SCNYL posts big Q1 profit jump

SCNYL recorded a net profit of Bt324.4 million, up from Bt186 million in the same period last year.

President and CEO Donald Carden said expense control, better management and a multichannel distribution strategy had boosted growth. From January to April, SCNYL's total new sales from all distribution channels reached Bt2.2 billion, 14-per-cent higher than planned. The agency channel continued to post a high growth rate of 60 per cent.

Carden attributed the success of the agency channel to recruiting talent and raising productivity among its agents.

Bancassurance maintains its leading role in spearheading SCNYL's sales, with 29-per cent growth, specifically in sales of individual life. Total first-quarter revenue rose 20 per cent to Bt4.1 billion, while total assets increased 10 per cent to Bt31 billion. Investment income rose 33.8 per cent year on year to Bt88.5 million.

SCNYL has risen in the latest life-insurer rankings compiled by the Thai Life Assurance Association. It moved to third place in terms of total premiums, from sixth at the end of last year.

Its market share also rose from 6 per cent to 7.5 per cent. On new business premiums, it is currently third, with a 10-per-cent market share.