Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — Q1 2022 Earnings Presentation
20 slides from Bangkok Life Assurance Public's earnings presentation, May 17, 2022
Slide 1: Analyst Meeting Presentation 1Q22 Financial Results
Analyst Meeting Presentation 1Q22 Financial Results 17 May 2022
Slide 2: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation (K.Chaiyapol Inthuprapha – SVP, Corporate Strategy & Planning) 2.2 Investments (K.Chollada Sophonpanich – EVP, Investment Division) 2.3 P&L and Key accounting change (K. Jaruwan Limkhunthammo – EVP, Accounting a
Slide 3: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation 2.2 Investments 2.3 P&L and Key accounting change 3 Q&A 3
Slide 4: 1Q22 Performance summary
1Q22 Performance summary 1,405 MB 7,666 MB 9,071 MB First year premium Renewal Year Premium Total Premium +5%YoY | -13%QoQ -11%YoY | +20%QoQ -9% YoY | +13%QoQ Growth in all channels In line with expectation From decreasing RYP 3.98% 801 MB 329% ROI Net Profit CAR +6bps YoY | +20bps QoQ -19% YoY | +1
Slide 5: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation (K.Chaiyapol Inthuprapha – SVP, Corporate Strategy & Planning) 2.2 Investments 2.3 P&L and Key accounting change 3 Q&A 5
Slide 6: 1Q22: FYP +5%YoY, growth across channels, exceeds industry’s growth
1Q22: FYP +5%YoY, growth across channels, exceeds industry’s growth RYP -11%YoY from fully-paid of Banca policies in line with expectation FYP RYP TP +5% -11% -9% Unit : Million Baht 1,341 1,405 8,648 9,990 7,666 9,071 53% 52% 60% 58% 59% 57% Bancassurance Agent Channel Others 29% 33% 32% 34% 31% 34
Slide 7: Banca: FYP +6%YoY, while industry -17%YoY
Banca: FYP +6%YoY, while industry -17%YoY New Business Premium New Business Premium Product Mix Unit : Million Baht Bancassurance Bancassurance +5% +6% 1,341 1,405 763 26% 717 37% Others Bancassurance MRTA 52% 53% Par Agent Channel 43% Endowment Others 38% 29% 33% 30% 25% 18% 15% 1Q21 1Q22 1Q21 1Q22
Slide 8: Agent: FYP +1%YoY, Rider attachment increased to 31%
Agent: FYP +1%YoY, Rider attachment increased to 31% New Business Premium New Business Premium Product Mix Unit : Million Baht Agent Channel Agent Channel +5% +1% 1,341 1,405 2% 3% 2% 389 392 20% Unit-Linked 29% Pension, Term & PA 52% 12% Bancassurance 52% Endowment 53% 40% 10% Agent Channel Par Oth
Slide 9: 1Q22 Other channel: FYP +6%YoY led by Online sales
1Q22 Other channel : FYP +6%YoY led by Online sales Online: Triple sales growth Group : Focus on quality sales not price competition Direct Marketing: FYP-7%YoY Partnership : FYP +6%YoY New partner in 1Q22 9
Slide 10: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation 2.2 Investments (K.Chollada Sophonpanich – EVP, Investment Division) 2.3 P&L and Key accounting change 3 Q&A 10
Slide 11: 1Q22 allocation remain unchanged from 2021
1Q22 allocation remain unchanged from 2021 Allocation in debenture increase slightly, Equity and REIT have slight movement due to market price Asset Class 2021 1Q22 Remark ST Investment 2.9% 2.8% Bonds 47.4% 47.3% Slightly dropped from mark to market due to rising bond yield Debenture & Notes 32.0%
Slide 12: 1Q22 investment income +3.4% YoY, mainly from realized gain
1Q22 investment income +3.4% YoY, mainly from realized gain Investment yield decline from lower carrying yield but positive view due to rising yield curve Investment income (MB) INVESTMENT INCOME: 1Q22 +3.4% YoY • The 1Q22 YoY increase mainly from realized gain +3.4% YoY • Interest income and divide
Slide 13: CAR increased to 329% in 1Q22 (+29% QoQ)
CAR increased to 329% in 1Q22 (+29% QoQ) The key reason is from rising yield curve 300% 329% Total Capital Required (TCR) 284% 295% 299% Risk charged by type to TCR 1.8% Operation Risk 13.6% REITs Risk 1Q21 2Q21 3Q21 4Q21 1Q22 Equity Risk 42.0% Company CAR (RBC2) AIA 416% Interest Rate Risk 2.2% TLI
Slide 14: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation 2.2 Investments 2.3 P&L and Key accounting change (K. Jaruwan Limkhunthammo – EVP, Accounting and Finance) 3 Q&A 14
Slide 15: Statement of financial positions
Statement of financial positions 31 Mar 22 31 Dec 21 Inc / Dec MB % MB % MB % ASSETS decrease 502 MB Assets Total assets decrease from 2021 mainly Cash and cash equivalents 5,156 1% 7,637 2% (2,481) -32% due to decreasing in cash and cash Investment assets 330,308 95% 331,083 96% (775) 0% equivalent
Slide 16: 1Q22 Financial Summary
1Q22 Financial Summary Common size Unit: Million Baht 1Q22 1Q21 YoY 1Q22 1Q21 Q1’22 First year premium 1,405 1,341 5% 17% 15% TNP -8% due to the end of Renewal premium 7,666 8,648 -11% 91% 94% premium payment term from RYP REIN&UPR (665) (837) 21% -8% -9% portfolio while FYP +5%. Total Net Premium (
Slide 17: Policy benefit payment
Policy benefit payment Policy benefit payment Major line item Payment (Million Baht) 8,566 Payment (Million Baht) 102% 75% 8% +99% 5% 6,862 10% -8% 2,997 5% 35% 22% 2,410 2,208 23% 18% 1,505 35% 26% 6% 8% 1Q21 1Q22 Benefit Payment Maturity Death Surrender % net prem. Claim Benefit Payment 1Q21 1Q22
Slide 18: Agenda
Agenda 1 1Q22 performance summary 2 Key Highlights 2.1 Premiums and Business & Operation 2.2 Investments 2.3 P&L and Key accounting change 3 Q&A 18
Slide 19: Q&A
Q&A 19
Slide 20: Bangkok Life contact
Nsvinw Us=nuson BANGKOK LIFE Ins. 02-777-8888 / wWnd 02-777-8899 www.bangkoklife.com
Bangkok Life Assurance Public — Q1 2022 Earnings Presentation on 6ix