Shanta gets licence for life insurance company

The group's life insurance initiative is dedicated to providing innovative and technology-driven insurance products and services

Bangladeshi business conglomerate Shanta is expanding into the financial sector with 'Shanta Life Insurance PLC.'

Securing its licence from the Insurance Development and Regulatory Authority (IDRA), Shanta Life Insurance is all set to embark on its journey in this sector, it said in a statement on Wednesday.

“We are excited to step into a new sector, particularly one which has not only a significant growth potential but also the ability to change livelihoods and contribute significantly to the financial sector,” said Khondoker Monir Uddin, the company's chairman.

“Our mission is to elevate the standard of life insurance services offered in Bangladesh, with an aim to encourage financial literacy amongst the population,” he said.

“Shanta has established a brand image and reputation of trust in the sectors we operate in, he said, adding, “Now we are confident that we can extend the same dedication to the life insurance sector, in terms of offering quality products and services that bring financial stability to policyholders’ lives.”

Shanta Life Insurance is committed to offering innovative and technology-driven insurance products and services that cater to the evolving needs of the Bangladeshi population, said the statement.

Shanta Holdings Ltd, Shanta Lifestyle, Shanta Securities Ltd, Shanta Multiverse, Shanta Property Management, FAR Asset Management, and Nasah Holdings Limited formed the company consortium.

Bangladesh is home to 35 life insurance companies encompassing government and non-government entities.