FWD Life, Allianz Ayudhya both eye strong growth this year

FWD Life posted total premium of Bt14.11 billion, 9 per cent higher than the 2013 level.

The company now plans to launch digital marketing activities to further enhance efficiency in both service delivery and customer and social care, while attracting new customer segments, said chief executive Mike Plaxton.

New sales were up by 28 per cent, outperforming the market growth rate of 15 per cent, while statutory profits before tax jumped 61 per cent from the previous year, he said.

A new sales high of Bt3.3 billion saw the bancassurance channel as the biggest contributor at 80 per cent, followed by agency sales at 15.72 per cent.

The risk-based capital ratio also increased by a healthy 322 per cent, with total invested assets soaring by 31 per cent to Bt58.98 billion last year, said the CEO.

With almost 487,000 customers at the end of 2014, FWD Life remains committed to giving its customers the financial freedom to live their passions, he said.

The financial performance of the company is testament to the strong partnership between FWD Life and its Thai bank partner TMB Bank, and to the combined efforts of FWD Life’s other business partners, more than 450 employees and 3,200 agents around the country, he added.

This year, FWD Life will establish itself as a customer-led business by investing further in services, systems and processes to enhance the customer journey and increase customer satisfaction and engagement.

"We have a vision to become a leader in the life-insurance industry in Thailand by focusing on our strategic approach, which comprises three key pillars, enabled by our digital capabilities, to support our ambition for growth," said Plaxton.

Allianz Ayudhya Assurance, meanwhile, recorded first-year premium from all distribution channels reaching Bt5.3 billion last year, an increase of 2.3 per cent from the 2013 level.

The total gross written premium generated by all distribution channels amounted to Bt27 billion, a 7.2-per-cent increase year on year.

The main contributing factor to the increased sales revenue was the continued effort to strengthen the three key distribution channels, the company said, adding that it aims to take the position of market leader in life and health protection in the next couple of years.

President and CEO Bryan Smith said 2014 had been another successful year for Allianz Ayudhya.

The insurer also saw a steady increase in assets, which totalled Bt128 billion at the end of the year.

For the company’s 2015 business direction, Smith said it would continue to focus on every process of its business operations and steady growth.

The company is ready to offer products and services to cover all the requirements of customers under its customer-centric strategy.

"We aim to achieve our target as the market leader in life and health protection by the year 2017," he added.