Insurance News ME

New York Life sees strong growth for Thai affiliate

New York Life International, the global arm of US-based New York Life, says it is committed to leveraging its skills, expertise and capital to make its local joint venture _ Siam Commercial New York Life Plc (SCNYL) _ the No. 1 life insurer over the next few years.

Muang Thai to lift telemarketing sales - partnership with KBank big success

Muang Thai Life Assurance is set to tap into the database of Kasikornbank next year to expand its telemarketing sales following a success in their bancassurance partnership, which generates about 3.4 billion baht in new sales for Muang Thai Life this year.

Thailand - ING expects big bancassurance profits

ING Life, the Thai insurance unit of the Dutch financial-services giant ING Group, expects big gains from bancassurance after its parent firm agreed yesterday to acquire a 30% stake in TMB Bank, but it insists that agents and telemarketing are still core businesses.

Ayudhya eyes more sales through bank

SET-listed Ayudhya Insurance Plc, an affiliate of the Bank of Ayudhya, is set to capitalise on the Bank of Ayudhya's branches and the strong presence of GE Capital, the US shareholder of the Bank of Ayudhya, in auto leasing to expand next year into bancassurance and motor insurance.

Revamped insurance laws in pipeline

Draft amendments to the Life Insurance Act and the General Insurance Act will go before the National Legislative Assembly (NLA) on Wednesday and are expected to be in force by the end of this year, according to the Office of the Insurance Commission (OIC).

Deposit insurance changes could shift money from banks

Life insurance firms should get a shot in the arm if legislators pass the draft Deposit Insurance Act, which would limit state guarantees for deposits to a maximum of one million baht per depositor per institution.

Healthy sales for AXA in Thailand

INSURANCE :AXA Thailand reported strong growth in the first seven months of 2007 with gross written premiums worth 959.9 million baht, an increase of 28.6%, due to expanded distribution channels covering motor dealers, brokers and agents.

Bancassurance to spearhead growth

Profitability prospects for insurance firms, particularly listed ones, are expected to remain good through the rest of this year despite economic difficulties, political uncertainty and lower interest rates.