Manulife Financial today announces that it has received “approval in principle” from Cambodia’s Ministry of Economy and Finance to set up a wholly foreign-owned life insurance operation. Cambodia expands Manulife Asia’s operations to an 11th territory.
David Wong, Senior Vice President, ASEAN Operations, said: “We are grateful for the Cambodian Government’s support. This expansion demonstrates our commitment to Asia and our success as a forward-thinking leading insurance company that offers strong and reliable risk protection products and services to our customers.
“I am very excited to see Manulife expanding its footprint into Cambodia. Manulife’s last new entry was Vietnam, in 1999. We hope that in Cambodia we can match the achievements of Manulife in other ASEAN markets and help develop Cambodia’s life insurance industry to better serve the emerging life insurance needs of its population.”
In entering the market, Manulife has agreed to support the Cambodian government’s efforts to develop the insurance profession and build confidence in the industry, including through improved consumer education. The company is currently working closely with the government to expedite the final stages of the license approval. In the meantime, it is now actively in the process of establishing its operation in Cambodia, with its head office to be located in Phnom Penh.
With a population of 14.4 million, Cambodia is a World Trade Organization member experiencing rapid economic growth and significant foreign investment. Most importantly, Cambodia’s commitment to aligning its growth with the wider development of the Greater Mekong region has unlocked great potential and given confidence to investors.