Amret Microfinance Institution on Monday announced it has partnered with insurance firm AIA to offer insurance policies to its customers after receiving approval from the National Bank of Cambodia and Ministry of Economy and Finance.

According to a joint statement from Amret and AIA (Cambodia), the local subsidiary of the pan-Asian insurance giant, Amret will begin offering its more than 400,000 customers access to AIA's life and major illness insurance policies.

"Now we can further enhance financial security for our customers through AIA Cambodia's life insurance solutions" Chea Phalarin, Amret's CEO, said in the release.

The first life insurance company entered Cambodia in 2012, and the sector has seen strong growth since then. Last month, the Nikkei Asian Review reported that Japanese insurance firm Dai-icihi Life Holdings was planning to expand into the Kingdom with over 100 staff members this year.