SCNYL bullish on growth

Tue. September 01, 2009; Posted: 11:29 AM

Aug 31, 2009 (Bangkok Post - McClatchy-Tribune Information Services via COMTEX) -- SMUCF | Quote | Chart | News | PowerRating -- SET-listed life insurer Siam Commercial New York Life Insurance (SCNYL) is increasingly upbeat about its prospects at year-end after its new written premiums in the first seven months reported impressive growth of 25.72 percent.

"We reported a total annualised first-year premium (AFYP) from all distribution channels of 5.02 billion baht, 28.38 percent higher than planned," said Donald Carden, president and CEO. "We are optimistic about maintaining the growth momentum in the remaining months of the year."

Bancassurance maintains its position as top performer among all distribution channels with AFYP of 42.18 billion baht, dramatic growth of 32.43 percent over the same period last year. Individual life sales rose 66.06 percent to 3.71 billion baht. Agency AFYP grew 4.23 percent to 508 million baht while special markets distribution produced AFYP of 300 million baht. Worksite marketing reported 22 percent growth -- the highest among this distribution.

The company's renewal premiums surged to 6.77 billion baht, up 29 percent year-on-year, and total premiums reached 11.10 billion, a rise of 27.53 percent and 8.18 percent higher than planned. This robust growth drove SCNYL's total market share from 6.8 percent at the end of 2008 to 8 percent, while new business market share premiums were up from 8.8 percent to 9.4 percent.

"In a highly volatile economy, life insurance is one of the most competitive investment channels due to its unique features: fixed and guaranteed return, life protection coverage and annual tax deduction privileges," said Mr Carden.

SCNYL, a joint venture between Siam Commercial Bank and New York Life International, posted steady net profit growth over the last four years, with last year's net profit topping 1.19 billion baht compared with 290 million in 2005 and a net loss of 171 million in 2004. Net profits in the first half totalled 788.94 million baht, up from 618.79 million the same period last year.

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