Cambodia Investment Review
Woori Bank (Cambodia) Plc. and Daiichi Life Insurance (Cambodia) PLC. are expanding their bancassurance partnership with new protection products after insuring more than 2,200 customers and providing over US$18 million in coverage during the collaboration’s first year.
The expansion highlights growing momentum in Cambodia’s bancassurance market, where banks are increasingly using their nationwide branch networks to distribute insurance products, creating new revenue opportunities while supporting broader financial inclusion.
Expanding Beyond Traditional Banking
To mark the partnership’s first anniversary, the two companies have broadened their product portfolio to include life insurance, credit protection, healthcare coverage and the newly launched SMARTCare Medical plan.
The expanded offering reflects rising demand for integrated financial services as Cambodian consumers seek more comprehensive solutions that combine banking, lending and long-term financial protection under one relationship.
The partnership leverages Woori Bank’s nationwide customer network alongside Daiichi Life’s insurance expertise, allowing customers to access insurance products through the bank’s existing distribution channels.
Bancassurance Becoming a Growth Driver
For banks, bancassurance has become an increasingly important strategic business line, generating additional fee-based income while strengthening customer relationships beyond deposits and lending.
For insurers, partnerships with established commercial banks provide access to large customer bases without the need for significant branch expansion, accelerating market penetration in Cambodia’s underinsured life insurance sector.
Woori Bank Cambodia Chief Executive Officer Ju Sug Kang said the partnership enables the bank to provide more comprehensive financial solutions that support customers throughout their financial journeys while creating greater value for communities across Cambodia.
Daiichi Life Cambodia Chief Executive Officer Mah Kin Yoong said the companies remain committed to supporting the Insurance Regulator of Cambodia and the National Bank of Cambodia’s efforts to advance financial inclusion through bancassurance and expand access to financial protection across the Kingdom.
Backed by Regional Financial Institutions
The partnership also brings together two well-capitalised Asian financial institutions with long-term growth ambitions in Cambodia.
As of December 2025, Woori Bank Cambodia operated 140 branches, employed more than 3,500 staff, and served over 550,000 customers nationwide. The bank reported US$1.3 billion in total assets, a loan portfolio exceeding US$1 billion, and customer deposits of US$739 million.
The bank is a wholly owned subsidiary of South Korea’s Woori Bank, part of Woori Financial Group, which manages approximately US$462.7 billion in total assets globally.
Daiichi Life Cambodia, meanwhile, has emerged as one of Cambodia’s fastest-growing life insurers since entering the market more than seven years ago. The company is part of Japan’s Daiichi Life Holdings, which has more than 123 years of operating history and manages approximately US$464.3 billion in total assets worldwide.
As Cambodia’s financial services sector continues to mature, partnerships between banks and insurers are expected to play an increasingly important role in expanding insurance penetration, diversifying financial institutions’ revenue streams and improving access to long-term financial protection for households and businesses.
