Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — Q2 2013 Earnings Presentation
36 slides from Bangkok Life Assurance Public's earnings presentation, Aug 13, 2013
Slide 1: Bangkok Life Assurance 2Q13 Performance Update
Bangkok Life Assurance 2Q13 Performance Update August 13, 2013
Slide 2: Financial Position
Financial Position Unit : MB 1H13 % 2012 % Chg. (MB) Total Assets 163,941 100.00 143,567 100.00 20,374 Investment 156,849 95.67 138,494 96.47 18,354 Net premises + equipment 299 0.18 305 0.21 -6 premium receivable 3,132 1.91 1,613 1.12 1,520 Accrued Investment 1,627 0.99 1,500 1.04 127 Others 2,034
Slide 3: Assets & Investment Assets
Assets & Investment Assets 96 96 96 96 ROI 95 MB 94 93 +20,374 184,000 91 163,941 166,000 143,567 148,000 Avg. Total Asset growth: +26.44% 130,000 Avg. Total Inv.Asset growth: +27.02% 112,000 94,000 76,000 44,410 58,000 40,000 5,092 22,000 4,000 Investment Assets Total Assets Investment assets / Tot
Slide 4: Investments
Investments 5.5 5.8 5.8 5.5 5.4 5.3 5.1 5.1 4.8 ROI 156,849 28,590
Slide 5: Investments - Allocation
Investments - Allocation Unit Trust 1.72% Loans 1.91% Unit Trust 2.48% Loans 1.91% Stocks 9.17% Stocks 10.44% Debenture 20.20% Debenture 20.60.% Bond Bond Bond Bond 66.45% 63.10% Bond 64.15% Short Term Short Term 66.97% 66.97% 0.55% 0.42% 2012 1H13 Foreign G-Bond SOE Foreign % on BBB+ to A+ Investme
Slide 6: Shareholders Equity
Shareholders Equity Unit : MB 1H13 2012 2011 Total Equity 21,918 19,465 13,277 Paid-up Capital 1,211 1,205 1,200 Share Premium 2,835 2,759 2,700 Unrealized gain (loss) 5,590 5,153 1,982 Retain earnings 12,224 10,283 7,395 Others 58 64 - Life Policy Reserve 128,125 112,337 89,472 Solvency Ratio (RBC)
Slide 7: Performance Highlights - 2Q2013
Performance Highlights - 2Q2013 Shareholders’ Equity Movement 1,453 940 436 21,819 21,918 MB MB + 99 MB Equity 2Q13 Fair Dividend Equity 31 Mar 13 Profit Value Paid 30 Jun 13 Gains
Slide 8: Performance Highlights – 1H2013
Performance Highlights – 1H2013 Shareholders’ Equity Movement 437 436 2,375 19,465 21,918 MB MB + 2,454 MB Equity 1H13 Fair Dividend Equity 31 Dec 12 Profit Value Paid 30 Jun 13 Gains
Slide 9: Performance Highlights - 2Q2013
Performance Highlights - 2Q2013 Net Profit Movement Investment 115 67 20 19 137 302 Opt. Expenses FX losses Tax Interest Underwriting Income Dividend Profit & Cap gains 1,453 MB 1,003 MB Net Profit Net Profit 2Q2012 + 44.83% 2Q2013 25.72% Return on Equity 26.57%
Slide 10: Performance Highlights – 1H2013
Performance Highlights – 1H2013 Net Profit Movement Investment 212 280 594 191 47 70 Interest Dividend Income & Underwriting Cap gains Profit Opt. Expenses FX losses Tax 2,015 MB 2,375 MB Net Profit Net Profit 1H2012 + 17.85% 1H2013 27.32% Return on Equity 22.95%
Slide 11: Underwriting Income Analysis
Underwriting Income Analysis Unit : MB 2Q13 2Q12 %YoY 1H13 1H12 %YoY Net Premium 9,106 9,983 -8.78 22,100 18,757 17.83 Inc. Policy Reserve 5,869 7,071 -17.00 15,788 12,797 23.37 % of net premium 64.45% 70.83% 71.44% 68.23% Benefits Payment 2,193 1,909 14.86 4,561 3,922 16.29 % of net premium 24.08%
Slide 12: Premium Growth - All Type
Premium Growth - All Type 2Q13 %YoY %QoQ First Year Premium -52.91% -73.42% Renewal Year Premium +8.12% -4.77% Total Premium -8.68% -30.42% 22,440 TP 19,084 13,244 16,211 (Million Baht) 10,091 9,215 14,611 RYP 7,721 7,835 8,304 7,313 7,908 5,774 5,488 6,228 4,920 4,473 FYP 2,777 1,947 2,347 1,308 2Q
Slide 13: Premium Growth - Bancassurance
Premium Growth - Bancassurance 2Q13 %YoY %QoQ First Year Premium -60.30% -78.42% Renewal Year Premium +8.38% -3.12% Total Premium -14.48% -37.06% 15,946 12,990 TP 9,786 (Million Baht) 7,203 10,584 6,160 9,299 RYP 4,758 5,376 3,803 4,805 3,159 5,208 5,362 2,167 4,411 3,691 2,398 1,599 1,636 952 FYP 2
Slide 14: Premium Growth - Agency
Premium Growth - Agency 2Q13 %YoY %QoQ First Year Premium -8.10% -27.01% Renewal Year Premium +7.17% -2.18% 5,734 Total Premium +5.26% -5.68% 5,392 TP 3,919 2,951 2,726 2,783 5,014 2,644 (Million Baht) 4,764 RYP 3,231 2,313 2,535 2,479 2,442 331 284 688 416 304 628 720 FYP 2Q12 3Q12 4Q12 1Q13 2Q13 1
Slide 15: Product Mix
Product Mix FYP (%Growth) Proportion (%) Agent Channel 2Q13 1H13 2Q13 2Q12 1H13 1H12 Endowment 14.01 65.85 48.86 39.38 50.41 34.86 Whole Life (22.64) (12.87) 51.03 60.62 49.46 65.12 Total (8.10) 14.71 100.00 100.00 100.00 100.00 FYP (%Growth) Proportion (%) Bancassurance 2Q13 1H13 2Q13 2Q12 1H13 1H1
Slide 16: Product Mix
Product Mix FYP (%Growth) Proportion (%) Total 2Q13 1H13 2Q13 2Q12 1H13 1H12 Endowment (23.88) 156.11 43.81 27.10 76.33 41.50 Life Protection (65.71) (46.30) 51.50 70.73 21.04 54.57 Group Employee 2.20 (7.41) 3.84 1.77 2.28 3.43 Others 0.88 (2.81) 0.84 0.39 0.35 0.50 Total (52.91) 39.26 100.00 100.0
Slide 17: Channel Distribution
Channel Distribution First Year Premium Renewal Year Premium Total Premium 86% 71% 71% 78% 69% 65% 52% 64% 49% 44% 29% 41% 31% 31% 26% 17% 13% 10% 12% 2% 5% 4% 4% 13% 3% 2% 9% Agent Banc Others
Slide 18: Agency Force
Agency Force Persons TNQA : Thailand National Quality Awards Person IQA : International Quality Awards 750 No. of TNQA of Industry 2012 18,492 20,100 616 600 18,100 599 16,100 14,100 MTL 65 KTAL 93 450 13,085 12,100 10,100 300 8,100 OLIC 450 7,550 6,100 AIA 1,002 3,274 150 113 4,100 77 82 77 2,100 B
Slide 19: Premium Collection
Premium Collection Ordinary Ordinary (%) 1H13 2012 2011 2010 KTAL 91 92 85 89 AIA 90 92 89 92 AZAY 89 87 91 91 SCBLife 87 88 84 87 TLI 85 92 85 90 MTL 84 90 91 91 OLIC 79 84 91 88 Industry 88 90 88 91 All Type All Type (%) 1H13 2012 2011 2010 KTAL 90 90 82 88 AIA 86 88 85 89 SCBLife 86 87 85 87 AZAY
Slide 20: Expenses - Reserve & Benefit Paid
Expenses - Reserve & Benefit Paid Quarterly Yearly 76.3 70.8 71.4 65.1 67.0 66.8 64.3 64.5 68.2 60.2 52.1 59.4 Reserve: Net Premium Reserve: Net Premium 90.29 87.58 Baht Baht 84.88 92.08 Million Million 87.18 94.56 89.14 85.50 89.95 91.58 92.04 88.53 Benefit Paid Reserve = Reserve& Benefit Paid : Ne
Slide 21: Operating Performance
Operating Performance 2Q13 2Q12 %YoY 1H13 1H12 %YoY Dividends 167 117 42.64 390 293 33.33 Interest & Discount Received 1,550 1,249 24.15 3,016 2,422 24.53 Capital Gain on Securities 180 97 85.79 396 290 36.39 Total Investment Inc 1,897 1,463 29.72 3,802 3,005 26.53 Net Inv. Income & Other Inc. 1,892
Slide 22: Investments - Income Breakdown
Investments - Income Breakdown 9.4 9.8 8.3 7.7 6.7 5.9 5.0 ROI 4.9 5.3 5.3 5.2 5.1 4.7 2.2 Cap Gains Dividend Interest ROI before AP-Accounting ROI before AP-MTM equity
Slide 23: Expenses - OPEX/Investment vs ROI
Expenses - OPEX/Investment vs ROI MB MB 1,000 7 5.9 8.5 7.2 6.8 7.1 1,800 6.5 6.0 6.4 6.6 5.7 5.2 5.0 6 4.7 4.3 4.5 850 5 1,400 3.6 3.9 4.2 700 3.9 4 OPEX 1,000 550 3 2 600 400 1 250 0 200 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H13 Operating expenses % on Net Premium Operating expenses % on Net Premium % 3.
Slide 24: Net Income
Net Income Net Income % Tax Rate 35 %YoY %QoQ 29.4 Net Income +44.83 +28.26 30 27.4 26.9 25.7 24.8 24.8 Comprehensive 25 22.1 21.8 -64.13 -77.72 Income 20 17.6 15 3,068 2,812 Note : Adjusted deferred tax 2,299 2,375 2,183 2,028 2,015 ROE 1,453 % 35 1,428 31 28 30 1,003 844 922 25 719 24 25 22 23 23
Slide 25: Operating Highlights
Operating Highlights % MB Asset Expense Ratio & Spread % 184,000 10 6 3.8 3.9 3.8 166,000 3.3 3.6 2.8 3.2 3.3 2.5 148,000 2.2 8 1.2 1.6 1.7 2 130,000 112,000 6 94,000 -2 76,000 4 58,000 -6 40,000 2 22,000 4,000 0 -10 Investment Assets Total Assets Adjusted OPEX/Inv. Assets Net ROI Spread (RHS) MB %
Slide 26: Capital Adequacy Ratio: CAR (As of Jun 2013)
Capital Adequacy Ratio: CAR (As of Jun 2013) 20 18.00 17.12 150% 18 15.63 (Jan 1, 2016) 16 14.80 14.39 14.74 14.28 13.76 13.50 14 12.68 12 10 8.81 9.16 9.05 7.58 7.56 8.13 OIC 7.31 7.08 7.19 140% 8 5.41 6 Monitoring (Jan 1, 2013 - Dec 31, 2015) 4 2 225% 202% 197% 222% 252% 238% 274% 268% 265% 243% 0
Slide 27: Market Ranking Jan – Jun 2013
Bangkok Life Assurance Market Ranking Jan – Jun 2013
Slide 28: Ranking – Ordinary Premium 1H13
Ranking – Ordinary Premium 1H13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 11,418 23.62 37.07 AIA 43,917 24.70 6.08 AIA 6,889 14.25 19.68 MTL 26,945 15.15 27.19 TLI 6,384 13.20 23.88 TLI 23,230 13.06 15.33 BLA 5,169 10.69 39.39 BLA 20,803 11.70 16.80
Slide 29: Ranking - All Type Premium 1H13
Ranking - All Type Premium 1H13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 13,715 18.49 35.03 AIA 51,675 24.09 9.15 AIA 13,435 18.11 26.25 MTL 30,041 14.00 26.45 SCBLife 8,255 11.13 10.51 TLI 25,552 11.91 9.77 TLI 7,391 9.96 6.01 BLA 22,440 10.46 17.
Slide 30: Ranking – Bancassurance 1H13
Ranking – Bancassurance 1H13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 11,057 26.66 39.80 MTL 21,518 24.40 32.29 SCBLife 7,573 18.26 13.89 SCBLife 18,787 21.31 17.14 BLA 5,362 12.93 45.28 BLA 15,945 18.08 22.75 KTAL 4,462 10.76 39.05 KTAL 10,293 11.
Slide 31: Ranking - Agent 1H13
Ranking - Agent 1H13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY AIA 9,604 36.73 12.69 AIA 46,345 41.76 5.68 TLI 5,451 16.36 27.44 TLI 21,939 19.77 10.84 MTL 2,226 8.51 13.14 MTL 7,225 6.51 12.17 KTAL 2,025 7.75 28.18 KTAL 6,774 6.10 31.32 OLIC 1,745 6.67
Slide 32: Ranking - Credit Life (SP) 1H13
Ranking - Credit Life (SP) 1H13 2Q13 1H13 Company MB Share (% ) % YoY % FYP Company MB Share (% ) % YoY % FYP SCBLife 2,048 21.45 24.69 50.09 SCBLife 4,133 23.18 35.39 50.07 AIA 1,652 17.31 53.74 24.90 AIA 3,375 18.93 72.63 25.12 MTL 1,107 11.60 9.03 15.33 MTL 1,932 10.83 17.23 31.02 KTAL 868 9.09 5
Slide 33: Market Penetration - Thailand & Regional
Market Penetration - Thailand & Regional Thailand Source: The Thai Life Assurance Association , Dept. of Provincial Administration, Bureau of Saving and Investment Policy Number of Policy per Population (%) Premium per GDP (%) Regional 2012 Source: Swiss Re, sigma No. 3/2013 Premium per capita (US$)
Slide 34: Market Penetration - Thailand
Market Penetration - Thailand Sum insured per GDP (%) Sum insured per Population (Bht) Sum insured per Household (Bht) 34 Note : * Sum Assured (Inforced) as of May 2013 Source: The Thai Life Assurance Association , Dept. of Provincial Administration, Bureau of Saving and Investment Policy
Slide 35: Q&A
BANGKOKLIFE ASSURANCE Q&A
Slide 36: Thank You
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