First National Insurance

What First National Insurance does

First National Insurance (General) Co., Ltd (FNIG) is a privately held, Myanmar-domiciled general insurance company licensed by the Insurance Business Regulatory Board (IBRB) under the Ministry of Planning and Finance, holding integrated insurance license No. 007 (since June 14, 2013) and general insurance license No. 003 (since April 1, 2019). The company underwrites 15 general insurance product lines spanning Fire & Allied Perils, Motor Vehicle, Cash In Safe, Cash In Transit, Fidelity, Inland and Overseas Marine Cargo, Marine Hull, Highway Express Travel, Travel, Personal Accident, Parcel, Health, Critical Illness, and Micro Health Insurance, with policies accepted in both Myanmar Kyat and US dollars. It serves individual consumers, SMBs and corporates, government and banking clients, and transportation operators through a nationwide distribution network of one headquarters in Yangon, three Yangon branches, and thirteen regional offices across Myanmar, supplemented by trained insurance agents produced through agent training schools in Yangon and Mandalay and mobile teams serving townships.

The underlying technology is a conventional insurance administration platform rather than an AI-native stack: a web-based online proposal system (fniproposal.com), product-specific premium calculators for each line, and automated processing tools supporting underwriting and claim operations, backed by a 24-hour claims hotline and professional surveyors/adjusters. FNIG was the first insurer in Myanmar to receive ISO 9001:2015 quality management certification from Guardian Independent Certification (Myanmar). The company is led by Group CEO Mr. Indren Stephen Naidoo, Deputy Managing Director U Aung Ko Ko Tint Win, and Head of Agency Daw Zar Kyi Thar, with reported company capital of 40.925 billion kyats and a stated professional headcount of nearly 340. Pricing is unit-based and varies by line — for example, fire insurance starts at 0.20% of building value, motor ranges 1.072%-1.734% of vehicle value, travel is 100-500 MMK per unit, and micro health ranges 5,000-13,000 MMK — reflecting a high-volume, small-ticket model with annual and semi-annual billing cadences.

Revenue is generated exclusively through insurance premiums and ancillary general insurance services within Myanmar, with no external funding rounds, no M&A activity, and no disclosed investor base identified. The go-to-market blends direct sales (branch offices, mobile teams, call centre), channel partners (trained insurance agents), and digital touchpoints (website, online proposal portal, Facebook page, call centre, 24-hour claim hotline). Recent strategic emphasis has shifted toward product and channel innovation, exemplified by mid-2024 partnerships with MGL Express for Parcel Insurance and with MOMONEY for digital service delivery, alongside continued geographic buildout across Myanmar's regions and states.

Name

First National Insurance

Legal name

First National Insurance (General) Co.,Ltd

Website

https://fnigeneral.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

First National Insurance (General) is a Myanmar-licensed general insurer offering 15 product lines — motor, fire, marine, health, travel, and specialty coverage — to individuals, SMBs, corporates, and government entities via 16 nationwide offices and a trained agent network.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro industry

PRIMARYFSAJAFAB

Mid-Market Commercial Package (Package Policies)

Financial & Insurance/Insurance — Motor, Property & Casualty/Commercial Package / Business Owners Policies (BOP)

SECONDARYFSAJAMAE

General Liability Insurance

Financial & Insurance/Insurance — Motor, Property & Casualty/Motor Vehicle Liability Insurance

Keywords

• General insurance
• Motor vehicle insurance
• Property insurance
• Marine cargo insurance
• Travel insurance

Headquarters

HQ city

Yangon

HQ country

Myanmar (Burma)

HQ region

Asia

Offices17 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Insurance Premiums: Revenue generated from 15 types of general insurance products including motor, fire, marine, travel, health, personal accident, and other insurance policies. Services offered in both Myanmar MMK and US dollars.
2. General Insurance Services: General insurance business providing protection for assets, properties, vehicles, cargo, health, and lives to customers across Myanmar

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

First National Insurance (General) Co., Ltd underwrites and distributes a portfolio of 15 general insurance products covering motor, fire, marine cargo, travel, health, personal accident, critical illness, fidelity, cash-in-safe, cash-in-transit, and parcel exposures. The company sells these policies to individual consumers and commercial clients through 16 branch offices, a tied agency force, and online quote tools, and delivers a 24-hour claim service nationwide.

Product overview

First National Insurance (FNI) offers a comprehensive portfolio of 15 general insurance products in Myanmar. The product lineup includes property insurance (Fire & Allied Perils), motor vehicle coverage, cash security products (Cash In Safe and Cash In Transit), fidelity coverage, marine cargo and hull insurance for both inland and overseas transit, travel insurance variants (standard and highway express), personal accident coverage, health insurance options (standard, critical illness, and micro health), and parcel insurance. The company operates through an agency distribution network and provides online premium calculators, with 24-hour claims handling services.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Covers private and commercial motor vehicles against damage and third-party liability, available to individual vehicle owners and commercial fleet operators.
• Fire Insurance Protects residential and commercial properties against fire and allied perils, available to homeowners and business property owners.
• Marine Cargo Insurance Covers loss or damage to goods in transit by sea, air, or land, targeted at importers, exporters, and commercial shippers.
• Travel Insurance Provides per-trip and per-day coverage for domestic and international travelers against travel-related risks, available to individual consumers.
• Personal Accident Insurance Provides accidental death, disability, and medical benefits to individual policyholders following accidental injury.
• Health Insurance Provides medical and hospitalization coverage to individuals and groups, including a micro health product for lower-income consumers.
• Critical Illness Insurance Pays a lump-sum benefit upon diagnosis of specified critical illnesses, available to individual consumers seeking protection against major health events.
• Fidelity Guarantee Insurance Protects businesses against financial loss caused by dishonest acts of employees, targeted at employers and corporate clients.
• Cash-in-Safe Insurance Covers loss of cash held on business premises, targeted at retail and commercial businesses.
• Cash-in-Transit Insurance Covers loss of cash while being transported between locations, targeted at businesses handling cash movements.
• Parcel Insurance Covers loss or damage to parcels in transit, available to senders, e-commerce sellers, and logistics users.
• Micro Health Insurance An affordable health insurance variant designed for lower-income individual consumers seeking basic medical protection.

Quantifiable outcome

• 24-hour claims services available
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered key partnership.

• MO Myanmar / MOMONEYkey partnershipStrategic or Co-development Partner · 10 July 2024Partnership Agreement signing ceremony to provide better services to FNIG customers through MOMONEY platform.
• MGL Expresskey partnershipStrategic or Co-development Partner · 8 July 2024MOU signing for Parcel Insurance partnership - FNI (General) and MGL Express collaborated to provide Myanmar's first and exclusive Parcel Insurance through MGL Express delivery services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Manulife Myanmar: Global insurance and financial services group operating in Myanmar primarily in life and health insurance. International incumbent with broader product mix and capital backing, competing for overlapping health and personal accident segments.
• Tokio Marine Insurance Myanmar: International insurance group operating in Myanmar offering broader commercial and specialty lines including marine, fire, and liability. Larger, globally diversified incumbent competing for the same commercial accounts with deeper capital and reinsurance capacity.
• Prudential Myanmar: International insurer with Myanmar operations offering life, health, and general insurance products. Larger, globally diversified incumbent with strong brand recognition and broader product portfolio including life insurance, competing for similar consumer segments.
• AXA Myanmar: International insurance group with Myanmar operations offering general insurance products. Globally diversified incumbent with stronger reinsurance arrangements and technology platforms, competing for commercial and consumer insurance customers in Myanmar.

Direct peers

• IKBZ Insurance: Myanmar general insurance company offering motor, fire, marine cargo, and personal lines with nationwide branches. Comparable in scale and product breadth to FNI, serving similar SME and consumer segments.
• KBZ MS General Insurance: Myanmar general insurer affiliated with KBZ Group offering motor, fire, marine, and personal insurance with extensive banking distribution. Competes with FNI across multiple lines with strong bank-assurance channels.
• Myanma Insurance: State-owned national insurance company of Myanmar providing general insurance products including motor, fire, marine, and personal lines. Most direct competitor operating in the same regulatory and economic environment as FNI.
• Sri Ayu Insurance: Myanmar-based general insurer offering motor, property, marine, and personal accident coverage. Operates in the same regulatory framework and customer segments as FNI, competing for the same SME and consumer premium pool.
• AYA Myanmar Insurance: One of Myanmar's largest private general insurers offering motor, fire, marine, health, and personal accident coverage with nationwide branches. Directly competes with FNI in the same product segments and customer base.
• Grand Guardian Insurance: Myanmar general insurance carrier providing motor, fire, marine, and travel products. Direct competitor in the same Myanmar market with comparable product portfolio and customer segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/firstnationalinsurance
• Instagraminstagram.com/first_national_insurance
• LinkedInlinkedin.com/company/fnigeneral

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First National Insurance