Soontorn told the press yesterday that his resignation was by mutual agreement.

"The firm found a suitable executive to replace me," said Soontorn. "They informed me about that. As a professional executive, I'm willing to step down when my services are no longer needed. My retirement came two years earlier than the retiring age. So, I'm happy to take a break."

Soontorn said he had not yet decided what to do next, but he has no intention of being an employee again.

"Having been an employee for 30 years, I've had enough of it," he said. "I've been in the life insurance business for three decades. It's in my blood. I'll be around in this business, but just not as an employee anymore."

Soontorn, who ends his nine years with Finansa tomorrow, began his career in life insurance in 1976 as an accounting director with American International Assurance (AIA). He worked with AIA for 12 years before joining Sri Ayudhya CMG Assurance, which is now Ayudhya Allianz CP Life.

After seven years with Sri Ayudhya CMG, Soontorn spent three years founding his own insurance company called Alfa Life Assurance. However, the Insurance Department would not grant him a licence and his company was forced to close.

He then joined Thai Prasit Life Assurance, which later was taken over by Nationwide Life Assurance. This firm, in turn, was later taken over by Finansa Group.

Viriya Insurance, the country's largest motor insurance player, holds a 10-per-cent stake in Finansa Life, while Finansa has a direct 10-per-cent share of the insurer. The remainder is taken up by a holding company.

Piyarat Setthasiriphaiboon

The Nation