Manulife Financial Corp. said it has received approval to establish operations in Cambodia, which will expand the Canadian insurer's reach into an 11th Asian market.
Manulife said in a statement it had "approval in principle" from Cambodia's Ministry of Economy and Finance to set up a wholly-owned life insurance operation in the Southeast Asian country.
Manulife is Canada's largest insurer and owns U.S.-based John Hancock insurance. Its growing Asian presence is a key part of its goal to boost its annual profit to $4-billion by 2015.
The company said it had agreed to support the Cambodian government's efforts to develop the insurance profession and build confidence in the industry.