Manulife expands into Cambodia

Manulife Financial Corp. Tuesday announced 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. “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,” said David Wong, senior vice president, ASEAN operations. Related news Manulife Canada CEO sees Apple and Netflix as competitors as insurance evolves Share this article and your comments with peers on social media 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. “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,” Manulife said. IE Staff Manulife, Sun Life report modest impact from Hong Kong turmoil Sun Life Financial buying Pinnacle Care International Keywords Life insurance industryCompanies Manulife Financial Corp. Facebook LinkedIn Twitter read more