World Bank board backs strategy for Thailand
The World Bank’s board of directors has endorsed a new country partnership framework for Thailand, defining its engagement with the country from 2019 to 2022.
This framework will back Thailand’s move towards an innovative, inclusive and sustainable economy.
The framework is a joint strategy of the World Bank’s International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency and the Thai government. The global bank has helped with Thailand’s development since 1949.
Over the past 70 years, the World Bank has supported projects in education, agriculture, telecommunications, infrastructure, water resource management, energy, public sector development and health.
“For almost 70 years, the World Bank partnered with Thailand. In the last 30 years, the country has stood out as a global leader in economic growth and poverty reduction,” Mara Warwick, World Bank’s country director for Brunei, Malaysia, Philippines and Thailand, said. “Our new knowledge-based partnership reflects Thailand’s dynamism as a high middle-income country with many successful development experiences to share as well as challenges to still address.”
The framework is aligned to the Kingdom’s first 20-year national strategy (2017-36) and its 12th National Economic and Social Development Plan.
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Thai Life Insurance
secures sound ratings
Fitch Ratings has given Thai Life Insurance Public Co Ltd an Insurer Financial Strength (IFS) rating of “BBB+” (good) and a National IFS rating of “AAA(tha)”. Both outlooks are stable.
The rating reflects the insurance firm’s “good” business profile, “strong” capitalism and “good” investment and asset risk. It also takes into account the insurer’s strong earnings profile, balanced by slowing premium growth. Thai Life Insurance’s IFS is constrained by Thailand’s sovereign international debt rating of “BBB+” and rated one notch below the insurer’s unconstrained IFS rating of “A-”.
Fitch expects Thai Life Insurance to maintain its good business profile over the medium term, underpinned by a sizeable operating scale and robust tied-agency force.
The company kept its market position as the third-largest life insurer in Thailand by total premiums written at the end of the first half of this year, while its agency channel was ranked as the second largest in the country.
More diversified product lines with sound profitability should further support the insurer’s business strength.
SAAM gets share float
on MAI under way
SAAM Energy Development Plc has submitted a filing with the Securities and Exchange Commission to launch an initial public offering of 80 million shares in the Market for Alternative Investment (MAI).
SAAM runs renewable energy power plants in Thailand and overseas.
