SCNYL posts Mil 69 Bht net profit in first half Total premium rises 63% in Jan to Jul

Siam Commercial New York Life Insurance Pcl (SCNYL), a joint venture company of Siam Commercial Bank and US based insurer, New York Life International, today reports a net profit of 69 million baht in the first half this year, compared to a net loss of 65 million baht earned in the same period last year. Mr. Donald Carden, SCNYL president and CEO said “ 2005 has proven to be another stellar year for SCNYL. While life industry showed a growth rate of 10% in total premium, SCNYL’s total premium in January to July topped 4.888 billion baht, a dramatic increase of 63% over the same period last year, representing more than 6 times the industry’s average and renewal premium surged 162% to 2.115 billion baht. This has moved SCNYL from 7 position to the 4th place with 5.4% market share.” Its annualized first year premium (AFYP) rose 19% to 2.864 billion baht, placing SCNYL in Number 3 in new business premium 2 years ahead target, up from Number 5 and market share increased from 8.7% to 10.8%. “Spectacular sales result of Bancassurance, the company’s most productive distribution, was the key engine that has driven achievement for SCNYL” Mr. Carden added. Bancassurance through its joint venture partner, Siam Commercial Bank, reported total annualized first year premium of 2.436 billion baht, up 22% and representing 85% of company’s total annualized first year premium. This included 1.298 billion baht from individual life and another 1.138 billion baht from credit life. If credit life sales worth 85 million baht from The Government Housing Bank was combined, SCNYL’s total Bancassurance new sales would top 2.520 billion baht. This strongly reaffirmed its position as Bancassurance market leader. Sales of agency, another core distribution, also continued to be spectacular both base shop and career agency. The distribution earned 264 million baht annualize first year premium, a rise of 38% over last year result and accounted for 9.2% of company’s new sales. The successful of agency distribution was attributed to the effective implementation of New York Life agent training – the GOLD System which has been successfully proven in all international markets where New York Life operate. SCNYL’s marketing strategy during the rest of the year will remain on its multi distribution strategy focusing on Bancassurance through Siam Commercial Bank. It also planned to partner with additional bank to expand Credit Life business to maintain Bancassurance leadership. It meanwhile will aggressively continue to expand agency distribution as well as including new personal accident policy and hospital care into its telemarketing channel in addition to endowment products. The company said it will also focus on endowment policies providing high guaranteed and solid financial return and plan to launch new endowment products to support the agents to increase their productivities. SCNYL has recently opened a new one-stop-customer service center that equips with state of the art facility in the lobby at home office to deliver a high level of service to its loyal customers. “We will expand Bancassurane client base to small and medium enterprises (SME) and is now focusing on training our specialists and bank’s sales staff with “Financial Freedom”, a Needs Protection Analysis tool that will advise financial planning according to the real needs of customers. This tool will also help us to increase sales, improve sales quality and long-term customer satisfaction”, said Mr. Ignacio Aguilar, executive vice president for SCB Business Group. On the agency side, Mr. Pichet Pichetvivatana, executive vice president for agency distribution told that SCNYL planned to recruit 1,000 new agents through monthly Great Recruiting seminar held in both Bangkok area and in major provinces. The distribution has developed new software called “Smart Agent” to facilitate and help increase agent’s productivities and work efficiency. It also planned to open new branches in Nokorn-Srithammarat, Prachuab-kirikan and will relocate Chidlom branch into 3 branches in Bangkok to support growing number of agents. With outstanding sales performance, SCNYL forecast year-end total premium to reach 8.68 billion baht, an increase of 48% over last year result. For more information, please contact Khun Nantawan Kijthanacharoen Corporate Communications Dept Tel 0-2655-3000 ext 3839 / 01-835-6540 Email: [email protected] www.scnyl.com End.

• ข่าวSiam Commercial Bank
• ข่าวNew York Life
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