BNP Paribas Cardif plans to seek permission from the local insurance commission to increase its shareholding in Thai Cardif Life Assurance to 49%, from 24.9% at present.
The move is part of the France-based BNP Paribas Group's consolidation of its investment presence in Asia in order to tap into promising economic growth in the region.
Eric Lombard, chairman and chief executive officer, said the group has operated insurance businesses in many countries such as Japan, South Korea, Taiwan, Vietnam, India, China and Thailand.
In Thailand, besides life insurance, the group also provides investment banking.
Thai Cardif has been positioned since its outset as a bancassurance provider as well as offering telemarketing for the Thai Life Group.
The Thai Life Group together with the Chaiyawan family holds a majority 50% share in Thai Cardif Life Assurance.
The Thai operation has performed profitably the past few years after 10 years in business.
Sirinthip Chotithamaporn, the general manager, said Thai Cardif is expected to generate total premiums of 1.4 billion baht this year. Of the premiums, 45% are from bancassurance, 28% from hire-purchase, and 17% for personal credit.
The company sets premium growth at 20% a year and with this pace, it expected premium revenue to reach 5 billion baht in five years.
The company markets insurance products through the branches of CIMB Thai and it is in talks to expand its bancassurance with two more banks, Tisco Bank and Kiatnakin Bank.