Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — Q1 2021 Earnings Presentation
20 slides from Bangkok Life Assurance Public's earnings presentation, May 13, 2021
Slide 1: 1Q21 Analyst presentation
1Q21 Analyst presentation 13 May 2021
Slide 2: Agenda
Agenda 1 1Q21 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation 2.2 Investments 2.3 P&L and Key accounting change 3 Outlook 4 Q&A 2
Slide 3: Synopsis of performance in 1Q21
Synopsis of performance in 1Q21 • 1Q21 profit: Net profit +330% YoY due to increase in PAD reserve from 4% to 5% in 1Q20. • FYP: BLA +5% vs. industry +6%. Excluding SP, BLA +10% vs. industry -8%. • Bancassurance: FYP +16% YoY due to the right product offering • Agent: FYP -7% YoY due to lower ticket
Slide 4: 2.1 Premium & Business Operation
2.1 PREMIUM & BUSINESS OPERATION 4
Slide 5: 1Q21: FYP +5% driven by solid growth at Banc
1Q21: FYP +5% driven by solid growth at Banc RYP dropped 1.5%, slightly better than expected FYP RYP TP -1.5% -0.7% +5.0% Unit : Million Baht 1,277 1,341 8,780 8,648 10,057 9,990 69% 48% 53% 62% 59% Bancassurance 61% 60% 39% Agent Channel Others 33% 29% 30% 31% 31% 33% 19% 18% 8% 10% 1Q20 1Q21 8% 7%
Slide 6: Banc: 1Q21 FYP +16% YoY due to the right product offering
Banc: 1Q21 FYP +16% YoY due to the right product offering New Par Product is 43% of total FYP New Business Premium New Business Premium Product Mix Unit : Million Baht Bancassurance Bancassurance +5.0% +16% 1,277 1,341 717 30% 26% Others 616 MRTA 48% 53% 43% Par Endowment 69% 33% 29% 30% 19% 18% 1Q2
Slide 7: Agent: 1Q21: -7% due to lower ticket size but with higher rider attachment
Agent: 1Q21: -7% due to lower ticket size but with higher rider attachment New Business Premium New Business Premium Product Mix Unit : Million Baht Agent Channel Agent Channel +5.0% -7% 2% 2% 1,277 1,341 419 389 20% 37% Pension, Term&PA 20% Endowment 48% 53% Par Whole Life 33% 29% 61% 58% 19% 18% 1
Slide 8: 1Q21: Good progress across all channels
1Q21: Good progress across all channels Double digit growth in Group FYP FYP from Direct Marketing +5% YoY & secured new lead partner Online FYP slowed down as expected due to seasonality. Double digits increase in FYP from Partnership 10/1 campaign launched in 2Q21 8
Slide 9: 2.2 Investment
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Slide 10: 1Q21 investment asset +0.9%
1Q21 investment asset +0.9% Fixed income allocation slightly decrease, Equity allocation up in 1Q21 as market rallied Asset Class 4Q20 1Q21 Remark Short-term Investment 3.5% 4.3% Cash increased due to fixed income due at the end of 1Q21 Bond 49.0% 48.6% 1. AFS fixed income allocation negatively impa
Slide 11: 1Q21 investment income -28% YoY
1Q21 investment income -28% YoY Investment yield decline from lower fixed income yield & dividend income INVESTMENT INCOME: 1Q21 -28% YoY and +14% QoQ 10,000 Investment income (MB) • The YoY drop is from a combination of lower realized gain, dividend income and interest income. 9,000 • The QoQ incre
Slide 12: CAR increased from 274% in previous quarter to 284%
CAR increased from 274% in previous quarter to 284% 300% 266% 275% 263% 274% 284% Total Capital Required (TCR) 250% 200% Risk charged by type to TCR 150% 1.7% 100% Operation Risk 12.5% REITs Risk 50% 0% 1Q20 2Q20 3Q20 4Q20 1Q21 38.3% Equity Risk LI Company CAR (RBC2) TLI 372% 8.5% Interest Rate Risk
Slide 13: 2.3 P&L and key accounting changes
2.3 P&L and key accounting changes
Slide 14: Statement of financial positions
Statement of financial positions 31 Mar 21 31 Dec 20 Inc / Dec MB % MB % MB % Assets Cash and cash equivalents 8,607 2% 8,072 2% 534 7% ASSETS increase 4,909 MB Investment assets 324,738 94% 322,141 95% 2,597 1% Total assets increase in 2021 due to Other assets 11,343 3% 9,565 3% 1,778 19% increasin
Slide 15: 1Q21 Financial Summary
1Q21 Financial Summary Common size Unit: Bt m. 1Q21 1Q20 YoY 1Q21 1Q20 1Q21 First year premium 1,341 1,277 5% 15% 14% TNP -1% due to the end of premium Renewal premium 8,648 8,780 -1% 94% 95% payment term from RYP portfolio REIN&UPR (837) (847) 1% -9% -9% while FYP +5%. Total Net Premium (TNP) 9,153
Slide 16: 3. Outlook by CEO
3. OUTLOOK BY CEO 16
Slide 17: Outlook to Deal with Covid Situation
Outlook to Deal with Covid Situation 1 Sales & • Digital Face to Face tools for sellers Channels • Online channel for customers 2 • Wealth & Health theme Products • Increase in rider attachment 3 • Well-managed claim during Covid Claim Management • New claim system 4 • Telemedicine Customers • Medev
Slide 18: Employees are our most valuable asset
Employees are our most valuable asset "THAILAND BEST EMPLOYER BRAND AWARDS 2021“ from World HRD Congress 18
Slide 19: ® NsvinwUs:nub5c1
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Slide 20: Thank you analysts
Thank you analysts See you at our next meeting & stay safe! 20
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