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"We're seeing that the current economic environment, with high inflation and a higher cost of living, is leading to a thirst for more guarantees," said Donald Carden, president and CEO of SCNYL, the only life insurer listed on the Stock Exchange of Thailand.
"We also expect consumers to be more prudent in their spending and to seek more competitive and secure products and life insurance continues to be a very attractive option for consumers trying to navigate these uncertain market conditions."
According to Mr Carden, the company plans to introduce a short-term savings product in the fourth quarter designed for consumers seeking fixed guaranteed returns and life protection, mainly through agents, and medium-term policies offered through sales at worksites.
The joint venture between Siam Commercial Bank and US-based New York Life International LLC reported significant growth in revenues for the first six months of this year to 8.19 billion baht, a rise from 6.60 billion in the same period last year. Net written premiums for the period rose to 7.44 billion baht from 6.04 billion.
It posted a net profit of 618.79 million baht in the first half, up from 400.9 million in the same period last year. Second-quarter profit increased to 294.43 million baht from 214.83 million.
The insurer reported yesterday that in the first seven months its total premiums rose 24 percent year-on-year to 8.7 billion baht, outpacing the industry growth rate of 12 percent. Renewal premiums rose 38 percent to 5.24 billion baht and first-year premiums grew 4 percent to 3.99 billion.
The growth has moved SCNYL from sixth to fourth in terms of total premiums, giving it a market share of 7.2 percent.
"SCNYL is optimistic about the remainder of the year and we plan to continue building on the strong momentum that we have generated to date," Mr Carden said.
To see more of the Bangkok Post, or to subscribe to the newspaper, go to http://www.bangkokpost.com. Copyright (c) 2008, Bangkok Post, Thailand Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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