Deves targets 8 per cent growth in insurance premiums

The company is also looking to open up more branches and develop systems to accommodate the growing needs of target groups.
Chatchai Chinvetkitvanit, president of Deves Insurance PCL said that after deducting underwriting and operating expenses, its net profit for 2017 amounted to Bt265.65 million, an equivalent of Bt5.31 per share.
As for the company’s 2017 investment performance, the investment income stood at Bt137 million, a 3-per-cent decrease from the previous year. As of December 31, 2017 the company’s consolidated financial statements showed total assets of Bt11,094 million, total liabilities of Bt8,336 million, and total shareholders’ equity of Bt2,758 million.
The board of directors will propose at the 2018 annual general meeting of shareholders on April 24 that dividends on the 2017 operating results be paid to the shareholders. As the net profit for the year amounted to Bt265.65 million and the total earnings available for appropriation stood at Bt507.50 million after deducting accumulated deficits and legal reserves, the board of directors will propose a dividend of Bt3.20 per share, to be paid on May 8, 2018.
For 2018, the company has aimed for a growth of approximately 8 per cent and gross premiums of Bt5 billion, with 60 per cent coming from motor insurance and 40 per cent from non-motor insurance, both of which are expected to grow at a similar rate of 8-10 per cent on average, Chatchai said.