Briefs

The new chief and board of directors of Thai General Insurance Association have made it a top priority to complete payment of flood compensation to policyholders by this September.

Arnon Vanvasu, the association’s new chairman, said compensation claims now total Bt480 billion, but insurers have paid out only Bt380 billion. Therefore, the association will co-ordinate between insurers and re-insurers, and between insurers and policyholders, to ensure the remainder is paid by September.

The association will speed up the establish-ment of an insurance credit bureau by focusing on auto insurance in a bid to reduce operational costs.

The association predicts non-life insurance this year will grow by 15 per cent to Bt200 billion-Bt210 billion. Half of the premiums are from auto insurance, which have been boosted by the first-car scheme. The association expects 8-8.5 million new auto insurance policies. – The Nation

Wage hike hits Big C’s |bottom line in first quarter

An increase in sales and administrative expenses – especially the hike in the minimum wage – has affected Big C Supercentre’s first-quarter net profit, its bottom line dropping to Bt1.4 billion from Bt1.77 billion year on year.

Despite its strong retail sales revenue, the two rounds of minimum wage increase (April 2012 and January 2013) have had an impact as Big C’s store network has expanded, and utility expenses rose during 2012.

To mitigate the increase in operating expenses, the company implemented cost-control and productivity initiatives, which will continue to ramp up this year.

Rumpa Kumhomreun, chief financial officer and vice president for accounting and finance at Big C, said that in the first quarter, retail sales grew to Bt28.43 billion, up by 6.6 per cent from the same period last year. Rental and service income grew to Bt2.11 billion, an increase of 10.8 per cent year on year. – The Nation

GPF expects higher return

The Government Pension Fund (GPF) is confident that return on investment this year will be higher than last year despite the baht’s appreciation and the volatility in the gold price, said Sopawadee Lertmanaschai, GPF secretary-general.

She said that return on investment in the first four months has been at a good level, so GPF doesn’t expect the return this year to be lower than last year. The rising index, both on the Thai bourse and globally, has strengthened returns from the equity market, which increased by 10 per cent in line with the stock index.

GPF has increased investment in equity markets and reduced investment in bonds, with an average year-to-date return of 7 per cent above inflation.

The baht appreciation and plunge in gold prices have not affected the GPF’s portfolio, even those invested in foreign equities and bonds, because the office has used foreign-exchange hedge to lower risk.

As of the end of March, GPF had total assets of Bt600 billion, an increase of 4.05 per cent from the end of last year. – The Nation

SSI launches website

Sahaviriya Steel Industries (SSI), Asean’s largest fully integrated flat-steel producer, has launched a new website, www.ssi-steel.com, with stakeholders in mind.

The modern, user-friendly website is a reflection of the company’s vision to "Innovate premium value steel products and services for customers; generate consistent profit and sustainable value for stakeholders", the firm said. The overall colour scheme of the site encapsulates the brand’s identity, it said.

Beside the new theme, the website offers expanded content, improved usability, simple navigation and added features. The addition of an "SSI Channel" section highlights corporate events and presentations in video.

The newly designed site is also smart-phone and tablet-friendly. When the site is accessed by a smart phone or a tablet, the theme will auto detect screen-sizes, adjusting page elements and layout to fit.