AMI Life is dedicated to provide financial protection plans for the working-class Myanmar. Since 2013, we have been financially supporting generations of customers by creating high customer experience with easy-to-understand life insurance coverages. Through this experience oriented approach, we aims to become a leading insurer which changes the way Myanmar people feel about life insurance.
To earn customers’ trust as the most reliable life insurance partner for their present and the future.
“for better tomorrows, together with you today”
Our purpose is to provide the most suitable and easy-to-understand life insurance coverages to working-class Myanmar. We have been deeply investing in our people, our operations and our communities in order to serve our customers today as well as consistently working for better tomorrow.
Respect
We cultivate the power of diversity within the organisation and value everyone’s contribution in our business
Integrity
We conduct our business with honesty and transparency
Service
We act to offer the most efficient solutions by prioritising empathy and humanity
Excellence
We conduct our businesses with the highest standard of behaviour, acting in honesty and fairness in all our aspect of work
The star means that AMI Life will navigate the way in the darkest night as the bright star. The heart means that we care about our customer and would like to create a strong and trust relation with our customers.
By combining these two identity, we shall create the brightest community by navigating our customers with care.
We have been providing effective insurance coverages to Myanmar people as AYA Myanmar Company Limited since January 2013 throughout our vast distribution network.
Through 2019 regulatory reform, the composite license of AYA Myanmar Insurance Company Limited has been split-up into two separate entities; as Life and General sides as per the directive of the Insurance Business Regulatory Board (IBRB). To provide the General Insurance coverage, our General entity has been merged with SOMPO Insurance Company, one of the Japanese Insurance Company; as AYA SOMPO General Insurance Co., Ltd. Then, it came into being as AYA Myanmar Life Assurance Co., Ltd. To provide effective insurance coverages to Myanmar people.
Our partners and customers always benefit from our innovative workflow and culture throughout our sustainable corporate strategy and business planning which comply with the requirements of the regulatory organizations; which empower us to be more creative and to keep on developing our expertise. We are always committed to providing the best customer experience to our customers.
Chaired by a Non-Executive Director and comprised of senior management members including Managing Director, Operations Controller, and Head of Internal Audit. External auditors may be invited as required. The committee makes recommendations to the Board on: (i) the proposals to the shareholders on the appointment and removal of external auditors; and (ii) the remuneration and terms of engagement of the external auditors. The selection process for appointing an auditor must focus on auditors having at least knowledge and understanding of insurance industry, insurance reserve valuation and insurance business operation. The committee monitors the effectiveness of, and receives regular reports from, the internal audit, risk and compliance, and legal functions. The committee reviews financial statements, procedures and systems of internal control over financial reporting. The committee reviews arrangements for compliance with the requirements stipulated by the regulators and receives reports on the audit, risk, and compliance matters of the company. The committee also reviews and guides the Enterprise Risk Management framework, mainly consisting of underwriting, credit, market, operational, legal, and other related risks to the company. The committee recommends risk philosophy and tolerance for board approval, defines the company’s risk appetite and reviews risk management policies, procedures, and processes proposed by related stakeholders and departments.
Chaired by a Non-Executive Director. Comprised of senior management members including the Head of Human Resource, the committee is responsible on behalf of the board of directors to review succession plans for directors, and the appointment and/or replacement of key management personnel, access process and criteria for evaluation of the performance of the board, its board committees, management committees and directors, and review of training and professional development programs for the board and its directors and appointment and re-appointment of directors. The committee also reviews a framework of remuneration for the board and key management personnel and the specific remuneration packages for each director as well as for the key management personnel.
Chaired by a Non-Executive Director and comprised of senior management members including Managing Director, Finance Divisional Head. The committee carries out the responsibilities delegated by the board of directors regarding recommendation of investment policy that lays down the operational framework for investment operations, and encompasses aspects concerning liquidity for smooth operations, compliance with prudential regulatory norms on investments, risk management/mitigation strategies to ensure commensurate yield on investments and above all protection of reserves and capital, which will be approved and adopted by the board.
Led by the Head of Audit as Chair. Comprise of senior management members including Operations Controller, Head of Finance, Head of Corporate Business, Head of Partnership and Head of Admin Departments. The committee assists the Board in fulfilling its responsibilities of oversight of the quality and integrity of the risk management practises of AMI Life.
Led by the Head of Claims Department as Chair. Comprise of senior management members including Operations Controller, Head of Audit, Underwriting. The committee reviews claim management processes, evaluates loss adjustment procedures, including the quality in decision making on claim disbursements and the evaluation process on the need of external loss adjustment teams. The committee also oversees the effectiveness and administration of claims-related policies, recommend enhancements to the policy or procedures, and to approve larger claims.
Led by Managing Director as Chair, comprised of senior management members including Head of Business Divisions and Head of Partnerships and Regional Business. The committee effectively represents and promotes the interest of AMI Life with a view to provide long term value and sustainability of the company. The Committee is responsible to explore potential business opportunities that create long-term sustainable business for the company and also to implement strategy for marketing, distribution and promotion of general insurance products through the AMI Life network. The Committee is accountable to the Management and Board members, and as such is responsible for the overall business growth, better customer services, serve good purpose to the industry and expand distribution channels to enhance company’s network, brand and value.
Led by a Non-Executive Director and comprised of key members from Finance, Admin departments and key stakeholders. The committee prioritizes and implements purchase of default properties, servicing materials and equipment that are financially or otherwise advantageous to the company and its associates. The purchasing committee has the ultimate responsibility to recommend to the board of directors in order to engage purchasing functions that are mutually advantageous to obtain accurate performances in doing business with full transparency. The committee also oversees the effectiveness and administration of procurement policies, recommends enhancements to the policy or procedures, and to approve purchasing assets and capital expenditures in line with the company strategy.
