Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — Q2 2023 Earnings Presentation
17 slides from Bangkok Life Assurance Public's earnings presentation, Aug 16, 2023
Slide 1: Analyst Meeting Presentation 2Q23 & 6M23 Financial Results
Analyst Meeting Presentation 2Q23 & 6M23 Financial Results 16 Aug 2023 1
Slide 2: Agenda
Agenda 1 2Q23 & 6M23 performance summary Premiums and Business & Operation (K.Chaiyapol Inthuprabha – SVP, Corporate Strategy & Planning) 2 Key Highlights 2.1 Investments (K. Chollada Sophonpanich, Executive Vice President Investment Division) 2.2 P&L and Key accounting change (K. Jaruwan Limkhuntha
Slide 3: Agenda
Agenda 1 2Q23 & 6M23 performance summary Premiums and Business & Operation (K.Chaiyapol Inthuprabha – SVP, Corporate Strategy & Planning) 2 Key Highlights 2.1 Investments 2.2 P&L and Key accounting change 3 Q&A 3
Slide 4: 2Q23 & 6M23 Performance summary
2Q23 & 6M23 Performance summary 2Q23 3.72% 789 MB 375% ROI Net Profit CAR -53 bpsYoY, +3bps QoQ -34%YoY, +4%QoQ 1Q23: 369% Due to lower realized gain From lower investment income 6M23 3.71% 1,545 MB 375% ROI Net Profit CAR (6M22: 4.11%) -22%YoY 4Q22: 376% Due to lower realized gain From lower realiz
Slide 5: 6M23: Growth exceeds industry thanks to the Banca channel
6M23: Growth exceeds industry thanks to the Banca channel RYP is still in line with expectation. FYP +5% RYP -8% TP -6% 2Q23 6,222 7,482 7,060 1,260 1,324 5,736 56% 55% 61% 67% 55% 52% Unit : Million Baht 41% 44% 39% 41% 32% 27% 7% 6% 5% 4% Bancassurance 4% 4% 2Q22 2Q23 2Q22 2Q23 2Q22 2Q23 Agent Cha
Slide 6: Banca: FYP grew from rising sales of par products and MRTA
Banca: FYP grew from rising sales of par products and MRTA Bancassurance 2Q23 6M23 New Business Premium Product Mix New Business Premium Product Mix +16% +52% Unit : Million Baht 893 2,334 27% 41% 38% 39% 771 Others 1,534 MRTA Par 28% 33% 59% Endowment 53% 31% 28% 9% 14% 2Q22 2Q23 2Q22 2Q23 6M22 6M2
Slide 7: Agent: Expect a better performance in 2H23
Agent : Expect a better performance in 2H23 Agent Channel 2Q23 6M23 New Business Premium Product Mix New Business Premium Product Mix Unit : Million Baht -10% -10% 7% 4% 5% 789 5% 3% 4% 4% Unit-Linked 397 4% 357 710 30% 32% 29% Pension & Others 34% 9% 14% Endowment 8% 14% 18% 19% Par-Endowment 16% 1
Slide 8: 6M23 Other channel: FYP +39% YoY
6M23 Other channel : FYP +39%YoY Group : Strong FYP growth + 63%YoY Partnership : FYP +73% YoY Online : FYP -38%YoY Direct marketing : FYP -19%YoY 8
Slide 9: Agenda
Agenda 1 2Q23 & 6M23 performance summary 2 Key Highlights 2.1 Investments (K. Chollada Sophonpanich, Executive Vice President Investment Division) 2.3 P&L and Key accounting change 3 Q&A 9
Slide 10: Investment asset -1.9% QoQ from benefit payment
Investment asset -1.9% QoQ from benefit payment 2Q23 see higher allocation to Fixed income aiming to lock in high yield. Asset Class 4Q22 1Q23 2Q23 Remark for movement ST Investment 3.8% 2.6% 1.7% Decrease from benefit payment & investment in fixed income. Bonds 48.2% 49.0% 49.9% Increase allocation
Slide 11: 2Q23 saw a decline in investment income from lower investment G/L
2Q23 saw a decline in investment income from lower investment G/L Investment yield improved from better reinvestment yield Investment income (MB) Key investment performance -15.1% YoY • Investment income at Bt3.0 bn (-15.1% YoY) due to lower investment G/L. 3,546 -1.2% QoQ • Investment yield in 1H23
Slide 12: CAR increased to 375% in 2Q23 (+11% YoY, +6% QoQ)
CAR increased to 375% in 2Q23 (+11% YoY, +6% QoQ) 2Q23 CAR improved from Insurance profit. 364% 363% 377% 369% 375% Total Capital Required (TCR) Risk charged by type to TCR 1.9% Operation Risk 10.1% REITs Risk 2Q22 3Q22 4Q22 1Q23 2Q23 39.7% Equity Risk Company CAR 6.6% Interest Risk FWD 405% 3.0% FX
Slide 13: Agenda
Agenda 1 2Q23 & 6M23 performance summary 2 Key Highlights 2.1 Investments 2.2 P&L and Key accounting change (K. Jaruwan Limkhunthammo –EVP, Accounting and Finance) 3 Q&A 13
Slide 14: Statement of financial positions
Statement of financial positions Consolidated financial statements 30 Jun 23 31 Dec 22 Inc / Dec ASSETS decrease 14,727 MB MB % MB % MB % Total assets decrease from 2022 mainly Assets Cash and cash equivalents 3,651 1% 12,681 4% (9,030) -71% due to decreasing in cash and cash Investment assets 315,1
Slide 15: 2Q-2023 Financial Summary
2Q-2023 Financial Summary Common Size 2Q23 Million Baht 2Q’23 2Q’22 %YoY 6M’23 6M’22 %YoY 2Q23 2Q22 6M23 6M22 TNP -3% mainly from RYP -8%. First year premium 1,324 1,260 5% 3,522 2,665 32% 19% 17% 23% 17% Investment income -18% mainly from decreasing in Renewal premium 5,736 6,222 -8% 12,334 13,888
Slide 16: Policy benefit payment
Policy benefit payment Policy benefit payment Major line item +238% payment(mn baht) payment(mn baht) +93% 452% 31,867 21,995 3% 5% +241% +112% 226% 16,801 238% 11,995 16,493 69% 4% 5% 8% 109% 5% +9% -13% 6,511 7,927 39% 71% 6% 9% 18% 3,317 2,869 3,514 44% 10% 10% 19% 20% 9% 1,109 1,214 14% 7% 8% 8%
Slide 17: Q&A
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