TODAY

On 30th May, 2015 MetLife Inc. commemorated the launch of its Representative Office in Myanmar at a corporate luncheon attended by Dr. Maung Maung Thein, Myanmar’s Deputy Finance Minister of the Ministry of Finance & Chairman of the Insurance Business Regulatory Board, and U.S. Ambassador to Myanmar, Derek Mitchell. The event, held at Sedona Hotel Yangon, saw the Fortune 500 company reconfirm its commitment to the country and towards contributing to the healthy development of a modern life insurance industry in Myanmar.

Commenting on the event, Dr. Nirmala Menon, Executive Vice President of Designated Markets & Health for MetLife in Asia said, “A key component of MetLife’s strategy in Asia is to expand its footprint in the high growth, emerging markets of Southeast Asia. As a global insurance company with a 147 year history, MetLife has managed assets that help finance business development, job creation and community services around the world.”

“MetLife looks forward to bringing our global expertise to Myanmar and to being a positive contributor to the development of a professional and vibrant insurance industry here. Having operations in 10 markets in Asia, we are confident that we can bring relevant expertise to
Myanmar as the country looks to open its market,” she added.

Moe Thauk, MetLife’s Chief Representative in Myanmar, noted that, “Life insurance has a positive role to play in Myanmar’s economy. It not only provides individuals with protection for their families, but the opportunity to grow their prosperity through long-term structured savings, further fuelling economic prosperity. A vibrant insurance sector can help mobilize savings and
create liquidity in the economy thereby improving overall financial efficiency for the country.”

In addition to contributing to the development of the insurance industry, MetLife, through its philanthropic arm the MetLife Foundation, also believes in being a good corporate citizen and giving back to the countries and communities in which it does businesses around the world. In 2014 alone, the Foundation gave 26 grants in Asia to the value of US$11 million.

The MetLife Foundation recently awarded Accion, a global nonprofit organization, earlier this month, a US$250,000 grant over two years to support its new microfinance operations (Dawn Microfinance) in Myanmar.

MetLife received a license for its representative office in Myanmar in 2013, along with 17 other foreign insurers. The company is now actively working in collaboration with government regulators as well as industry partners to study and further define the life insurance proposition and towards developing a modern and innovative life insurance industry in Myanmar.