Bangladesh's insurance sector is set to expand through the launch of a new venture, "Shanta Life Insurance PLC".

The company came into being through a consortium comprising Shanta Holdings Ltd, Shanta Lifestyle, Shanta Securities Ltd, Shanta Multiverse, Shanta Property Management, FAR Asset Management and Nasah Holdings Limited.

It received the licence on November 7 from the Insurance Development and Regulatory Authority (IDRA), said a press release.

"We are excited to step into a new sector," said Khondoker Monir Uddin, chairman and managing director of business conglomerate Shanta Holdings Ltd.