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The country's second-largest insurance firm by market capitalisation, after Siam Commercial New York Life (SCNYL), is among 17 insurers listed on the SET and opened at 14.50 baht, up 7.4 percent from the initial public offering price of 13.50 baht.
The company's shares finished the day rising 13.4 percent to 15.30 baht in heavy trade worth 1.78 billion baht.
BLA raised 2.7 billion baht from selling 200 million shares to the public earlier this month. It said the proceeds would be used to strengthen its funds to build more credibility with its business partners and facilitate business expansion.
After the IPO, Bangkok Bank and the founding Sophonpanich family hold a combined 39.97 percent of the firm. Japan's biggest life insurer, Nippon Life Insurance Co, owns 20.83 percent, the Limsong Group owns 7.7 percent, and Bangkok Insurance (BKI) owns 4.27 percent.
Chai Sophonpanich, the BKI chairman, said yesterday that BKI was ready to raise its stake in BLA to at least 5.5 percent, as the life insurer's prospects were promising thanks to support from the bank's branch network and a growing market.
Mr Chai is also a director of the life firm. Prior to the IPO, BKI held 5.1 percent in Bangkok Life.
"Our life insurance business is still expected to enjoy strong growth in life premiums of 10-15 percent a year," said the insurance veteran. "And Bangkok Life is likely to beat that trend given the strong backup from Bangkok Bank."
At present, bancassurance is one of the two principal distribution avenues for Bangkok Life along with agents.
Bancassurance contributes 48.45 percent of the company's written premiums, with agents accounting for 45.88 percent.
Total premiums over the first seven months of this year amounted to 11 billion baht, a rise of 39 percent from 7.95 billion in the same period last year, with first-year premiums jumping 70 percent for the period to 3.75 billion, according to Thai Life Assurance Association figures.
Chan Vathanakul, BLA's president, said the company was committed to expanding its market through the 900-plus branches of Bangkok Bank and more than 12,000 agents.
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