LIFE INSURANCE / PREMIUM TARGET

Muang Thai aims for 23% rise

POST REPORTERS

Muang Thai Life Assurance has set a premium target of 12.68 billion baht this year, a rise of 23% from a year earlier, with new business increasing 34% to 4.41 billion baht. President Sara Lamsam said growth would be driven by a wider range of insurance products that met the needs of varying lifestyles. The company has tapped into niche markets, such as special packages for young people, working people, the elderly and women.

The company last year reported first-year premiums of 3.29 billion baht, a rise of 35%, on total premiums of 10.078 billion baht, a rise of 22%. Even so, Muang Thai will still fall short of its original 14-billion-baht target.

The company has partnered with Kasikornbank to offer bancassurance, which contributed about 1.8 billion baht last year. Agents and other channels generated the rest.

As of the end of last year, the company's assets grew to 38.04 billion baht, with investment assets worth 35.03 billion baht and life reserves worth 31.75 billion.

Mr Sara said the company was also committed to more aggressively tapping into alternative distribution channels this year, particularly through telemarketing, bancassurance, and direct response, mainly through working with trade partners.

The company projected that bancassurance alone would contribute about 3.68 billion baht this year.

However, Mr Sara said the company also remained focused on developing new agents and offering more training to existing ones.

The company plans to recruit about 5,000 new agents this year on top of the 12,000 it has now.

Bangkok Post
Wednesday January 31, 2007