Allianz Ayudhya Assurance is strengthening all three major distribution channels as it gears up for its goal of becoming the health insurance company of the future with a target to reach Bt33 billion in total premiums by the end of this year.
The company posted a strong performance for the first quarter of 2019, with the annualised new premium (ANP) growing at 6 per cent.
“In the first quarter of 2019, the insurance market has slowed due to a numbers of factors including an economic slowdown resulting in a decline in the purchasing power of consumers,” said Bryan Smith, the president and CEO of Allianz Ayudhya Assurance Public Co Ltd.
“However, Allianz Ayudhya has managed to post a strong performance generating total premiums of Bt7.9 billion.”
The agency channel remained the key premium contributor, generating total premiums of Bt3.1 billion, he detailed. The bancassurance channel produced Bt2.4 billion and the direct sales channel maintained its market leadership position for the 10th consecutive year with total premiums of Bt1.2 billion.
Annualized new premiums (ANP) grew 6 per cent to Bt1,350 million with Bt463 million from agency, Bt250 million from bancassurance and with direct sales generating Bt510 million.
“Life insurance, especially Health insurance is performing well for the company with significant growth potential due to the low penetration of health insurance today,” said Smith, “and as Thai people better understand the importance of protecting themselves and their families with health insurance.
“We feel that in 2019, despite an increasingly challenging economic environment, Allianz Ayudhya will continue to grow its business, especially in the health segment, with our stated aim of becoming the leader in protection in Thailand,” Smith concluded.