Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — 3Q23 & 9M23 Earnings Presentation
17 slides from Bangkok Life Assurance Public's earnings presentation, Nov 9, 2023
Slide 1: Analyst Meeting Presentation 3Q23 & 9M23 Financial Results
Analyst Meeting Presentation 3Q23 & 9M23 Financial Results 9 Nov 2023 1
Slide 2: Agenda
Agenda 1 3Q23 & 9M23 performance summary Premiums and Business & Operation (K.Chaiyapol Inthuprabha – SVP, Corporate Strategy & Planning) 2 Key Highlights 2.1 Investments (K. Nattachai Rangpholsamrit, AVP - Equity Investment Department) 2.2 P&L and Key accounting change (K. Warnarajit Pinyojit - Hea
Slide 3: Agenda
Agenda 1 3Q23 & 9M23 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: 3Q23 & 9M23 Performance summary
3Q23 & 9M23 Performance summary 3Q23 3.55% 645 MB 378% ROI Net Profit CAR -44 bps YoY, -17bps QoQ -32%YoY, -18%QoQ 2Q23: 375% Due to lower realized gain From lower investment income 9M23 3.65% 2,190 MB 378% ROI Net Profit CAR (9M22: 4.07%) -25%YoY 4Q22: 377% Due to lower realized gain From lower rea
Slide 5: 9M23: Growth exceeds industry thanks to the Banca channel
9M23: Growth exceeds industry thanks to the Banca channel RYP is still in line with expectation. -14% +3% -0.1% 3Q23 FYP RYP TP 10,437 10,422 8,351 8,632 2,086 65% 65% 1,790 62% 63% 76% 74% 34% 33% 31% 31% 19% 20% 4% 4% Unit : Million Baht 5% 6% 4% 4% 3Q22 3Q23 3Q22 3Q23 3Q22 3Q23 Bancassurance 9M23
Slide 6: Banca: FYP grew from rising sales of Endowment products
Banca: FYP grew from rising sales of Endowment products Bancassurance 3Q23 9M23 New Business Premium Product Mix New Business Premium Product Mix -17% +17% 21% 26% 3,659 27% 1,588 30% Unit : Million Baht 1,324 3,122 Others 16% MRTA 43% Par 69% 51% Endowment 58% 30% 19% 10% 3Q22 3Q23 3Q22 3Q23 9M22 9
Slide 7: Agent: 9M23 FYP -10% YoY, but rider attachment increase to 29%
Agent : 9M23 FYP -10% YoY, but rider attachment increase to 29% Agent Channel 3Q23 9M23 New Business Premium Product Mix New Business Premium Product Mix -11% -10% Unit : Million Baht 7% 4% 4% 1,182 6% 3% 4% 4% Unit-Linked 394 3% 350 1,059 30% 29% 30% 31% Pension & Others 13% Endowment 10% 11% 16% 1
Slide 8: 9M23 Other channel: FYP +33% YoY
9M23 Other channel : FYP +33%YoY Group : Strong FYP growth + 36%YoY Partnership : FYP +98% YoY Online : FYP -37%YoY Direct marketing : FYP -19%YoY 8
Slide 9: Agenda
Agenda 1 3Q23 & 9M23 performance summary 2 Key Highlights 2.1 Investments (K. Nattachai Rangpholsamrit, AVP - Equity Investment Department) 2.3 P&L and Key accounting change 3 Q&A 9
Slide 10: Investment asset -1.1% QoQ from MTM & benefit payment
Investment asset -1.1% QoQ from MTM & benefit payment Allocation to Fixed income was stable QoQ, Equity/REIT changed from market price. Asset Class 4Q22 2Q23 3Q23 Remark for movement ST Investment 3.8% 1.1% 2.1% Bonds 48.2% 50.2% 49.8% MTM down of AFS assets Debenture & Notes 31.7% 32.5% 31.8% Total
Slide 11: Investment income decline from lower investment assets and market conditions
Investment income decline from lower investment assets and market conditions Investment yield improved from better reinvestment yield Investment income (mb) Key investment performance • Investment income came to Bt2.8 bn (-15.9% YoY) -15.9% YoY 3,340 -6.7% QoQ • Lower interest income from lower inve
Slide 12: CAR increased to 378% in 3Q23 (+15% YoY, +3% QoQ)
CAR increased to 378% in 3Q23 (+15% YoY, +3% QoQ) 400% 363% 377% 369% 375% 378% 350% Total Capital Required (TCR) 300% 250% 200% Risk charged by type to TCR 150% 1.9% Operation Risk 100% 9.0% REITs Risk 50% 0% 3Q22 4Q22 1Q23 2Q23 3Q23 41.1% Equity Risk Company CAR 7.3% Interest Risk TLI 398% 3.0% FX
Slide 13: Agenda
Agenda 1 3Q23 & 9M23 performance summary 2 Key Highlights 2.1 Investments 2.2 P&L and Key accounting change (K. Warnarajit Pinyojit - Head of Accounting Department) 3 Q&A 13
Slide 14: Statement of financial positions
Statement of financial positions Consolidated financial statements 30 Sep 23 31 Dec 22 Inc / Dec MB % MB % MB % ASSETS decrease 16,128 MB Assets Total assets decrease from 2022 mainly Cash and cash equivalents 6,533 2% 12,681 4% (6,148) -48% due to decreasing in and cash and cash Investment assets 3
Slide 15: 3Q23 Financial Summary
3Q23 Financial Summary Common Size 3Q23 Million Baht 3Q23 3Q22 %YoY 9M23 9M22 %YoY 3Q23 3Q22 9M23 9M22 TNP +1% mainly from RYP +3%. First year premium 1,790 2,086 -14% 5,311 4,751 12% 17% 20% 21% 18% Investment income -19% mainly from decreasing in Renewal premium 8,632 8,351 3% 20,966 22,239 -6% 83
Slide 16: Policy benefit payment
Policy benefit payment Policy benefit payment Major line item +171% Payment (Mn baht) Payment (Mn baht) +68% 168% 42,765 28,302 4% 5% 98% +22% 105% 25,456 87% 8% 66% +61% 5% -13% 10,434 41% -13% 8,963 5% 10,898 6,307 7% 18% 4,698 4,067 3,923 5% 8% 58% 14% 11% 44% 18% 1,381 1,198 18% 15% 11% 10% 10%
Slide 17: Q&A
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Bangkok Life Assurance Public — 3Q23 & 9M23 Earnings Presentation on 6ix