Muang Thai Life seeks approval for Cambodia JVDecember 21 2015 by InsuranceAsia News Staff
Thai life insurer Muang Thai Life Assurance (MTL) is embarking on its first life-insurance venture outside Thailand through a joint venture partnership with a Cambodian holding company.
MTL has formed a 49:51 joint venture company, Sovannaphun Life Assurance, with Canadia Investment Holding, the holding company of Cambodia’s second-largest bank, Canadia Bank.
According to a report, the JV is applying for a life-insurance licence in Cambodia.
The JV has a registered capital of US$7 million and is expected to receive approval early next year.
The venture will be MTL’s first business outside Thailand as it seeks to expand in the ASEAN region.
The insurer is scheduled to disclose its regional premium-income target and business plan for Thailand in January.
Cambodia, meanwhile, has 11 insurance firms, three of which are in the life-insurance business.
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