"New business was Bt11.82 billion, rising by 36 per cent, higher than the 24 per cent of the life insurance industry. Renewal premiums were Bt16.94 billion or increasing by 17 per cent. The growth of total premiums in the first nine months was more than the market, which grew by 17 per cent on average," managing director Vipon Vorasowharid said last week.
SCB Life's total premiums rose by 28 per cent to Bt28.34 billion from the same period last year.
The nine-month results were better than expected and the fourth quarter is the high season for life insurance because of the tax deduction.
The company's strong distribution channels are the key driver of premiums, especially bancassurance, which contributed first-year premiums of Bt10.53 billion, up 49 per cent on year and 17 per cent higher than expected.
First-year premiums from special marketing and agency channels were Bt660 million and Bt630 million.
Tesco Lotus' outlets have become a popular channel with 12,000 policies written within one year. Premiums from this nationwide retail channel are expected to increase to Bt300 million this year from Bt200 million last year.
The company is still focusing on policy renewals, which is an important business in the remaining months of this year.
The life insurance market this quarter is expected to continue to grow because it faced several severe challenges last year. This year customers have grown more conscious about security and risk diversification after experiencing the unexpected flood calamity last year.
"We plan to launch new attractive policies in the fourth quarter to stimulate the market and respond to customers' requirement for a tax exemption. Customers are also giving importance to savings and investment through insurance products," he added.
According to the Thai Life Assurance Association, as of August, SCB Life ranked third in the life insurance industry with market shares of 12.9 per cent in first-year premiums and 10.20 per cent in gross premiums.
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