Tuesday, September 26, 2017

Bangkok Life gears up for Cambodia business

After receiving regulatory approval earlier this year, Thailand’s Bangkok Life Assurance will venture into Cambodia next year to tap strong demand in its Southeast Asian neighbour.

If it pushes through as planned, Bangkok Life will become the second Thai life insurer to operate in Cambodia after bigger rival Muang Thai Life Assurance, a unit of Kasikornbank, began operations in April.

Bangkok Life is aiming to establish an office and will be hiring a sales team.

It plans to offer whole-life protection schemes and savings packages at the initial stage, Komkai Thusaranon, acting president of Bangkok Life, told a news conference.

The insurer has already set up a subsidiary in Cambodia, Bangkok Life Assurance (Cambodia), in which it has a 52% stake, and is also looking to expand its business in other Southeast Asian countries, Komkai said. Bangkok Life is part of Bangkok Bank, Thailand’s largest lender, and was ranked number six in the Thai life market with a market share of 7.55% in the second quarter of 2016.

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