Muang Thai Life Assurance (MTL) expects its total premiums to rise substantially from 2024 thanks to life and health insurance premium growth, despite adjustments for the new Thai Financial Reporting Standard 17 (TFRS 17).
Last year MTL reported total written premiums of more than 71.8 billion baht, with new written premiums surging 13%, said chief executive Sara Lamsam, adding the company is serving 3.8 million customers.
The insurer's net promoter score, a tool used to measure customer satisfaction and commitment to the organisation, increased from 58 to 75 points, while MTL's businesses in Cambodia, Laos, Myanmar and Vietnam continued to excel, he said.
The company had a capital adequacy ratio of more than 350% at the end of 2024, exceeding the regulator's level of 140%.
MTL's credit rating from S&P Global Ratings is BBB+ with a stable outlook, while Fitch Ratings grades it A- and AAA (tha) with a stable outlook.
Looking forward, MTL targets increasing its insurance agents from 15,000 to 20,000.
"Life insurance provides long-term protection to customers. We emphasise sustainable operations for every step, with appropriate corporate governance and risk management," said Mr Sara.
He said MTL will begin applying the co-payment criteria to new insurance policies purchased after March 20. This will not affect old insurance policies and existing renewal policies previously purchased by customers.
The co-pay scheme is expected to reduce the burden of higher claims costs due to medical inflation.
The Thai Life Assurance Association (TLAA) said it will offer an update on progress of the new scheme on Feb 6, before it takes effect on March 1.
Co-pay is expected to apply to inpatient department claims only. Co-pay is applied in cases where the claim exceeds the specified limit, such as claims for simple diseases exceeding 200% of the premium for three claims within 12 months, according to the association.
TLAA defines simple diseases as dizziness, mild fevers, headaches, colds, allergies, muscle pain, diarrhea and stomach issues such as inflammation or acid reflux.
Customers who purchased health insurance before March 1 and have continuously renewed their policies are not subject to co-pay conditions.
If a change to co-pay is necessary, insurers must notify policyholders at least 15 days prior to the premium due date.
MTL is part of the global community and supports environmental conservation and mitigation of the impact of climate change, said Mr Sara.
The company announced its commitment to net-zero greenhouse gas emissions from operations by 2030, reducing the environmental impact from the company's internal operations, he said.