AIA will partner with local firms AYA Financial Group and Max Myanmar Group (AFG Max) to set up a life insurance project in Myanmar, according to insurancebusinessmag.com.

The new venture will leverage AFG Max’s extensive retail customer and business partner networks to offer life and health insurance to the newly opened-up market.

AIA is one of five international insurers recently awarded licences by the Ministry of Planning, Finance and Industry to operate a wholly owned subsidiary in the country.

AIA said in a statement that the partnership will focus on making strong social impact and providing insurance offerings to people of Myanmar, through a combination of AIA’s deep insurance experience across Asia-Pacific and AFG Max’s local expertise.

The partnership also aims to raise the awareness of life and health insurance in the country, which are crucial to help Myanmar people live healthier, longer and better lives, according to the company.

AYA Financial Group is one of the largest financial service providers in Myanmar.