Mrs. Varang Chaiyawan, Director and Deputy Chief Executive Officer of Thai Life Insurance Public Company Limited (“Thai Life” or “TLI”), disclosed that the 3-year bancassurance partnership contract with CIMB Thai Bank Public Company Limited (“CIMBT”) came to expiry in December 2023.
Mrs. Varang stated, “Thai Life is running a multi-channels distribution strategy and has established long-standing relationships with many partners. We value the bancassurance partnership with CIMBT, especially the collaboration during the pandemic and economic slowdown. We are actively seeking new partners while also strengthening relationships with our existing partners. Simultaneously, our product strategy is geared towards achieving sustainable Value of New Business (VONB) growth, reinforcing our commitment to becoming a value-driven life insurance company of sustainability.”
The new business issued from the bancassurance in CIMB Thai Bank accounts for less than 2% of Thai Life’s total new business during the first nine-month of 2023. Over two-thirds of Thai Life’s new business is generated from the agency channel which Thai Life holds a number 2 position in the market. The company’s goal is to deliver sustainable profits through executing product strategy in various channels.