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Bangkok Life Assurance Reports Strong 42% Profit Growth in 2024

Bangkok Life Assurance Public Company Limited (BLA) has announced its financial performance for the fourth quarter of 2024, reporting a net profit of THB 954 million, representing a remarkable 166% year-on-year growth. This increase was driven by first-year premium income of THB 2,014 million, up 28%, primarily attributed to a 43% growth in bancassurance channel sales. As a result, the company achieved a full-year net profit of THB 3,623 million, a 42% increase from the previous year. The Board of Directors has approved a dividend payout of THB 0.68 per share for 2024, amounting to a total dividend distribution of THB 1,159 million.

Mr. Chone Sophonpanich, President and Chief Executive Officer of Bangkok Life Assurance Public Company Limited, revealed that in Q4 2024, the company recorded total first-year premium income of THB 2,014 million, a 28% increase from the same period in the previous year. This was driven by a 43% growth in the bancassurance channel, while the agency channel experienced a slight 2% decline. Other distribution channels saw a significant 53% increase, primarily due to group insurance business. The company reported total premium income of THB 8,437 million for the quarter and a net profit of THB 954 million, marking a 166% year-on-year increase and a 55% rise from the previous quarter.

For the full year 2024, BLA recorded first-year premium income of THB 7,037 million, reflecting a 2% year-on-year increase, and total premium income of THB 34,837 million, also up by 2%. The distribution channel breakdown was as follows: bancassurance accounted for 56%, agency channel for 38%, and other channels for 6%. The company’s net profit for 2024 reached THB 3,623 million, growing 42% compared to the previous year. As of the end of 2024, BLA’s total assets stood at THB 314,575 million, representing a 4% decline from 2023, primarily due to maturing insurance policies. Investments and cash equivalents accounted for 97% of total assets. The company maintained a capital adequacy ratio (CAR) of 441% as of Q4 2024, well above the regulatory requirement of 140%.

The Board of Directors has approved a dividend payment for the 2024 financial year at THB 0.68 per share, totalling THB 1,159 million. This represents a dividend payout ratio of 32% of net profit, exceeding the company’s policy. The dividend will be distributed from retained earnings, with an interim dividend of THB 0.20 per share already paid on October 4, 2024. The final dividend of THB 0.48 per share, amounting to THB 820 million, will be paid to shareholders whose names are recorded as of April 23, 2025.

Mr. Chone stated that in 2024, Bangkok Life Assurance focused on driving sustainable growth. During Q4 2024, the company introduced a refreshed vision dedicated to “Caring” for all stakeholders and launched the “Caring” brand campaign, reinforcing its belief in “The Power of Caring” as the guiding force for long-term business success. This initiative positions BLA as “The Most Caring Life Insurance Brand”, dedicated to creating long-term value for customers and stakeholders.

“The company is committed to delivering exceptional experiences through care, enhancing policyholder confidence and peace of mind. This is achieved through trusted agents, advanced technology, and tailored financial solutions that address the diverse needs of all generations. Furthermore, we continue to empower our agents and financial advisors, equipping them with the skills and tools to excel in a rapidly evolving market while fostering a culture of positivity and care that extends to every customer interaction,” said Mr. Chone.

Bangkok Life Assurance is committed to fostering a workplace where employees experience happiness, career growth, and long-term stability. The company provides continuous skill development opportunities to ensure high-quality professional advancement while embracing diversity, promoting equality, and upholding principles of good corporate governance. This commitment aligns with the company’s goal of becoming “The Most Caring Life Insurance Brand,” offering more than just insurance by delivering genuine care and support to customers.

Source: Bangkok Post

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