Mitsui Sumitomo Insurance receives final approval for investment in KBZ MS General Insurance, Myanmar
Mitsui Sumitomo Insurance Co., Ltd. ("MSI"), a member of MS&AD Insurance Group, a member of MS & AD Insurance Group, is pleased to announce that the local authorities have approved a 10% equity investment in KBZ MS General Insurance (“KBZ MS”, formerly known as IKBZ Insurance Company), a major private non-life insurance company in Myanmar on 28 November 2019.
In addition to the investment, MSI will support KBZ MS’s operations by appointing one staff to sit on the board, and sending some staff to provide high-quality products and services to Japanese companies operating in Myanmar. This investment will further strengthen MSI’s business presence in the rapidly growing Asian region and achieve sustainable development of its international business.
Relating parties have also agreed to raise the ceiling of foreign capital regulations to 35%, subject to future approval by the local authorities.
Myanmar has achieved high economic growth based on its high population growth and increase in infrastructure investment, and the country’s non-life insurance market is expected to expand further in future. MSI has provided insurance products and services to Japanese companies in Myanmar by opening an office in Yangon in October 1995 and obtaining a license to operate in the Thilawa Special Economic Zone in May 2015.
For the first time, Myanmar’s government policy has made it possible for foreign investors to invest in private insurance companies, resulting in MSI’s decision to invest in KBZ MS by leveraging on its customer service for Japanese companies operating in Myanmar with its high growth potential. MSI will strive to provide excellent service to Japanese companies and its non-life insurance market in Myanmar by combining KBZ MS's strong presence among the private non-life insurance sector and MSI's established reputation and expertise in Asian countries.
Summary of Approval
|Name of Company||KBZ MS General Insurance Company Limited|
|Business Profile||Non-life insurance business|
|Main Products||Fire insurance, Motor insurance, Travel insurance, Marine Cargo insurance, etc.|
|MSI Percentage of investment||10%|
|Date of Approval||28 November 2019|
About MSIG Holdings (Asia) Pte Ltd (“MSIG Asia”)
For over 100 years, MSIG has been Asia’s leading general insurance brand. With our wealth of experience and commitment to this region, we are able to leverage on our multi-channel distribution, strong partnerships with intermediaries and extensive geographical network to offer a wide range of insurance solutions across personal and commercial lines. MSIG is represented in all markets in ASEAN, and also in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan, with over 10,600 employees.
Located in Singapore, MSIG Asia is the regional holding company and a wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited, within the wider MS&AD Insurance Group – one of the top 5 non-life insurance groups in the world.
About Mitsui Sumitomo Insurance Company, Limited (“MSI”)
MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. ("Mitsui Marine") and the former Sumitomo Marine & Fire Insurance Co., Ltd. ("Sumitomo Marine"). Mitsui Marine and Sumitomo Marine were leading Japanese non-life insurance companies with proud and long histories, having been established in 1918 and 1893, respectively. MSI also benefits from being a member of MS&AD Insurance Group – one of the largest general insurance groups in the world.
About MS&AD Insurance Group (“MS&AD”)
Awarded ‘General Insurance Company of the Year’ by the Asia Insurance Review in 2011, MS&AD was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co. Ltd., and Nissay Dowa General Insurance Co., Ltd. Today MS&AD is one of the largest general insurance groups in the world with presence in over 47 countries and regions, 19 of which are in Asia and Oceania. Based in Japan, MS&AD is active in five business domains, namely domestic (Japanese) non-life insurance, domestic (Japanese) life insurance, overseas business, financial services business and risk-related business.
For more information, please contact the MSIG Asia communications team.