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| • EXCH RATES |
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Baht/$ 33.64/67
Bid/Ask
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GOLD |
15,200
+ 300
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INSURANCE
POST REPORTERS
The SouthEast Insurance (2000) is feeling the pinch from the country's economic slowdown driven by high oil prices, admitting it is unlikely to achieve its business target for the year.
One of the insurance flagships of liquor tycoon Charoen Sirivadhanabhakdi, SouthEast had been forecasting sales growth of around 15% this year from 1.8 billion baht in premiums written in 2007.
According to Lertchai Prapasirirat, vice-president for insurance operations, the company's direct premiums grew about 7% year-on-year in the first half, much lower than the 20% target set.
For the first five months, the company reported total direct premiums of 919.42 million baht, a rise of about 6%, with underwriting profit of 170.59 million baht, up 12.22%.
Net profit for the period increased 61.26 million baht, or 16.13%, and its capital fund totalled 802.12 million baht, a rise of 19.3%.
To raise sales in the second half, the company from early this month introduced its ''Anywhere to Claim'' programme which enables company staff to process claim payments through notebook computers and Internet-based connections to headquarters for immediate approval.
In addition, the company has decentralised underwriting, claim payment, policy approval and damage appraisal authority to 13 branches throughout the country, empowering them to provide full services on par with the headquarters in Bangkok. By year-end, it expects the system to cover 24 branches, rising to 68 over the next two to three years.
''To achieve our ambitious plan to become the top insurer over the next five years, we are accelerating tapping the TCC Group, which employs tens of thousands of employees, and the group's trade partners, which are scattered across the country,'' he said.
Mr Charoen's TCC Group covers businesses ranging from beverages to consumer products, property and financial services, with about 30,000 employees.
SouthEast Insurance is run under The Southeast business group operated under TCC Group's financial services arm, which is run by TCC Capital Co Ltd, the holding company for the financial services operations of the group.
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