Bangkok Life Assurance announced its performance for the year 2023, reporting total premiums exceeding 34 billion baht, including first-year premiums of over 6.8 billion baht. The bank channel saw a 2% increase in first-year premiums from well-received products. The company achieved a net profit of over 2.5 billion baht, reinforcing its strong financial position with a CAR Ratio at the end of 2023 at 405%, up from 377% in 2022. The company aims for sustainable growth in 2024, focusing on product development, service enhancement, and strengthening all sales channels.

Mr. Chon Sophonpanich, the CEO and President of Bangkok Life Assurance Public Company Limited, revealed that the company had total premiums of 34,155 million baht in 2023, with first-year premiums at 6,885 million baht, a 1% decrease from the same period last year. The net profit for 2023 was 2,548 million baht, with the bank channel seeing a 2% increase in first-year premiums from well-received products, while the agent channel experienced a 2% decrease and other channels saw a 13% decline.

In the fourth quarter of 2023, the company reported total premiums of 7,878 million baht, with first-year premiums at 1,574 million baht, a 28% decrease due to a high base from the previous year in the bank channel. The total assets at the end of 2023 were 325,931 million baht, down 5% from the end of 2022 due to a decline in the market value of investment assets. However, the company maintains a high level of financial stability with a Capital Adequacy Ratio (CAR) of 405% at the end of 2023, up from 377% at the end of 2022, well above the legal minimum requirement of 140%.

In 2023, the company committed to sustainable business development based on a solid foundation aligned with sustainable development goals. Economically, the company developed products with a customer-centric approach, such as retirement planning products like Happy Pension (with dividends), which provide guaranteed benefits and opportunities for additional dividends to ensure financial stability in retirement. Additionally, products focused on savings, such as Gainfest Speed Up 15/8, and health promotion products to mitigate financial burdens from medical expenses were introduced.

Environmentally, the company established policies, goals, and practices for environmental management, promoting a culture of environmental care within the organization, resulting in a 9% reduction in electricity usage and an 11% reduction in paper usage from the previous year. The company has continuously campaigned to reduce paper use and encouraged customers to download the BLA Happy Life application, resulting in a 12% increase in app users in 2023 compared to the previous year.

Socially, the company prioritizes human resource management and promotes financial planning and life insurance education for the public throughout the year, as well as health promotion initiatives. The company has continuously implemented governance practices and emphasized information security and cyber safety to build trust among customers, agents, partners, shareholders, and stakeholders. This commitment led to the company receiving a 5-star rating in the Corporate Governance Report of Thai Listed Companies (CGR) for 2023, the highest level, and being ranked in the Top Quartile of listed companies with a market capitalization of at least 10 billion baht. It was also selected for the “SET ESG Ratings” list at the AA level for 2023, reflecting Bangkok Life Assurance's stability in sustainable business operations.

“This year, we have planned our operations for sustainability with attention to all aspects, including product and service development and sales through various distribution channels, especially the bank channel, which will introduce new products to better meet the needs of all customer segments. Additionally, we will enhance collaboration with high-potential partners to better understand needs and work together more effectively towards long-term growth,” Mr. Chon concluded.