Bangkok--14 Jun--Muang Thai Life Assurance
Mr. Sara Lamsam, President and CEO of Muang Thai Life Assurance Public Company Limited said of the Company's first 4-month performance (Jan - Apr) of 2016 that the Company has collected 34,157 MB in Total Premiums, a 12% growth from the same period last year, outperforming the industry which grew around 6%. The high growth has also led to MTL gaining market share, now 18.6%, expanding 17.6% compared to the same period last year.
"The satisfactory growth is the result of the implementation of the "Customer Centricity" policy which has led to appropriate product offers through convenient channels, matching the lifestyles of our customers. We have earned customer trust, which has resulted in impressive growth. This can be seen in our RYP which has grown over 28%, outperforming the industry's growth of only 8%. At the same time, MTL has maintained its top ranking for NBP."
Amidst the ever-changing consumer behavior trend and the digital trend of connectivity and ease of communication, Mr. Sara is of the view that such factors present tremendous opportunities and challenges for life insurance companies to adjust. MTL has been expediting its adjustments in various dimensions to meet the needs of and reach out to consumers more effectively. For instance, the Company has enhanced its communication with its customers through various online social media channels, increasing payment channels through Line Pay, developing mobile applications to allow customers to review their insurance policy on their own at any time.
The Company has also been adjusting its product development process whereby it has offered a diverse range of life insurance plans to meet customer needs across all spectrums. The products provide both life coverage as security for families and a long-term savings plan promoting financial discipline. In addition, amidst a low interest rate environment, MTL has developed unit-linked life insurance to provide an alternative for the insured who are seeking higher returns than those offered in ordinary policies such as Muangthai UNIT-LINKED SINGLE PREMIUM, UNIT-LINKED REGULAR PREMIUM, UNIVERSAL LIFE REGULAR PREMIUM and UNIVERSAL LIFE SINGLE PREMIUM, etc.
Mr. Sara added that MTL has placed great importance on managing portfolios professionally to promote strong and sustainable growth in the long run. As of 31 March 2016, the Company has 318,979 MB in total assets, growing 8% from the end of 2015, with funds totally 87,067 MB, which is 512% much higher than legally required at 140%.
Moreover, Fitch Ratings had announced, as of 16 February 2016, to maintain the International Insurer Financial Strength (IFS) at 'A-' and the National IFS at 'AAA(tha)'. The trend of credit ratings is of the highest regard in the country, reflecting the Company's strength.
"MTL continues to move forward with various growth strategies, driving the Company with consistent growth, stability, strength, and sustainability." Mr. Sara said.