SCB Life Assurance Plc, formerly Siam Commercial New York Life, is gearing up to take full advantage of the strengths of its parent, Siam Commercial Bank, to solidify future business expansion.
Following the recent change in its major shareholding structure in mid-March, the company officially changed its name to SCB Life Assurance Plc on May 25.
SCB in March acquired the 47.33% holding of New York Life and its Thai affiliate to raise the bank's total stake in the insurer to 94.66%.Bundit Jiamanukoonkit, the company's new managing director, said SCB saw life insurance as an important component of its long-term strategy that complements its banking franchise, and sees high opportunity in the Thai life insurance sector.
In the first five months of this year, the insurer reported strong performance with total premiums worth 11.5 billion baht, up 20.37% from a year earlier. Renewal premiums rose 19.6% to 7.69 billion baht and first-year annualised premiums grew 29% to 4.49 billion.
SCB Life is currently ranked fifth in total premiums with a 9.3% market share and fourth in new business premiums with a 10.95% share.
The insurer has also changed its trading symbol on the Stock Exchange of Thailand to SCBLIF. Its shares closed yesterday at 420 baht, unchanged, in thin trade worth 356,000 baht.
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