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SCNYL sees healthy fourth quarter ahead

October 2, 2006
SCNYL sees healthy fourth quarter ahead. Check it out:
(Bangkok Post (Thailand) (KRT) Via Thomson Dialog NewsEdge) Sep. 30--Siam Commercial New York Life Insurance Plc (SCNYL) will introduce two new policies through its agency and worksite distribution channels aiming to boost more sales in the fourth quarter of this year.



The new products, expected to launched in October, reflect SCNYL's strategy to strengthen its client base through non-bank channels to equal to the success of its bancassurance channel, according to Donald Carden, SCNYL's president and CEO.

SCNYL currently controls a 50 percent share of the bancassurance market. Its bancassurance business grew last year by 14 percent to 4.05 billion baht out of a total of 4.85 billion baht in first-year premiums.

"The fourth quarter is the most productive season to generate sales. We see a promising opportunity to launch new products to capture the rising demand of working consumers who need long-term financial planning for their retirements," said Mr Carden.

He said the two new long-term policies combined both savings and protection benefits. Both offer competitive benefits, with consistent and long-term periods of cash returns up to maturity. The benefit return after retirement will also increase substantially.

The products will be marketed through agencies, the company's core distribution channel, and worksites, with a focus on government, state enterprise and private company employees in the middle-income bracket.

SCNYL expects to continue to expand non-bank channels and become the market leader in each one.

The company aims to tap rising health-consciousness as well as growing awareness of long-term financial planning for retirement. Working people who are due to retire in the next 10-20 years have high purchasing power to invest, and now is right time to expand the market, Mr Carden said.

In April this year, SCNYL introduced a new medium-term endowment product, Sasomsap 224, sold through government and state enterprise worksites, and obtained a favourable response, he added.

The policy requires paying premiums for 20 years, offers 25-year protection coverage and a 3 percent cash return every two years, from the second to 24th years.

With increasing awareness and the government's campaign to promote the benefits of life policies, SCNYL anticipates its new products will be highly competitive investment options, Mr Carden said.

SCNYL expects its total premiums will rise to 11 billion baht this year, up 27 percent from its 2005 results.

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Copyright (c) 2006, Bangkok Post, Thailand
Distributed by McClatchy-Tribune Business News.
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