Muang Thai eyes big growth
Muang Thai Life Assurance expects growth of 26 per cent in total premiums this year and plans to recruit 5,000 more sales agents to achieve that target.
Although the insurer missed last year's target of Bt12 billion worth of premiums, it broke Bt10 billion for the first time, recording 22-per-cent growth with Bt10.08 billion.President Sara Lamsam is confident his company will achieve its target this year. "We are confident we can achieve our goal. With new agents being recruited and strong support from Kasikornbank, we will be able to receive Bt12.69 billion in premiums this year," he said. Currently, the firm has 12,000 agents, 85 per cent of whom are active salespeople. It expects to achieve its target if each agent recruits four customers a month. Sara said support from Kasikornbank would help the insurer penetrate into retail businesses and small and medium enterprises. Last year, Muang Thai obtained Bt1.8 billion in premiums from bancassurance sold through Kasikornbank. It plans to receive Bt3.68 billion through Kasikornbank this year, while Bt7.39 billion is expected to come via its agents. Other income will be generated from affinity channels with other parties, such as Total Access Communication and Government Housing Bank. Sara said the firm would soon conclude another two deals with other banks. Sara said Muang Thai recorded a profit of Bt863 million last year and that its total assets rose 17 per cent to Bt38.04 billion. Its investment portfolio rose 16 per cent to Bt35.03 billion. The insurer projected that its assets and investment portfolio would increase to Bt45.34 billion and Bt41.89 billion, respectively. Piyarat Setthasiriphaiboon, The Nation
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