Muang Thai Insurance Plc is pursuing a medium- to long-term business plan aimed at aggressive growth in light of next year's Asean economic integration and the improving domestic economy.
Ms Nualphan says local partnerships are the model as Muang Thai expands regionally, beginning in Laos and continuing with Cambodia, Vietnam and Myanmar.
Puntrika Baingern, senior executive vice-president and chief financial officer, said the firm's annual growth rate was expected to average 15% in the three to five years starting with 2015.
"The ambitious growth will be supported by the country's clearer economic direction and greater business opportunities from the formation of the Asean Economic Community (AEC) late next year," Ms Puntrika said.
President and chief executive Nualphan Lamsam said first-half premium revenue totalled 4.67 billion baht, up 15.3% year-on-year.
Despite that being less than half the full-year target of 10.4 billion baht, the company will maintain its premium growth target through the second half.
Ms Nualphan said Muang Thai's 16.4% target was far higher than the average rate for the overall industry.
Industry premiums are forecast to grow by 4.5% this year despite a marginal first-half rise of 1%.
The company expects next month to complete its stress test, a requirement for compliance with insurance regulations.
The test results will provide guidance for the company's three-to-five-year business plan on the major issues of network expansion and risk control.
The local insurer plans to increase its exposure to the Asean market as it prepares for the advent of the AEC.
In league with the network of Muang Thai Life Assurance and Kasikornbank (KBank), the company will focus on Cambodia, Laos, Vietnam and Myanmar.
Motor and personal accident insurance will be offered as a pilot product in Laos, the insurer's first regional market, by year-end.
KBank also plans to open local branches in neighbouring countries in the fourth quarter.
"Local partnerships are our business model for AEC markets — as joint-venture types, representative offices or local branches, depending on regulations in each country," Ms Nualphan said.