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Business deals

Japan's Taiyo Life buys 35% stake in Myanmar insurer

$7m deal grants early entry into market ripe for growth

Myanmar's life insurance market makes up less than 0.2% of the economy, creating a wide margin for growth.   © Reuters

TOKYO -- Japanese provider Taiyo Life Insurance will acquire 35% of Myanmar's Capital Life Insurance, a deal that creates an early foothold in a growth market.

The roughly 760 million yen ($7.14 million) investment will take place on Thursday, converting Capital Life into a joint venture affiliate. Myanmar's government is expected to formally approve foreign investment in the sector as early as October.

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