The company said that it is now concentrating on completing the registration process and preparations for opening the representative office, following regulatory approval.

Commenting on the development, MetLife Asia designated markets and health head and senior vice president Dr Nirmala Menon said that the company is pleased to announce that it has received the approval to open a representative office in Myanmar.

"With its economic growth prospects and favorable demographics, Myanmar is an attractive market for MetLife’s continued expansion ambitions into Southeast Asia, and follows our recent announcement of the formation of a joint venture with Bank for Investment & Development of Vietnam."

"We are committed to gaining firsthand market intelligence, working closely with the relevant authorities as they undertake important policy reforms, and helping build capacity in Myanmar’s insurance industry," Menon added.

Instituted in 1868, MetLife provides insurance, annuities and employee benefit programs, to approximately 90 million customers, in the US, Japan, Latin America, Asia, Europe and the Middle East, globally.