Thai Samsung aims for aggressive growth

July 19 2016 by InsuranceAsia News Staff

After investing heavily in building up a network of agents, Thai Samsung Life is now aiming to break even in the near future and continue to grow more aggressively.

The company’s deputy chief executive officer Banyong Narasavat said that they aim to hit Bt1.612 billion (US$46 million) in premiums this year, which represents a 31% growth over the Bt1.235 billion achieved last year.

The firm aims to grow premium revenue by hiring more than twice as many agents this year.

From 2,018 last year, it plans to raise the number to 5,000 in 2016.

Narasavat said that their Korean parent company wants to focus on top line growth rather than the bottom line because it wishes to build brand awareness and premiums as a priority.

Critical to achieving this is the policy of offering a high rate of return to policyholders.

Thai Samsung Life offers a return of 3.75% while the average returns in the market are a little over 2%.