Allianz Ayudhya Assurance, Thailand's leading life insurer, aims to increase its gross written premiums (GWPs) by 13% to 41 billion baht this year, thanks to an expansion of its agent network, focusing on health and unit-linked insurance products, and the launch of new services.
President and chief executive Thomas Wilson said the 13% growth in GWPs this year would be double the growth of 6% recorded in 2023 to 36.2 billion baht. Of the targeted 41 billion baht, 8.3 billion baht would be be generated by first-year premium income.
Last year, annualised new premiums (ANPs) grew by 4% to 7.3 billion baht, with 3.2 billion from sales agents, 2.4 billion through banks, 1.4 billion from direct marketing and roughly 170 million from group employee benefits.
"In 2023, the company achieved an outstanding performance despite numerous headwinds including tepid GDP recovery, increased health claims and financial market volatility," Mr Wilson said.
Health insurance continues to be the most prominent product, with ongoing growth, making Allianz Ayudhya the third largest in the Thai health insurance market.
"Allianz Ayudhya has achieved these milestones while focusing on health protection products, alongside investment-linked insurance products, such as unit links, where we aim to increase sales to 10% of the company's total product portfolio," he added.
For 2024, Allianz Ayudhya Assurance eyes strong growth as the company has grown new recruitment agents by 34% to over 9,300.
Meanwhile, the implementation of IFRS 17, a new international financial reporting standard, will make a positive contribution to the company's value and financial stability.
In addition, the quality of service would be enhanced, especially in terms of health coverage. A Preferred Network has been established to work with hospitals to provide special services to customers.
New services would be introduced, such as Health Concierge, to take care of customers by scheduling and coordinating with hospitals both pre and post treatment.
"In 2024, we are confident that we will be able to drive even stronger business growth. With a total insurance premium target of 41 billion baht, we will solidify our position as a leader in the life and health insurance industry in Thailand," said Mr Wilson.