Newsletter 1/2020
Business overview
In accordance with the statistics of the Office of Insurance Commission (OIC), For the first half of the year, the total non-life insurance premiums from January to December 2019 amounted to 224,062 MB, or 5.2% growth, separated into
- Car insurance premiums 144,031 MB
- Miscellaneous insurance premiums 84,439 MB
- Fire insurance premiums of 10,124 MB
- Marine and transport insurance premiums 5,468 MB
Life insurance premiums from January to December 2019 amounted to 610,474 MB as 108,593 MB from the first year premium, 431,992 MB from the renewal premium and 69,889 MB from single premium contracts.
Recently, the company has developed online sales channel to support insurance sales through online channel in the future. Having the outbreak of Covid-19 in the first quarter, the company developed a Virus found, Get Paid product to offer insurance coverage for the illness from the said disease and it made a good market, showing the expertise and vision of running business which the company continues to develop consistently to support the expansion of the insurance business.
Company Overview
| Description | 2020 | 2019 | YoY | |||
|---|---|---|---|---|---|---|
| MB | % | MB | % | MB | % | |
| Service income | 814.1 | 98.9 | 657.3 | 97.8 | 156.7 | 23.8 |
| Other income | 9.0 | 1.1 | 14.6 | 2.2 | (5.6) | (38.4) |
| Service costs & expenses | 407.4 | 49.5 | 355.2 | 52.9 | 52.2 | 14.7 |
| Gross profit | 406.7 | 50.0 | 302.1 | 46.0 | 104.5 | 34.6 |
| Administrative expenses | 191.3 | 23.2 | 185.1 | 27.5 | 6.2 | 3.3 |
| Net profit | 179.3 | 21.8 | 106.6 | 15.9 | 72.8 | 68.3 |
| Earnings per share (Baht) | 0.60 | 0.36 | 0.24 | 66.7 | ||
- Service income is 814.1 MB compared to 657.3 MB of Q1/2019, increased amounted to 156.7 MB or 23.8% from the increase of sales and services.
- Service cost and expenses is 407.4 MB or 49.5% of total revenues compared to 355.2 MB or 52.9% of Q1/2019, increased amounted to 52.2 MB or 14.7% as the increase of sales.
- The gross margin is 406.7 MB or 50.0% compared to 302.1 MB or 46.0% of Q1/2019, increased amounted to 104.5 MB or 34.6% from the additional online channel.
- Administrative expenses is 191.3 MB or 23.2% compared to 185.1 MB or 27.5% of Q1/2019, increased amounted to 6.2 MB or 3.3% from the International Financial Reporting Standard No.9 and 16 which were implied currently.
- The net profit of the group for the operation results of Q1/2020 is 179.3 MB or 21.8% compared to the net profit amounted to 106.6 MB or 15.9% of Q1/2019, increased in amount of 72.8 MB or 68.3% as result of the increase of sales from every channel and the best cost control.
- Earnings per share is 0.60 baht per share compared to 0.36 baht per share of Q1/2019, increased in amount of 0.24 baht per share.