Insurance Business The insurance business of Thanachart Group can be divided into two key areas, namely non-life insurance operated by TNI, which offers all types of non-life insurance services, and life insurance operated by MBK LIFE, which offers life insurance services to institutional, corporate, and individual customers. Thanachart Insurance Public Company Limited “In 2021, Thailand was still in the midst of the COVID-19 pandemic. Overall, the Thai non-life insurance industry continued to grow. As at the end of 2021, the total premiums received amounted to 265,849 million baht, representing an increase of 5.2 percent. This was mainly due to the health insurance premiums including COVID-19 insurance premiums, which registered a growth of 18.5 percent. However, as COVID-19 was rapidly and widely transmitted, the group of 16 non-life companies which underwrote the COVID-19 insurance policies under the “Find-Pay-End campaign suffered underwriting losses with claims worth up to 40,000 million baht. Thanks to its business management direction which focused on pursuing a prudent policy underwriting approach, TNI did not underwrite COVID-19 insurance policies since the beginning. As a result, total insurance premiums received in 2021 amounted to 8,334 millioin baht while net profit amounted to 768 million baht. Total assets amounted to 14,906 million baht with high liquidity and very high financial strength. Noteworthy was its Capital Adequacy Ratio (CAR) which was very high at 1,386 percent. Moreover, TNI received a rating of “AA-“ with “Stable” outlook assigned by TRIS Rating, which was a credit rating agency. As for its 2022 business plan, TNI has set a target of increasing total premiums received to 10,000 million baht, representing an increase of 22 percent. Emphasis will be placed on implementing the strategy to increase distribution channels by joining hands with business alliances, particularly the online channels. The purpose is to enable customers to have most convenient access to TNI’s products. Emphasis is also placed on developing the products which meet customer needs, with focus on the protection which is easy to understand, of good value and appropriate price. In this connection, TNI has joined hands with the standard car repair garages in the networks and the reputable hospitals nationwide in improving claim services. Furthermore, focus is given to development of servicing systems using digital platforms. The purposes are to support limitless business explansion and to provide its customers with the most satisfactory experience possible from receiving services.” Mr. Perapart Meksingvee Managing Director 32
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