Chubb Selected for License to Operate Wholly Owned Life Insurance Business in Myanmar

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Apr 08, 2019, 17:32 ET

NEW YORK, April 8, 2019 /PRNewswire/ -- Chubb announced today that the Myanmar Ministry of Planning and Finance has selected the company as an initial license holder to establish a 100% owned life insurance subsidiary in the country. Chubb is one of five companies awarded this right following a competitive review process, marking a significant step by Myanmar to permit foreign-owned companies to engage in insurance and other financial services.

"Myanmar is a nation of more than 54 million people with tremendous potential. Chubb is pleased that the Myanmar government has recognized the capabilities and experience that our company can bring to the market and has selected us to help build and strengthen their life insurance sector, which is integral to the economic and social fabric of the country," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "Life insurance is a long-term business, and Chubb looks forward to working with the Myanmar government, policymakers and local organizations to establish a successful, sustainable life insurance business."

The addition of Myanmar deepens Chubb's significant presence throughout the Asia Pacific region, which includes life insurance operations in six other countries and territories and general insurance operations in 13 markets. In the region, the company has more than 240 offices, nearly 6,000 employees and 37,000 captive agents. In China, Chubb recently announced an increase to its stake to make Chubb the largest single shareholder in Huatai Group, converting the financial services holding company to a foreign-invested joint venture under China law. Huatai Group's insurance operations have more than 600 branches and 11 million customers and include Huatai Life, which has 43,000 agents.

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.

Cautionary Statement Regarding Forward-Looking Statements

Forward-looking statements made in this press release, such as statements regarding Chubb's plans for its insurance operations in Myanmar and China, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from as set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.

SOURCE Chubb