Thai Life Insurance has reached a deal to take a 35% stake in Myanmar's Citizen Business Insurance (CB Insurance), becoming the first ASEAN insurer to enter Myanmar's insurance market.

Myanmar's Planning and Finance Ministry approved a joint venture application of CB Insurance and Thai Life on 31 July and the joint venture deal is expected to be completed by October, reported The Bangkok Post. The Myanmar government caps foreign ownership ininsurance joint ventures at 35%

"This partnership will give CB Insurance a competitive advantage by leveraging Thai Life's actuarial and managerial expertise, as well as product distribution channel development, which has proven to be successful in Thailand," Chai Chaiyawan, president of Thai Life Insurance said in a statement. The company did not reveal the investment amount.

Penetrating Myanmar's insurance market aligns with the company's strategy to expand operations to other countries in ASEAN, Mr Chai said.

Thai Life will transfer know-how and technology to provide a full range of life insurance coverage to meet demand from Myanmar's customers, he said.

The company will promote savings and investment-linked insurance products, and other products will be developed further to better serve demand.