Muang Thai Life Assurance delivered 27% growth in gross written premiums for the first nine months of 2014 as rising demand for protection products among middle-income earners helped shield the insurer from the slowing economy.
The company, ranking as the second-biggest life insurance firm by premiums as of June, reported total premiums of 57.47 billion baht during the January-to-September period.
The life insurance industry's total premiums in the first eight months of the year surged by 16% against the prior 12 months to 331.15 billion baht.
The company saw strong growth across its product range, led by a 44% year-on-year increase in first-year premiums, a 31% surge in new business, a 23% rise in renewal premiums and 15% growth in single premiums, said chief executive Sara Lamsam.
He would only specify the company's first-year premium value for the first eight months of 15 billion baht.
The life insurance business has grown at a fast clip over the past five years. Life insurance penetration, the ratio of total premiums to GDP, has risen to 4.1% from just over 2% in the past five years.
Mr Sara expects the ratio to reach 6% in the next two years as consumers gain a better understanding of insurance products.
Longer lives, however, will lead to a decline in premiums paid by each insured person.
To tap demand for tax-saving insurance products as the year-end approaches, Muang Thai Life Assurance yesterday launched two new products, the 90/7 whole life policy and the SME Smile policy.
The 90/7 policy lets customers pay premiums for seven years in return for protection until age 90. The premium payment duration is suitable for young families who want protection and for workers who want a tax benefit.
SME Smile is an insurance product for small groups of three people or more. Small and medium-sized businesses that want protection for their staff are the product's target.
Mr Sara said his company was conducting a feasibility study of business expansion into neighbouring countries such as Laos, Cambodia and Vietnam in a bid to reap the benefits of the Asean Economic Community when in emerges at the end of 2015.