Despite the challenges caused by COVID-19, Bangkok Life Assurance Public Company Limited (BLA) unveiled its splendid performance in the second quarter of 2021, achieving 1,930 million baht of the first-year premium, a rise of 80 percent compared to the same period last year. The company’s first-year premium increased as a result of the expansionacross all distribution channels, which arebancassurance, agency, and alternative channels, together with the introduction of new life insurance plans and the improvement of existing products to meet all customers’ needs. Considered a success of all distribution channels, Bangkok Life reported the growth in its Q2’s total insurance premiums of 8,013 million baht, increased by 17 percent compared to the same period of 2020, which helped shift the company’s total insurance premiums over the first six months of this year by 7 percent to 18,002 million baht.
Mr. ChoneSophonpanich, President and Chief Executive Officer (CEO)of Bangkok Life Assurance PLC., said “Bangkok Life’s total assets as of June 30, 2021 amounted to 348,527 million baht, increased by 3 percent compared to theend of previous year, in which the investment assets had the highest proportion of 94 percent. This quarter, we posted 751 million baht of net profit, paving the way for the company to achieve the total net profit of 1,741 million baht in the first half of 2021, rising 102 percent compared to the same period of 2020 as the company had increased the margin of its Provision for Adverse Deviation (PAD) in the first quarter of the year. On financial stability, the company had successfully maintained its Capital Adequacy Ratio as of the second quarter of 2021 at 295 percent.”
In the second quarter of this year, Bangkok Life has sharpened its marketing strategies by focusing on all distribution channels, particularly bancassurance. The company has recently introduced its brand-new savings plan plus protection known as ‘Gain 1st Simple’, with the ‘Easy to Start, Sure to Gain’ campaign represented by Bangkok Life’s brand ambassador Napat ‘Nai’ Siangsomboon. For the agency channel, Bangkok Life has remained firm to promote its health insurance product named‘BLA Happy Health’ via an easy-to-understand advertising campaign, where the customers will not have to worry about the excess of both medical expenses and patient room charges. The health insurance policy offers comprehensive coverage on the costs of the standard single-occupancy room available at any hospital as the policyholders are not required to be responsible for any extra charge, while also providing further protection against three serious diseases. These innovative products reflect the increased potential of the life and health insurance industries, particularly since they are developed to meet various needs of customers of all genders, ages, and occupations, ranging from self-employed people to business entrepreneurs.
Bangkok Life has also added further health services to cover the enhanced requirements of the insured via its ‘BLA Every Care’ health service campaign, as part of the goal to maximize the company’s product and service efficiency and reach the highest potential in taking good care of customers. Bangkok Life has recently introduced its brand-new online platform known as ‘BLA Health Partner’ available on the company’s website. Serving as a health information service center, the main purpose of the newly introduced online platform is to provide the customers with healthcare information and suggestions as well as guidelines for healthy life and living. Aside from the information on medical expenses when being admitted to a hospital, the service also allows the insured to make inquiries on post-hospitalization care after being discharged from the hospital.
Furthermore, Bangkok Life has recognized the importance of developing professional life insurance agents and financial advisors through its ‘Bangkok Life Smart Leader’ project to keep enhancing agent productivity consistently and sustainably by collaborating with renowned business partners aiming for greater investment development with value-added benefits of protection to be implemented by teams of professional financial advisors of the company to ensure financial security for all groups of people. The Bangkok Life Smart Leader project has been promoted since the end of the first quarter of this year, with a release of a TV commercial describing a person’s great pride in his mother who worked with a great deal of effort in the life insurance industry since he was a kid, represented by a famous actor Porama ‘Panjun’ Imanothai.
In the second quarter of 2021, Bangkok Life was honored with the Most Innovative Health Insurance Company Award in the International Finance Awards 2020, prompting the company to demonstrate its leadership of the life and health insurance industries, backed by the development of health coverage and the innovation of life insurance products and services.