CEO of Prudential Myanmar, said, “Employee Welfare Schemes are core to the functioning of any modern organisation. The provision of life Insurance plans can substantially reinforce the employee centric initiatives of all companies, whether large or small. We are proud to be chosen as the insurer of choice for employees of Yoma Bank, which is widely considered to be amongst the best companies to work for in Myanmar. Prudential Myanmar is committed to offering products and services that will add to the existing employee welfare initiatives of corporates in Myanmar as well as help them attract and retain their talents.”
In March 2020, Prudential Myanmar and Yoma Bank signed a memorandum of understanding to establish an exclusive partnership to distribute life insurance solutions to customers in Myanmar, helping them meet their growing long-term protection needs. Under the partnership, it is envisaged that customers of Yoma Bank will have access to Prudential Myanmar’s savings and protection products via the bank’s extensive branch network.
With Prudential Myanmar’s significant investments in cutting-edge technology, combined with the nation-wide reach and market expertise of Yoma Bank, the partnership has the potential to create a truly digital, inclusive financial ecosystem through which Prudential Myanmar’s suite of solutions will be distributed.
For media queries, please contact:
Khine Wint Thawda Htoo
Senior Communications Manager
Mobile: +959 45004 3353
Chilli Agency (for Prudential Myanmar Life Insurance)
Ms. May Mya Thu
Mobile: +959 97326 7579
Ms. Hsu Myat Thet
Mobile: +959 97326 7579
About Yoma Bank
Founded in 1993, Yoma Bank is Myanmar's most progressive domestic bank. It offers savings products, a wide range of loans and business solutions to individuals, SMEs and local corporate clients to fund their business operations in Myanmar. With over 25 years of being responsible bank, Yoma Bank has been consistently making significant investments in strategic priorities- people, technology and corporate governance. Yoma Bank stands in the top 5 banks in Myanmar by assets with 3000+ employees and 80+ branches across the country.
Yoma Bank strives to fulfil its mission to “Build a better Myanmar for its people” financing the needs of Myanmar families and businesses. All the operations led by the Bank are centered around its core values such as Customer, Integrity, Respect, Teamwork and Innovation. Yoma Bank has also established strong partnership with both local and international organisations leveraging strategic advantages in its services. For more information, please visit www.yomabank.com.
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.
For more information, please visit Prudential Myanmar’s corporate website: www.prudential.com.mm or Facebook page: www.facebook.com/PrudentialMyanmarLifeInsurance
About Prudential Corporation Asia
Prudential Corporation Asia is a business unit of Prudential plc (United Kingdom)*, comprising its life insurance operations in Asia and its asset management business, Eastspring Investments. It is headquartered in Hong Kong.
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. Through a robust multi-channel distribution platform, Prudential provides a comprehensive range of savings, investment and protection products to meet the diverse needs of Asian families.
Eastspring Investments manages investments across 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 over US$241 billion in total assets under management (as at 31 December 2019), managing funds across a range of asset classes including equities and fixed income.
*Prudential plc is not affiliated in any manner with Prudential Financial, Inc. of the United States nor with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
Prudential plc is listed on the stock exchanges of London (PRU.L), Hong Kong (2378.HK), Singapore (K6S.SG) and New York (PUK.N).
For more information, please visit: www.prudentialcorporation-asia.com