Bangkok Life Assurance has announced its performance for the second quarter of 2024, reporting first-year premiums totaling 1,873 million baht, a 42% increase compared to the same period last year, driven by a 62% rise in first-year premiums through banking channels due to the launch of new products. The total premium income reached 7,526 million baht, up 7%, with a net profit of 814 million baht.

Mr. Chon Soponpanit, the CEO and President of Bangkok Life Assurance Public Company Limited (BLA), revealed that the company achieved total premium income of 7,526 million baht, reflecting a 7% increase from the same period last year. This includes first-year premiums of 1,873 million baht, which is a 42% increase from Q2 2023, while renewal premiums amounted to 5,653 million baht, down 1% year-on-year. The net profit for the quarter was 814 million baht, representing a 3% increase compared to Q2 2023.

The significant increase in first-year premiums by 42% was primarily due to banking channels, which saw a 62% rise in first-year premiums compared to the previous year, attributed to new product launches. Meanwhile, agency channels experienced a 4% increase in first-year premiums. However, other channels saw a 24% decline in first-year premiums as the company prioritized maintaining profit margins over price competition in group insurance.

As of June 30, 2024, the company reported total assets of 308,881 million baht, a 5% decrease from 2023 due to a reduction in investment assets from matured policies. Investment assets and cash equivalents accounted for 97% of total assets, and the company maintained a capital adequacy ratio (CAR) of 410% at the end of Q2 2024, significantly exceeding the legal requirement of 140%.

“In 2024, the company is focused on sustainable growth, emphasizing a philosophy of ‘caring’ in every aspect, with understanding, sincerity, and heartfelt care. We continuously instill this attitude in our staff and agents to reinforce our goal of being a brand that cares for customers beyond just life insurance (The Most Caring Brand). The company has launched a new benefits system based on premium levels paid by policyholders, offering new benefits in five areas aligned with customer lifestyles, including health, travel, special occasion gifts, training seminars, and unique lifestyle experiences for policyholders to enhance happiness and service quality,” said Mr. Chon.

Additionally, the company has fostered strong relationships with policyholders through various activities, such as the “Age of Happiness: Thank You Event for Our Valued Customers” to express gratitude to Bangkok Bank customers for their trust in providing coverage to create wealth and financial stability for over 20 years, and the BLA Feel Good Concert celebrating the 73rd anniversary of BLA, along with ongoing service and benefit enhancements to create memorable experiences for policyholders throughout the contract duration,” Mr. Chon concluded.