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Baht/$ 33.51/56
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14,350
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INSURANCE
POST REPORTERS
ThaiSri Insurance, formerly known as Thai Zurich Insurance, is preparing to expand its investments in domestic and offshore market to increase its earnings.
According to president Natee Panichewa, the company is preparing to set up two private funds, one worth about 100 million baht to invest in fixed-income and equities in the Thai market, and an offshore fund worth $10 million to invest mainly foreign government bonds. The two private funds are expected to be formed in the next two months.
Mr Natee said the company would manage the funds but would appoint foreign financial institutions as advisers for offshore fund management.
Of the company's current investment portfolio of about two billion baht, more than half is in government and state enterprise bonds. Equities represent only about 10% of the portfolio.
Currently, ThaiSri has one private fund worth 100 million baht, managed by Tisco Securities and mostly in equities.
''This is the first time the company will be very active in investment. We hope more exposure will help raise earnings on the company's balance sheet,'' he said.
Founded in 1953 by the Srifuengfung and Panichewa families, the company has gone through a number of changes over the last 11 years. The founding shareholders sold a majority of what was then known as Thai Metropole in 1997 for an undisclosed sum to the Zurich Financial Services Group, changing it to Thai Zurich Insurance Co.
In 2004, Zurich sold its stake back to the founding families as it wanted to focus more on Europe. The company changed its name to ThaiSri Insurance in 2005 with registered capital of 440 million baht and more than 70 branches, agent offices and services nationwide.
ThaiSri is among the few Thai companies with its own risk-engineering team to serve large industrial factories and international companies. It also has a risk-engineering company in which its specialists have been offered free shares.
Although Zurich no longer holds a stake in ThaiSri, the local insurer still serves Zurich's global corporate customers in Thailand.
ThaiSri posted a net profit of 100 million baht last year on direct written premiums of 1.6 billion baht _ 50% from motor insurance, 25% from fire insurance, 10% from marine insurance and 15% from miscellaneous business.
The net profit was largely contributed by returns from an investment portfolio.
The company projects its business growth this year to 1.8 billion baht, particularly through the non-motor business and new products for niche customers.
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