BLA 67 profit 3,623 million baht, up 42%, dividend 0.68 baht

BLA rakes in 67 million baht in profit in 3,623, up 42%, announces dividend payment in 2567 at 0.68 baht per share, totaling 1,159 million baht

Bangkok Life Assurance announced its Q4 2567 operating results, reporting a net profit of 954 million baht, a 166% increase. This was driven by first-year premiums of 2,014 million baht, a 28% increase, primarily due to a 43% rise in the bank channel. The company aims for a total net profit of over 3,623 million baht for 2567, a 42% increase. It also announced a dividend payment of 0.68 baht per share for 2567, totaling 1,159 million baht.

Mr. Chon Sophonpanich, President and CEO of Bangkok Life Assurance Public Company Limited (BLA), revealed the operating results for the fourth quarter of 2024, stating that the company had total first-year premium income of 2,014 million baht, an increase of 28 percent from the same period last year. This increase was driven by the bank channel, which saw a 43 percent rise in first-year premium income.

While the agent channel saw a 2 percent decrease in first-year premiums and other channels increased by 53 percent from group insurance products, with total premiums of 8,437 million baht and a net profit of 954 million baht, an increase of 166 percent from Q4 2566 and an increase of 55 percent compared to the previous quarter.

For the fiscal year 2567, the company recorded first-year premium income of 7,037 million baht, an increase of 2 percent, and total premium income of 34,837 million baht, an increase of 2 percent from the previous year.

The company has total premiums written by various channels, namely, bank channels at 56 percent, agent channels at 38 percent, and other channels at 6 percent, respectively, with a net profit from operations in 2567 of 3,623 million baht, an increase of 42 percent compared to the previous year.

The Company had total assets at the end of 2567 of 314,575 million baht, a decrease of 2566 percent from 4 due to a decrease in investment assets from expired policies, with investment assets and cash equivalents accounting for 97 percent of total assets.

The Company had a capital adequacy ratio (CAR) of 4 percent as of the end of Q2567 441, which is higher than the legal requirement of 140 percent.

Furthermore, the company's board of directors resolved to pay a dividend for the 2567 fiscal year at a rate of 0.68 baht per share, totaling 1,159 million baht. This represents a dividend payout ratio of 32% of net profit, which is higher than the company's dividend policy. The dividend will be paid from retained earnings, following the interim dividend of 0.20 baht per share paid on October 4, 2567. The final dividend payment will be at a rate of 0.48 baht per share, or 820 million baht. The record date for shareholders entitled to receive the dividend is April 23, 2568.

Mr. Chon stated that in 2024, Bangkok Life Assurance will focus on creating sustainable growth. In the fourth quarter, it announced a new vision to drive the organization to perform its duties with "care" for all stakeholders.

We are launching our “Caring” brand campaign , communicating our image through our philosophy of “believing in the power of caring” to become the number one life insurance company in terms of caring (The Most Caring Life Insurance Brand) and to achieve sustainable growth.

“The company is committed to delivering an excellent experience with care, increasing peace of mind for policyholders through sincere agents, modern technology, as well as offering good service products and benefits that meet a variety of needs, while promoting the potential of agents and financial advisors to work without limits.

"We are prepared to cope with rapidly changing market conditions, as well as create a positive atmosphere and awareness of the value of caring in order to deliver impressive service to customers," Mr. Chon said, adding that:

Bangkok Life Assurance also promotes employees to be happy, have progress and have stability in their careers. They have improved their skills to be able to grow with quality, respect differences, provide equality under the principles of good corporate governance for the goal of being a brand that understands, is sincere and caring (The Most Caring Life Insurance Brand) that takes care of customers more than just life insurance.

In the fourth quarter, the company launched a communication campaign through Bangkok Bank channels for the GainFirst e-Savings 10/5 product, targeting various groups who need tax planning, including salaried employees, freelancers, and business owners. It also ran the “Caring Story” campaign for the second year, showcasing the care that life insurance agents and financial advisors provide to their clients, following a sustainable approach to customer care.

The company also received the 2nd place award for "Outstanding Life Insurance Company Management" in 2566 (Prime Minister's Insurance Awards).

And the Sustainability Rising Star Award from the Asia Corporate Excellence & Sustainability Awards 2024 or ACES Awards 2024 reflects the vision of management that is attentive, adheres to the principles of good governance, takes into account the environment and society for sustainable happiness.

Read news related to All insurance circles can be found here.