Southeast Insurance, together with GSM Advance, pioneers the new world of insurance by introducing Thailand’s first on-mobile insurance application; “Double PA Coverage”. The ‘Double PA Coverage’ ensures unexpected accidents via mobile phone offering the individual insurance policy for a 1-year worldwide coverage amount starting from 100,000 Baht and addition up to 200,000 Baht varied in duration in network. Exclusively for GSM Advance customers, press *198 and call out. The first 100,000 customers apply at no cost today until January 31, 2010.
Mr. Chotiphat Bijananda, Chairman of Executive Board of The Southeast Insurance, stated that “Southeast Group’s has recently Reengineered and Rebranded the Insurance and Financial Business Group consisting of Southeast Insurance, Southeast Life Insurance, and Southeast Capital for a wider recognition, refreshment of our image, and the modernization of personality. Part of them is also to secure the awareness among new generation. Along with this direction, Southeast Insurance develops new service features that match the new generation’s lifestyle and to deliver complete solutions to satisfy core demand of customers in both private and business life. Services based on wireless technology can become ‘the’ one”.
“With the concept care and warmth can be catered through air” and to capitalize on wireless technology, the Group, therefore, cooperates with the GSM Advance, to form this innovative business solution. This ‘Double PA Coverage’, which will start with privileges to GSM Advance customers, comprises of double individual insurance “PA 99” from Southeast Insurance, offering personal accident insurance of 100,000 Baht coverage for a one year period. Customers staying longer in the network receive more coverage up to 200,000 Baht” said Chotiphat
Mr. Somchai Lertsutiwong, Executive Vice President - Marketing of AIS, talked about the cooperation “Wireless technology bridges every gap with no limitations. So far, AIS has placed importance to partnerships in a broad array of industries in order to create innovative services. The cooperation with Southeast Insurance marks the unprecedented situation where wireless technology is able to deliver care and warmth to GSM Advance customers. Simply and always, individual insurance from Southeast can be applied via mobile phones for an immediate protection and privileges. In terms of AIS, not only do we render service beneficial to customers’ daily life, but also provide added value for AIS customers. Besides we believe that the service will encourage the development of new services through the synergy leveraging on strengths between different industries and, as a result, expand the market as well as fueling the growth of aggregate economy.”
The service “Double PA Coverage” from Southeast Insurance and GSM Advance is a co-service that allows GSM Advance customers to apply for the individual insurance “PA 99” from Southeast Insurance simply on mobile phone by pressing *198 and calling (free of charge). Customers receive a worldwide protection with the immediate 1-year coverage amount starting at Baht 100,000 after confirming the application. No cost for the first 100,000 applicants (limited to 1,000 applicants per day), from today to January 31, 2010. Even more special for GSM Advance customers, receive additional coverage amount every 3 month in the network up to Baht 200,000 coverage amount. GSM Advance customers who miss this opportunity may purchase the protection “PA 99” for a Baht 99 premium per year and earn all privileges of “Double PA Coverage.” AIS facilitates the payment for GSM Advance customers by consolidating application fees in next Statement after the application.
Chotiphat and Somchai together added “We are earnestly convinced that the service “Double PA Coverage” perfectly combine strengths of both parties. The easy and speedy insurance scheme coupled with sincerity from Southeast Insurance and best quality network from AIS will bring warmth and security assurance to GSM Advance customers hereafter.”
Saturday, November 21, 2009
Friday, November 13, 2009
Industry hits 18% growth
Thai insurance businesses performed strongly in the first three quarters of this year, generating 187.52 billion baht in premium income, up 18% over the same period last year.
The Thai Life Assurance Association attributed the gains to new product designs and effective sales of bancassurance via branches of commercial banks.
Bussara Ungphakorn, the association's director, said the industry has also benefited from government encouragement of long-term savings through life insurance by doubling the premium amounts that can be deducted from personal taxable income to 100,000 baht a year.
The growth is also in line with economic improvement, she said.
"We expect the life business will continue to grow at the same pace, pushing up premium income for the entire year to 254.74 billion baht, up 15% year-onyear," Mrs Bussara said.
Out of total premiums received in the first nine months, new business premiums were up 29% to 64.2 billion baht,and renewal premiums rose 13% to 123.32 billion.
Of the new business premiums, firstyear premiums rose 26% to 41.3 billion while single premiums rose 36% to 22.9 billion baht.
American International Assurance (AIA) led the industry with 61 billion baht in premium income for a 33% market share. It was followed by Thai Life Insurance with 26.22 billion and a 14%share, Muang Thai Life Assurance with 15.89 billion (8%), Siam Commercial New York Life with 14.68 billion (7.83%), and Bangkok Life Assurance with 14.52 billion and a 7.74% share.
Mrs Bussara said insurers planned more new products to promote the industry in the near future including pension policies to serve the growing ageing population.
An AIA executive said that AIA Universal Life, which offers high flexibility and guaranteed minimum returns, had posted impressive results since their launch early this year.
From March to September this year,the company signed up more than 40,000 new policies or 1.1 billion baht in firstyear premiums, said Sataya Tepbunterng,general manager for agency distribution of AIA Thailand.
The insurer is the only company in Thailand to offer universal life to date.
The Thai Life Assurance Association attributed the gains to new product designs and effective sales of bancassurance via branches of commercial banks.
Bussara Ungphakorn, the association's director, said the industry has also benefited from government encouragement of long-term savings through life insurance by doubling the premium amounts that can be deducted from personal taxable income to 100,000 baht a year.
The growth is also in line with economic improvement, she said.
"We expect the life business will continue to grow at the same pace, pushing up premium income for the entire year to 254.74 billion baht, up 15% year-onyear," Mrs Bussara said.
Out of total premiums received in the first nine months, new business premiums were up 29% to 64.2 billion baht,and renewal premiums rose 13% to 123.32 billion.
Of the new business premiums, firstyear premiums rose 26% to 41.3 billion while single premiums rose 36% to 22.9 billion baht.
American International Assurance (AIA) led the industry with 61 billion baht in premium income for a 33% market share. It was followed by Thai Life Insurance with 26.22 billion and a 14%share, Muang Thai Life Assurance with 15.89 billion (8%), Siam Commercial New York Life with 14.68 billion (7.83%), and Bangkok Life Assurance with 14.52 billion and a 7.74% share.
Mrs Bussara said insurers planned more new products to promote the industry in the near future including pension policies to serve the growing ageing population.
An AIA executive said that AIA Universal Life, which offers high flexibility and guaranteed minimum returns, had posted impressive results since their launch early this year.
From March to September this year,the company signed up more than 40,000 new policies or 1.1 billion baht in firstyear premiums, said Sataya Tepbunterng,general manager for agency distribution of AIA Thailand.
The insurer is the only company in Thailand to offer universal life to date.
Allianz swings to profit
Allianz SE unveiled forecast-beating quarterly earnings yesterday, boosted by life insurance and asset management, though it warned economic weakness was still hitting demand in the broader insurance market.
"Property-casualty as well as life insurance face markedly weaker demand due to the economic downturn with rising business insolvencies and rising unemployment," Europe's biggest insurer said yesterday in its third-quarter report.
"Prices are moving upward only slowly - if at all - and only in specific areas of business," it added.
Allianz said it was well-positioned to take advantage of improvements in the economy, after its life and health insurance and asset management businesses helped it post a 23% rise in operating profit in the third quarter.
Allianz rival AXA SA, Europe's second biggest insurer, on Oct 29 posted slightly weaker-than-expected quarterly sales,but said the outlook for its business had improved.
"Allianz more than fulfilled the forecasts, both bottom line and at the operating level," said UniCredit analyst Andreas Weese in a client note.
"While property-casualty insurance was largely in line with expectations,life and health insurance and financial services exceeded the forecasts," Weese said.
Allianz's shares were trading up 3.8%at 82.35 a share early yesterday, outpacing a 1.86% gain in the DJ Stoxx European insurance index.
The company's main business of property and casualty insurance posted an 18% decline in operating profit from the year-earlier quarter.
"While pricing is on an upward trend,our volumes remain challenged due to weaker demand, the effects of our portfolio cleaning measures and selective underwriting," Allianz said of the segment, which normally accounts for some 60% of group operating profit but in the third quarter contributed little more than half.
Allianz reported quarterly operating profit of 1.929 billion ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.
It also swung to a quarterly net profit of 1.3 billion, above the 1.2 billion expected in the poll, from a 2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
Allianz's shares have risen by 5.8%since the start of the year, lagging a gain of nearly 10% in the DJ Stoxx European insurance index.
Data from Thomson Reuters StarMine,which weights analysts' forecasts according to their track record, Allianz trades at 7.7 times 12-month forward earnings, making it cheaper than French rival AXA, which trades at a multiple of 8.4.
"Property-casualty as well as life insurance face markedly weaker demand due to the economic downturn with rising business insolvencies and rising unemployment," Europe's biggest insurer said yesterday in its third-quarter report.
"Prices are moving upward only slowly - if at all - and only in specific areas of business," it added.
Allianz said it was well-positioned to take advantage of improvements in the economy, after its life and health insurance and asset management businesses helped it post a 23% rise in operating profit in the third quarter.
Allianz rival AXA SA, Europe's second biggest insurer, on Oct 29 posted slightly weaker-than-expected quarterly sales,but said the outlook for its business had improved.
"Allianz more than fulfilled the forecasts, both bottom line and at the operating level," said UniCredit analyst Andreas Weese in a client note.
"While property-casualty insurance was largely in line with expectations,life and health insurance and financial services exceeded the forecasts," Weese said.
Allianz's shares were trading up 3.8%at 82.35 a share early yesterday, outpacing a 1.86% gain in the DJ Stoxx European insurance index.
The company's main business of property and casualty insurance posted an 18% decline in operating profit from the year-earlier quarter.
"While pricing is on an upward trend,our volumes remain challenged due to weaker demand, the effects of our portfolio cleaning measures and selective underwriting," Allianz said of the segment, which normally accounts for some 60% of group operating profit but in the third quarter contributed little more than half.
Allianz reported quarterly operating profit of 1.929 billion ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.
It also swung to a quarterly net profit of 1.3 billion, above the 1.2 billion expected in the poll, from a 2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
Allianz's shares have risen by 5.8%since the start of the year, lagging a gain of nearly 10% in the DJ Stoxx European insurance index.
Data from Thomson Reuters StarMine,which weights analysts' forecasts according to their track record, Allianz trades at 7.7 times 12-month forward earnings, making it cheaper than French rival AXA, which trades at a multiple of 8.4.
Sunday, November 8, 2009
Bank sales buoy Samaggi
Siam Commercial Samaggi Insurance Plc (SCSMG) expects its sales to grow by as much as 20% next year, helped by healthy bancassurance business.
Managing director Chiravuthi Bunyasiri said bancassurance, mainly through Siam Commercial Bank (SCB), was the major sales contributor at 64%, up from 52% in the same period last year.
Just 6% of direct premiums came from agents, with 16% from brokers and 14%from other channels.
For the first nine months, the company reported direct premiums of 2.13 billion baht, down 19% from a year earlier, due to a more selective approach in underwriting high-risk motor insurance.
While underwriting profit fell 5.15%to 432.67 million baht, investment income rose 64.5% to 75.16 million. Net profit for the first nine months was 115.73 million baht, a drop from 140.35 million in the same period last year.
SCSMG lost 310.76 million baht last year against a profit of 285.07 million for 2007, mainly on losses from investments, after the SET index plummeted in the last quarter of 2008 following the outbreak of the global financial crisis.
Since late last year, the company has entirely cut its exposure in stocks from 10% in 2008- and raised its investments in debentures, government bonds and treasury bills.
Managing director Chiravuthi Bunyasiri said bancassurance, mainly through Siam Commercial Bank (SCB), was the major sales contributor at 64%, up from 52% in the same period last year.
Just 6% of direct premiums came from agents, with 16% from brokers and 14%from other channels.
For the first nine months, the company reported direct premiums of 2.13 billion baht, down 19% from a year earlier, due to a more selective approach in underwriting high-risk motor insurance.
While underwriting profit fell 5.15%to 432.67 million baht, investment income rose 64.5% to 75.16 million. Net profit for the first nine months was 115.73 million baht, a drop from 140.35 million in the same period last year.
SCSMG lost 310.76 million baht last year against a profit of 285.07 million for 2007, mainly on losses from investments, after the SET index plummeted in the last quarter of 2008 following the outbreak of the global financial crisis.
Since late last year, the company has entirely cut its exposure in stocks from 10% in 2008- and raised its investments in debentures, government bonds and treasury bills.
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