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Report: Japanese insurer Taiyo Life to buy 35% stake in Myanmar's Capital Life

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Report: Japanese insurer Taiyo Life to buy 35% stake in Myanmar's Capital Life

Taiyo Life Insurance Co. will acquire 35% of Capital Life Insurance Ltd.'s shares for about ¥760.0 million, Nikkei Asian Review reported.

The transaction converts Capital Life into a joint venture affiliate. The government of Myanmar is anticipated to approve the investment as early as October, according to the report.

Other Japanese insurers are also reportedly getting ready to penetrate Myanmar's insurance market through joint or stand-alone ventures.

As of Aug. 22, US$1 was equivalent to ¥106.48.