First year premium and total premium up 32% and 30% respectively
ING Life Limited (ING Life) has reported a strong 32 percent increase in first year premium for Q3 2009 in comparison to Q3 2008. Total first year premium for Q3 2009 was 726 million baht compared to 549 million baht in 2008. For nine months ended September, total premium rose by 30 percent from 4,194 million baht in 2008 to 5, 449 million baht in 2009.
Mr. Rajesh Sethi, President and Chief Executive Officer, ING Life, said “The strong results reflect higher sales from our productive Tied Agency and deeper partnership with TMB Bank, our Bancassurance partner.”
Over the last five years, ING Life has recorded compounded annual growth rates of 38 percent in total premium, 35 percent in the number of policyholders and 56 percent in total assets.
“While we grow our business, we continue to invest in our new customer service centre, better agency training, LEAN six sigma processes and a new policy administration system, aiming to significantly reduce our cost, enhance our efficiency as well as providing necessary support for product innovation.”
“We thank our customers for their trust. We are committed to developing high value products delivered through the most professional agents and partners in the insurance industry. We are confident that ING Life has a bright future in the Thai market,” concluded Mr. Sethi.
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