THURSDAY, March 28, 2024
nationthailand

Thai Life Insurance acquires 100% of Thai Cardif

Thai Life Insurance acquires 100% of Thai Cardif

THAI Life Insurance yesterday announced that it had bought a 50-per-cent stake in Thai Cardif Life Assurance (TCLA) from BNP Paribas Cardif, a European firm that wanted to exit the life-insurance market in this country.

 
Thai Life now owns 100 per cent of Thai Cardif. 
TCLA was ranked 18th in the local life-insurance market with a 0.8-per-cent share. Thai Life is ranked fourth with a market share of 10.3 per cent.
All staff at TCLA will be transferred to Thai Life. 
Previously, TCLA said it wanted to attract more premium income in order to improve its ranking here. 
Thai Life’s acquisition of TCLA will enable it to enhance its offerings of credit life insurance products substantially and broaden its distribution capabilities, including its non-agency and telemarketing channels, the company said. 
All existing insurance policies, both group and individual, that were previously issued by TCLA and are currently in force will remain in full force and effect in accordance with their terms, the company said. 
 
Financial adviser
Barclays acted as financial adviser to Thai Life in this transaction.
Thai Life at present offers a comprehensive suite of products including traditional life, annuities, accident and health, group life and riders. Meanwhile TCLA was the only major life-insurance company in the country marketing solely through third-party bancassurance business.
In the first two months of the year, Thai Life reported total premium income of Bt9 billion, of which Bt2.2 billion was new-business premiums.
According to the Thai Life Assurance Association, the total premium income for the industry in the first two months was Bt45.97 billion, up 10.90 per cent from the same period last year. 
However, it said new-business premiums in the first two months grew by only 4.43 per cent year on year to Bt14.13 billion because of the negative impact of the economic environment on consumer confidence.
 
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