Move aside Insurance champs, MUANG Thai Life Assurance is comingJanuary 24, 2018
Muang Thai Life Assurance PLC, Thailand based indeed, is following into the footsteps of regional champions that has broken the boredom by spearheading in Asean nations. Its main focus will be to expand its digital and insurance businesses, including startup ventures.
Yesterday, the company said it had plans to deepen its presence in the regional markets to focus on Myanmar, Indonesia, Malaysia and the Philippines.
It gained confidence after it set up joint venture firms in Laos, Vietnam and Cambodia, the growth triumvirate in the Asean.
These three nations are poised to become the next Tigers of the region if they get their parameters right.
Muang Thai Group, which is a holding company of Muang Thai Life Assurance Plc, said it had set aside a budget of more than Bt1 billion (US$3.8m) a year from 2018-22 for its investments in new operations, said Sara Lamsam, Muang Thai Life Assurance Plc’s president and chief executive officer. He is also a director of Muang Thai Group Holding Co Ltd.
“Muang Thai Group Holding Co Ltd invested several hundred million baht in new businesses last year, as we will expand this investment with several billion baht in the next three to five years,” Sara said at a press conference yesterday.
The increased investment formed part of the company’s efforts to move its businesses forward in the digital era. This shift would see the company become a partner and adviser to its customers in addition to merely selling insurance premiums, he said.
“We had success with establishing joint ventures with our partners in Laos, Vietnam, and Cambodia last year and now we are awaiting a move by the Myanmar government to open the country’s insurance business to foreign investors,” Sara said according to news reports.
Sara is targeting growth in the insurance industry of 7 per cent, compared with last year. He expects the company’s business expansion to be in line with the industry’s.
Muang Thai Life Assurance Plc reported that the total value of premiums reached Bt102.68 billion for last year, up 6 per cent from 2016. Of this figure, Bt31.06 billion came from new premiums, with the remaining Bt71.61 billion from continuing policies.
The company increased its 2017 net profit from 2016, which had come in at Bt8.3 billion, Sara said.