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.
Thursday, December 3, 2009
Standard Chartered (Thai)’s Consumer Banking launches “Bonus Marathon”
Aligned strategy with its global network to become World’s Best International Consumer Bank in chosen targets across Asia, Africa and the Middle East
Standard Chartered Bank (Thai) Public Company Limited unveils the bank’s focused strategy for the rest of 2009 to grow Consumer Banking and introduces its comprehensive campaign called “Bonus Marathon” in celebration of the bank’s major annual sponsorship the “Standard Chartered Bangkok Marathon”.
Mr. Vikram Issar, Senior Executive Vice President, Head of Consumer Banking, Standard Chartered (Thai) said the Bonus Marathon brings together a comprehensive range of products under Consumer Banking and offers special prices and privileges for customers during this last five months of 2009. This Bonus Marathon campaign aims to grow the bank’s Consumer Banking customer base aligning with its short-term and long-term strategies, and lay strong foundation to achieve the ambition shared by its global network in some 70 countries around the world to become the World’s Best International Consumer Bank in chosen markets and segments across Asia, Africa and the Middle East.
“Our short-term strategy is to use advantaged pricing, innovative propositions as well as product bundling that are attractively packaged to offer to our customers. In this Bonus Marathon campaign, we offer very competitive interest rates on our savings, mortgages and personal loan. We give away gifts to customers who purchase investment and banc-assurance products. We offer Marathon cash back on credit card from now till the end of the year.
“In the long-term, we want to achieve a more balanced Consumer Banking portfolio. We have been very successful with unsecured lending in the past. With changing market environment, we have adjusted our strategy to be more focused on chosen segments including wealth management, mortgage and SME. We want to shift our portfolio mix towards secured businesses to account for at least 70% by the year 2012. The Bonus Marathon campaign will help expand our customer base in the focused markets and segments.”
Ms. Auraratana Jutimitta, Executive Vice President, General Manager of Wealth Management, Consumer Banking, said the promotion offered in this Bonus Marathon will respond well to the needs of customers who are looking for high yield savings, attractive investment and insurance products, competitive lending and mortgage rates during this last five months of the year. The special promotion includes:
- The much-in-demand Marathon Savings. It is on the offer again, coinciding with the marathon season and marathon concept “the longer saving, the more interest”. This year’s Marathon Savings 4 offers a maximum of 2% interest rate per year with minimum amount of account opening of 200,000 baht. Customers receive interests on a monthly basis, with interest calculated on a daily basis. Adding more flexibility, customers can withdraw their savings twice a month without any withdrawal fee. Customers have until 30 September to open the Marathon Savings 4 account and receive a free gift of Marathon Sport Bag worth 1,000 baht.
- The Wealth Power account offers a maximum of 8.25% p.a. interest rate for one month for customers who open a fixed deposit account with minimum opening of 100,000 baht and purchase a life insurance with minimum premium of 25,000 baht.
- Customers will receive Marathon Combo Set as free gifts when purchasing the bundled products comprising of savings, investment and assurance.
- The unique mortgage innovation launched last year with huge market response and success, MortgageOne is now offering “Free on Four “ fees and charges including mortgage registration fee up to 200,000 baht, tax and duty fee, loan arrangement service charge and asset appraisal fee. This special offer and low interest rates, is valid for both new home and refinance customers, from now until 31 December 2009.
- For personal loan, the bank offers 0% interest for the first six months to customers with five-year installment plan, from 21 September – 31 December 2009
- Marathon Cash Back with maximum 7% cash back is offered to credit card holders of Standard Chartered (Thai) when using the card at nine hypermarkets and department stores including Tesco Lotus, Big C, Carrefour, Central, The Mall, Emporium, Siam Paragon, Robinson and Zen. The cash back offer is valid from now until 31 January 2010.
“This Bonus Marathon campaign for Consumer Banking will help strengthen and expand our customer base in chosen markets and segments. In a near future, we will be launching new business models and opening new branches in new format. These integrated strategies will transform our Consumer Banking and pave the way for Standard Chartered to become the World’s Best International Consumer Bank across Asia, Africa and the Middle East,” said Mr. Issar.
Standard Chartered Bank (Thai) Public Company Limited unveils the bank’s focused strategy for the rest of 2009 to grow Consumer Banking and introduces its comprehensive campaign called “Bonus Marathon” in celebration of the bank’s major annual sponsorship the “Standard Chartered Bangkok Marathon”.
Mr. Vikram Issar, Senior Executive Vice President, Head of Consumer Banking, Standard Chartered (Thai) said the Bonus Marathon brings together a comprehensive range of products under Consumer Banking and offers special prices and privileges for customers during this last five months of 2009. This Bonus Marathon campaign aims to grow the bank’s Consumer Banking customer base aligning with its short-term and long-term strategies, and lay strong foundation to achieve the ambition shared by its global network in some 70 countries around the world to become the World’s Best International Consumer Bank in chosen markets and segments across Asia, Africa and the Middle East.
“Our short-term strategy is to use advantaged pricing, innovative propositions as well as product bundling that are attractively packaged to offer to our customers. In this Bonus Marathon campaign, we offer very competitive interest rates on our savings, mortgages and personal loan. We give away gifts to customers who purchase investment and banc-assurance products. We offer Marathon cash back on credit card from now till the end of the year.
“In the long-term, we want to achieve a more balanced Consumer Banking portfolio. We have been very successful with unsecured lending in the past. With changing market environment, we have adjusted our strategy to be more focused on chosen segments including wealth management, mortgage and SME. We want to shift our portfolio mix towards secured businesses to account for at least 70% by the year 2012. The Bonus Marathon campaign will help expand our customer base in the focused markets and segments.”
Ms. Auraratana Jutimitta, Executive Vice President, General Manager of Wealth Management, Consumer Banking, said the promotion offered in this Bonus Marathon will respond well to the needs of customers who are looking for high yield savings, attractive investment and insurance products, competitive lending and mortgage rates during this last five months of the year. The special promotion includes:
- The much-in-demand Marathon Savings. It is on the offer again, coinciding with the marathon season and marathon concept “the longer saving, the more interest”. This year’s Marathon Savings 4 offers a maximum of 2% interest rate per year with minimum amount of account opening of 200,000 baht. Customers receive interests on a monthly basis, with interest calculated on a daily basis. Adding more flexibility, customers can withdraw their savings twice a month without any withdrawal fee. Customers have until 30 September to open the Marathon Savings 4 account and receive a free gift of Marathon Sport Bag worth 1,000 baht.
- The Wealth Power account offers a maximum of 8.25% p.a. interest rate for one month for customers who open a fixed deposit account with minimum opening of 100,000 baht and purchase a life insurance with minimum premium of 25,000 baht.
- Customers will receive Marathon Combo Set as free gifts when purchasing the bundled products comprising of savings, investment and assurance.
- The unique mortgage innovation launched last year with huge market response and success, MortgageOne is now offering “Free on Four “ fees and charges including mortgage registration fee up to 200,000 baht, tax and duty fee, loan arrangement service charge and asset appraisal fee. This special offer and low interest rates, is valid for both new home and refinance customers, from now until 31 December 2009.
- For personal loan, the bank offers 0% interest for the first six months to customers with five-year installment plan, from 21 September – 31 December 2009
- Marathon Cash Back with maximum 7% cash back is offered to credit card holders of Standard Chartered (Thai) when using the card at nine hypermarkets and department stores including Tesco Lotus, Big C, Carrefour, Central, The Mall, Emporium, Siam Paragon, Robinson and Zen. The cash back offer is valid from now until 31 January 2010.
“This Bonus Marathon campaign for Consumer Banking will help strengthen and expand our customer base in chosen markets and segments. In a near future, we will be launching new business models and opening new branches in new format. These integrated strategies will transform our Consumer Banking and pave the way for Standard Chartered to become the World’s Best International Consumer Bank across Asia, Africa and the Middle East,” said Mr. Issar.
ALL-NEW NISSAN X-TRAIL MAKES IMPACT AT MOTOR EXPO 2009
NISSAN MOTOR (THAILAND) CO., LTD. presented the all-new X-Trail at the 26th Thailand International Motor Expo 2009. The public debut of the all new X-Trail has proven itself by virtue of becoming the best selling SUV in Japan for seven consecutive years. The all-new X-Trail is the perfect SUV for all lifestyles. The model X-TRAIL won No. 1 SUV sales in Japan in 2002 and 2008, seven years consecutively.
Nissan also used the Motor Expo 2009 to reiterate its commitment to the Thai government and to Thai customers in bringing a special exhibit of the Eco-car to display the sketch as well as the outstanding qualifications of upcoming and much-awaited Eco-car passenger vehicle.
Visitor to the Nissan booth will be able to view on eco-themed vehicles and technologies, in an effort to communicate the company’s goals to deliver environment-friendly vehicles that improve fuel economy and reduce gas emission.
In addition to the new lineup, visitors can also expect to see Nissan’s complete range of quality vehicles that includes the 370Z, Navara, Teana, all new X-Trail, Tiida and Tiida Latio and other exciting campaign and promotions for the Motor Expo 2009
ALL-NEW X-TRAIL
The all-new X-TRAIL sports utility vehicle (SUV), since its first introduction to the Thai market in 2005, is engineered to be a functional vehicle designed for young families who live a modern life through tough urban surroundings.
Developed under the concept of tooling, the new X-Trail delivers the latest technology, authentic design and super utility found in a compact SUV.
The all-new will be powered by a 2.0L engine (MR20DE) with XTRONIC CVT, same advanced technology as the new TEANA, customers will have a pleasure driving together with fuel efficiency.
ADVANCED TECHNOLOGY
The new X-TRAIL features an XTRONIC Continuously Variable Transmission (CVT-M6), which features a special 6-speed manual shift mode with revised shift control logic, called Adaptive Shift Control (ASC). ASC adapts to the driver's personal driving style and environment to provide a smooth ride with no shift shock , quick shift response, optimize power, fun driving, durability and fuel economy while MR20DE engine is providing high performance and good fuel efficiency same as Teana.
AUTHENTIC SUV DESIGN
The ALL NEW Nissan X-TRAIL retains the nameplate's signature styling cues, which are suggestive of the SUV's outstanding capabilities under the X-Construction design. New X-Trail design tries to keep 1st generation strong concept with enhancing some area especially in practical function to support active life style and deliver more macho image with the stronger and bolder body.
Extended wheel arches and an aggressive front bumper design give X-TRAIL a tough stance. The hood slopes to allow a clear view of the vehicle's corners and the three-dimensional taillights continue the strong look.
The new X-TRAIL's body has been stiffened for increased stability and reduced NVH. Computational fluid dynamics (CFD) were utilized to analyze and improved the X-TRAIL's body design, resulting in improved performance and fuel economy.
SUPER UTILITY
X-TRAIL's cabin is designed to allow four adults to travel in comfort and style. The new interior offers improved functionality and quality craftsmanship. The accent lines flowing from the instrument panel to the door trim enhances the roomy feeling, while new soft padding on the instrument panel, door trim and armrests add a substantial yet comfortable sensation.
X-TRAIL's rear cargo area has been substantially increased over the previous model, thanks to relocated rear shock absorbers, for a class-leading capacity of 603 liters (VDA). The cargo area features a washable luggage board and a removable luggage drawer with movable partitions, located beneath the luggage board. Moreover, the luggage area capacity can be expanded further by removing the drawer and under tray to serve your maximum load.
The X-Trail is available 4 colors such as Burning Red (AX6), Black Solid (KH3), Gray Metallic (K21) and Diamond Silver (KY0).
The both generations of the X-Trail has achieved the No.1 selling SUV status for the seven consecutive years.
Offered in the 2.0L XTRONIC CVT Model, estimated retail price (MSRP) of the all new X-Trail is THB 1,065,000.
TEANA SPORTS SERIES
The new Teana Sports Series is a complement the demand for a new sporty interior and exterior. Marketed under the concept of Luxury Sports Sedan, the Teana Sports Series marks the beginning of offering for custom and after-market parts to help thrill and exhilarate Nissan fans.
NEW AERO BODY-KIT
Luxury meets sports performance through the Teana’s a new sporty exterior. Nissan has taken a standard Teana and stylized it with the latest aero body-kits while still retaining a modern luxury feel. This enhances aerodynamic efficiency and overall high-speed driving stability, a must for the sports-minded enthusiast. Parts consist of new Smoky Front Grille, Side Skirts and Rear Spoiler.
NEW INTERIOR
Teana was designed under the concept of modern luxury and relaxation. Defined by a bodyline that is a graceful and sweeping arc. It embodies sophistication, and is known as a pioneer of the "modern living" concept, the Teana evolves the interior design to focus on relaxation for all passengers.
With its highly-functional interior, the new Teana Sports Series is equipped with memory seat, curtain airbags found exclusively on the 2.5L sports series, sunroof and a new dark interior color, thus help redefine sophistication in a luxury sedan. The new Teana Sports Series is available in both 2.0L and 2.5L models equipped with Navigator and available in only Black and White pearl colors
TIIDA NISMO (S-Tune)
Marketed under the concept of “Engineered for Enthusiastic Driving”, the 1.6G and 1.8G versions of the Tiida has been fitted with the NISMO-branded tuner aerokit parts has been specially fitted on the for an enhanced driving experience from Nissan Motorsports International Co., Ltd of Japan.
- High-performance parts to help highlight the sporty look of the Tiida and help compliment customers need for premium aerokit parts
- 5 major aerokit parts include front skirts, left and right side skirts, back skirt, roof spoilers, side NISMO stickers and S-tune stickers.
- Limited availability with only 200 units will be sold and available in the Thai market.
NAVARA CALIBRE LIMITED VERSION
The Navara Calibre Limited Version comes equipped with advanced features, making the new Navara Calibre AT a truly outstanding pick-up truck with “superior” performance in all aspects.
- Combination of unique styling, generous specification and outstanding value the Navara Calibre Limited Version is painted in White Pearl Color and available in limited numbers.
- The Navara Calibre Limited Version comes with a new and unique style bar, bed liner, front bumper guard and LED kick plates.
NAVARA CALIBRE DVD VERSION
The Navara Calibre DVD Version comes installed with state of the art touch screen DVD player with remote control from Kenwood.
- The Navara Calibre DVD Version is also styled with LED kick plates and front bumper guard.
Nissan also used the Motor Expo 2009 to reiterate its commitment to the Thai government and to Thai customers in bringing a special exhibit of the Eco-car to display the sketch as well as the outstanding qualifications of upcoming and much-awaited Eco-car passenger vehicle.
Visitor to the Nissan booth will be able to view on eco-themed vehicles and technologies, in an effort to communicate the company’s goals to deliver environment-friendly vehicles that improve fuel economy and reduce gas emission.
In addition to the new lineup, visitors can also expect to see Nissan’s complete range of quality vehicles that includes the 370Z, Navara, Teana, all new X-Trail, Tiida and Tiida Latio and other exciting campaign and promotions for the Motor Expo 2009
ALL-NEW X-TRAIL
The all-new X-TRAIL sports utility vehicle (SUV), since its first introduction to the Thai market in 2005, is engineered to be a functional vehicle designed for young families who live a modern life through tough urban surroundings.
Developed under the concept of tooling, the new X-Trail delivers the latest technology, authentic design and super utility found in a compact SUV.
The all-new will be powered by a 2.0L engine (MR20DE) with XTRONIC CVT, same advanced technology as the new TEANA, customers will have a pleasure driving together with fuel efficiency.
ADVANCED TECHNOLOGY
The new X-TRAIL features an XTRONIC Continuously Variable Transmission (CVT-M6), which features a special 6-speed manual shift mode with revised shift control logic, called Adaptive Shift Control (ASC). ASC adapts to the driver's personal driving style and environment to provide a smooth ride with no shift shock , quick shift response, optimize power, fun driving, durability and fuel economy while MR20DE engine is providing high performance and good fuel efficiency same as Teana.
AUTHENTIC SUV DESIGN
The ALL NEW Nissan X-TRAIL retains the nameplate's signature styling cues, which are suggestive of the SUV's outstanding capabilities under the X-Construction design. New X-Trail design tries to keep 1st generation strong concept with enhancing some area especially in practical function to support active life style and deliver more macho image with the stronger and bolder body.
Extended wheel arches and an aggressive front bumper design give X-TRAIL a tough stance. The hood slopes to allow a clear view of the vehicle's corners and the three-dimensional taillights continue the strong look.
The new X-TRAIL's body has been stiffened for increased stability and reduced NVH. Computational fluid dynamics (CFD) were utilized to analyze and improved the X-TRAIL's body design, resulting in improved performance and fuel economy.
SUPER UTILITY
X-TRAIL's cabin is designed to allow four adults to travel in comfort and style. The new interior offers improved functionality and quality craftsmanship. The accent lines flowing from the instrument panel to the door trim enhances the roomy feeling, while new soft padding on the instrument panel, door trim and armrests add a substantial yet comfortable sensation.
X-TRAIL's rear cargo area has been substantially increased over the previous model, thanks to relocated rear shock absorbers, for a class-leading capacity of 603 liters (VDA). The cargo area features a washable luggage board and a removable luggage drawer with movable partitions, located beneath the luggage board. Moreover, the luggage area capacity can be expanded further by removing the drawer and under tray to serve your maximum load.
The X-Trail is available 4 colors such as Burning Red (AX6), Black Solid (KH3), Gray Metallic (K21) and Diamond Silver (KY0).
The both generations of the X-Trail has achieved the No.1 selling SUV status for the seven consecutive years.
Offered in the 2.0L XTRONIC CVT Model, estimated retail price (MSRP) of the all new X-Trail is THB 1,065,000.
TEANA SPORTS SERIES
The new Teana Sports Series is a complement the demand for a new sporty interior and exterior. Marketed under the concept of Luxury Sports Sedan, the Teana Sports Series marks the beginning of offering for custom and after-market parts to help thrill and exhilarate Nissan fans.
NEW AERO BODY-KIT
Luxury meets sports performance through the Teana’s a new sporty exterior. Nissan has taken a standard Teana and stylized it with the latest aero body-kits while still retaining a modern luxury feel. This enhances aerodynamic efficiency and overall high-speed driving stability, a must for the sports-minded enthusiast. Parts consist of new Smoky Front Grille, Side Skirts and Rear Spoiler.
NEW INTERIOR
Teana was designed under the concept of modern luxury and relaxation. Defined by a bodyline that is a graceful and sweeping arc. It embodies sophistication, and is known as a pioneer of the "modern living" concept, the Teana evolves the interior design to focus on relaxation for all passengers.
With its highly-functional interior, the new Teana Sports Series is equipped with memory seat, curtain airbags found exclusively on the 2.5L sports series, sunroof and a new dark interior color, thus help redefine sophistication in a luxury sedan. The new Teana Sports Series is available in both 2.0L and 2.5L models equipped with Navigator and available in only Black and White pearl colors
TIIDA NISMO (S-Tune)
Marketed under the concept of “Engineered for Enthusiastic Driving”, the 1.6G and 1.8G versions of the Tiida has been fitted with the NISMO-branded tuner aerokit parts has been specially fitted on the for an enhanced driving experience from Nissan Motorsports International Co., Ltd of Japan.
- High-performance parts to help highlight the sporty look of the Tiida and help compliment customers need for premium aerokit parts
- 5 major aerokit parts include front skirts, left and right side skirts, back skirt, roof spoilers, side NISMO stickers and S-tune stickers.
- Limited availability with only 200 units will be sold and available in the Thai market.
NAVARA CALIBRE LIMITED VERSION
The Navara Calibre Limited Version comes equipped with advanced features, making the new Navara Calibre AT a truly outstanding pick-up truck with “superior” performance in all aspects.
- Combination of unique styling, generous specification and outstanding value the Navara Calibre Limited Version is painted in White Pearl Color and available in limited numbers.
- The Navara Calibre Limited Version comes with a new and unique style bar, bed liner, front bumper guard and LED kick plates.
NAVARA CALIBRE DVD VERSION
The Navara Calibre DVD Version comes installed with state of the art touch screen DVD player with remote control from Kenwood.
- The Navara Calibre DVD Version is also styled with LED kick plates and front bumper guard.
Saturday, November 21, 2009
SEIC and GSM Advance launches “Double PA Coverage” Thailand’s first time ‘where care and warmth can be catered through air’
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.”
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.”
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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