Bangkok Life Assurance Public Co., Ltd. · SET:BLA
Bangkok Life Assurance Public — Bangkok Life Assurance — Q3 2013 Earnings Presentation
36 slides from Bangkok Life Assurance Public's earnings presentation, Nov 14, 2013
Slide 1: Bangkok Life Assurance 3Q13 Performance Update
Bangkok Life Assurance 3Q13 Performance Update November 14, 2013
Slide 2: Financial Position
Financial Position Unit : MB 9M13 % 2012 % Chg. (MB) Total Assets 167,384 100.00 143,567 100.00 23,817 Investment 160,788 96.06 138,494 96.47 22,294 Net premises + equipment 301 0.18 305 0.21 -3 premium receivable 2,091 1.25 1,613 1.12 478 Accrued Investment 2,117 1.27 1,500 1.04 617 Others 2,087 1.
Slide 3: Assets & Investment Assets
Assets & Investment Assets 96 96 96 96 94 95 ROI MB 91 93 184,000 +23,817 167,384 166,000 143,567 148,000 Avg. Total Asset growth: +26.11% 130,000 Avg. Total Inv.Asset growth: +26.68% 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 8.3 7.0 6.9 5.5 5.8 5.8 5.3 4.8 5.1 ROI 6.4 6.7 5.1 5.6 5.5 5.4 5.5 5.1 2.3 160,788 28,590 ROI before AP-Accounting ROI before AP-MTM equity
Slide 5: Investments - Allocation
Investments - Allocation Unit Trust 1.72% Loans 1.91% Unit Trust 2.52% Loans 2% Stocks 9.17% Stocks 8.41% Debenture 20.20% Debenture 21.44.% Bond Bond Bond Bond 66.45% 63.10% Bond 65.11% Short Term Short Term 66.97% 66.97% 0.55% 0.54% 2012 9M13 Foreign G-Bond SOE Foreign % on BBB+ to A+ Investment i
Slide 6: Shareholders Equity
Shareholders Equity Unit : MB 9M13 2012 2011 Total Equity 21,966 19,465 13,277 Paid-up Capital 1,212 1,205 1,200 Share Premium 2,845 2,759 2,700 Unrealized gain (loss) 5,010 5,153 1,982 Retain earnings 12,842 10,283 7,395 Others 58 64 - Life Policy Reserve 133,575 112,337 89,472 Solvency Ratio (RBC)
Slide 7: Performance Highlights - 3Q2013
Performance Highlights - 3Q2013 Shareholders’ Equity Movement 1,101 -581 -485 +13 21,918 21,966 MB MB +48 MB Equity 3Q13 Fair Dividend Others Equity 30 Jun 13 Profit Value 30 Sep 13 Gains
Slide 8: Performance Highlights - 9M2013
Performance Highlights - 9M2013 Shareholders’ Equity Movement +3,476 -144 -917 86 19,465 21,966 MB MB +2,501 MB Equity 9M13 Fair Dividend Others Equity 31 Dec 12 Profit Value 30 Sep 13 Gains
Slide 9: Performance Highlights - 3Q2013
Performance Highlights - 3Q2013 Net Profit Movement + 32 + 310 -161 - 81 +29 +16 Interest Dividend Underwriting Opt. FX losses Tax Income & Profit Expenses Cap gains 1,101 MB 949 MB Net Profit Net Profit 3Q2012 + 15.97% 3Q2013 22.34% Return on Equity 20.07%
Slide 10: Performance Highlights – 9M2013
Performance Highlights – 9M2013 Net Profit Movement +249 +905 -439 -258 -50 +100 Interest Dividend Underwriting Opt. FX losses Tax Income & Profit Expenses 3,476 MB 2,965 MB Cap gains Net Profit Net Profit 9M2013 9M2012 + 17.24% 25.23% Return on Equity 22.37%
Slide 11: Premium Growth - All Type
Premium Growth - All Type 3Q13 %YoY %QoQ First Year Premium +21.09% +80.31% Renewal Year Premium +6.33% -22.36% 30,937 Total Premium +10.06% -7.79% 26,805 TP 13,244 22,351 (Million Baht) 9,215 20,385 RYP 7,835 8,498 7,721 8,304 5,774 5,488 7,908 6,139 8,586 4,920 6,420 FYP 1,947 2,347 1,308 2,358 3Q
Slide 12: Premium Growth - Bancassurance
Premium Growth - Bancassurance 3Q13 %YoY %QoQ First Year Premium +21.62% +104.25% Renewal Year Premium +7.32% -34.93% Total Premium +12.12% -13.42% 21,279 17,748 TP 9,786 13,973 (Million Baht) 6,160 12,458 RYP 4,758 3,803 5,333 5,376 7,306 3,159 2,167 5,208 3,389 5,290 4,411 1,944 FYP 1,599 1,636 95
Slide 13: Premium Growth - Agency
Premium Growth - Agency 3Q13 %YoY %QoQ First Year Premium +27.25% +18.91% Renewal Year Premium +5.30% +3.72% 8,667 Total Premium +7.58% +5.38% 8,118 TP 3,919 2,951 7,585 (Million Baht) 2,933 7,206 2,726 2,783 RYP 3,231 2,442 2,535 2,479 2,572 284 688 912 1,082 416 304 361 FYP 3Q12 4Q12 1Q13 2Q13 3Q1
Slide 14: Product Mix
Product Mix FYP (%Growth) Proportion (%) Agent Channel 3Q13 9M13 3Q13 3Q12 9M13 9M12 Regular Endowment 78.95 70.00 50.29 35.79 50.37 35.15 Whole Life (0.42) (9.07) 49.56 63.37 49.50 64.58 Total 27.33 18.63 100.00 100.00 100.00 100.00 FYP (%Growth) Proportion (%) Bancassurance 3Q13 9M13 3Q13 3Q12 9M1
Slide 15: Product Mix
Product Mix FYP (%Growth) Proportion (%) Total 3Q13 9M13 3Q13 3Q12 9M13 9M12 Endowment (0.85) 124.22 19.90 24.30 60.83 36.28 Life Protection 30.42 (18.36) 77.32 71.79 36.50 59.8 Group Employee (19.32) (10.94) 2.21 3.32 2.26 3.4 Others 16.76 3.85 0.57 0.59 0.41 0.52 Total 21.09 33.75 100.00 100.00 10
Slide 16: Channel Distribution
Channel Distribution First Year Premium Renewal Year Premium Total Premium 85% 71% 78% 69% 69% 52% 64% 62% 49% 44% 29% 41% 34% 31% 28% 17% 13% 13% 10% 2% 5% 13% 4% 4% 3% 2% 9% Agent Banc Others
Slide 17: Agency Force
Agency Force Persons TNQA : Thailand National Quality Awards Person IQA : International Quality Awards 750 No. of TNQA of Industry 2012 20,100 616 17,614 600 18,100 599 16,100 14,100 MTL 65 KTAL 93 450 13,085 12,100 10,100 300 OLIC 450 8,100 7,550 4,121 AIA 1,002 6,100 135 150 113 127 4,100 77 2,100
Slide 18: Premium Collection
Premium Collection Ordinary Ordinary (%) 9M13 2012 2011 2010 AIA 91 92 89 92 TLI 89 92 85 90 KTAL 89 92 85 89 AZAY 87 87 91 91 SCBLife 86 88 84 87 MTL 82 90 91 91 OLIC 79 84 91 88 Industry 88 90 88 91 All Type All Type (%) 9M13 2012 2011 2010 KTAL 88 90 82 88 TLI 86 91 85 89 AIA 86 88 85 89 AZAY 86
Slide 19: Expenses - Reserve & Benefit Paid
Expenses - Reserve & Benefit Paid Quarterly 76.3 Yearly 66.8 65.1 67.8 69.7 64.3 64.5 60.2 65.1 67.0 52.1 59.4 Reserve: Net Premium Reserve: Net Premium 92.78 90.29 87.58 89.97 Baht Baht 84.88 Million Million 87.18 85.50 94.56 94.62 92.04 88.53 91.58 Benefit Paid Reserve = Reserve& Benefit Paid : Ne
Slide 20: Underwriting Income Analysis
Underwriting Income Analysis Unit : MB 3Q13 3Q12 %YoY 9M13 9M12 %YoY Net Premium 8,372 7,625 9.80 30,446 26,401 15.32 Inc. Policy Reserve 5,446 5,097 6.83 21,207 17,913 18.39 % of net premium 65.04% 66.85% 69.65% 67.85% Benefits Payment 2,476 1,922 28.86 7,037 5,844 20.42 % of net premium 29.58% 25.
Slide 21: Operating Performance
Operating Performance 3Q13 3Q12 %YoY 9M13 9M12 %YoY Dividends 278 230 20.54 668 523 27.69 Interest & Discount Received 1,644 1,334 23.27 4,661 3,756 24.08 Capital Gain on Securities 102 118 -13.15 498 394 26.46 Total Investment Inc 2,012 1,669 20.55 5,786 4,630 24.97 Net Inv. Income & Other Inc. 2,0
Slide 22: Investments - Income Breakdown
Investments - Income Breakdown 9.42 9.82 8.34 8.29 5.0 5.12 ROI 5.1 5.3 4.7 5.3 5.3 5.1 3.64 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 1,450 7 5.9 8.5 7.2 6.8 7.1 1,300 5.3 1,800 6.5 6.0 6.4 6.6 5.7 5.2 5.0 6 4.7 4.3 4.5 1,150 4.3 5 1,400 1,000 4.0 3.6 4 OPEX 850 1,000 3 700 2 550 600 400 1 250 0 200 3Q12 4Q12 1Q13 2Q13 3Q13 9M12 9M13 Operating expenses % on Net Premium Operating expenses %
Slide 24: Net Income
Net Income Net Income % Tax Rate 35 3Q13 %YoY %QoQ 29.4 Net Income +15.96 -48.93 30 27.4 26.9 25.7 24.8 24.8 Comprehensive 25 22.1 21.8 -74.25 +1.53 Income 20 17.1 15 5,089 Note : * Adjusted deferred tax 3,476 ROE % 2,965 35 3,332 31 2,299 28 2,020 2,028 30 1,453 1,101 24 25 25 22 23 23 719 922 22 9
Slide 25: Operating Highlights
Operating Highlights % MB Asset Expense Ratio & Spread % 184,000 10 6 3.8 3.9 166,000 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 % Unde
Slide 26: Capital Adequacy Ratio: CAR (As of Sep 2013)
Capital Adequacy Ratio: CAR (As of Sep 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 12.28 12 10 8.81 9.16 9.05 8.92 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%
Slide 27: Bangkok Life Assurance Market Ranking Jan – Sep 2013
Bangkok Life Assurance Market Ranking Jan – Sep 2013
Slide 28: Ranking - Ordinary Premium 9M13
Ranking - Ordinary Premium 9M13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 17,529 23.90 33.09 AIA 67,074 24.86 6.23 AIA 10,216 13.93 12.70 MTL 40,948 15.18 24.28 TLI 9,375 12.78 16.06 TLI 36,375 13.48 17.85 SCBLife 8,114 11.06 36.26 BLA 28,557 10.59
Slide 29: Ranking - All Type Premium 9M13
Ranking - All Type Premium 9M13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 20,874 18.71 28.10 AIA 78,801 24.35 8.81 AIA 20,016 17.94 19.62 MTL 45,383 14.02 22.41 SCBLife 14,242 12.77 25.30 TLI 39,690 12.27 13.45 TLI 10,934 9.80 5.23 SCBLife 34,272 10
Slide 30: Ranking - Bancassurance 9M13
Ranking - Bancassurance 9M13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY MTL 16,138 25.66 27.33 MTL 31,393 23.93 27.17 SCB Life 13,179 20.95 29.14 SCB Life 29,761 22.69 17.56 BLA 7,302 11.61 38.07 BLA 21,275 16.22 19.88 KTAL 6,773 10.77 28.49 KTAL 15,273
Slide 31: Ranking - Agent 9M13
Ranking - Agent 9M13 First Year Premium Total Premium Company MB Share (% ) % YoY Company MB Share (% ) % YoY AIA 14,348 36.15 8.16 AIA 70,815 41.44 5.94 TLI 7,905 19.92 16.01 TLI 34,064 19.94 12.76 MTL 4,160 10.48 30.74 MTL 12,194 7.14 12.31 KTAL 3,113 7.84 22.95 KTAL 10,541 6.17 26.53 OLIC 2,513 6
Slide 32: Ranking - Credit Life (SP) 9M13
Ranking - Credit Life (SP) 9M13 3Q13 9M13 Company MB Share (% ) % YoY % FYP Company MB Share (% ) % YoY % FYP SCBLife 1,610 18.88 (4.65) 26.89 SCBLife 5,743 21.79 21.13 40.33 AIA 1,463 17.16 16.70 22.23 AIA 4,838 18.36 50.78 24.17 PLT 994 11.66 533.44 48.71 MTL 2,887 10.95 2.08 13.83 KTAL 972 11.40
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 (%) Total Premium per GDP (%) Regional 2012 Source: Swiss Re, sigma No. 3/2013 Premium per capita
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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