Sample of Thailand's non-life insurance monthly report

Page 1

CONFIDENTIAL

BUSINESS OUTLOOK REVIEW AFTER NOVEMBER 2013 INDUSTRY RESULT RELEASE

February 2014

This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organisation without prior written approval from Chart Maker Co., Ltd.


About this report

Main purpose

Source of information

• • • •

Increasing competitive advantage through better usage of information Introducing analytical perspectives to typical industry data Addressing key issues for busy executives As a tool for internal strategic communication

• For macro economy – various official sources such as BOT, NESDB, etc. • For non‐life insurance industry data – OIC • NO CONFIDENTIAL DATA NEEDED

Typically 2‐5 working days after the OIC monthly release March Annual report: Economy, Industry, Segment, Players, Company June Annual report: Non‐life insurers’ financials Monthly report: Economy, Industry, Segment, Players, Company

Release schedule

• • • •

Our team

• Chart Maker Co., Ltd. is a specialist provider of Management Report service • Established in 2012, with the successful launching of www.ChartingThailandEconomy.com , today’s leading online‐magazine on Thailand’s economy • More than 20 years of combined experiences in consulting, investment and banking

‐ Internal Use Only ‐

2


Content ¶ Economy • Summary of the current state of the Thai economy • Movements of key economic indicators • Growth projections for this year and next

¶ Industry • Industry’s growth • Channels and Geographies • Underwriting profit

¶ Segments • Segments’ growth • Channels and Geographies • Underwriting profits

¶ Players • Market concentration by segment • Market share by segment • High‐growth players

¶ Company • Growth indicators • Market share overall and in each segment • Changes in market share compared to peers

‐ Internal Use Only ‐

3


Content ¶ Economy • Summary of the current state of the Thai economy • Movements of key economic indicators • Growth projections for this year and next

¶ Industry • Industry’s growth • Channels and Geographies • Underwriting profit

¶ Segments • Segments’ growth • Channels and Geographies • Underwriting profits

¶ Players • Market concentration by segment • Market share by segment • High‐growth players

¶ Company • Growth indicators • Market share overall and in each segment • Changes in market share compared to peers

‐ Internal Use Only ‐

4


Executive summary Growth GDP in 3Q13 grew 2.7% from a year ago, a slower pace than the first two quarters. On the expenditure side, , Export contributed the most to total real GDP growth. On the production side, Manufacturing is the main drag. Manufacturing production ended the year 2013 with disappointing level, while Agriculture production recovered impressively. On the expenditure side, Private consumption improved slightly while Private Investment continued to slow down. FDI increased slightly year‐to‐date. Export tumbled and registered ‐2.4% growth in 2013. The problem occurred in every main export markets, except ASEAN and EU. On the other hand, Import also registered a negative growth, driven by lower intermediate goods import. Tourist arrivals grew at an impressive 19% in 2013. Looking forward, Monetary policies are pro‐ growth, with policy rate in a downward trend. Government spending caught up in the last month of 2013.

Confidence in private sector is worsened. Businesses, Industries and Consumers were more pessimistic. No change in consensus projection in January. Consensus projection is now between 2.8%‐ 3.7% for 2013 and 4.4‐5.1% for 2014. Employment and wealth distribution In November unemployment rate increased to 0.72%, still a very low rate compared to other major and emerging economies. Thailand’s per capita income was at USD 5,210 in 2012, ranked 102nd in the world. An average Thai is slightly poorer than an average Chinese but more than three times richer than an average Indian. Thailand’s Income distribution is among the worst in Asia but there has been overall improvement over the past two decades, except for only in Bangkok. Poverty headcount and poverty rate have declined over the last decade.

Stability Head line inflation increased to 1.93% while Core increased slightly to 1.04% in January. Producer Price Index increased 1.2% from a year ago. Banking system is quite stable. Bank’s capital ratio is still high, at 16.1% in November. Total system’s NPL decreased slightly in 2013. Liquidity in the system tightened as loan growth accelerated. Big improvement in budget deficit was cut by half in 2013. Public debt as percentage of GDP increased slightly so far this year due mainly to direct government debt, but the current level of 45% is not yet dangerous. Majority of the public debt is domestic based. Balance of Payment turned to deficit in 2013 due to negative net service and transfer. External debt increased slightly but capability to repay is not a concern as debt service ratio remained low and international reserves is at healthy level. THB depreciated 1.2% against a basket of key currencies in January.

5 www.ChartingThailandEconomy.com


Manufacturing production ended the year 2013 with disappointing level Chart 1.11 – Manufacturing Production Index (2000=100)

Monthly Average 250.0

CAGR

4.3% 200.0

2012

194.2 174.8 161.1

182.6 170.0

177.7 181.6

2013 150.0

152.1 138.6 124.2 100.0

M‐o‐M ‐1.9% Y‐o‐Y ‐6.1%

50.0

0.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: The Office of Industrial Economics

J F M A M J J A S O N D

6 www.ChartingThailandEconomy.com


Private consumption improved slightly from last month

Chart 1.15 – Composite Private Consumption Index* (2000=100)

Monthly Average 160.0

CAGR

3.2% 147.0

117.8

126.2 121.9 124.2

130.6

134.2

155.0

139.2

2012

127.2 150.0

111.2

2013

145.0

140.0

M‐o‐M 0.4%

135.0

Y‐o‐Y ‐0.2%

130.0 03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg 12-Avg

Note: (*) seasonally adjusted Source: Bank of Thailand

J F M A M J J A S O N D

7 www.ChartingThailandEconomy.com


Private Investment continued to decline

Chart 1.17 – Private Investment Index (2000=100)

Monthly Average 300.0

2012 CAGR

250.0

6.9%

2013 242.1 200.0

210.2 172.1 174.9 175.3 155.8

193.0

183.4

150.0

160.8

M‐o‐M ‐0.8%

133.2 100.0

Y‐o‐Y ‐8.1%

50.0

0.0 03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg 12-Avg

Source: Bank of Thailand

J F M A M J J A S O N D

8 www.ChartingThailandEconomy.com


Export has decreased in 2013, with Other export, Agro and Electronics the main drags Chart 5.05a – YTD annual change in Export in Baht Chart 5.05b – Sectoral contributions Full year 2013 vs that of 2012, percent Total export Re‐exports Forestry Automotive Chemicals Optical instru Furniture Other manufacturing Petro‐chemical Jewellery Machinery Apparels Electrical Toiletries Agriculture Electronics Petroleum Agro products Footware Aircrafts Metal Photo instru Mining Fishery Other export

-2.4 12.1 5.3 5.2 5.0 4.4 3.7 3.1 2.3 1.8 1.4 0.0 -1.7 -1.9 -2.8 -3.1 -4.8 -5.6 -6.7 -7.6 -9.7 -25.5 -26.9 -45.8

Source: Bank of Thailand; CTE analysis

Contributions to total export growth Total export Automotive 1,324.6 Chemicals Petro‐chemical Machinery Other manufacturing Jewellery Forestry Optical instru Apparels Re‐exports Furniture Electrical Footware Toiletries Aircrafts Photo instru Agriculture Petroleum Mining Fishery Metal Electronics Agro products Other export

-2.4 0.7 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 -0.2 -0.2 -0.2 -0.3 -0.4 -0.4 -0.6 -1.5

9 www.ChartingThailandEconomy.com


Tourist arrivals increased 19% in 2013

Chart 5.18 – International Tourist Arrivals Million visits

Monthly cumulative 30.0

22.3

CAGR

25.0

8.4%

2013

19.2 20.0

15.9 13.8

14.5

2012

14.1 15.0

11.7 10.8

11.5

10.0 10.0

5.0

0.0

03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY 12FY

Source: Department of Tourism

J F M A M J J A S O N D

10 www.ChartingThailandEconomy.com


No change in consensus projection in January

Chart 1.03a – Real GDP growth projections

Chart 1.03b – Real GDP growth projections

For 2013, Annual percentage change

For 2014, Annual percentage change 6.00

6.00

5.50

5.50

5.00

5.00

BOT The Economist poll

4.50

BOT

4.00

The Economist poll

NESDB

4.50

FPO

4.00

3.50

3.50

3.00

3.00

2.50

2.50

NESDB

FPO

2.00

2.00

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

Forecast as of, month ending

Forecast as of, month ending

Source: NESDB, Fiscal Policy Office, Bank of Thailand, The Economist

11 www.ChartingThailandEconomy.com


Content ¶ Economy • Summary of the current state of the Thai economy • Movements of key economic indicators • Growth projections for this year and next

¶ Industry • Industry’s growth • Channels and Geographies • Underwriting profit

¶ Segments • Segments’ growth • Channels and Geographies • Underwriting profits

¶ Players • Market concentration by segment • Market share by segment • High‐growth players

¶ Company • Growth indicators • Market share overall and in each segment • Changes in market share compared to peers

‐ Internal Use Only ‐

12


Market overall

Non‐life insurance market slowed down in November but the year‐to‐date growth in Direct premium is still impressive at 13.6% INDUSTRY GROWTH INDICATORS

INDUSTRY GROWTH INDICATORS

Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

No. of Policy

Sum Insured

14.8%

-80.3%

-31.1%

Direct Premium

0.6%

Earned Premium

5.4%

Source: OIC; Charting Thailand’s analysis

10.0%

‐ Internal Use Only ‐

13.6%

21.0%

13


Market overall

Industrial all risks, Auto and Fire have been growing faster than industry average so far this year Growth Rate

DIRECT PREMIUM BY SEGMENT Billion Baht 169.6

147.7 11.9 4.8 5.3 8.8 19.0

Total

13.6%

All Others

-2.3%

Marine & Transport Health Fire

1.5% 4.3% 19.3%

21.2

P.A.

12.0%

22.9

Industrial

20.5%

Automobile

15.1%

11.6 4.9 5.5 10.5

19.0

108.0 93.9

First 11 months of 2012 Source: OIC; Charting Thailand’s analysis

First 11 months of 2013 ‐ Internal Use Only ‐

14


Market overall

Broker is still the most important channel for the overall market but Internet has the highest growth

OVERALL DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012, Percent

All others Walk in

5% 5%

Worksite

6%

5% 4% 5%

14%

14%

Banc assurance

Agent

Broker

14%

56%

Internet

70.8%

Broker

14.7%

Bancassurance

12.2%

Others

11.7%

Agent

11.4%

14%

Walk‐in

9.2%

Tele Maketing

8.0%

57%

Work site 2012/11mo

Source: OIC; Charting Thailand’s analysis

2013/11mo

Direct Mail ‐ Internal Use Only ‐

1.4%

-56.6%

15


Market overall

Industry profitability improved this year, thanks to lower loss ratio Losses

OVERALL UNDER WRITING PROFIT Percent of Earned Premium

55.5% 45.0%

2012/11mo

15.8%

2013/11mo

Commission, Brokerage, UW

=14.4%

20.5%

19.2%

2012/11mo

2013/11mo

Operating expenses 2012/11mo

Source: OIC; Charting Thailand’s analysis

2013/11mo

‐ Internal Use Only ‐

19.6%

20.0%

2012/11mo

2013/11mo

16


Market overall

All of key segments have positive underwriting profit so far this year Losses 31%

UNDER WRITING PROFIT BY SEGMENT

0%

37%

45%

61%

58%

P.A.

Overall

Auto

Health

17%

19%

21%

20%

P.A.

Overall

Auto

Health

20%

15%

20%

Overall

Auto

Health

Percent of Earned Premium, First 11 months of 2013 -220%

270% Industrial Marine

Fire

Commission, Brokerage, UW

=1-

7%

7%

-2%

37%

Industrial Marine

Industrial Marine

35%

Fire

16%

16%

P.A.

Overall

3%

3%

Auto

Health

Fire

Operating expenses

52% 37% 25% Industrial Marine

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Fire

30% P.A.

17


Content ¶ Economy • Summary of the current state of the Thai economy • Movements of key economic indicators • Growth projections for this year and next

¶ Industry • Industry’s growth • Channels and Geographies • Underwriting profit

¶ Segments • Segments’ growth • Channels and Geographies • Underwriting profits

¶ Players • Market concentration by segment • Market share by segment • High‐growth players

¶ Company • Growth indicators • Market share overall and in each segment • Changes in market share compared to peers

‐ Internal Use Only ‐

18


Automobile

Year‐to‐date growth for both segments are still very impressive, despite a slow down in November Compulsory Voluntary

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

1.5%

9.4%

No. of Policy 13.4%

13.0%

1.5%

9.4%

Sum Insured -6.4%

-4.5%

-3.4%

14.5%

Direct Premium 4.2%

15.1%

-12.3%

14.2%

Earned Premium 6.2%

Source: OIC; Charting Thailand’s analysis

22.3%

‐ Internal Use Only ‐

19


Automobile

Agent has gained more share in Compulsory while Broker has gained in Voluntary

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012

All others Banc assurance Walk in Worksite

Agent

1% 3% 4% 5%

3% 3% 3% 5%

25% 30%

2%

2%

11%

10%

3% 4%

3% 4%

19%

18%

Others

Bancassurance Work site Broker

62%

61%

56%

63%

Internet Walk‐in Broker

2012/11mo Compulsory

2013/11mo Compulsory

2012/11mo Voluntary

Source: OIC; Charting Thailand’s analysis

199% 0% 44%

Tele Maketing Agent

2013/11mo Voluntary

‐ Internal Use Only ‐

Compulsory Voluntary

54% 35% 8% 14% 9% 9% 3% 6% 1% 2% 16% 0% 19%

-73%

Direct Mail

20


Automobile

Lower underwriting profit for Compulsory while Voluntary had a turnaround compared to the same period last year Losses

UNDER WRITING PROFIT – AUTO

62%

Percent of Earned Premium

51%

Compulsory

8.1%

62.4%

51.0%

Voluntary

Commission, Brokerage, UW

=13.5%

3.3%

23%

24%

Compulsory

20%

Voluntary

Operating expenses

0.2%

Compulsory

22%

Voluntary

2012/11mo 19%

2013/11mo

21%

Compulsory

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

16%

14%

Voluntary

21


Industrial All Risks and Fire

Impressive growth for Industrial All Risks and Fire so far this year

Industrial All Risks Fire

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

67.2%

32.9%

No. of Policy 200.9%

25.7%

4.3%

20.9%

Sum Insured 48.9%

7.5%

-15.1%

20.5%

Direct Premium 16.4%

19.3%

4.8%

46.8%

Earned Premium 21.6%

Source: OIC; Charting Thailand’s analysis

17.9%

‐ Internal Use Only ‐

22


Industrial All Risks and Fire

Tele Marketing has explosive growth in IAR segment so far this year

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012

All others

Agent Walk in

1% 5%

1% 6%

6%

6%

6%

6%

Banc assurance Worksite

13%

1%

1%

Tele Maketing 36%

10%

41%

13% 12% 3%

10% Broker

69%

Walk‐in

32%

Others Internet

2012/11mo Industrial

2013/11mo Industrial

2012/11mo Fire

Source: OIC; Charting Thailand’s analysis

31% 26% 23% -2% 19%

Agent

Work site 37%

-47%

4%

2%

12%

72%

1153%

Bancassurance Broker

2013/11mo Fire

‐ Internal Use Only ‐

Direct Mail

Industrial All Risks Fire

11% -4% -8% 35% -12% 0% -29% 27% -98%

23


Industrial All Risks and Fire

Big turn around in underwriting profit for both, thanks to improved loss ratio

Losses 88%

UNDER WRITING PROFIT – INDUSTRIAL & FIRE

0%

Percent of Earned Premium -59% -220%

270.5%

Industrial

Fire

Commission, Brokerage, UW 31%

28%

115.7%

=135.4% -1%

-2%

Industrial

-45.5%

Industrial

Fire

Operating expenses Fire 52% 45% 37%

2012/11mo

27%

2013/11mo Industrial

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Fire

24


P.A. and Health

High growth for Personal Accident so far this year, especially in earned premium Personal Accident Health

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

8.0%

5.3%

No. of Policy -4.5%

-7.9%

-88.8%

-55.3%

Sum Insured

1.6%

12.0%

5.6%

4.3%

13.3%

20.1%

7.0%

8.2%

Direct Premium

Earned Premium

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

25


P.A. and Health

Internet has the highest growth in P.A. and Bancassurance in Health

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012

All others Agent Work site

Broker

3% 3% 5%

3% 4% 5%

23%

20%

16%

19%

Internet

7%

3%

Work site

11%

82% 3% 24% -58%

10% 8%

Bancassurance

Telemarketing

26%

27% 30%

32%

45% 7%

Tele Maketing

-10% 3%

Walk‐in

Banc assurance

40%

27%

42%

24%

20% -5%

Agent

-8% -11%

Broker 9% 2012/11mo P.A.

2013/11mo P.A.

2012/11mo Health

Personal Accident Health

9%

13%

Direct Mail 2013/11mo Health

Others

-14% -45% -21%

-90%

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

26


P.A. and Health

Lower underwriting profit for both as expenses increased

Losses 58%

UNDER WRITING PROFIT – P.A. & HEALTH

42%

58%

37%

Percent of Earned Premium

17.6% P.A.

16.0%

Health

Commission, Brokerage, UW

=117%

15%

18%

20%

5.4% P.A.

2.5%

Health

Operating expenses P.A.

Health

2012/11mo

30%

25%

19%

20%

2013/11mo P.A.

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Health

27


Marine and Transport

Slow growth in premiums for Cargo so far this year, while Hull has negative growth in direct premium Hull Cargo

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

-3.8%

14.3%

No. of Policy 10.3%

4.3%

-5.4%

10.8%

Sum Insured -64.5%

-9.9%

-29.2%

-6.4%

Direct Premium -8.0%

2.2%

-20.3%

8.9%

Earned Premium -2.4%

Source: OIC; Charting Thailand’s analysis

12.1%

‐ Internal Use Only ‐

28


Marine and Transport

Broker is the main channel in both Hull and Cargo segments

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012

All others Walk in Banc assurance

Work site

0% 4% 5%

1% 6%

0% 10%

0% 10%

8%

2% 5%

2% 6%

15% 12%

8%

9%

Others

22%

32% 10% 25% -7%

20%

Agent 73% 54%

-18%

Walk‐in Broker

Broker

143%

Bancassurance

Agent

-23% 0% -28% 7%

73%

Work site

53%

Hull Cargo

-40% 14%

Direct Mail Tele Maketing 2012/11mo Hull

2013/11mo Hull

2012/11mo Cargo

Source: OIC; Charting Thailand’s analysis

2013/11mo Cargo

‐ Internal Use Only ‐

-2%

Internet 29


Marine and Transport

Big turn around for Hull while profitability of Cargo increased slightly

Losses 83%

UNDER WRITING PROFIT – MARINE

58.8%

Percent of Earned Premium

40% 29.3%

38.2%

Hull

30.1%

Cargo

Commission, Brokerage, UW

=1-

8.2%

8%

8%

-1%

-3%

Hull

Cargo

Operating expenses

-14.8%

Hull

Cargo

2012/11mo 35%

2013/11mo

34%

Hull

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

22%

25%

Cargo

30


Public Liability and Engineering

High growth in Engineering so far this year

Public Liability Engineering

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

29.4%

23.6%

39.3%

16.7%

No. of Policy

-97.2%

-73.0%

Sum Insured -3.2%

16.0%

11.7%

14.2%

Direct Premium -18.4%

4.5%

15.7%

0.2%

Earned Premium 654.6%

Source: OIC; Charting Thailand’s analysis

29.5%

‐ Internal Use Only ‐

31


Public Liability and Engineering

Broker is the main channel for both, but less so for Engineering

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012

All others Banc assurance

Work site Agent Walk in

1% 3% 8% 8%

9%

2% 6%

3% 2% 7%

13%

8%

1% 6%

131%

Others

-31%

10%

19%

Agent

10%

11%

5%

60%

16% 14%

Broker

7%

-3% 13%

Walk‐in

-19% 4%

Work site Broker

71%

70%

65%

60%

55% 2%

Bancassurance Tele Maketing

Public Liability Engineering

1% -66% 29%

Direct Mail 2012/11mo P.L.

2013/11mo P.L.

2012/11mo Engineering

Source: OIC; Charting Thailand’s analysis

2013/11mo Engineering

‐ Internal Use Only ‐

Internet 32


Public Liability and Engineering

Lower underwriting profit level for both so far this year

Losses

UNDER WRITING PROFIT – P.L. & ENGINEERING

70%

Percent of Earned Premium

43% 23%

24%

46.6% Public Liability

35.4%

Engineering

Commission, Brokerage, UW

25.7%

8%

10%

=1-

-7%

Public Liability

-7%

Engineering

-8.0%

Operating expenses 46%

Public Liability

Engineering

38% 31% 22%

2012/11mo 2013/11mo

Public Liability

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Engineering

33


Aviation and Misc Others

Negative growth in direct premium for both so far this year

Aviation Others

SEGMENT GROWTH INDICATORS Nov 2013 vs Nov 2012, Percent

First 11 months of 2013 vs those of 2012, Percent

10.0%

26.1%

No. of Policy -3.2%

11.3%

27.9%

14.8%

4.4%

3.7%

Sum Insured

-36.5%

-30.3%

-13.1%

-5.8%

Direct Premium

-299.7%

-4077.6%

Earned Premium 2.9%

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

27.5%

34


Aviation and Misc Others

Broker is the main channel for Others, while the focus for Aviation is on selling direct

DIRECT PREMIUM BY CHANNEL

CHANGE IN DIRECT PREMIUM BY CHANNEL

Percent of Total

First 11 months of 2013 vs those of 2012 Aviation

Broker

0% 1% 1%

1% 1% 0%

11%

12%

Others 7%

8%

All others

9%

6% 2% 7%

Agent

2% 7%

Walk in

19%

3%

Broker Walk‐in Bancassurance

Work site

29%

Banc assurance

29%

65%

76%

Agent

70%

Work site

68%

Others

57%

16% -26% 4% -31% -27% -42% -9% -65% -10%

Direct Mail

2012/11mo Aviation

2013/11mo Aviation

8%

7%

2012/11mo Others

2013/11mo Others

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Tele Maketing Internet

19%

33172%

35


Aviation and Misc Others

Less under writing loss for Misc. Others

Losses

UNDER WRITING PROFIT – AVIATION & OTHERS

55%

59%

45%

Percent of Earned Premium -4778%

10753.8% Aviation

Others

Commission, Brokerage, UW 3434%

=1-

20%

21%

-30%

Aviation

-230.9%

Aviation

-22.1%

-3.0%

Others

Operating expenses

Others 306%

43%

37%

2012/11mo 2013/11mo -9310%

Aviation

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Others

36


Content ¶ Economy • Summary of the current state of the Thai economy • Movements of key economic indicators • Growth projections for this year and next

¶ Industry • Industry’s growth • Channels and Geographies • Underwriting profit

¶ Segments • Segments’ growth • Channels and Geographies • Underwriting profits

¶ Players • Market concentration by segment • Market share by segment • High‐growth players

¶ Company • Growth indicators • Market share overall and in each segment • Changes in market share compared to peers

‐ Internal Use Only ‐

37


Players – Market Share

Viriyah has the most overall market share so far in 2013 and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – OVERALL

TOP 10 MARKET SHARE GAINERS/LOSERS – OVERALL

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. VIRIYAH

16.8

2. DHIPAYA

11.2

3. BANGKOK

7.2

1. VIRIYAH

1.19

2. MUANG THAI PUBLIC

0.28

3. ACE INA OVERSEAS

0.27

4. SYNMUNKONG

4.4

4. SOMPO JAPAN

0.26

5. MUANG THAI PUBLIC

4.3

5. BANGKOK

0.24

6. THE SAFETY

4.2

6. MITSUI SUMITOMO

0.19

4.1

7. UNION INTER

0.17

3.0

8. CHAO PHAYA

0.14

2.9

9. PHOENIX

0.13

2.8

10. SIAM COMMERCIAL SAMAGGI

0.12

2.5

10. BANGKOK UNION

7. TOKIO MARINE SRI MUANG 8. LMG 9. MITSUI SUMITOMO 10. THANACHART 11. SIAM COMMERCIAL SAMAGGI 12. THE SOUTHEAST

2.1

13. RAV

1.9

-0.16

9. AIOI BANGKOK -0.19 8. THAISRI

-0.19

14. ACE INA OVERSEAS

1.9

7. THAI SETAKIJ -0.19

15. DEVES

1.8

6. THE SAFETY -0.19

16. MSIG

1.7

5. RAV -0.20

17. AXA

1.6

4. DEVES -0.34

18. KRUNGTHAI PANICH

1.5

3. DHIPAYA -0.36

19. NEW HAMPSHIRE

1.5

2. THAI DEVELOPMENT -0.36

20. SRI AYUDHYA GENERAL

1.5

1. THANACHART -0.37

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

38


Players – Market Share

RAV has the most market share in Auto (Compulsory) segment so far in 2013, but Union Inter has gained the most MARKET SHARE OF DIRECT PREMIUMS – AUTO (COMPULSARY)

TOP 10 MARKET SHARE GAINERS/LOSERS – AUTO (COMPULSARY)

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. RAV

26.1

2. VIRIYAH

2.51

2. PHOENIX

18.7

3. SYNMUNKONG

1. UNION INTER

6.1

1.79

3. ASIA 1950

1.40 1.30

4. UNION INTER

3.7

4. VIRIYAH

5. MITTARE

3.4

5. THAI

6. THE SOUTHEAST

3.0

6. INDARA

0.81

3.0

7. SYNMUNKONG

0.76

2.6

8. THE SOUTHEAST

0.63

2.3

9. CHARAN

0.57

2.3

10. BANGKOK THONBURI

2.3

10. AIOI BANGKOK

-0.11

2.0

9. TOKIO MARINE SRI MUANG

-0.11

1.9

8. KAMOL

-0.16

7. ASIA 1950 8. DHIPAYA 9. PHOENIX 10. THE SAFETY 11. THAI UNITED 12. THAI 13. THANACHART 14. DEVES

0.97

0.30

1.7

7. THAISRI

15. MUANG THAI PUBLIC

1.7

6. LMG

16. BANGKOK

1.6

5. CHAO PHAYA

-0.46

17. LMG

1.5

4. UNION PROSPERS

-0.49

18. INDARA

1.4

3. BANGKOK UNION

19. UNION PROSPERS

1.3

2. RAV

20. TOKIO MARINE SRI MUANG

1.2

1. THAI DEVELOPMENT

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-0.18 -0.21

-2.42 -2.93 -4.70

39


Players – Market Share

Viriyah has the most market share in Auto (Voluntary) segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – AUTO (VOLUNTARY)

TOP 10 MARKET SHARE GAINERS/LOSERS – AUTO (VOLUNTARY)

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. VIRIYAH

27.1

2. SYNMUNKONG

1. VIRIYAH 2. BANGKOK

7.0

3. THE SAFETY

6.2

3. MUANG THAI PUBLIC

4. BANGKOK

6.1

4. DEVES

5. LMG

4.7

6. DHIPAYA

13. THE SOUTHEAST 14. MITSUI SUMITOMO 15. AXA 16. SIAM COMMERCIAL SAMAGGI

0.32

4.6

6. MSIG

0.11

4.5

7. MITTARE

0.08

4.1

8. NAM SENG

0.08

3.9

9. AXA

0.08

2.3

10. SIAM COMMERCIAL SAMAGGI

0.06

2.2

10. KAMOL

-0.13

2.1

9. ASSETS

-0.15

2.0

8. THE SAFETY

9. MUANG THAI PUBLIC

12. THAIVIVAT

0.62

0.11

8. TOKIO MARINE SRI MUANG

11. AIOI BANGKOK

0.69

5. SOMPO JAPAN

7. THANACHART

10. MITTARE

1.47

-0.22

7. THAISRI

1.8

-0.23

1.6

6. SYNMUNKONG

-0.28

1.6

5. DHIPAYA

-0.29

17. MSIG

1.6

4. TOKIO MARINE SRI MUANG

-0.37

18. NAVAKIJ

1.6

3. THAI SETAKIJ

-0.41

19. NAM SENG

1.3

2. AIOI BANGKOK

-0.41

20. ASIA 1950

1.3

1. THANACHART

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-0.75

40


Players – Market Share

Dhipaya has the most market share in Industrial segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – INDUSTRIAL ALL RISKS

TOP 10 MARKET SHARE GAINERS/LOSERS – INDUSTRIAL ALL RISKS

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. DHIPAYA

26.4

1. DHIPAYA

2.31 2.26

2. BANGKOK

9.6

2. ACE INA OVERSEAS

3. MITSUI SUMITOMO

9.6

3. NEW HAMPSHIRE

4. TOKIO MARINE SRI MUANG

6. SOMPO JAPAN

8. ACE INA OVERSEAS 9. DEVES

11. FALCON 12. MSIG 13. SRI AYUDHYA GENERAL 14. THAISRI

1.33

5. SOMPO JAPAN

5.2

7. ALLIANZ C.P GENERAL

10. THE SAFETY

4. MITSUI SUMITOMO

7.4

5. MUANG THAI PUBLIC

1.49

4.6

6. BANGKOK

4.5

7. TOKIO MARINE SRI MUANG

1.17 0.78 0.36

3.9

8. AIOI BANGKOK

0.20

3.7

9. SIAM CITYINSURANCE

0.13

10. KURNIA

0.09

2.9

10. SIAM COMMERCIAL SAMAGGI

2.2

-0.29

9. THAISRI

2.1

-0.31

2.0

8. KRUNGTHAI PANICH

-0.35 -0.36

1.7

7. THAI PAIBOON

15. SIAM COMMERCIAL SAMAGGI

1.6

6. MSIG

-0.53

16. NEW HAMPSHIRE

1.5

5. MUANG THAI PUBLIC

-0.57

17. AIOI BANGKOK

1.1

4. ALLIANZ C.P GENERAL

-1.01

18. QBE

1.1

3. NAVAKIJ

-1.07

19. BANGKOK UNION

1.1

2. AXA

20. AXA

1.0

Source: OIC; Charting Thailand’s analysis

-1.80

1. DEVES -3.09

‐ Internal Use Only ‐

41


Players – Market Share

Dhipaya has the most market share in Fire segment so far in 2013, but Axa has gained the most MARKET SHARE OF DIRECT PREMIUMS – FIRE

TOP 10 MARKET SHARE GAINERS/LOSERS – FIRE

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. DHIPAYA

18.5

2. BANGKOK

13.3

1. AXA

3.18

2. BANGKOK

0.71

3. MUANG THAI PUBLIC

9.9

3. SIAM COMMERCIAL SAMAGGI

0.67

4. THE SOUTHEAST

9.9

4. DHIPAYA

0.65

5. AIG

0.59

6. NEW HAMPSHIRE

0.51

5. SIAM COMMERCIAL SAMAGGI

7.5

6. NEW HAMPSHIRE

5.4

7. SRI AYUDHYA GENERAL

5.1

8. AXA

4.3

9. KRUNGTHAI PANICH

3.1

10. NAVAKIJ

2.4

11. VIRIYAH 12. AIG 13. THAIVIVAT 14. THAISRI

7. THE SOUTHEAST

0.31

8. PHOENIX

0.14

9. SOMPO JAPAN

0.08

10. KURNIA

0.07

10. THAISRI

-0.23

1.6

9. THAIVIVAT

-0.24

1.4

8. SIAM CITYINSURANCE

-0.24 -0.25

2.3

1.3

7. THANACHART

15. DEVES

1.3

6. SRI AYUDHYA GENERAL

-0.34

16. THAI

1.2

5. NAVAKIJ

-0.41

17. SYNMUNKONG

1.1

4. KRUNGTHAI PANICH

-0.41

18. MSIG

1.1

3. THE SAFETY

-0.48

19. BANGKOK UNION

0.8

2. DEVES

20. THANACHART

0.7

1. MUANG THAI PUBLIC

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-1.03 -1.25

42


Players – Market Share

Dhipaya has the most market share in P.A. segment so far in 2013, but Tokio has gained the most MARKET SHARE OF DIRECT PREMIUMS – PERSONAL ACCIDENT

TOP 10 MARKET SHARE GAINERS/LOSERS – PERSONAL ACCIDENT

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. DHIPAYA

26.1

2. ACE INA OVERSEAS

1. TOKIO MARINE SRI MUANG

1.52

2. CHAO PHAYA

11.0

1.27

3. CIGNA

6.4

3. MUANG THAI PUBLIC

0.54

4. SIAM COMMERCIAL SAMAGGI

6.3

4. LMG

0.54

5. BANGKOK

5.8

5. DEVES

0.47

6. MUANG THAI PUBLIC

5.5

6. VIRIYAH

0.45

7. NEW HAMPSHIRE

4.3

7. BANGKOK UNION

0.31

4.1

8. CIGNA

0.26

3.0

9. THANACHART

0.22

2.6

10. NAM SENG

2.6

10. GENERALI

-0.06

2.2

9. PHOENIX

-0.06

2.1

8. A.I.A

-0.10 -0.10

8. KRUNGTHAI PANICH 9. VIRIYAH 10. THANACHART 11. CHAO PHAYA 12. TOKIO MARINE SRI MUANG 13. SIAM CITYINSURANCE 14. DEVES

0.07

1.8

7. SIAM CITYINSURANCE

15. LMG

1.8

6. SYNMUNKONG

16. SYNMUNKONG

1.7

5. ACE INA OVERSEAS

-0.22

17. THAI

1.7

4. MSIG

-0.26

18. INDARA

1.6

3. BANGKOK

19. THE SOUTHEAST

1.3

2. THE SOUTHEAST

20. MSIG

1.2

1. DHIPAYA

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-0.12

-0.79 -1.36 -2.38

43


Players – Market Share

Bupa has the most market share in Health segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – HEALTH

TOP 10 MARKET SHARE GAINERS/LOSERS – HEALTH

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. BUPA HEALTH

34.7

2. CIGNA

8.8

4. DHIPAYA

5.2

5. SIAM COMMERCIAL SAMAGGI

4.6

6. VIRIYAH

0.90

4. VIRIYAH

0.86

4.5

6. MITSUI SUMITOMO

0.53

4.2

7. TOKIO MARINE SRI MUANG

0.44

4.0

8. MSIG

0.23

3.7

9. CIGNA

0.21

3.6

10. AIOI BANGKOK

0.18

3.6

10. NAVAKIJ

-0.08

2.9

9. KRUNGTHAI PANICH

-0.09

2.5

8. BANGKOK UNION

-0.28 -0.29

9. AXA 10. THAI HEALTH 11. TOKIO MARINE SRI MUANG

14. AIOI BANGKOK

3. AXA

0.56

8. MITSUI SUMITOMO

13. DEVES

1.52

5. THAI HEALTH

7. THE SAFETY

12. LMG

2.34

2. SIAM COMMERCIAL SAMAGGI

9.8

3. BANGKOK

1. BUPA HEALTH

1.5

7. BANGKOK

15. MSIG

1.5

6. DEVES

-0.39

16. MUANG THAI PUBLIC

1.4

5. THE SAFETY

-0.42

17. THAIVIVAT

1.0

4. THAIVIVAT

-0.45

18. NAVAKIJ

0.8

3. MUANG THAI PUBLIC

-0.56

19. KRUNGTHAI PANICH

0.5

2. LMG

-0.56

20. SYNMUNKONG

0.4

Source: OIC; Charting Thailand’s analysis

1. DHIPAYA -4.61

‐ Internal Use Only ‐

44


Players – Market Share

QBE has the most market share in Marine (Hull) segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – MARINE (HULL)

TOP 10 MARKET SHARE GAINERS/LOSERS – MARINE (HULL)

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. QBE

32.2

1. QBE

2. SRI AYUDHYA GENERAL

20.0

2. THE SAFETY

3. DHIPAYA

19.4

3. MUANG THAI PUBLIC

4. BANGKOK

8.9

5. MUANG THAI PUBLIC

7.8

6. THE SAFETY 7. DEVES 8. VIRIYAH

5.0 2.4

0.87 0.56

4. SIAM COMMERCIAL SAMAGGI

0.31

5. SIAM CITYINSURANCE

0.25

6. VIRIYAH

0.19

7. KRUNGTHAI PANICH

0.12 0.05 0.02

1.1

8. THANACHART

9. KRUNGTHAI PANICH

1.0

9. THE SOUTHEAST

10. SIAM COMMERCIAL SAMAGGI

0.9

11. THAISRI

1.42

0.8

12. SIAM CITYINSURANCE

0.3

13. NAVAKIJ

0.2

8. MSIG

-0.03 -0.04

14. THE SOUTHEAST

0.1

7. IAG

15. THANACHART

0.1

6. DEVES

-0.05

16. MSIG

0.0

5. UNION INTER

-0.07

17. AXA

0.0

4. NAVAKIJ

-0.08

3. THAISRI

-0.15

2. DHIPAYA 1. BANGKOK

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-2.80 -4.52

45


Players – Market Share

Tokio Marine has the most market share in Marine (Cargo) segment so far in 2013 and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – MARINE (CARGO)

TOP 10 MARKET SHARE GAINERS/LOSERS – MARINE (CARGO)

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. TOKIO MARINE SRI MUANG

17.7

2. MITSUI SUMITOMO

4. SRI AYUDHYA GENERAL

5.9

4. SOMPO JAPAN

5. BANGKOK

5.9

5. MUANG THAI PUBLIC

0.38 0.34

4.6

0.16

4.6

8. CHAO PHAYA

0.15

3.6

9. AXA

0.14

3.4

10. GENERALI

0.11

3.3

10. BANGKOK UNION

-0.09

2.8

9. ASIA 1950

-0.10

2.5

8. DEVES

-0.13

2.3

7. CHUBB

2.2

6. NEW HAMPSHIRE

-0.42 -0.43

9. AXA 10. NEW HAMPSHIRE 11. ALLIANZ C.P GENERAL 12. THAISRI 13. THE SAFETY

15. NAVAKIJ

0.54

7. QBE

8. SOMPO JAPAN

14. MUANG THAI PUBLIC

1.04

6. THAISRI

4.7

7. VIRIYAH

1.10

3. MSIG

8.7

6. DHIPAYA

1.64

2. VIRIYAH

11.7

3. MSIG

1. TOKIO MARINE SRI MUANG

16. SIAM COMMERCIAL SAMAGGI

1.9

5. AIOI BANGKOK

17. AIOI BANGKOK

1.8

4. SRI AYUDHYA GENERAL

18. DEVES

1.5

3. NAVAKIJ

19. ACE INA OVERSEAS

1.4

2. MITSUI SUMITOMO

20. CHUBB

1.1

Source: OIC; Charting Thailand’s analysis

-0.37

-0.53 -0.68 -1.23

1. DHIPAYA -1.45

‐ Internal Use Only ‐

46


Players – Market Share

Bangkok has the most market share in Public Liability segment so far in 2013, but Sompo has gained the most MARKET SHARE OF DIRECT PREMIUMS – PUBLIC LIABILITY

TOP 10 MARKET SHARE GAINERS/LOSERS – PUBLIC LIABILITY

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. BANGKOK

15.6

1. SOMPO JAPAN

2.46

2. ACE INA OVERSEAS

10.4

2. QBE

3. DHIPAYA

10.3

3. DHIPAYA

0.89

4. ACE INA OVERSEAS

0.74

4. MITSUI SUMITOMO

8.0

5. THAISRI

6.7

5. ALLIANZ C.P GENERAL

0.44

6.5

6. PHUTTHATHAM

0.40

6.4

7. NAM SENG

0.39

8. MUANG THAI PUBLIC

0.34

4.8

9. CHAO PHAYA

0.26

4.7

10. VIRIYAH

0.20

6. MUANG THAI PUBLIC 7. SOMPO JAPAN 8. TOKIO MARINE SRI MUANG

6.0

9. QBE 10. ALLIANZ C.P GENERAL 11. THE SAFETY

3.1

10. THANACHART

-0.11

3.0

9. THE SAFETY

-0.12

3.0

8. KRUNGTHAI PANICH

-0.15

2.9

7. CHUBB

-0.15

12. VIRIYAH 13. AXA 14. DEVES 15. PHUTTHATHAM 16. SRI AYUDHYA GENERAL

1.73

1.6 1.2

6. AXA

-0.18

5. DEVES

-0.21 -0.29

17. KURNIA

0.8

4. THAI PAIBOON

18. NAM SENG

0.8

3. NAVAKIJ

19. NAVAKIJ

0.7

2. BANGKOK

20. SIAM COMMERCIAL SAMAGGI

0.5

1. THAISRI

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-0.49 -1.04 -4.91

47


Players – Market Share

Dhipaya has the most market share in Engineering segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – ENGINEERING

TOP 10 MARKET SHARE GAINERS/LOSERS – ENGINEERING

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. DHIPAYA

26.7

2. BANGKOK

3.8

0.32

3.7

8. NAM SENG

0.30

3.5

9. KURNIA

0.25

2.1

10. ACE INA OVERSEAS

0.15

1.9

10. MSIG

-0.21

1.7

9. SOMPO JAPAN

-0.27

1.6

8. MUANG THAI PUBLIC

-0.37

1.5

7. FALCON

-0.39

9. TOKIO MARINE SRI MUANG

11. KRUNGTHAI PANICH 12. NAVAKIJ 13. SOMPO JAPAN 14. MSIG 15. THAISRI

0.63

7. SIAM COMMERCIAL SAMAGGI

8. FALCON

10. BANGKOK UNION

0.71

6. THAISRI

4.4

7. MUANG THAI PUBLIC

1.08

5. QBE

5.5

6. ALLIANZ C.P GENERAL

1.44

4. THE SOUTHEAST

6.5

5. DEVES

2.86

3. BANGKOK UNION

11.4

4. THE SOUTHEAST

3.61

2. BANGKOK

15.6

3. MITSUI SUMITOMO

1. DHIPAYA

1.5

6. NAVAKIJ

16. QBE

1.3

5. TOKIO MARINE SRI MUANG

-0.69

17. SIAM COMMERCIAL SAMAGGI

1.0

4. MITSUI SUMITOMO

-0.81

18. GENERALI

1.0

3. IAG

-1.60

19. AIOI BANGKOK

0.8

2. DEVES

-1.63

20. SRI AYUDHYA GENERAL

0.7

Source: OIC; Charting Thailand’s analysis

-0.39

1. ALLIANZ C.P GENERAL -4.36

‐ Internal Use Only ‐

48


Players – Market Share

Bangkok has the most market share in Aviation segment so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – AVIATION

TOP 10 MARKET SHARE GAINERS/LOSERS – AVIATION

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. BANGKOK

73.1

2. DHIPAYA

1.3

4. DEVES

0.3

5. NAVAKIJ

0.0

21.19

2. NAVAKIJ

25.3

3. MUANG THAI PUBLIC

1. BANGKOK

0.02

4. THANACHART

3. MUANG THAI PUBLIC

2. DEVES

-0.24

-1.28

-5.89

1. DHIPAYA -13.80

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

49


Players – Market Share

Viriyah has the most market share in Other miscellaneous segments so far in 2013, and also has gained the most MARKET SHARE OF DIRECT PREMIUMS – MISC. OTHERS

TOP 10 MARKET SHARE GAINERS/LOSERS – MISC. OTHERS

Top 20 in the first 11 months of 2013, Percent of Total

Change in market share, Percent First 11 months of 2013 vs full year 2012

1. VIRIYAH 2. DHIPAYA

1.05

3. AXA

0.85

4. ALLIANZ C.P GENERAL

0.80

5. TOKIO MARINE SRI MUANG

0.73

6. MITSUI SUMITOMO

0.66

7. FALCON

0.63

2.8

8. CHAO PHAYA

0.56

2.4

9. SYNMUNKONG

0.31

2.3

10. BANGKOK THONBURI

0.26

2.3

10. MUANG THAI PUBLIC

-0.29

2.2

9. SIAM CITYINSURANCE

-0.36

2.1

8. INDARA

-0.40 -0.42

9.9

4. NEW HAMPSHIRE

8.2

5. THE SAFETY

5.1

6. THAIVIVAT

4.2

7. SRI AYUDHYA GENERAL

9. FALCON 10. MSIG 11. THAI SETAKIJ 12. SYNMUNKONG 13. MUANG THAI PUBLIC 14. AXA

4.63

2. THAIVIVAT

14.3

3. BANGKOK

8. TOKIO MARINE SRI MUANG

1. VIRIYAH

19.3

3.6

1.9

7. THANACHART

15. SIAM COMMERCIAL SAMAGGI

1.8

6. THAI PAIBOON

16. DEVES

1.7

5. DHIPAYA

17. THE SOUTHEAST

1.5

4. THE SAFETY

-1.28

18. ALLIANZ C.P GENERAL

1.5

3. AIG

-1.29

19. MITSUI SUMITOMO

1.4

2. DEVES

20. QBE

1.3

1. NEW HAMPSHIRE

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

-0.52 -0.98

-1.57 -4.70

50


Players – Growth

Union Inter has by far the highest growth in Direct premiums so far this year

HIGHEST GROWTH IN DIRECT PREMIUMS Annual growth rate, First 11 months of 2013 vs those of 2012 1. UNION INTER

315.1%

2. PHOENIX

310.1%

3. BANGKOK THONBURI

222.7%

4. CHARAN

61.8%

5. SOMPO JAPAN 6. CHAO PHAYA 7. ACE INA OVERSEAS

47.0% 39.6% 31.7%

8. INDARA

26.5%

9. ASIA 1950

26.4%

10. THAI

25.3%

11. NAM SENG

23.6%

12. VIRIYAH

23.0%

13. MUANG THAI PUBLIC

21.9%

14. MITTARE

20.0%

15. THAI UNITED

19.6%

16. BANGKOK

19.3%

17. SIAM COMMERCIAL SAMAGGI

19.0%

18. THAI HEALTH

18.9%

19. MITSUI SUMITOMO

18.3%

20. AXA

17.5%

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

51


Players – Profitability

Operating profit has improved for all groups of players, except Foreign Losses

OPERATING PROFIT

64% 54%

76% 76%

Percent of Earned Premium Underwriting profit 172%183%

-114% -118% Domestic

7%

Operating profit

Health

Foreign

0% 1%

=1‐

-4%

Commission, Brokerage, UW

159%159% Domestic

+ 2%

13%

Health

Foreign

21% 20% 11% 6%

Investment and Other income

7% 6%

3% 5%

Domestic

Health

Foreign

6% 6%

Domestic

3% 3%

Health

Foreign

Operating expenses 2012/11mo 2013/11mo

-13%

34% -24%

Domestic

Health

Foreign

29% 19% 20%

18% 12%

Domestic

Source: OIC; Charting Thailand’s analysis

‐ Internal Use Only ‐

Health

Foreign

52


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.