Bangkok--27 May--Neo Target
Deves Insurance PCL disclosed total premium revenues of 1Q FY2010 THB 901.41 million. Total operating profits were THB 168.23 million. This represented a 53% year-on-year increase from 1Q FY2009. Its net profits were recorded at THB 40.90 million. Focusing on retail customers; launching a new product for young generation, and expand the market through commercial banks.
Mr. Anant Keskasemsook, President of Deves Insurance PCL, said that “In the 1st quarter 2010, the company’s gross premium income was THB 901.41 million, which showed an increase from last year. Of the total premium, THB 426.28 billion was premium ceded to reinsurance. As a result, the company’s net premium written was THB 475.13 billion. The net underwriting income at 31 March 2010 was THB 168.23 million, an increase of THB 58.10 million or 53% increase from the 2009 1st quarter. Additionally, the company had premium reserve of THB 168.23 million, which was not accounted in the revenue. The total underwriting expenses were THB 910.75 million”.
The company’s premium from fire insurance business rose by THB 1.19 million to THB 54.18 million or 2% increase. Premium from marine insurance decreased by THB 4.41 million or 22% to THB 15.63 million. Premium from motor insurance was THB 332.83 million, an increase of THB 91.86 million or 38% surge. For the miscellaneous insurance, it generated THB 498.77 million in gross premium, up by THB 205.49 million or 70%.
For investment incomes in 1Q FY2010, the profits from investment fell from THB 13.82 million to THB 13.29 million. The net profits after operating expenses were THB 40.90 million, resulting in earnings per share of Baht 3.41. At the end of quarter 1, the company’s total assets stood at THB 4.30 billion. Liabilities were at THB 2.17 billion. Attribution of equity holders of the company accounted for THB 2.13 billion.
“In this year, Deves will focus on 3 major strategies. First, with our expertise on risk management, we will develop new products which aims at retail customers. Therefore, customers will face lower risk. For the corporate customers, Deves is trusted to insure many key projects which are classified as miscellaneous insurance, the type of insurance which its premium accounts for more than 50% of Deves total gross premium income.” said Mr. Anant Keskasemsook.
“Deves will continue inventing and introducing new products for customers. The products will be improved to match with the lifestyle of customers. Conditions and prices will be also designed specifically for each group of customers. Dividing the type of insurance into segments will help the company to deliver higher quality of products and services to meet the customers’ needs. Deves will also cooperate and work closely with banks and financial institutes, namely with Siam Commercial Bank (SCB) which is our main alliance. Hence, SCB can provide insure over the counter. This is considered to be an effective selling channel for us. We expect that the net revenues from bank assurance will be more than Baht 200 million” Mr. Anan added.
Deves is ready to distribute insurance transactions including consulting, selling, paying premium, and extending the insurance via call center, 02-670-4444 #2, 24 hours (everyday). The customers can also contact us at 4 Branches of Deves Station at Rachadumnen Klang Road (Head office), ground floor of SCB park, 3rd floor of Central Rama III, and the first floor of government center at Jangwattan Rd. Moreover, there are mobile units in form of cars driving around Bangkok. Deves also provides another channel through website, www.deves.co.th, to the customers. All the contact channels enable us to deliver exceptional services to customers.
Deves also participates in insurance projects i.e. crops, Weather Index, and Micro Insurance.
Deves Insurance Public Limited, the company owned by the Crown Property Bureau, is the Thai non-life insurer that has been operating with stability, integrity and transparency for more than 60 years.
For more information, please contact
Lalida Leelanukul, Narueporn Chevanuntapornchai
T.02-631-2290-5 ext. 305, 307