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