We aim to be the most preferred non-life insurer in Thailand

Bangkok Insurance aims to be the most
preferred non-life insurer in Thailand
ANNUAL REPORT 2009
BANGKOK INSURANCE PUBLIC COMPANY LIMITED

Vision
Bangkok Insurance aims to be the most preferred
non-life insurer in Thailand
We will sustainably grow our business through:
- Financial Soundness
- Diversified Product Ranges
- Customer Centricity
With due emphasis on:
- Enterprise-Wide Risk Management
- People and Technology Capabilities
- High Standard of Corporate Governance and Social Responsibility

CONTENTS
VISION 2
FINANCIAL HIGHLIGHTS 5
MESSAGE FROM THE CHAIRMAN OF THE ADVISORY BOARD 6
MESSAGE FROM THE CHAIRMAN 8
THE THAI NON-LIFE INSURANCE INDUSTRY IN 2009 AND OUTLOOK FOR 2010 11
RISK FACTORS 15
MAJOR PROGRESS IN 2009 18
REPORT OF THE COMPANY’S OPERATIONS 21
INVESTMENT INCOME 27
INVESTMENTS IN SECURITIES 29
SUMMARY OF QUARTERLY FINANCIAL RESULTS 30
FIVE YEARS REVIEW 31
ADVISORY BOARD 33
BOARD OF DIRECTORS AND BOARD OF DIRECTORS PROFILE 34
MANAGEMENT COMMITTEE AND MANAGEMENT COMMITTEE PROFILE 38
SOCIAL ACTIVITIES IN 2009 50
REPORT OF THE AUDIT COMMITTEE 54
REPORT ON THE BOARD OF DIRECTOR’S RESPONSIBILITY FOR FINANCIAL STATEMENTS 56
REPORT OF INDEPENDENT AUDITOR 57
BALANCE SHEETS 58
INCOME STATEMENTS 60
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 64
STATEMENTS OF CASH FLOWS 68
NOTES TO FINANCIAL STATEMENTS 69
THE COMPANY’S FINANCIAL STATUS 86
FINANCIAL RATIO 89
RELATED PARTIES TRANSACTIONS 90
SHAREHOLDING IN OTHER COMPANIES 91
ORGANIZATION STRUCTURE 92
THE MANAGEMENT 93
SHAREHOLDINGS STRUCTURE 105
PRINCIPLES OF GOOD CORPORATE GOVERNANCE 108
GENERAL INFORMATION 119
LINES OF BUSINESS 122
3

Smart Girl Surveyor,
Always Beside You

We aim to be the most preferred non-life insurer in Thailand
We offer a new alternative service with
our experienced and skilled female surveyors
ready to provide an on-site auto insurance
claim service under the name of
çSmart Girl Surveyoré.
Financial Highlights
2009 2008 Change 2009
For The Year (Baht’000) (Baht’000) % (USD’000)
Premium Written 8,796,683 7,778,619 13.1 264,008
Income on Underwriting 1,214,011 1,046,336 16.0 36,435
Operating Expenses 587,448 612,886 (4.2) 17,631
Net Underwriting Profit 626,563 433,450 44.6 18,805
Net Investment Income 581,727 674,779 (13.8) 17,459
Gain (Loss) on Sale of Securities and Assets 72,353 (21,635) 434.4 2,171
Share of Income from Associated
Accounted for under the Equity Method 2,273 2,926 (22.3) 68
Income before Income Tax 1,282,916 1,089,520 17.8 38,503
Income Tax 343,622 208,196 65.0 10,313
Net Income 939,294 881,324 6.6 28,190
At Year - end
Unearned Premium Reserve 2,990,748 2,508,589 19.2 89,759
Shareholders’ Equity 13,591,389 9,202,580 47.7 407,909
Per Share
(Baht)
Basic Earnings Per Share 18.53 17.38 6.6 -
Ordinary Share (Shares) 50.7 Million 50.7 Million - -
Dividends 12.00 12.00 - -
Stock Dividends 5.00 - 100.0 -
Dividends and /or Stock Dividends (Full Year) 17.00 12.00 41.7 -
Book Value 268.07 181.51 47.7 -
Market Price (High-Low) 244-186 286-173 - -
Market Price at Year-end 240 176 36.4 -
USD 1 = Baht 33.3197
GBP 1 = Baht 52.9499
EUR 1 = Baht 47.7291
YEN 100 = Baht 36.1780
5

MESSAGE FROM THE CHAIRMAN
OF THE ADVISORY BOARD
In the previous year, people across the world were simultaneously confronted with a large number of such problems as
social and political crises, severe natural disasters causing tremendous damages, and violence in some regions, coupled with
immense and comprehensive economic recession. Particularly, the economic superpowers like the United States, the European
Union and Japan encountered serious economic recession, causing myriad fi nancial institutions to go bankrupt, as well as sluggish
consumption and investment and a high rate of unemployment. An inordinate number of countries spent an enormous amount of
money to step up the fi nancial liquidity in the system, and took both fi nancial and monetary measures to terminate the economic
slowdown, for instance, adopting a policy of maintaining the unprecedented lowest rate of bank interest, or the central banks
unlimitedly printing their money to buy debt securities and government bonds, as well as patronizing such large industries as motor,
banking and insurance, etc. This is, of course, improved the overall western world’s industry, which was then no longer adversely
deteriorating. Similarly, the economies of China and India, which are leading Asian economies, were still expanding. All this combined
to contribute to an improved trend in the overall global economy in late 2009.
Regarding the Thai economy, it had shown positive signs in the latter half of 2009, which could be seen from the fi gures
of exports recovery, use of production capacity in the industrial sector, a better adjustment of households’ spending, the increasing
number of tourists, a booming real estate market for both developers and consumers, and a bolstering up from government projects
in continuously stimulating the economy. These factors were expected to have a steady impetus on economic recovery in 2010 and
result in a higher growth rate. However, such recovery was unstable and there was a variety of risk factors that needed constant
vigilance and a close watch due to the fragility of the global economic recovery and domestic problems, such as a delay in
environmental problem solutions in the Map Ta Phut industrial estate, political unrest in the South, political instability, etc. These
issues would inevitably and signifi cantly affect investor confi dence and the overall growth of the Thai economy.
6

The year 2009 was, therefore, another year in which all categories of industries were impacted. The reason for Bangkok
Insurance Public Company Limited’s ability to manage with higher turnovers than its target, both for written premiums and profi ts,
was partially its success in the strategic planning for the generation of an obvious balance in the Company’s business growth, giving
importance to the development, promotion and support of its business partners and allies for their potential and preparedness
for sustainable cooperative business transactions with the Company. In addition, there was the Company’s continuous human
resources development and service standard elevation.
On behalf of the Chairman of the Advisory Board of Bangkok Insurance Public Company Limited, I would like to express
my sincere thanks to our shareholders, customers, business partners, business allies and all parties for their steady confi dence
and trust in the Company, enabling it to continuously attain growth. Finally, I would also like to thank the Company’s management
and all our employees, who have performed their work enthusiastically, strictly attached to the customer-oriented principle, paid
attention and provided the best services to customers, and stringently conformed to the government’s regulations and requirements,
all resulting in the Company’s steady fi nancial growth and tremendous reputation, which are acceptable to our customers and all
concerned parties throughout.
(Mr. Chatri Sophonpanich)
7

MESSAGE FROM THE CHAIRMAN
The year 2009 was the year in which Thailand was confronted with both political and economic problems throughout,
which unavoidably impacted the non-life insurance industry. This could be seen from an increase of only 3.4 percent in direct
written premiums in 2009, the lowest growth rate since 2000, the first-year of positive growth after negative expansion between
1998 and 1999, which was a critical period for financial institutions. Furthermore, motor insurance, having the premium ratio of 60.0
percent of total direct premium written, witnessed a decreasing growth rate of only 2.0 percent in 2009, compared to 5.6 percent
in 2008. Nevertheless, the signal of Thai economic recovery in the latter half of 2009, coupled with an increasing trend of total
motor sales in the final quarter of 2009, should make a good impact on the economy in 2010. Although there had been some
negative factors, evaluations of various factors by a number of local institutes anticipated a positive growth rate of 3.0 - 5.0 percent
for the Thai economy in 2010, compared to a negative growth rate of 2.3 percent in 2009.
For the non-life insurance industry, the year 2009 witnessed a significant change since it was the first year in which the
Office of Insurance Commission (OIC) started to implement the premium collection criteria for motor insurance called “Cash Before
Cover”. This inevitably caused non-life insurance companies to modify their work performance approach so that it conformed to
OIC’s declarations, which was good for the whole system of non-life insurance industry since the companies’ customers, agents
and brokers would have to pay their premium earlier. As a consequence, the non-life insurance industry’s rate of premiums due
and uncollected had significantly diminished, particularly non-life insurance companies having a high ratio of motor insurance
premium, making their financial liquidity obviously better.
The Company’s total written premium for 2009 was quite satisfactory, standing at Baht 8,796.7 million, an increase of
13.1 percent, with earnings before tax of Baht 1,282.9 million, a rise of 17.8 percent. The amount consisted of 48.8 percent from
underwriting and 51.2 percent from investment. Our underwriting net profit rose by 6.6 percent to Baht 939.3 million, or earnings
per share of Baht 18.53, compared to Baht 17.38 in the previous year.
Such success resulted from the Company’s efficient management, carefully formulated underwriting policy flexible to
situations, risk management policies covering important factors, appropriate operating costs management, including issue of new
products to stimulate personal customer markets such as the Comprehensive Motor Insurance policy Comprehensive Value
Package and the Value Packages, or 4 - Classic Diseases Package and a Salary Man Package. This was carried out in parallel
with constant brand development, making it possible for the Company to expand its personal customer base by over 30.0 percent,
8

In addition, the Company was still able to maintain its financial reliability ranking from the Standard and Poor’s (S&P) Institution,
with the score of A- (Negative), which was considered a good level and a trend of stable credit rating as usual. Similarly, based on
the consequence of evaluations of a survey of Thai listed companies’ good corporate governance, conducted by the Thai
Companies’ Board Directors Promotion Association (IOD) in 2009, the Company was ranked in an excellent group.
Regarding social activities, the Company continued to give these importance by constantly carrying on its established
projects, for instance, those on public health, education, arts and culture, and vocational promotion for communities. Furthermore,
the Company made financial contributions in support of other projects beneficial to the public and impoverished people. Finally,
it increasingly gave support to seasonal activities for communities.
The Company’s significant change was the appointment of Mr. Panus Thiravanitkul as the Company’s President,
effective from January 1, 2010. The new President has worked with the Company in the underwriting line for over 30 years. I am
thus confident that he will be able to carry on the Company’s policies and lead it to prosperity and advancement, as well as
attainment of its goals.
On behalf of the Chairman of the Board of Directors, I would like to take this opportunity to thank all our customers,
partners, shareholders, business allies and all parties concerned for their support to the Company, enabling it to attain great
success. Finally, I sincerely ask the Company’s President, Management and all employees to cooperate as well as create quality
services and a wide variety of products appealing to customers’ demands, apart from performing their missions with diligence,
honesty and determination, as well as having an ability to overcome any challenging obstacles in 2010, as they had achieved in
the previous year.
(Mr. Chai Sophonpanich)
9

BKI Care Station, Service Point to
Meet Customersû Lifestyle

We aim to be the most preferred non-life insurer in Thailand
We provide our customers with an added service
channel through our BKI Care Station in shopping
malls in order to respond to their demand for greater
convenience, as well as to extend the companyûs
reach to every single customer.
THE THAI NON-LIFE INSURANCE
INDUSTRY IN 2009 AND
OUTLOOK FOR 2010
Marketing and Competition in 2009
In 2009, the overall Thai economy experienced a 2.3 percent negative growth rate, which directly impacted non-life
insurance industry growth. A total direct written premium for the entire industry witnessed only a 3.4 percent growth rate, the
lowest over the past ten years. Motor insurance, having a high market share of 60.0 percent, was the most affected, having a
growth rate of only 2.0 percent, compared to 5.6 percent in 2008. Voluntary motor insurance, in particular, grew by 2.1 percent
and 1.8 percent of Compulsory motor insurance, due to constant negative growth for total motor sales for the fourth consecutive year,
with 10.8 percent negative growth in 2009. Motor markets for commercial vehicles had 17.9 percent negative growth (the highest
over the past four years), while those for personal cars experienced only 1.4 percent growth, compared to 33.3 percent in 2008
(source: The Motor Industry Association). This was coupled with the fact that customers had become increasingly interested in
buying their motor insurance policies at an economical price, such as the “3 Plus” and “2 Plus” policies. In 2009, the loss ratio
incurred by motor insurance slightly increased to 57.0 percent, compared to 56.3 percent in 2008 although many non-life
insurance companies gradually raised their Comprehensive motor insurance premium rate for cars of no more than 2,000 c.c. so
that it was in accordance with rising business costs, both for those of spare parts and labour.
In addition, a number of companies had issued new products to the market for personal accident insurance and health
insurance in order to stimulate their sales due to a high market demand and higher frequency of accidents and malignant
diseases. Meanwhile, there was a slowdown in new investment projects. During 2009, miscellaneous insurance that experienced
over 20.0 percent growth included all risks insurance, engineering insurance, personal accident insurance and health insurance.
In 2009, Bangkok Insurance Public Company Limited was no different from other non-life insurance companies affected by
the economic crisis. Nevertheless, it had consistently adopted proactive strategies for personal line business over the past several
years, coupled with continuously making advertisements and public relations campaigns via a myriad of media over the past 3-4
years, enabling consumers to know and remember more about the Company’s name. Besides, the Company issued such new
products as “ Comprehensive Value Package” a Comprehensive motor insurance policy and “The Value Packages” insurance
policy called, “4 - Classic Diseases” package, and “Salary Man” package, both of which satisfactorily attracted new customers.
Due to the Company’s proactive strategies and new policies, the Company could, in 2009, expand over 30.0 percent of its
personal customer market, with an increase of over 40.0 percent of new customers, mainly via the Telemarketing and
Bancassurance channels.
For its services, the Company has speeded up its development of and increase in the number of garages participating in the
“Bangkok Insurance Recommended Garage” project and those fixing cars on contracts, both in Bangkok and upcountry, in order to
provide convenience to its customers. Furthermore, the Company lends support to its business partners’ performance so that they
are able to use the Company’s work system to carry out their underwriting work and issue policies with convenience and swiftness.
Through the Company’s aforementioned operational strategies, its direct written premium in 2009 experienced higher
growth than the defined target of 14.2 percent. The four main classes of insurance achieving a high growth rate included fire
insurance, marine insurance, motor insurance and miscellaneous insurance, resulting in the Company’s rise in the overall market
share from 6.5 percent in 2008 to 7.1 percent in 2009.
11

The Company’s Direct Premium Growth Rate Compared to the Market over the Past 3 Years
(Baht : Million)
2009 2008 2007
(Preliminary)
(Before Improvement)
(Before Improvement)
Bangkok Insurance Public Company Limited
Premium Written 7,830.6 6,856.3 6,727.5
Growth Rate (%) 14.2 1.9 2.5
Non-Life Insurance Market
Premium Written 109,845.4 106,238.5 100,815.7
Growth Rate (%) 3.4 5.4 5.8
Note : Data in 2008 and 2009 is OIC’s preliminary data as at February 12, 2010.
The Company’s Market Share over the Past 3 Years
Types of Insurance Order 2009 Order 2008 Order 2007
% (Preliminary) % %
(Before Improvement)
(Before Improvement)
Fire 1 13.9 1 12.3 1 12.2
Marine 3 8.0 3 7.5 3 7.6
Motor 5 4.9 5 4.6 3 5.4
Miscellaneous 2 9.9 3 8.7 3 8.0
Total 3 7.1 3 6.5 3 6.7
Note : Data in 2008 and 2009 is OIC’s preliminary data as at February 12, 2010.
Industry Outlook and Competition in 2010
Owing to the gradual economic recovery in late 2009, it is anticipated that both the private and government sectors’
spending and investment based on the government’s investment plans under the Thai Khemkhaeng stimulus package (2010-2012),
coupled with projected positive growth of imports and exports, will lead to the public’s improved employment and purchasing
power, resulting in an expansion of the non-life insurance industry that corresponds with the economic situation.
For motor insurance, a slight growth rate between 4.5 - 6.0 percent is projected despite the fact that total motor sales
improved in the final quarter of 2009 and are expected to achieve positive growth, between 7.0 - 10.0 percent, in 2010.
Nevertheless, thanks to the maintaining of high level of oil prices, apart from the impact of the enforcement of the OIC’s requirements
on “Cash Before Cover” criteria, and a diminishing trend of voluntary motor insurance’s premium rate (expected to become
effective in the third quarter of 2010), people will still be cautious in their spending and chose to spend only on necessary goods.
With regard to the trend of the non-motor insurance market, it is anticipated that personal accident insurance and health
insurance will achieve a high growth rate due to the rising occurrence of accidents or sickness, including the rising frequency of
natural disasters. In addition, health insurance is likely to derive some benefits from a proposal to amend the royal decree on
“Welfare Money Related to Medical Treatment”, B.E. 2553 which will provide an opportunity for the insured to utilize their privileges
from both an insurance company and the government sector. It has been projected that this will help the health insurance market
to achieve a tremendous growth rate. Similarly for liability insurance, trade credit insurance and legal liability insurance from
unsafe products, they appear promising markets of growth since there are a large number of entrepreneurs who have to comply
with an act on the legal liability for damage stemming from unsafe products, B.E. 2551. Concerning negative factors, they include
a reduction in fire premium rate from 5.0 - 20.0 percent for risks other than residences, for policies which start their coverage in 2010,
which will affect the overall amount of fire premium.
12

As a consequence, it is anticipated that non-life insurance companies will still give importance to expanding their market
via issuing economical - price policies, especially “2 Plus”, “3 Plus”, and “Third Liability” motor insurance policies, corresponding
to market demand. However, under the current uncertain economic condition, non-life insurance companies will still be more
cautious and stringent in their scrutiny for underwriting and claims payment.
Ability to Maintain Ratios Based on Business Type
In 2009, the Company had a total written premium of Baht 8,796.7 million, with premium growth in nearly all classes of
insurance, except marine cargo insurance, which experienced slightly decreasing growth corresponding to the market. The motor
premium amounted to Baht 3,210.3 million, representing 36.5 percent of the total written premium, with a constantly diminishing
trend of ratio between 2007 - 2009. Meanwhile, a total written premium for other classes of insurance besides motor insurance
accounted for Baht 5,586.4 million, or 63.5 percent of the total written premium, compared to 61.6 percent in 2008. This was partly
due to the Company’s ability to achieve a high growth rate of its miscellaneous premium, especially for personal accident
insurance, which experienced a very high growth rate. In contrast, fire insurance, with a slight loss ratio, witnessed an approximate
ratio over the past three years, or around 17 percent of the total written premium.
Written Premium Classified by Types of Insurance
(Baht : Million)
Type 2009 Distribution % 2008 Distribution % 2007 Distribution %
Fire 1,531.8 17.4 1,344.7 17.3 1,314.3 17.3
Hull 99.0 1.1 94.8 1.2 78.4 1.0
Cargo 322.0 3.7 347.7 4.5 316.7 4.1
Motor 3,210.3 36.5 2,986.7 38.4 3,295.0 43.0
Miscellaneous 3,633.6 41.3 3,004.7 38.6 2,651.9 34.6
Total 8,796.7 100.0 7,778.6 100.0 7,656.3 100.0
Considering the Company’s loss ratio, it had a diminishing trend over the past three years (2007 - 2009), or 57.2 percent,
47.8 percent and 45.5 percent, respectively. This was mainly due to the fact that non-motor insurance work experienced no major
loss, coupled with the consistently decreasing loss ratio for motor insurance over the past three years (2007 - 2009), or 63.1 percent,
59.0 percent and 53.7 percent, respectively. Additionally, it was partly thanks to the Company’s enhancement of its efficiency in
continuous investment cost and claims management.
Loss Ratio on Underwriting
(Baht : Million)
2009 2008 2007
Earned Claims Loss Earned Claims Loss Loss
Type Premium Ratio Premium Ratio Ratio
(%) (%) (%)
Fire 1,064.8 335.5 31.5 989.5 210.1 21.2 46.4
Hull 11.8 7.4 63.0 12.8 12.1 95.0 159.3
Cargo 228.3 55.2 24.2 222.3 47.8 21.5 30.5
Motor 2,870.4 1,542.8 53.7 2,987.7 1,762.8 59.0 63.1
Miscellaneous 1,305.9 554.1 42.4 873.4 399.8 45.8 51.5
Total 5,481.2 2,495.0 45.5 5,085.7 2,432.6 47.8 57.2
13

Bangkok Insurance Makes Significant
Efforts in Every Single Step

We aim to be the most preferred non-life insurer in Thailand
We continuously improve the quality of our services
to ensure complete customer satisfaction.
Our cooperative garages are accredited under our
çBKI Recommended Garageé project.
RISK FACTORS
Since 2008 and continuing into 2009, Thailand’s economy has been sluggish as a result of the global economic recession
coupled with domestic political unrest. Most governments across the world, including the Thai government, have constantly
initiated several measures to try to counter the slowdown in the economy, resulting in signs of an overall global economic
recovery. Nonetheless, we are still confronted with risks of various kinds. The Company has been fully aware of risks related to its
business transactions and implemented a risk management policy to reduce the chance of those risks. The following are risk
factors which can have an impact on the Company’s performance.
1. Strategic Risks
Strategies are significant for any organization’s success. They range from direction determination to strategy
implementation and transformation, from the organizational level to departmental level. The risks that may occur are, for instance,
strategies incongruous and inappropriate to business transaction environments. To manage strategic risks, the Company, through
its Corporate Strategy Department, has continuously reviewed its strategies in order to see whether they are still suitable to rapidly
changing environments. In addition, the Department is also in charge of summarizing the status of the Company’s performance
based on its strategic plans and will, at an appropriate time, display the status of an accomplishment of the plans and give a
warning signal for those plans that have to be adjusted. The management of such risks has enabled the Company to see them in
time and establish preventive measures, so turning the risk into a business opportunity instead.
2. Underwriting Risks
Underwriting risks are significant risks and directly influence the Company’s performance and financial standings.
Such risks may be incurred by a wide variety of reasons, for example, general accidents, tremendous natural disasters in all parts
of the world, with an increasing trend of occurrences and severity, such as fluctuating climate, melting polar ice, increasingly
violent tropical storms, as well as floods and earthquakes causing comprehensive damage. Furthermore, there have also been
risks stemming from human deeds, like hazards from terrorism and robbery. Obviously, these risks are regarded as perils causing
damage to people’s lives and assets.
To minimize such risks, the Company has adopted the standard consideration procedures for underwriting, defined
conditions of underwriting, and determined its premiums in line with the underwriting risks. Moreover, the Company has
supported its employees’ self-development and education, by having them attend training courses both inside the country and
abroad, to ensure that they have a good understanding and sound knowledge of insurance principles, as well as the ability to
make an assessment of risks with professionalism. Similarly, the Company has given consultancy services and suggestions to its
customers to help minimize their risks, including adopting an appropriate reinsurance policy to distribute risks.
15

3. Reinsurance Risks
For the non-life insurance industry, there are inwards reinsurance and outwards reinsurance with insurance companies
both inside and outside the country. In regard to this fact, the Company is exposed to risk incurred by reinsurance companies’
financial status, or the underwriting of high risks. To minimize such risks, the Company has analyzed the financial status and
considered the credit rating of all reinsurance companies. In addition, the Company also purchases excess of loss cover in order
to manage its risk in the event of a tremendous calamity.
4. Difficulties in Premium Collection
Due to severe competition in the non-life insurance industry, the Company has provided a period of time to the agent
and broker to submit their premiums.
To minimize the risk of being unable to collect premiums, the Company has complied with the notices of the Office of
Insurance Commission concerning the premium collection for motor insurance, which require that customers pay their premiums
before the policy becomes effective for its coverage (Cash Before Cover). Additionally, the Company has improved a guideline for
its performance in premium collection, and required the agent and broker to submit collateral. Additionally, the Company manages
debts efficiently, which helps reduce the risk.
5. Operational Risks
These refer to risks that may arise from human error, failure of a work system or an information technology system,
or an insufficient internal control system that may result in corruption. Such risks can usually be estimated in terms of money, although
they cannot be monetarily measured in certain cases, such as damage caused to the Company’s good image and reputation.
To minimize this risk, the Company has assigned the Internal Audit Department to identify, assess, follow up and
control the risk and continuously report to the Audit Committee in order to find out the level of risk and minimize operational risks at
an acceptable level.
Apart from this, all levels of the Company’s sections regard it as a significant mission to follow up, control and assess
operational consequences so that operational risks are controllable.
6. Investment Risks
For any investment, the Company will take into account both the returns and risks. Investment risks include the following.
6.1 Price Volatility Risk
Over 2009, Thailand has witnessed volatile stock exchanges, causing the fair value of the Company’s
investments in marketable securities to fluctuate corresponding with the SET’s index.
To minimize the risks incurred by price volatility, the Company has chosen to invest in fundamentally sound
securities and diversified its investments in various categories of industries, apart from focusing on long-term investment, with a
belief that any securities with sound fundamentals and management, and capability of profitable growth will have an appropriate
fair value and not be significantly volatile. Besides, the Company closely follows up the securities issuers’ financial status and
performance to minimize the risk.
16

6.2 Interest Rate Risk
The Company has invested in financial instruments that yield a return in the form of interest such as fixed deposits
at commercial banks, promissory notes, government bonds and public enterprise bonds. When there are fluctuations in the
interest rates, they result in a reinvestment risk and instrument price volatility.
To minimize the risks, the Company has closely followed up the direction of the return rates in the market in order
to define the investment period in accordance with the fluctuation of the interest rates. In addition, the Company has a policy of
occupying debt instruments until they are due, which will help make a change in interest rates having only a trivial impact on the
instruments’ fair value.
6.3 Risk Associated with Providing Loans
The risks stemming from providing mortgaged loans to outsiders might occur when there are violations of loan
contracts on the part of debtors. This may be due to debtors’ financial crisis incurred by their economic situation. For instance,
debtors engaged in a real estate development project cannot sell their homes, or if they have apartments for rent, the number of
tenants decreases. Or personal debtors’ salary is reduced or there is redundancy. All the aforesaid reasons affect the debtors’
cash flow to be paid for their debts during the economic recession. Furthermore, there may be a reduction in property prices
affecting the Company’s collateral security.
To eliminate or minimize such a risk, the Company has placed stronger restrictions on its debtor analysis, both for
debtors with various projects and personal debtors taking residential loans, including making a cautious and thorough analysis
and evaluation of debtors’ collateral security.
With regard to debtors’ with various projects, the Company has strictly controlled the loan disbursement so that
borrowers may spend their loan according to the approved objective. Besides, the Company has also followed up the progress of
project construction, sales, and marketing plans in order to investigate the possibility of home sales and debt payment.
Concerning personal debtors taking residential loans, the Company’s analyst has examined the completeness,
accuracy and conformity of each debtor’s income and expanses data, based on the Company’s data sources or evidence
presented by the debtors, including their credit data derived from the National Credit Bureau. Above all, each debtor’s collateral
security must be sufficient for debt payment, while the Company consistently follows up and audits debtors’ status, and possesses
a sound system of debtor management which can efficiently support the Company’s debtor management.
17

MAJOR PROGRESS IN 2009
Recipient of the Outstanding
Management Award for 2008
Free Check on Car’s Condition
Service Center at PEA Labour Union
Recipient of the Outstanding Management Award for 2008
Through its strong determination to constantly develop its services, coupled with efficient business management based on
the principle of good corporate governance, Bangkok Insurance Public Company Limited was awarded “The Second Outstanding
Non-Life Insurance Company” award 2008 from the Office of Insurance Commission.
Receive Reliability Rating A- (Negative)
Bangkok Insurance derives Financial Reliability ratings of A- (Negative) from The Standard & Poor’s (S&P) Institution,
one of the world’s leading financial ratings institutions, which is regarded as a good level (the best ranking of Thai companies).
This reflects the Company as a leading company in the non-life insurance industry, with high competitiveness and return,
in addition to have robust and secure funds assets, including satisfactory fund management.
Free Check on Car’s Condition
After receiving widespread acceptance from its customers in 2009, the Company, along with Bridgestone Sales Company
(Thailand), under the name “Cockpit” Car Tyre Service Centre, an expert in car tyres, has granted a special privilege to the
Company’s customers buying its motor insurance policy by giving a free check on their car’s condition for 10 items at a Cockpit
service center. This includes: (1) examination of tyres’ condition/ pressure, (2) lubrication oil, (3) oil for power steering and brake,
(4) gear oil, (5) spurt water on a car’s windscreen / water in a radiator, (6) air filter, (7) battery, (8) brake fabric/choke up, (9) a rain-wiping
blade/ headlight and taillight, and (10) engine belt/ air-conditioner. Apart from the above services, a discount of 15 percent is also
given for wheel centre set-up / wheel balancing to make customers feel comfortable throughout their journey, besides helping
reduce the possible of accidents that may be incurred by the imperfection of their cars.
Service Center at PEA Labour Union
The Company has never stopped developing its service channels for customers’ convenience and ease. The Company,
in cooperation with the Labour Union of the Provincial Electricity Authority (PEA), has signed a memorandum of agreement on
trade cooperation and established a Bangkok Insurance service centre or Counter Service to provide all classes of insurance
services to members of the PEA Labour Union, including personal accident insurance, health insurance, voluntary and compulsory
motor insurance, and fire insurance. The services are provided focusing on customers’ convenience and ease and are able to
completely meet their demands. Furthermore, customers can wait to receive their policy immediately.
18

Increase Convenience for Premium Payment
Alteration to a New Website’s Name
Join Sony Ericsson for Accident Coverage
Increase Convenience for Premium Payment
The Company is strongly determined to develop the quality of its services so as to enhance convenience and ease of
customers to their utmost satisfaction. As a consequence, the Company has increased one more channel for premium payment
through Counter Service, which is convenient and provides coverage to customers in all regions of the country. Customers just
take an invoice for payment or pay-in to a 7-ELEVEN shop or any shop with a counter service sign to pay their premiums, without
having to pay a service fee. Additionally, customers may also make a premium payment, at their convenience, at such channels as
bank counters, post offices with a sign Pay at Post, service point of Tesco Lotus, service point of AIS or Telewiz shop with a sign
Pay Station, and via a mobile phone of the GSM Advance system and One-2-Call, or an mPay (Mobile Payment) service.
Alteration to a New Website Name: Easy to Remember
The Company has changed its website’s name from www.bki.co.th to www.bangkokinsurance.com, which is easy to use and
remember, as well as more convenient. Similarly, the new website’s interface screen has been modified to be bright and colorful.
Above all, customers’ convenience is increased so that they can buy an insurance policy via the website, which is ready to offer a
variety of policies such as motor, fire, cancer and travel accident insurance. The Company’s new website will be able to meet the
demand of each customer target group that increasingly gives importance to continuous use of services through the Internet.
Join Sony Ericsson for Accident Coverage
The Company, in cooperation with Sony Ericsson Mobile Communications Company (Thailand), a distributor of Sony
Ericsson mobile phones and accessories, has offered a special privilege of personal accident insurance, with maximum coverage
of Bath 100,000, to customers who buy each batch of Sony Ericsson’s Bluetooth accessories, without having to pay any additional
service fee.
19

Create New Policies
Create New Policies
Personnel Development
Create New Policies in Response to Customers’ Satisfaction
The Company has created and developed new policies to fit each situation as well as correspond with customers’ daily
living and respond to each of their demands. In 2009, the Company issued the following new patterns of policies.
- The “Comprehensive Value Package” a comprehensive motor insurance policy which is appropriate for car lovers with
a good driving record. The insured do not have to be jointly responsible if the damage is caused by an outsider and the party
can be identified. If an insured car is found to be in the wrong or there is no other party, the insured will be responsible for a
deduction of Baht 5,000 per accident.
- The “Value Plus” personal accident insurance policy. To respond to the government policy of stimulating the business
sector’s and people’s spending, which is the promotion of the country’s overall economy, the Company has issued its product,
called “Value Plus” personal accident insurance policy, which meets the demand of and fits the customer group of government
officials and employees in a social insurance system, who receive living expenses of Baht 2,000 from the government. The policy
increases the value of the government’s “Help the Nation” cheque for the Company’s customers by another Baht 1,000. It provides
coverage of Baht 1.0 million and compensates in daily cash benefits of Baht 2,000 per day for 200 consecutive days in case of a
customer having to stay in hospital for medical treatment due to an accident.
- The “Value Packages” is a combination of appropriate coverage for each group of consumers. It is a policy with value
coverage and includes the 2 following packages.
- “4 - Classic Diseases Package” provides coverage of 4 critical illness likely to occur in one’s daily life, for example,
cancer, cardiac muscle failure, stroke, and chronic kidney failure. If the insured is diagnosed by a doctor as suffering from any one
of the 4 diseases, which goes in accordance with the policy’s condition, they will be compensated for it with a maximum amount of
Baht 200,000, apart from special interest of 10 consecutive months. The initial premium amounts to only Baht 580 per year.
- “Salary Man Package” provides coverage of personal accident insurance and cancer. Moreover, the policy also
covers customers’ daily hospital cash benefit during medical treatment in a hospital whether it is caused by customers’ accident
or illness. An initial premium amounts to only Baht 2,370 per year.
Personnel Development
The Company is determined to develop itself to become a learning organization through the encouragement of
self-development among staff, including potential development with “On-the-Job Training”, “Coaching”, and “Consulting”, all of
which aim to develop multi-skills among individual staff so that he/she gains potential appropriate to his/her position.
During 2009, the Company provided its staff with a total of 384 training courses, held both within and without the
Company’s compound, as well as granted 1 scholarship to its staff for training overseas. Concerning the development of its
employee’s knowledge and skill, the Company provided an average of 5 training days per staff per year. In 2009, the budget
spent on the Company’s employee’s training and development totalled Baht 3.0 million
20

REPORT OF THE COMPANYûS OPERATIONS
(Baht : Million)
2009 2008 Change 2009
Premium Written % Distribution %
Types of Insurance
Fire 1,531.8 1,344.7 13.9 17.41
Hull 99.0 94.8 4.5 1.13
Cargo 322.0 347.7 (7.4) 3.66
Motor 3,210.3 2,986.7 7.5 36.49
Miscellaneous 3,633.6 3,004.7 20.9 41.31
Total 8,796.7 7,778.6 13.1 100.00
Income on Underwriting
Types of Insurance
Fire 342.8 400.7 (14.5) 28.23
Hull 8.3 4.3 92.3 0.68
Cargo 109.2 110.8 (1.4) 9.00
Motor 433.0 373.3 16.0 35.67
Miscellaneous 320.7 157.2 103.9 26.42
Total 1,214.0 1,046.3 16.0 100.00
Operating Expenses 587.5 612.9 (4.2) 48.39
Net Underwriting Profit 626.5 433.4 44.6 51.61
(Baht : Million)
2009 2008 Change
Net Invesment Income %
Interest 169.6 178.5 (5.0)
Dividends 399.9 453.1 (11.7)
Gain (Loss) on Sale of Securities and Assets 72.4 (21.6) 434.4
Rental and Other Income 103.9 109.1 (4.7)
Share of Income from Associated
Accounted for under the Equity Method 2.3 2.9 (22.3)
748.1 722.0 3.6
Investment Expenses 91.7 65.9 39.3
Net Investment Income 656.4 656.1 0.1
Operating Results
Net Underwriting Profit 626.5 433.4 44.6
Net Investment Income 656.4 656.1 0.1
Income before Income Tax 1,282.9 1,089.5 17.8
Income Tax 343.6 208.2 65.0
Net Income 939.3 881.3 6.6
Basic Earnings Per Share (Baht) 18.53 17.38 6.6
Ordinary Share (Shares) 50.7 Million 50.7 Million -
Par (Baht) 10.00 10.00 -
21

REPORT OF THE COMPANYûS OPERATIONS
Type of Business
Bangkok Insurance Public Company Limited has been engaged in the non-life insurance business since 1947. The Company
was listed on the Stock Exchange of Thailand in 1978, and was transformed into a public company under the Public Company Act
on July 1, 1993, with a paid-up capital of Baht 200 million. Subsequently, the Company increased its paid-up capital three times in
2002, 2004 and 2006, to total Baht 507 million, consisting of stocks of 50.7 million shares valued at Baht 10 per share.
Summary of Operating Performance for the Year 2009:
Operation and Financial Status of the Company
Based on the financial statements as at December 31, 2009, the total assets of the Company amounted to Baht 20,496.4 million,
an increase of 34.0 percent from Baht 15,297.0 million in the previous year. This was accompanied by a significant rise in assets,
particularly investment capital in securities, of Baht 4,624.1 million in stock investment. Similarly, government bonds and notes rose
by Baht 282.5 million and 220.0 million, respectively.
Liabilities at 2009 year-end totaled Baht 6,905.0 million, a rise of Baht 810.6 million or 13.3 percent, over 2008. A significant
increase was unearned premium reserve of Baht 482.2 million thanks to a rise in motor premium, due to re-insurers of Baht 119.2
million, and corporate income tax payable of Baht 116.3 million, compared to 2008. Similarly, loss reserves and outstanding claims
rose by Baht 86.5 million owing to increased miscellaneous claims, compared to 2008.
Shareholders’ equity on December 31, 2009, equaled Baht 13,591.4 million, a rise from Baht 9,202.6 million, or 47.7
percent, in 2008. The increase was due mainly to the surplus on revaluation of investments of Baht 4,057.9 million, or 141.5 percent.
For 2009, the premium written income for all classes of insurance rose by 13.1 percent to Baht 8,796.7 million.
Miscellaneous insurance and fire insurance achieved the highest growth rates of 20.9 percent and 13.9 percent, respectively,
compared to 2008.
In 2009, the net underwriting, after deducting operating expenses, amounted to Baht 626.5 million, an increase of
Baht 193.1 million or 44.6 percent, thanks to diminution in motor claims and miscellaneous claims, compared to 2008.
22

The net investment income in 2009 was Baht 656.4 million, a slight increase of 0.1 percent over 2008. The Company’s total
income before income tax deduction was Baht 1,282.9 million, a rise of 17.8 percent. After income tax deduction, the net income
totaled Baht 939.3 million, an increase of 6.6 percent compared to 2008, or Baht 18.53 per share, compared to Baht 17.38 per
share in 2008.
The Company’s Board of Directors has approved a final dividend payment of Baht 3.75 per share for the year 2009, and
paid stock dividends of Baht 5 per share. Nevertheless, during the past three quarters, the Company has already made three
interim dividend payments of Baht 2.75 per share. Therefore, the total dividend payment rose by Baht 5 per share to Baht 17 per
share in 2009, as compared to Baht 12 per share in 2008.
Operating Performance by Classes of Business for the Year 2009
Fire Insurance
In 2009, the Company registered Baht 1,531.8 million in written fire insurance premium, an increase of 13.9 percent as
compared to 2.3 percent in 2008. The rise in direct written premiums was partly due to the fact that brokers had assigned more
work to the Company while the Company speeded up an expansion of its work and took on more reinsurance. In addition, the
increased premiums resulted from the Company’s long-period underwriting in the previous years, which still provided steady
coverage in 2009.
The net premium written amounted to Baht 1,163.9 million, a rise of 16.4 percent, since the Company took more retention,
compared to 2008. The loss ratio in 2009 was 31.5 percent, compared to 21.2 percent in the year before. As a consequence,
the Company’s underwriting profit in 2009 diminished by 14.5 percent to Baht 342.8 million, compared to 2008.
Marine Insurance
- Hull In 2009, the Company registered a total of Baht 99.0 million in written marine hull insurance premium, an increase
of 4.5 percent over the previous year. This was partly due to credit customers of financial institutions increasingly assigning their
insurance affairs to the Company, and large customers dealing through direct sales, amounting to Baht 3.9 million.
23

The net premium written amounted to Baht 11.9 million, a reduction of 6.7 percent over 2008. This was thanks to the
Company’s retention of 12.0 percent in 2009, compared to 13.4 percent in the year before. The loss incurred in 2009 diminished
by Baht 4.7 million to Baht 7.4 million, compared to the previous year. As a consequence of the Company’s underwriting in 2009,
the loss ratio was 63.0 percent, resulting in a profit of Baht 8.3 million and a rise in underwriting profit of Baht 4.0 million,
compared to 2008.
- Cargo In 2009, the Company registered Baht 322.0 million in written marine cargo insurance premium, a diminution of
7.4 percent over the year before. This was partly due to the economic slowdown, resulting in a decrease in the number of trips,
and values of imports-exports, as well as domestic transports.
The net premium written totaled Baht 222.5 million, a decrease of 5.2 percent, due to the Company’s retention augmentation
from 67.5 percent in 2008 to 69.1 percent in 2009. The loss ratio in 2009 rose to 24.2 percent, compared to 21.5 percent in 2008,
resulting in the Company’s underwriting profit of Baht 109.2 million in 2009, a decline of 1.4 percent from the previous year.
Motor Insurance
In 2009, the Company registered Baht 3,210.3 million in written motor insurance premium, a rise of 7.5 percent over 2008.
This was due mainly to the expansion of personal line business through the Telemarketing channel, apart from increasing new
packages or insurance policies, for example, “First Care 2+” and “Comprehensive Value Package”, a Comprehensive motor
insurance, as well as efficiently maintaining the base for policy-renewal customers.
The net premium written amounted to Baht 3,104.0 million, an increase of 8.4 percent over 2008. In 2009, the Company’s
retention was 96.7 percent, a slight augmentation from 2008, which was 95.9 percent. The loss ratio diminished from 59.0 percent
in 2008 to 53.7 percent in 2009 owing to the Company’s restructuring and adjustment of its motor claims management approach in
order to enhance the efficiency of costs management. The Company therefore gained an underwriting profit of Baht 433.0 million,
a rise of 16.0 percent, compared to 2008.
Miscellaneous Insurance
Miscellaneous insurance consists of five major categories: General Accident, Engineering, Personal Insurance, Aviation,
and All Risks. In 2009, the Company registered a total of Baht 3,633.6 million in written miscellaneous insurance premium,
an increase of 20.9 percent over 2008. This was attributed to a rise in the direct premium of personal accident insurance and
health insurance, which recorded rapid growth due to the expansion of personal line business through both Telemarketing and
Bancassurance projects.
The net premium written for all categories totaled Baht 1,461.1 million, a rise of 42.0 percent over 2008. The Company’s
retention rose to 40.2 percent in 2009, compared to 34.3 percent in 2008. The loss ratio dropped from 45.8 percent in 2008 to 42.4
percent in 2009. Most losses stemmed from customers of personal accident insurance and group health insurance. Consequently,
the Company’s underwriting profit increased by 103.9 percent to Baht 320.7 million, compared to 2008.
Underwriting Expenses The Company’s underwriting expenses totaled Baht 4,267.2 million, representing a rise of 5.6 percent
over 2008. The claims incurred during 2009 increased by 2.6 percent from the previous year, while other expenses rose by 10.3 percent
over the year before.
Operating Expenses In 2009, the Company’s operating expenses totaled Baht 587.5 million, a decline of 4.2 percent over
2008. Basically, the expenses on personnel, premises and equipment had a higher proportion, compared to 2008. Meanwhile,
other operating expenses diminished, especially financial contributions, due to an end of the activities carried out on the occasion
of the 60 th anniversary of the Company’s establishment.
In 2009, the Company’s all classes of direct premium written equaled Baht 7,830.6 million, a rise of 14.2 percent from
2008. The Company’s market share rose to 7.1 percent in 2009, compared to 6.5 percent in 2008, and it could retain the third rank
in market share as before. The ratio of over 40.0 percent from motor insurance premium had a growth rate of 7.4 percent, resulting
in an increase of motor premium market share to 4.9 percent in 2009, compared to 4.6 percent in 2008. Similarly, other classes of
insurance such as fire insurance, marine insurance and miscellaneous insurance had witnessed augmentation in market share
24
altogether.

Goals of Business Transactions
For its operational consequences in 2009, the Company’s total direct premium written rose by 14.2 percent, higher than
the non-life insurance industry’s growth rate of only 3.4 percent. Nearly all classes of insurances achieved a certain growth rate
except cargo insurance, which witnessed a minus growth rate of 12.7 percent and went in the same direction as the non-life
insurance industry’s minus growth of 14.7 percent.
With respect to its service network and distribution channels, the Company has opened two more BKI Care Stations in
department stores located in Khon Kaen and Bangkok, making a total of 13 BKI Care Stations spread throughout all regions of
the country.
As a consequence of the Company’s constant improvement of the quality of its services in all respects, the 2009 survey
outcome revealed that the Company’s customers’ and business partners’ satisfaction on its services was 94 percent and 85
percent, respectively, an increase from 89 percent and 79 percent, respectively, in 2008.
For 2010, the Company has targeted a growth rate of 13.0 percent for direct premium written through all of its distribution
channels, with an emphasis on an expansion of its personal line business base via Bancassurance and Telemarketing channels as
they both are potential channels for business expansion. In addition, the Company will focus on quality growth, through a control of
the appropriate ratio of motor and non-motor work in order to create balance between the Company’s business growth and
returns. Concerning its underwriting policy, the Company still gives priority to its risk management by defining annual plans for a
steady hazard survey of customers with high risks so as to create cooperation for the prevention of risks that may start early.
Likewise, the Company will not concentrate on a pricing competition. Basically, the premium rate determination will take into
account operational costs and a trend of damages to be incurred.
For its service network and distribution channels, the Company has set a target to open at least three more BKI Care
Stations and two micro branches in areas with a potential for the service expansion, including increasing a sales extension
potential through the Internet. This, of course, aims at convenience, swiftness and coverage for all classes of services, all in
support of consumers’ new lifestyles, allowing the Company wider coverage of its customer service network.
Regarding its product development, the Company has a plan to introduce new products, including those with economical
prices for various insurance classes, for distribution via each channel, for an option of consumers.
Besides, the Company will continuously retain its activities that are responsible for society, for instance, the global warming
reduction project, “Clean up the World”, and “Earth Hour”, etc. Other projects include a campaign to raise the Company’s staff’s
awareness to use energy worthily and use alternative energy, including their public-minded awareness to look after the
environment and society at large.
Future Projects
The Company has constantly developed its Information Technology (IT) and network system that will enhance the
efficiency of its performance and develop the quality of its services for customers and business partners. In 2009, the Company
had changed its website’s name to www.bangkokinsurace.com as well as modified the website’s interface screen so that it was
up-to-date and more convenient for customers who bought insurance policies via the Company’s website, through which a wide
variety of supplementary services were provided, for example, premium payment, a name list of standard garages and hospitals
identified in the contract. Furthermore, the Company has increased its communication channels through social network such as
Facebook and Twitter, which enables the Company to have a closer interaction with its customers via the Internet.
Moreover, the Company has developed the eSurveyor system to provide services to its customers in case of a car
accident, through the use of GPS technology and an electronic map for an allocation of officers concerned so that they can reach
the accident scene rapidly and deliver customers’ insurance data, via the GPRS system, to the personal digital assistant (PDA)
machine in order that the surveyors can give their services to customers with accurate and complete data at accident scenes.
Similarly, the Company has planned for communication within the organization via a Video Conference System, which
provides contact with several places at the same time, resulting in the Company’s more efficient performance, with diminishing
operational costs.
25

Developing Technology to Make Every
Communication Easy and Convenient

We aim to be the most preferred non-life insurer in Thailand
We develop and update our website constantly in order
to provide fully integrated services to customers.
Thus, customers have the greater convenience and
ease in purchasing insurance and making premium
payments online through our website anytime, anywhere.
INVESTMENT INCOME
The Company’s investment portfolio at 2009 year-end had increased by Baht 1,328.7 million, or 14.6 percent, to
Baht 10,452.6 million. The Baht 4,666.7 million fixed income investment accounted for 44.7 percent of the total investment portfolio,
while the remaining Baht 5,785.9 million, or 55.3 percent, was invested in both listed and unlisted common stocks.
Fixed income investments consisted of deposits at commercial banks, saving deposits, promissory notes, and government
bonds and monetary notes. Deposits with commercial banks rose by Baht 184.9 million, or 24.5 percent, from the previous year to
Baht 939.8 million, or 9.0 percent of the total investment portfolio. Saving deposits were Baht 89.0 million. Promissory notes of Baht
463.2 million, representing 4.4 percent of the total investment portfolio, increased by 90.5 percent. Government bonds and
monetary notes rose by 64.2 percent from the previous year to Baht 775.2 million, or 7.4 percent of the total investment portfolio.
In addition, the Company’s mortgaged loans with real estate as collateral decreased by 7.5 percent to Baht 2,431.7 million,
representing 23.3 percent of the total investment portfolio.
In 2009, the Company’s investments in listed securities rose by Baht 354.3 million, or 10.6 percent, to Baht 3,707.2 million,
or 35.5 percent of the total investment portfolio, compared to 2008. The Company chose to invest in fundamentally sound stocks
and focused on long-term investments. It believed that in the long run the stocks’ sound fundamentals would lead to their
appropriate prices and help avoid price fluctuation.
Investments in non-listed securities increased by Baht 272.7 million to Baht 764.6 million, representing 7.3 percent of the
total investment portfolio. They were regarded as strategic investments in order to generate business relationships with others and
support the Company’s business transactions.
The investment capital in associated companies rose by 0.3 percent to Baht 119.0 million, or 1.1 percent of the total
investment portfolio, the increase stemming from the acknowledgement of income in those associated companies. It was
shareholding that ranged from 20.0 percent and over, and comprised overseas investments. This was aimed at enhancing an
opportunity to make business transactions with foreign companies. Those associated companies had growth potential, with a high
rate of turnover, and were able to pay a dividend.
Furthermore, investments in listed real estate funds amounted to Baht 506.7 million, or 4.8 percent of the total investment
portfolio. Similarly, investments in funds investing in debt securities increased by 43.8 percent to Baht 489.2 million, or 4.7 percent
of the total investment portfolio, while investments in funds investing in non-marketable equity securities totalled Baht 199.1 million,
representing 2.0 percent of the total investment portfolio.
Net investment incomes in 2009 amounted to Baht 656.4 million. They comprised Baht 168.5 million from the interest
(a decrease of 5.6 percent due to reduced rates of interest in 2009); Baht 1.1 million from loan fees (an increase of Baht 1.0 million,
or 1,000.0 percent, from 2008); Baht 399.9 million from dividends (a decrease of Baht 53.1 million, or 11.7 percent, which was
mainly due to Bangkok Life Assurance Public Company Limited’s payment of extra dividends totalling Baht 51.2 million in 2008,
and regular payment in 2009, causing a total amount of dividends in 2009 to diminish); Baht 72.4 million profit from stocks and
assets sale (a rise of 434.4 percent); Baht 103.9 million from rents and services (a decrease of 4.7 percent), and Baht 2.3 million of
profit share from investments in associated companies (a reduction of 22.3 percent). In 2009, the Company’s investment expenses
rose by 6.0 percent to Baht 78.7 million.
At 2009 year-end, the SET index closed at 734.54, an increase of 284.58, or 63.2 percent, from 2008, which closed at
449.96, resulting in the Company’s having a surplus on revaluation of investments in stocks in the SET totalling Baht 6,925.9 million,
a rise of Baht 4,057.9 million, or 141.5 percent, over 2008.
27

INVESTMENT
(Baht : Million)
Year end Year end Change Distribution %
2009 2008 % 2009
Composition of Investment Portfolio
Fixed Interest Bearing Securities
Deposits at Banks 939.8 754.9 24.5 9.0
Notes 463.2 243.2 90.5 4.4
Collaterised Loans 2,431.7 2,628.8 (7.5) 23.3
Bonds* 775.2 472.1 64.2 7.4
Investment and Other Loans 56.8 15.4 268.8 0.6
Total Fixed Interest Bearing Securities 4,666.7 4,114.4 13.4 44.7
Shares Listed on the SET* 3,707.2 3,352.9 10.6 35.5
Unlisted Shares 764.6 491.9 55.4 7.3
Investment in Associated 119.0 118.7 0.3 1.1
Unit of Closed-end Fund Listed on the SET* 337.0 337.0 - 3.2
Unit of Closed-end Fund 858.1 709.0 21.0 8.2
Total Investment Portfolio 10,452.6 9,123.9 14.6 100.0
* At Cost
28

INVESTMENTS IN SECURITIES
Investments in Listed Securities as at December 31, 2009, consist of following:
Name of Company Line of Business Percentage No. of Shares Book Value Market Value
of Hoding
(Baht : Million) (Baht : Million)
Bangkok Bank Banking 1.86 35,412,030 1,419.76 4,090.09
Bumrungrad Hospital Health Care Services 13.17 96,158,302 377.35 2,836.67
Bangkok Life Assurance Assurance 5.27 63,225,000 211.58 1,093.79
Charoong Thai Wire & Cable Electrical Products 6.40 25,468,124 165.96 134.98
Furukawa Metal (Thailand) Copper Tube 8.93 4,287,600 100.20 53.59
Thai Reinsurance Reinsurance 4.02 47,724,840 90.49 248.17
PTT Energy 0.01 320,000 61.18 78.72
Amata Corporation Industrial Estate 1.31 13,925,600 52.67 102.35
ACL Bank Banking 0.67 10,643,600 52.24 114.95
Electricity Generating Energy 0.16 832,300 42.52 65.75
Bangkok Aviation Fuel Services Energy 1.23 6,255,000 35.49 50.67
Ratchaburi Electricity Energy 0.06 900,000 35.37 31.72
Minor International Food and Beverage 0.41 13,206,202 35.20 149.23
Union Plastic Plastics 8.37 2,093,160 27.86 32.44
A.J. Plast Packaging 1.23 4,414,400 26.76 17.48
Advanced Info Service Information & 0.01 320,000 25.95 27.60
Communication Technology
Ramkhamhaeng Hospital Health Care Services 0.53 63,900 25.21 33.99
Thai Theparos Food Sauce 1.36 489,600 22.57 69.03
Ticon Industrial Connection Property Development 0.66 4,381,900 21.33 42.06
Bangkok Expressway Transportation & Logistics 0.20 1,513,600 20.92 31.33
I.C.C. International Fashion 0.63 1,844,370 20.20 71.93
Thai Tap Water Supply Utilities 0.11 4,300,000 19.87 19.09
MCOT Media & Publishing 0.11 788,600 19.79 18.93
Chumporn Palm Oil Industry Palm Oil 5.18 14,508,910 18.78 60.07
Rojana Industrial Park Industrial Estate 0.18 1,625,300 18.76 16.93
Total 25 Listed Companies 2,948.01 9,491.56
Other 77 Listed Companies 759.16 1,137.91
Unit trust 1,195.08 1,172.81
Warrant - 6.35
Total 4,902.25 11,808.63
29

SUMMARY OF QUARTERLY
FINANCIAL RESULTS
(Baht’000)
2009 2008
Quarterly Results of Operations Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4
Premium Written 2,185,300 2,008,674 1,990,200 2,612,509 2,138,330 1,849,464 1,765,601 2,025,224
Income on Underwriting 322,949 217,874 309,638 363,550 293,724 305,641 249,309 197,662
Operating Expenses 123,572 129,152 151,200 183,524 159,229 167,951 144,642 141,064
Net Underwriting Profit 199,377 88,722 158,438 180,026 134,495 137,690 104,667 56,598
Net Investment Income 152,448 169,917 163,218 96,144 152,826 244,365 188,761 88,827
Gain (Loss) on Sale of Securities and Assets 3,715 31,002 34,506 3,130 74,420 (5,597) (12,724) (77,734)
Share of Income from Associated
Accounted for under the Equity Method 397 492 1,064 320 607 701 1,183 435
Income before Income Tax 355,937 290,133 357,226 279,620 362,348 377,159 281,887 68,126
Income Tax 79,237 82,965 54,054 127,366 109,528 51,137 21,997 25,534
Net Income 276,700 207,168 303,172 152,254 252,820 326,022 259,890 42,592
Per Share
(Baht)
Basic Earnings Per Share 5.46 4.08 5.98 3.01 4.99 6.43 5.12 0.84
Ordinary Share (Shares) 50.7 Million 50.7 Million 50.7 Million 50.7 Million 50.7 Million 50.7 Million 50.7 Million 50.7 Million
Dividends 2.75 2.75 2.75 3.75 2.75 2.75 2.75 3.75
Stock Dividends - - - 5.00 - - - -
Dividends and/or Stock Dividends (Full Year) 2.75 2.75 2.75 8.75 2.75 2.75 2.75 3.75
Market Price
High 197 230 241 244 286 286 276 230
Low 186 188 223 231 272 274 224 173
Par Value 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
30

FIVE YEARS REVIEW
(Baht’000)
2009 2008 2007 2006 2005
For the Year
(Restated)
Premium Written 8,796,683 7,778,619 7,656,311 7,427,527 6,939,322
Income on Underwriting 1,214,011 1,046,336 646,157 660,267 722,097
Operating Expenses 587,448 612,886 564,172 474,308 467,302
Net Underwriting Profit 626,563 433,450 81,985 185,959 254,795
Net Investment Income 581,727 674,779 589,155 499,256 446,444
Gain (Loss) on Sale of Securities and Assets 72,353 (21,635) 186,791 119,997 119,348
Share of Income from Associated
Accounted for under the Equity Method 2,273 2,926 20,120 5,101 -
Income before Income Tax 1,282,916 1,089,520 878,051 810,313 820,587
Income Tax of 2004 - - - - 52,902
Income Tax 343,622 208,196 170,302 217,025 205,013
Net Income 939,294 881,324 707,749 593,288 562,672
At Year - end
Unearned Premium Reserve 2,990,748 2,508,589 2,453,829 2,275,965 2,081,021
Shareholders’ Equity 13,591,389 9,202,580 13,673,817 12,796,775 11,794,770
Per Share
(Baht)
Basic Earnings Per Share 18.53 17.38 13.96 11.70 11.10
Ordinary Share (Shares) 50.7 Million 50.7 Million 50.7 Million 50.7 Million 50.7 Million
Dividends 12.00 12.00 12.00 12.00 12.00
Stock Dividends 5.00 - - - 3.00
Book Value 268.07 181.51 269.70 252.40 232.64
Market Price
High 244.00 286.00 292.00 304.00 264.00
Low 186.00 173.00 216.00 206.00 210.00
Market Price at Year-end 240.00 176.00 274.00 224.00 262.00
Par Value 10.00 10.00 10.00 10.00 10.00
Number of Employees 1,066 1,098 1,079 1,057 1,036
31

32
ADVISORY BOARD

Mr. Chatri Sophonpanich
Chairman
Mrs. Boonsri Sophonpanich
Adviser
Mr. Damrong Krishnamara
Adviser
Mr. Piti Sithi – amnuai
Adviser
Mr. Vira Ramyarupa
Adviser

BOARD OF DIRECTORS AND
BOARD OF DIRECTORS PROFILE
Mr. Chai Sophonpanich
Chairman
Mr. Plengsakdi Prakaspesat
Independent Director and Chairman
of the Audit Committee
Mr. Singh Tangtaswas
Independent Director and Chairman of
Remuneration & Nomination Committee
34
Education
- B.Sc., University of Colorado, U.S.A.
- Advanced Management Program,
the Wharton School, 1984
- The Joint State - Private Sectors Class 6,
The National Defence College of Thailand
- Director Certifi cation Program (DCP)
Class 16/2002, Thai Institute of Directors
Association
- Chairman 2000 Class 10/2004,
Thai Institute of Directors Association
Work Experiences
- Chairman and Chief Executive Offi cer,
Bangkok Insurance Public Co., Ltd.
(present)
- Chairman, Bangkok Insurance Public
Co., Ltd. (1978 - present)
- President, Bangkok Insurance Public
Co., Ltd. (1976 - 2009)
- Chairman, Furukawa Metal (Thailand)
Public Co., Ltd. (1988 - present)
- Chairman, Charoong Thai Wire & Cable
Public Co., Ltd. (1986 - present)
- Chairman, Bumrungrad Hospital Public
Co., Ltd. (1979 - present)
- Vice Chairman, Thai Reinsurance
Public Co., Ltd. (1978 - present)
- Director, Bangkok Life Assurance
Public Co., Ltd. (1968 - present)
- Chairman, The Federation of Thai
Insurance Organization (2006 - 2008)
- President, The General Insurance
Association (1984 - 1986, 1989 - 1991,
1997 - 2001, 2005 - 2007)
- President, The East Asian Insurance
Congress (1984 - 1986, 2004 - 2006)
- Chairman, Asean Reinsurance
Corp., Ltd., Singapore (1988 - 1992)
- Chairman, Asean Insurance Council,
Jakarta (1987 - 1989)
Education
- Graduate in Commerce from Ross
College (Dublin), Ireland
- Ph.D. (Honoraris Causa)
on Mass Communication,
Ramkhamhaeng University
- Ph.D. (Honoraris Causa) on Arts,
Rajabhat Institute Lampang
- Certifi cate of the Course for Top
Executives, The Association for Overseas
Technical Scholarship (AOTS), Japan
- The Joint State - Private Sectors Class 1,
The National Defence College of Thailand
- Director Accreditation Program (DAP)
Class 27/2003, Thai Institute of Directors
Association
- The Characteristics of Effective Directors
Class 1/2006, Thai Institute of Directors
Association
- Audit Committee Program (ACP)
Class 17/2007, Thai Institute of Directors
Association
Work Experiences
- Chairman of the Audit Committee,
Bangkok Insurance Public Co., Ltd.
(2005 - present)
- Independent Director, Bangkok Insurance
Public Co., Ltd. (1999 - present)
- Director of Remuneration & Nomination
Committee, Bangkok Insurance
Public Co., Ltd. (2004 - 2005)
- Audit Committee, Bangkok Insurance
Public Co., Ltd. (1999 - 2005)
- Gracious Royal appointment to the Rank
of Volunteer Defense Cops Colonel,
Voluntary Territorial Defense Contingent,
Ministry of Interior (Sep 2009 - present)
- Member experts of Fertilizer Committee,
The Ministry of Agriculture and
Cooperatives (May 2009 - present)
- Member of the Compensation and
Corporate Governance Committee,
ACL Bank Public Co., Ltd. (2008 - present)
- Independent Director and Member of the
Audit Committee, ACL Bank Public
Co., Ltd. (2005 - present)
- Adviser, United Flour Mill Public Co., Ltd.
(2001 - present)
- Vice Chairman, United Flour Mill Public
Co., Ltd. (1980 - 2001)
- Senior Adviser, Thai Central Chemical
Public Co., Ltd. (1997 - present)
- Corporate Chairman, MC. Industrial
Chemical Co., Ltd. (1997 - 2005)
- Honorary Chairman, Asia Pacifi c Potash
Corporation Ltd. (1984 - 2006)
Education
- B.A. (Economics), Thammasat University
- M.B.A. (Finance), Wharton School of
Finance and Commerce, University of
Pennsylvania
- Certifi cate of Management Development
Program, Wharton School
- Certifi cate of Executive Development
Program, Harvard Business School
- Director Certifi cation Program (DCP)
Class 0/2000, Thai Institute of Directors
Association
Work Experiences
- Independent Director and Chairman of
Remuneration & Nomination Committee,
Bangkok Insurance Public Co., Ltd.
(2004 - present)
- Managing Director, Bangkok Bank
Public Co., Ltd. (2006 - present)
- Executive Director, Bangkok Bank
Public Co., Ltd. (2005 - present)
- Chairman of Risk Management Committee,
Bangkok Bank Public Co., Ltd.
(2005 - present)
- Independent Director, TWZ Corporation
Public Co., Ltd. (2005 - present)
- Independent Director and Chairman of the
Audit Committee, Thai Optical Group
Public Co., Ltd. (2004 - present)
- Adviser, Corporate Governance Center,
The Stock Exchange of Thailand
(2002 - 2009)
- President and Chief Executive Director,
Krung Thai Bank Public Co., Ltd.
(1999 - 2001)

Miss Potjanee Thanavaranit
Independent Director and
Director of the Audit Committee
Mr. Chor.nun Petpaisit
Independent Director and
Director of the Audit Committee
Mr. Thira Wongjirachai
Independent Director and Director of
Remuneration & Nomination Committee
Education
- B.B.A. (Accounting),
Chulalongkorn University
- M.B.A., Syracuse University, U.S.A.
- Advanced Course in General Insurance,
Swiss Insurance Training Center, Switzerland
- Advanced Management Program,
Australian Management College, Australia
- Executive Development Program,
Offi ce of the Civil Service Commission
- National Defence College, Class 42
- Director Certifi cation Program (DCP)
Class 17/2002, Thai Institute of Directors
Association
- Role of the Chairman Program (RCP) Class
13/2006, Thai Institute of Directors Association
- Role of the Compensation Committee
Program (RCC) Class 4/2007,
Thai Institute of Directors Association
Work Experiences
- Independent Director and Director of the
Audit Committee, Bangkok Insurance
Public Co., Ltd. (2007 - present)
- Chairperson of the Public Sector Audit and
Evaluation Committee for the Ministry of
Commerce (present)
- Chairperson (Independent Director),
Audit Committee and Chairperson
Compensation & Nominating Committee,
Univentures Public Co., Ltd. (present)
- Council of State (Group 3 - Monetary Laws)
(present)
- Qualifi ed Committee, The Federation of
Thai Insurance Organization (present)
- Independent Director, Thai Reinsurance
Public Co., Ltd. (present)
- Independent Director and Audit Committee,
OISHI Group Public Co., Ltd. (present)
- Independent Director, Breli Jucker
Public Co., Ltd. (present)
- Sub - Commissioner, the Sub - Commission
on the Development and Promotion of
Public Organization and other Organizations
under Governmental Supervision, the Public
Sector Development Commission (present)
- Second Vice - President of the National
Legislative Assembly (Oct 2006 - Mar 2008)
- Adviser, Ministry of Commerce
(Oct 2006 - Jan 2008)
- Economic Adviser, Council for
National Security (Sep 2006 - Jan 2008)
- Chairperson, Thailand Insurance Institute
(2002 - 2007)
- Member of the Monetary Policy Board,
the Bank of Thailand (2001 - Aug 2008)
- Director - General, Department of Insurance,
Ministry of Commerce (2001 - 2006)
- Inspector - General, Ministry of Commerce
(1999 - 2001)
- Deputy Director General, Department of
Insurance, Ministry of Commerce
(1994 - 1999)
Education
- B.B.A. (Accounting),
Thammasat University
- Director Accreditation Program (DAP)
Class 28/2004, Thai Institute of
Directors Association
- Director Certifi cation Program (DCP)
Class 76/2006, Thai Institute of
Directors Association
- Audit Committee Program (ACP)
Class 28/2009, Thai Institute of
Directors Association
Work Experiences
- Director of the Audit Committee,
Bangkok Insurance Public Co., Ltd.
(Feb 2009 - present)
- Independent Director,
Bangkok Insurance Public Co., Ltd.
(2006 - present, 2002 - 2004)
- Director, Government Housing Bank
(Jan 2010 - present, 2006 - 2008)
- Director, The Government
Pharmaceutical Organization
(Mar 2009 - present)
- Adviser, Performance Improvement,
The Revenue Department,
Ministry of Finance (2008 - present)
- Policy and Plan Expert,
The Revenue Department ,
Ministry of Finance (2001 - 2008)
- Director, Bureau of Tax Audit
Operation, The Revenue Department,
Ministry of Finance (2000 - 2001)
- Director, National Science Museum
(2005 - 2007)
- Director, Tourism Authority of Thailand
(2005 - 2006)
Education
- B. Eng., Linnan University
- Director Accreditation Program (DAP)
Class 51/2006, Thai Institute of Directors
Association
Work Experiences
- Director of Remuneration & Nomination
Committee, Bangkok Insurance
Public Co., Ltd. (2004 - present)
- Independent Director,
Bangkok Insurance Public Co., Ltd.
(1993 - present)
- Director, Micro Fiber Industry Co., Ltd.
(present)
35

Mr. Suvarn Thansathit
Independent Director and Director of
Remuneration & Nomination Committee
Mr. Virasak Sutanthavibul
Independent Director
Mr. Yoshihiko Fukasawa
Independent Director
Education
- M.Sc. in Commerce, University of
Santo Tomas, Philippines
- Director Certifi cation Program (DCP)
Class 63/2005, Thai Institute of
Directors Association
- The Joint State - Private Sectors
Class 355, The National Defence
College of Thailand
Work Experiences
- Independent Director and Director of
Remuneration & Nomination Committee,
Bangkok Insurance Public Co., Ltd.
(2005 - present)
- Senior Executive Vice President & Chief,
Bangkok Bank Public Co., Ltd.
(2006 - present)
- Senior Executive Vice President &
Head - Chief Credit Offi cer,
Bangkok Bank Public Co., Ltd.
(2005 - 2006)
- Senior Executive Vice President &
Head - Special Asset Management,
Bangkok Bank Public Co., Ltd
(1998 - 2005)
- Senior Executive Vice President &
Director - Metropolitan Banking Group,
Bangkok Bank Public Co., Ltd.
(1996 - 1998)
- Chairperson, Sinnsuptawee Asset
Management Co., Ltd. (2006 - present)
- Independent Director and Chairman of
the Audit Committee, Lalin Property
Public Co., Ltd. (2002 - present)
Education
- B. Eng., Chulalongkorn University
- M. Eng. (Industrial Management),
Texas A&M University, Texas, U.S.A.
- The Joint State – Private Sectors
Class 18, The National Defence
College of Thailand
- Director Accreditation Program (DAP)
Class 21/2003, Thai Institute of
Directors Association
- Certifi cate, Harvard University,
Advanced Management Program,
U.S.A.
- Certifi cate, Harvard University,
Financial Institution for Private
Enterprise Development, U.S.A.
Work Experiences
- Independent Director,
Bangkok Insurance Public Co., Ltd.
(2005 - present)
- Director, The Grand - UB Co., Ltd.
(2008 - present)
- Independent Director and Audit
Committee, T.Krungthai Industries
Public Co., Ltd. (2004 - present)
- Executive Vice President,
Head of Metropolitan Commercial
Banking, Bangkok Bank Public Co., Ltd.
(2002 - present)
- Director, Toyota Leasing (Thailand)
Co., Ltd. (2001 - present)
- Director, Thai Indo Cordsa Co., Ltd.
(2001 - present)
- Director, Asia Lamp Industry Co., Ltd.
(2001 - present)
- Director, Thai Nusa Development
Co., Ltd. (2001 - 2009)
Education
- Graduated from Department of Business
Administration of HOSEI University,
Japan
Work Experiences
- Independent Director,
Bangkok Insurance Public Co., Ltd.
(Aug 2008 - present)
- Deputy CEO, Aioi Motor and General
Insurance Company of Europe Limited,
London, United Kingdom (present)
- General Manager of Overseas
Administration Department,
Aioi Insurance Co., Ltd., Japan
(Apr 2008)
- General Manager of International
Department , Aioi Insurance Co., Ltd.
Japan (Apr 2005)
- Director and Chief Executive Offi cer of
Aioi Bangkok Insurance Co., Ltd.
(Jan 2005)
- Deputy General Manager of International
Department , Aioi Insurance Co., Ltd.
Japan (Apr 2002)
36

Mr. Witcha Damrongsinsak
Director
Mr. Voravit Rojrapitada
Director and Company Secretary
Dr. Areepong Bhoocha-oom
Independent Director and Director of the Audit Committee
(resigned as from February 22, 2009)
Education
- High School, Wat Bovornnives School
- Director Certifi cation Program (DCP)
Class 45/2004, Thai Institute of
Directors Association
Work Experiences
- Insurance Adviser, Bangkok Insurance
Public Co., Ltd. (2007 - present)
- Director, Bangkok Insurance Public
Co., Ltd. (1998 - present)
- Executive Vice President, Bangkok
Insurance Public Co., Ltd.
(2000 - 2006)
- General Manager, Miscellaneous
Insurance Department,
Bangkok Insurance Public Co., Ltd.
(1983 - 2000)
- Vice Chairman, Miscellaneous
Insurance Sub-committee,
The General Insurance Association
(1984 - 2000)
Education
- Certificate, Assumption Commercial
College
- Mini M.B.A., Thammasat University
- Director Certifi cation Program (DCP)
Class 27/2003, Thai Institute of Directors
Association
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Skandia Insurance Management,
Philippines
Work Experiences
- Director and Adviser,
Bangkok Insurance Public Co., Ltd.
(present)
- Company Secretary, Bangkok Insurance
Public Co., Ltd. (2008 - present)
- Director, Bangkok Insurance
Public Co., Ltd. (1981 - present)
- Senior Executive Vice President,
Bangkok Insurance Public Co., Ltd.
(2000 - 2009)
- Secretary to the Board of Directors,
Bangkok Insurance Public Co., Ltd.
(1992 - 2008)
- Assistant Managing Director, Bangkok
Insurance Public Co., Ltd. (1982 - 1999)
- Director, Chumporn Palm Oil Industry
Public Co., Ltd. (1999 - present)
- Chairman of the Audit Committee,
Chumporn Palm Oil Industry
Public Co., Ltd. (2003 - 2005)
- Audit Committee, Chumporn Palm Oil
Industry Public Co., Ltd.
(1999 - 2002, 2006 - 2008)
37

MANAGEMENT COMMITTEE AND
MANAGEMENT COMMITTEE PROFILE
1. Mr. Chai Sophonpanich
2. Mr. Voravit Rojrapitada
3. Mr. Panus Thiravanitkul
4. Miss Pagamas Charusathien
5. Miss Poonsuk Tevidhaya
6. Mr. Satit Liptasiri
7. Mr. Anon Vangvasu
38

1. Mrs. Srichittra Pramojaney
2. Mr. Jakkrit Chewanuntapornchai
3. Mr. Sontaya Chaichomlert
4. Mr. Suphat Yookongbandhu
5. Dr. Apisit Anantanatarat
6. Mr. Aree Vanairlor
7. Mr. Sumnao Thienpramuk
39

Mr. Chai Sophonpanich
Chairman and President
(Until December 2009)
Chairman and Chief Executive Offi cer
(Effective January 2010)
Mr. Voravit Rojrapitada
Director and Senior Executive Vice President
(Until December 2009)
Director and Adviser
(Effective January 2010)
Mr. Panus Thiravanitkul
Executive Vice President
(Until December 2009)
President
(Effective January 2010)
Commence
- February 1968
Commence
- October 1971
Commence
- May 1973
Education
- B.Sc., University of Colorado, U.S.A.
- Advanced Management Program,
the Wharton School, 1984
- The Joint State - Private Sectors Class 6,
The National Defence College of Thailand
- Director Certifi cation Program (DCP)
Class 16/2002, Thai Institute of Directors
Association
- Chairman 2000 Class 10/2004,
Thai Institute of Directors Association
Work Experiences
- Chairman and Chief Executive Offi cer,
Bangkok Insurance Public Co., Ltd.
(present)
- Chairman, Bangkok Insurance Public
Co., Ltd. (1978 - present)
- President, Bangkok Insurance Public
Co., Ltd. (1976 - 2009)
- Chairman, Furakawa Metal (Thailand)
Public Co., Ltd. (1988 - present)
- Chairman, Charoong Thai Wire & Cable
Public Co., Ltd. (1986 - present)
- Chairman, Bumrungrad Hospital
Public Co., Ltd. (1979 - present)
- Vice Chairman, Thai Reinsurance
Public Co., Ltd. (1978 - present)
- Director, Bangkok Life Assurance
Public Co., Ltd. (1968 - present)
- Chairman, The Federation of Thai
Insurance Organization (2006 - 2008)
- President, The General Insurance
Association (1984 - 1986, 1989 - 1991,
1997 - 2001, 2005 - 2007)
- President, The East Asian Insurance
Congress (1984 - 1986, 2004 - 2006)
- Chairman, Asean Reinsurance
Corp., Ltd., Singapore (1988 - 1992)
- Chairman, Asean Insurance Council,
Jakarta (1987 - 1989)
Education
- Certifi cate, Assumption Commercial
College
- Mini M.B.A., Thammasat University
- Director Certifi cation Program (DCP)
Class 27/2003, Thai Institute of Directors
Association
Training
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Skandia Insurance Management,
Philippines
Work Experiences
- Director and Adviser,
Bangkok Insurance Public Co., Ltd.
(present)
- Company Secretary, Bangkok Insurance
Public Co., Ltd. (2008 - present)
- Director, Bangkok Insurance
Public Co., Ltd. (1981 - present)
- Senior Executive Vice President,
Bangkok Insurance Public Co., Ltd.
(2000 - 2009)
- Secretary to the Board of Directors,
Bangkok Insurance Public Co., Ltd.
(1992 - 2008)
- Assistant Managing Director,
Bangkok Insurance Public Co., Ltd.
(1982 - 1999)
- Director, Chumporn Palm Oil Industry
Public Co., Ltd. (1999 - present)
- Chairman of the Audit Committee,
Chumporn Palm Oil Industry
Public Co., Ltd. (2003 - 2005)
- Audit Committee, Chumporn Palm Oil
Industry Public Co., Ltd.
(1999 - 2002, 2006 - 2008)
Education
- B.Sc. (Economics), Thammasat University
- M.B.A., Chulalongkorn University
Training
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Marine Consequential Loss Insurance,
Germany
- Insurance School of Japan
Work Experiences
- President, Bangkok Insurance Public
Co., Ltd. (present)
- Executive Vice President,
Bangkok Insurance Public Co., Ltd.
(2007 - 2009)
- Senior Vice President, Operations
Department, Bangkok Insurance
Public Co., Ltd. (2001 - 2007)
- General Manager, Marine Insurance
Department, Bangkok Insurance
Public Co., Ltd. (2000 - 2001)
- Assistant General Manager,
Marine Insurance Department,
Bangkok Insurance Public Co., Ltd.
(1993 - 2000)
- Vice Chairman, Marine and Transport
Insurance Sub - committee,
The General Insurance Association
(1994 - 1996, 1999 - 2000)
40

Miss Pagamas Charusathien
Senior Vice President
Miss Poonsuk Tevidhaya
Senior Vice President
Mrs. Srichittra Pramojaney
Senior Vice President
Commence
- December 1967
Commence
- August 1969
Commence
- January 2006
Education
- Certifi cate of Vocational Education in
Business Administration (Secretary),
Saint John’s Vocational College,
Bangkok
- Mini M.B.A., Chulalongkorn University
Training
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Air Carriage - Law & Claims Handling,
England
- Agricultural Insurance, France
Work Experiences
- Senior Vice President, Special Risks
Business Unit, Bangkok Insurance
Public Co., Ltd. (2007 - present)
- Senior Vice President, Production
Department, Bangkok Insurance
Public Co., Ltd. (2001 - 2007)
- General Manager, Personal Insurance
and Aviation Department,
Bangkok Insurance Public Co., Ltd.
(2000 - 2001)
- Assistant General Manager,
Personal Insurance and Aviation
Department, Bangkok Insurance
Public Co., Ltd. (1999 - 2000)
- Assistant General Manager,
Miscellaneous Insurance Department,
Bangkok Insurance Public Co., Ltd.
(1994 - 1999)
Education
- B.B.A., Bangkok University
Training
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Insurance Management Development
Program (IMDP)
Work Experiences
- Senior Vice President,
Human Resources Department,
Bangkok Insurance Public Co., Ltd.
(2000 - present)
- Assistant General Manager,
Human Resources Department,
Bangkok Insurance Public Co., Ltd.
(1994 - 2000)
Education
- B.B.A. (Accounting),
Thammasat University
- M.B.A., University of North Texas, U.S.A
Work Experiences
- Senior Vice President, Accounting
Department and Treasury Department,
Bangkok Insurance Public Co., Ltd.
(2006 - present)
- Chief Financial Offi cer,
Henkel Thai (1999) Ltd. (2004 - 2005)
- Corporate Financial and Accounting
Controller, Motorola (Thailand) Ltd.
(2002 - 2004)
- Corporate General Manager,
Offi ce of Financial Management,
Mitsubishi Motors (Thailand) Ltd.
(1997 - 2002)
41

Mr. Satit Liptasiri
Senior Vice President
Mr. Anon Vangvasu
Senior Vice President
Mr. Jakkrit Chewanuntapornchai
Senior Vice President
Commence
- October 1977
Commence
- December 1976
Commence
- August 1982
Education
- Diploma (Accounting), Perth Technical
College, Australia
Training
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Risk Assessment Workshop for Asian
Fire Underwriters, Switzerland
- Insurance Management Development
Program (IMDP)
Work Experiences
- Senior Vice President,
Agent Business Unit,
Bangkok Insurance Public Co., Ltd.
(2009 - present)
- Senior Vice President,
Non-Motor Claims Department,
Bangkok Insurance Public Co., Ltd.
(2006 - present)
- Senior Vice President,
Branch Operations Department,
Bangkok Insurance Public Co., Ltd.
(2001 - 2005)
- General Manager, Fire Insurance
Department, Bangkok Insurance
Public Co., Ltd. (2000 - 2001)
- Assistant General Manager,
Fire Insurance Department,
Bangkok Insurance Public Co., Ltd.
(1995 - 2000)
- Vice Chairman, The Property
Insurance Sub - committee,
The General Insurance Association
(1998 - 2002)
Education
- LL.B., Ramkhamhaeng University
Training
- Advanced Course in General
(Non-Life) Insurance, Swiss Insurance
Training Centre, Switzerland
- Insurance Management Development
Program (IMDP)
Work Experiences
- Senior Vice President, Motor Claims
Department, Bangkok Insurance
Public Co., Ltd. (2006 - present)
- Senior Vice President, Legal
Department, Bangkok Insurance
Public Co., Ltd. (2000 - present)
- Senior Vice President, Non-Motor
Claims Department, Bangkok
Insurance Public Co., Ltd.
(2003 - 2005)
- Secretary General, The General
Insurance Association (2009 - present)
- Vice Chairman, Motor Insurance
Sub - committee, The General
Insurance Association (2001 - present)
- Vice Chairman of The Board,
Road Accident Victims Protection
Co., Ltd. (1998 - present)
Education
- B.Sc. (Statistics),
Chulalongkorn University
- M.B.A., Chulalongkorn University
Training
- General Insurance & Insurance
Management, IIAP, Philippines
- Alois - Alzheimer Scholarship, Munich Re,
Germany
- MARSH Overseas Clients’ Course 2001,
England
Work Experiences
- Senior Vice President,
Commercial Lines Business Unit,
Bangkok Insurance Public Co., Ltd.
(2007 - present)
- Vice President, Direct Customer
Division, Bangkok Insurance
Public Co., Ltd. (2001 - 2007)
- Manager, Non-Motor Claims
Department, Bangkok Insurance
Public Co., Ltd. (1998 - 2001)
42

Mr. Sontaya Chaichomlert
Senior Vice President
Mr. Suphat Yookongbandhu
Senior Vice President
Dr. Apisit Anantanatarat
Senior Vice President
Commence
- February 1996
Commence
- August 1980
Commence
- April 1985
Education
- B.B.A. (Accounting),
Thammasat University
- Mini M.B.A., Chulalongkorn University
Training
- Chiyoda Insurance Seminar, Japan
- Insurance Management Development
Program (IMDP)
- Modern Management Program (MMP)
- Developing CG Policy Statement,
Thai Institute of Directors Association
- Board and Director Performance
Evaluation, Thai Institute of Directors
Association
Work Experiences
- Senior Vice President,
Internal Audit Department,
Bangkok Insurance Public Co., Ltd.
(2007- present)
- First Vice President, Internal Audit Office,
Bangkok Insurance Public Co., Ltd.
(2005 - 2006)
- Vice President, Internal Audit Offi ce,
Bangkok Insurance Public Co., Ltd.
(2004 - 2005)
- Vice President, Internal Audit Division,
Bangkok Insurance Public Co., Ltd.
(1996 - 2004)
Education
- B.B.A. (Marketing),
Assumption University
- Associate of the Insurance Institute of
New Zealand (NZII), New Zealand
Training
- Miscellaneous Casualty Insurance, ISJ,
Japan
- Advanced Course in General (Non-Life)
Insurance, Swiss Insurance Training
Centre, Switzerland
- Insurance Management Development
Program (IMDP)
Work Experiences
- Senior Vice President,
Broker Business Unit,
Bangkok Insurance Public Co., Ltd.
(2007 - present)
- First Vice President, Broker Division,
Bangkok Insurance Public Co., Ltd.
(2005 - 2007)
- Vice President, Broker Division,
Bangkok Insurance Public Co., Ltd.
(2001 - 2005)
- Manager, Miscellaneous Insurance
Department, Bangkok Insurance
Public Co., Ltd. (1994 - 2001)
Education
- Doctor of Organization Development
and Transformation, Cebu Doctors’
University, Philippines
- M.A. (Industrial and Organization
Psychology), Thammasat University
- M.S. (Insurance), University of Hartford,
U.S.A.
- Diploma of Financial Service
(General Insurance), ANZIIF
(Senior Associate), Australia
Training
- Health and Medical Insurance
Conference 2009, Malaysia
- General Insurance Foundation Course,
National Insurance Academy, India
- Management Development Program -
Fit for Expert Underwriting,
Swiss Insurance Training Centre,
Switzerland
- Management Development Program -
Fit for Management, Swiss Insurance
Training Centre, Switzerland
- New Forms of Risk Sharing and Risk
Engineer, SCOR, France
- Genesys G-Force Event 2008 and
Contact Center Site Visit, Australia
Work Experiences
- Senior Vice President, Personal Lines
Business Unit Bangkok Insurance
Public Co., Ltd. (2007 - present)
- First Vice President, Information
Technology Department,
Bangkok Insurance Public Co., Ltd.
(2005 - present)
- First Vice President, Personal Lines
Division, Bangkok Insurance
Public Co., Ltd. (2006 - 2007)
- Vice President, Human Resources
Development Division,
Bangkok Insurance Public Co., Ltd.
(2002 - 2005)
- Assistant Vice President,
Human Resources Development
Division, Bangkok Insurance
Public Co., Ltd. (2000 - 2002)
43

Mr. Aree Vanairlor
Senior Vice President
Mr. Sumnao Thienpramuk
First Vice President
Mr. Boonkird Chirapathama
Senior Vice President
(resigned as from February 1, 2010)
Commence
- August 1989
Commence
- June 1989
Education
- B.A. (Political Science),
Ramkhamheng University
- Associate of the Insurance Institute of
New Zealand (NZII), New Zealand
Training
- Advanced Engineering Insurance
Seminar, Cologne Re, Germany
- Advanced Non-Life Insurance Course,
Swiss Insurance Training Centre,
Switzerland
Work Experiences
- Senior Vice President,
Financial Institution Business Unit,
Bangkok Insurance Public Co., Ltd.
(2007 - present)
- First Vice President, Agent Division,
Bangkok Insurance Public Co., Ltd.
(2006 - 2007)
- First Vice president, Financial Institution
Division, Bangkok Insurance
Public Co., Ltd. (2005 - 2006)
- Vice president, Financial Institution
Division, Bangkok Insurance
Public Co., Ltd. (2001 - 2005)
- Manager, Marketing Department,
Bangkok Insurance Public Co., Ltd.
(1995 - 2001)
Education
- M.Sc. (Applied Statistics),
National Institute of Development
Administration
Training
- Chiyoda Insurance Seminar, Japan
- Sumitomo Systems Seminar, Japan
Work Experiences
- First Vice President,
Information Technology Department,
Bangkok Insurance Public Co., Ltd.
(1996 - present)
We aim to be the most preferred non-life insurer in Thailand
Our primary focus is always on providing
the best service to customers.
We give customers Bangkok Insurance drinking water
at the scene to help them reduce anxiety
and stay cool in the hot weather.
44

Bangkok Insurance,
Your Caring Partner

46
FIRST VICE PRESIDENT
AND VICE PRESIDENT

1. Mr. Anant Pongpoon
2. Ms. Anchana Lohchanacharoenporn
3. Mr. Athapol Anansajakul
4. Mr. Charun Jongudomporn
5. Mr. Ekamol Aungkavattana
6. Mrs. Jariya Pattamachaiyant
7. Mr. Lert Vongchai
8. Mr. Paitoon Chanpanorrak
9. Mr. Perasak Nakasriarun
10. Ms. Pimjai Luemrung
11. Mr. Prasit Wanichodom
12. Mr. Preecha Sornmanee
13. Mrs. Ratiporn Wasskul
14. Ms. Saranya Luenglertvorakul
15. Mr. Somchai Chiaranaiphaisan
16. Mr. Sorat Vonganankit
17. Mr. Stephen Crabb
18. Mr. Suchai Limpodom
19. Ms. Sujinda Teplertboon
20. Mrs. Sumana Trongtranon
21. Mr. Supamongkol Sukakanya
22. Mr. Suthi Chathanakul
23. Ms. Sutida Malila
24. Mr. Trirak Krutvecho
25. Ms. Umaporn Hualbuttar
26. Mrs. Vachana Boonritthipong
27. Mrs. Vanthana Yoovithaya
28. Mr. Vichien Moleewon
29. Mr. Virat Akaraboonlertyot
30. Mr. Werawut Ratananate
31. Mr. Wichai Pongsetpisal
32. Ms. Yupin Thongsaengbunya
Remark : Mrs. Supranee Piriyawiboon (retired on January 1, 2010)

48
ASSISTANT VICE PRESIDENT

1. Mr. Alonggorn Gradtip
2. Mr. Anawaj Saibang
3. Mr. Anek Keereesathien
4. Mrs. Anutra Chanprasartsuk
5. Mr. Attapol Rangsiwongs
6. Mrs. Chanpimol Suthisopaarphon
7. Mrs. Charasporn Vipakornvit
8. Mr. Chatchai Chitpaiboolrak
9. Mr. Danai Rojjintaves
10. Mrs. Duangta Sanpha-asa
11. Mr. Jeravat Payakarasamit
12. Mr. Jeravong Thantachote
13. Mrs. Jurairuch Pipatpongsopon
14. Mr. Kannasootr Homjan
15. Mr. Kiettisak Sirilikitchai
16. Mr. Kitisak Suriyaratanapimol
17. Mr. Kittipong Arunrungsawadi
18. Mr. Kriengsak Wongsantimeth
19. Mr. Mannarong Thititanakul
20. Mr. Mongkol Tongto
21. Ms. Naranuch Wontanawaikoon
22. Mr. Narongrit Udomlapsakul
23. Ms. Natsaran Woraratpanya
24. Mr. Natthajak Santatilokkul
25. Mrs. Netnaphit Poolsupya
26. Mr. Pairin Chaibenjapol
27. Mr. Paisan Vohakiat
28. Mrs. Pannee Vongchai
29. Ms. Pantita Panyamee
30. Ms. Paveena Juchuan
31. Mr. Peerapat Thawornniti
33. Mr. Pisit Kidcharoensuk
34. Mr. Pitiphong Chaochaikhong
(appointed on February 1, 2010)
35. Ms. Pranee Komonkawin
36. Mr. Prayudh Jatarupamaya
37. Ms. Rangsimarath Thongdeekam
38. Mrs. Rataya Singh
39. Mr. Sarayuth Apaipim
40. Mrs. Sermsuk Kidcharoensuk
41. Ms. Siriraht Ojarutip
42. Mrs. Sirithorn Pongsiripat
43. Mr. Somkiat Veeratanaporn
44. Mr. Songkiat Nualon
45. Mr. Songyos Intaladchoom
46. Mr. Suchai Srirongraungjit
47. Ms. Sunee Luangpongrat
48. Mr. Surasak Xuto
49. Mrs. Suwannee Kuptitumkul
50. Mrs. Suwannee Sithisukh
51. Mr. Tawee Kvanthong
52. Mr. Taweechai Wootianusorn
53. Mr. Teerawat Jaturavit
54. Mr. Thitipong Kittiprapas
55. Mr. Varit Unprasertporn
56. Mrs. Waraporn Dhanisornkul
57. Mr. Wera Virojsirasak
58. Mr. Werachat Tulapong
59. Ms. Wilai Lertritpuwadol
60. Mr. Winai Kunpraserd
61. Mr. Wiwat Panyakiattikun
62. Mr. Yongyudh Tangtrongpiros
32. Ms. Pisamai Wiphatkrut
Remark : Mr. Suthira Patrapanupat (passed away on July 16, 2009)
49

SOCIAL ACTIVITIES IN 2009
Contributions to Foundations under Royal Patronage
50

Bangkok Insurance Public Company Limited is determined to manage its business based on the principle of good
corporate governance, with a responsibility for society. It has resolved to constantly lend support to social activities and give
importance to sustainable development that is measurable so that community people have a better quality of life and can help
themselves in the long term.
The Company’s policy on Corporate Social Responsibility (CSR)
- Create awareness among the Company’s management and all levels of staff to realize the significance of conducting
themselves in a way that would benefit society, and regard it as a duty to take part in this aspect of the Company’s activities.
- Support social activities to help underprivileged people in society and those suffering from various disasters, as well as
preserving archaeological objects which are precious and are part of the historical and cultural heritage of the Thai nation.
- Allocate budgets in constant support of social activities.
- Provide educational support to underprivileged people by giving importance to the study of occupations in which
Thailand is lacking and which can significantly strengthen the country’s future development.
- Campaign for network generation for cooperation among various organizations to implement the planned project, with
an aim to fulfill objectives and expand assistances or comprehensively carry out activities covering remote and poverty-stricken
areas across the country.
In 2009, the Company participated in the following social activities.
Contributions to Foundations under Royal Patronage
- A contribution of Baht 1.8 million to the Ananda Mahidol Foundation, as scholarships for students capable of furthering
their studies to the highest level.
- A contribution of Baht 1.8 million to the Chai Pattana Foundation, to implement royal projects and help people in, for
example, education, environmental conservation, social development, etc.
- A contribution of Baht 800,000 to the “Graduates Go Home” project, as scholarships for students under royal patronage.
51

Scholarships for students
Construction of a library for juveniles
Occupational Promotion
Education
- The Company has granted scholarships to worthy but poor students for their university education. In 2009, 88
scholarships were granted to the 16 th class totalling about Baht 4.8 million. The grants include tuition fees, as well as expenses for
food, accommodation and others. The Company has pursued its scholarship-granting project continuously since 1994.
- Support activities in the “Promote students’ reading habit project”.
- By developing school libraries and donating worthy books for children, for instance, those written by Her Royal
Highness Crown Princess Sirindhorn, encyclopedias and dictionaries, to schools in Mukdahan, Nakhon Phanom and Sakon
Nakhon, with an aim to inculcate a reading habit among schoolchildren.
- Organize seminars for teachers teaching the Thai language and those in charge of school libraries in 74 schools in
the northeastern region so as to promote knowledge and technique for these teachers to encourage their students to possess a
reading habit. In addition, the Company has launched a campaign stimulating both students and teachers to participate in a one-page
book contest for scholarship winning.
- Contribute Baht 100,000 for the construction of a library for juveniles for the centre for outside-school education, in
addition to providing necessary equipment in order to develop learning skills of juveniles of Kogbhodi district, Pattani.
Occupational Promotion
The Company has promoted appropriate occupational development for northeastern people through basket weaving
since 1995 by providing experts in teaching a production method and raw materials, as well as finding product outlets. Currently,
people in those areas earn additional incomes and are able to help themselves. Typically, it is the creation of a community
network, beginning with 1 village and expanding now to 5 villages consisting of over 30 households.
52

Public Health
Relief of Public Disasters
Donated overcoats and blankets
to Wat Phrabartnamphu
Public Health
- The Company, in cooperation with Bumrungrad Hospital, continuously provides a mobile medical service for the
treatment of people in remote and poverty-stricken areas. These activities are carried out free of charge and are aimed at
promoting peoples’ good health. For every one of the activities there is participation by the Company’s management and volunteer
employees, along with a medical team of doctors and nurses. The activity has been conducted since 1988.
- The Company’s management and staff annually donate blood to the Red Cross Society on the occasion of the
Company’s operation anniversary.
Relief of Public Disasters
- The BKI Care Club comprises the Company’s employees who are voluntary service-minded and really determined to
help society. Each of them is prepared to devote his/her time and energy at weekends performing social activities by providing
supplies and basic necessities to underprivileged people, as well as making a site visit to assist victims of various disasters. For
example, the Club has provided necessities to victims of fire and flood, given hygiene masks in prevention of infection of type – A
(H1N1) influenza, and also providing BKI raincoats to the public, etc.
- The Company has donated overcoats and blankets, to Wat Phrabartnamphu and Dhammarak Children’ Home in Lop Buri
in order to help victims of unusually cold weather.
Other Public Benefits
- The Company’s management and staff have made a visit to underprivileged and aids virus-infected children staying at
Ban Homehug of the Suthasinee Noi-indhra Foundation for Children and Juveniles in Yasothon. They have also donated money,
clothes, necessities and educational equipment to these children, as well as organizing recreational activities to bring about
happiness and smiles.
- The Company has initiated the “Agriculture for Lunch” project by arranging a fish-raising well and areas for growing
kitchen-garden vegetables and perennial plants for Voraditwittayaprasuth School, Angthong, so as to enhance the students’
quality of life, as well as to foster an understanding of earning a living based on the sufficiency economy principle.
53

To the Shareholders of Bangkok Insurance Public Company Limited
REPORT OF THE AUDIT COMMITTEE
The Bangkok Insurance Public Company Limited Audit Committee comprises 3 independent directors, namely,
Mr. Plengsakdi Prakaspesat (Chairman), Miss Potjanee Thanavaranit (Member) and Dr. Areepong Bhoocha-oom (Member).
The Audit Committee has a three-year term, from November 16, 2008, to November 15, 2011.
The Company’s Board of Directors passed a resolution at its meeting (No.1/2009) on February 27, 2009, to appoint
Mr. Chor.nun Petpaisit, who had gone through the nomination process carried out by the Remuneration and Nomination
Committee, and is regarded by the Committee as being qualified, in accordance with the Company’s requirements, as an independent
director, to sit on the Audit Committee replacing Dr. Areepong Bhoocha-oom, who asked to resign before his term expired.
Mr. Chor.nun’s appointment was effective from February 27, 2009 and his term will be due on November 15, 2011.
In 2009, the Audit Committee convened 4 meetings, attended by the Director and Senior Executive Vice President, Senior
Vice President of Accounting Department and Senior Vice President of Internal Audit Department. It further convened another 2
meetings without the attendance of the Company’s management to implement duties assigned by the Board of Directors as
summarized below:
1. Checking of the Financial Statements. The Audit Committee, along with the Company’s management and
independent auditors, has examined the Company’s quarterly and annual financial statements to ensure that they are accurately
and properly established in accordance with generally accepted accounting standards. Simultaneously, data is sufficiently and
reliably disclosed. In addition, the Committee has made suggestions for an improvement and conducted follow-up checks for the
Company’s benefit.
2. Supervising the Company’s Internal Control System and Performance Corresponding to the
Provisions of Law. The Audit Committee has examined and approved the audit plan of the audit department for 2009,
examined the report on audit consequences based on the plan, as well as made suggestions for the efficiency and effectiveness
of the audit department’s performance, in addition to exchanging opinions and providing advice to the Company’s management in
order to follow up with improvement on significant issues according to an audit report. This is to ensure that the company has a
good internal control system and practices that comply with the relevant laws and regulations.
54

3. Checking to Prevent a Conflict of Interest. The Audit Committee has examined interrelated parties transactions
of companies and persons concerned that may generate a conflict of interest with the Company. This is to ensure business
transparency and actual transactions for normal business practices, which does not significantly affect the Company.
4. Selecting and Proposing an Appointment of Auditor. The Audit Committee has considered and proposed to
the Company’s Board of Directors, for an approval from the shareholders’ meeting for the appointment of Mrs. Nonglak Pumnoi
and/or Mr. Sophon Permsiriwallop and/or Miss Rungnapha Lertsuwannakul of Ernst & Young Office Limited as auditors for the
year 2009, with the remuneration of Baht 1,360,000.
5. Performing Other Duties. The Audit Committee has supervised and provided recommendations to the Company’s
management in terms of managerial issues to engender an appropriate inspection and a checks-and-balance mechanism. It also
adheres to the principles of a good corporate governance policy so as to create confidence among shareholders, investors and all
parties concerned.
The Audit Committee has considered and found that the Company implemented a good corporate governance policy and
established a proper and effective internal control system. Similarly, the Company has efficient risk management and interrelated
items that are commercially true ones, as well as normal and reasonable businesses. In addition, the Company has performed its
operations in compliance with the relevant laws and regulations, and established accurate and proper financial statements while
disclosing complete and correct information on par with accounting measures, and having a reliable system of good corporate
governance.
(Mr. Plengsakdi Prakaspesat)
Chairman of the Audit Committee
55

REPORT ON THE BOARD OF
DIRECTORûS RESPONSIBILITY
FOR FINANCIAL STATEMENTS
The Bangkok Insurance Public Company Limited Board of Directors is responsible for the Company’s financial
statements, as well as financial information technology, appearing in the annual financial statements. Such statements have been
prepared in accordance with accounting principles and practices generally accepted in Thailand. In this regard, the Board of
Directors has selected an appropriate accounting policy and constantly implemented it with cautious discretion. Furthermore,
significant data is sufficiently disclosed in notes of the financial statements.
The Board of Directors also provides and maintains an efficient internal control system to ensure that the recording of
accounting data is accurate, complete and adequate for the protection of the Company’s assets and the prevention of fraud and
malpractices, while disclosing interrelated items to avoid any conflict of interests, as well as complying with the laws and regulations
concerned. In this connection, the Audit Committee is assigned by the Board of Directors to oversee, take responsibility for and
continuously report the consequences to the Board. The Audit Committee’s opinions on these issues have already appeared in its
report, which is displayed in the Company’s annual report.
The Company’s Board of Directors is of the opinion that an overall internal control system of the Company is satisfactory
and generates justified confidence in the reliability of the Company’s financial statements as at December 31, 2009. The Company’s
independent auditor has also audited in accordance with generally accepted auditing standards and is of the opinion that the
Company’s financial statements referred to above present fairly, in all material respects, its financial position and operational
consequences in accordance with generally accepted accounting principles.
(Mr. Chai Sophonpanich)
Chairman and President
56

To the Shareholders of Bangkok Insurance Public Company Limited
REPORT OF INDEPENDENT AUDITOR
I have audited the accompanying balance sheets, in which the equity method is applied, of Bangkok Insurance Public
Company Limited as at December 31, 2009, and the statements of income, changes in shareholders’ equity and cash flows for the
year then ended and the separate financial statements, in which the cost method is applied, of Bangkok Insurance Public
Company Limited for the same year. These financial statements are the responsibility of the Company’s management as to their
correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements
based on my audit. The financial statements of Bangkok Insurance Public Company Limited for the year ended December 31, 2008,
as presented herein for comparative purposes, were audited by another auditor of our firm who expressed an unqualified opinion
on those statements, under his report dated February 18, 2009.
I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan
and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statements presentation. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of
Bangkok Insurance Public Company Limited as at December 31, 2009 and the results of its operations and its cash flows for the
year then ended in accordance with generally accepted accounting principles.
(Mrs. Nonglak Pumnoi)
Certified Public Accountant (Thailand)
No. 4172
Ernst & Young Office Limited
Bangkok
February 17, 2010
57

BALANCE SHEETS
As at December 31, 2009 and 2008
(Baht’000)
Financial Statements
in which the equity method is applied
Separate Financial Statements
in which the cost method is applied
Assets 2009 2008 2009 2008
Investments in Securities
Bonds (Note 10) 776,882 494,350 776,882 494,350
Note (Note 10) 460,968 240,968 460,968 240,968
Stocks 11,302,875 6,678,794 11,302,875 6,678,794
Debentures 40,767 - 40,767 -
Unit Trusts 1,172,814 962,533 1,172,814 962,533
Other Securities 6,352 - 6,352 -
Total Investments in Securities (Note 6, 9) 13,760,658 8,376,645 13,760,658 8,376,645
Loans
Collateralised Loans 2,431,709 2,628,811 2,431,709 2,628,811
Other Loans 6,713 5,438 6,713 5,438
Total Loans (Note 7) 2,438,422 2,634,249 2,438,422 2,634,249
Investments in Associates (Note 8) 119,033 118,729 102,256 102,256
Cash and Deposits at Financial Institutions (Note 9, 10) 1,042,529 799,873 1,042,529 799,873
Property, Buildings and Equipment - Net (Note 11) 1,104,840 1,145,835 1,104,840 1,145,835
Amounts Deposit on Reinsurance Treaties 183,006 186,700 183,006 186,700
Due from Reinsurers (Note 9) 32,593 31,583 32,593 31,583
Premium Due and Uncollected - Net (Note 9, 12) 1,388,482 1,472,234 1,388,482 1,472,234
Accrued Investment Income 22,499 77,284 22,499 77,284
Other Assets
Intangible Asset - Net (Note 13) 96,981 115,798 96,981 115,798
Leasehold Right - Land 83,247 88,881 83,247 88,881
Others (Note 9) 224,072 249,176 224,072 249,176
Total Assets 20,496,362 15,296,987 20,479,585 15,280,514
The accompanying notes are an integral part of the financial statements.
58

(Baht’000)
Financial Statements
in which the equity method is applied
Separate Financial Statements
in which the cost method is applied
Liabilities and Shareholders’ Equity 2009 2008 2009 2008
Liabilities
Unearned Premium Reserve (Note 14) 2,990,748 2,508,589 2,990,748 2,508,589
Loss Reserve and Outstanding Claims 1,274,331 1,187,815 1,274,331 1,187,815
Amounts Withheld on Reinsurance Treaties 418,157 391,100 418,157 391,100
Due to Reinsurers (Note 9) 497,822 378,639 497,822 378,639
Commission Payable 226,884 289,157 226,884 289,157
Other Liabilities
Corporate Income Tax Payable 157,481 41,141 157,481 41,141
Premium Received in Advance 800,397 857,666 800,397 857,666
Liabilities Under Finance Lease Agreements (Note 15) 23,361 - 23,361 -
Accrued Expenses 330,914 287,670 330,914 287,670
Others 184,878 152,630 184,878 152,630
Total Liabilities 6,904,973 6,094,407 6,904,973 6,094,407
Shareholders’ Equity
Share Capital
Registered
50,700,000 Ordinary Shares of Baht 10 each 507,000 507,000 507,000 507,000
Issued and Fully Paid
50,700,000 Ordinary Shares of Baht 10 each 507,000 507,000 507,000 507,000
Premium on Share Capital 1,442,500 1,442,500 1,442,500 1,442,500
Unrealised Gains
Surplus on Changes in Values of Investments (Note 6) 6,925,870 2,867,955 6,925,870 2,867,955
Retained Earnings
Appropriated
Legal Reserve (Note 17) 50,700 50,700 50,700 50,700
General Reserve 3,100,000 3,100,000 3,100,000 3,100,000
Unappropriated (Note 14) 1,565,319 1,234,425 1,548,542 1,217,952
Total Shareholders’ Equity 13,591,389 9,202,580 13,574,612 9,186,107
Total Liabilities and Shareholders’ Equity 20,496,362 15,296,987 20,479,585 15,280,514
Off-Balance Sheet Items - Commitments
Commitments (Note 21, 22) 329,273 341,416 329,273 341,416
59

INCOME STATEMENTS
Financial Statements in which the equity method is applied
For the years ended December 31, 2009 and 2008
(Baht’000)
Fire
Marine
Underwriting Income
Premium Written (Note 9) 1,531,761 420,991
Less Premium Ceded (Note 9) 367,866 186,617
Net Premium Written 1,163,895 234,374
Less
Increase (Decrease) in Unearned Premium
Reserve from Previous Year 99,031 (5,698)
Total Underwriting Income 1,064,864 240,072
Underwriting Expenses
Losses Incurred During the Year 335,451 62,677
Commissions and Brokerages 257,885 19,149
Other Underwriting Expenses 128,761 40,704
Total Underwriting Expenses 722,097 122,530
Income on Underwriting 342,767 117,542
Investment Income
Interest and Dividends Income (Note 9)
Gains (Losses) on Sales of Securities
Less
Investment Expenses
Reversal of (Allowance for) Impairment of Investments
Income on Investments
Share of Income from Associates (Note 8)
Other Income
Gains on Sales of Assets
Others
Total Income on Underwriting and Investments
Operating Expenses
Personnel Expenses
Premise and Equipment Expenses
Taxes and Duties
Bad Debt and Doubtful Accounts
Directors’ Remuneration (Note 19)
Other Operating Expenses
Total Operating Expenses
Income Before Income Tax
Less
Corporate Income Tax
Net Income for the Year
Basic Earnings Per Share (Note 20)
Net Income
The accompanying notes are an integral part of the financial statements.
60

(Baht’000)
Motor Miscellaneous 2009 2008
Total
Total
3,210,358 3,633,573 8,796,683 7,778,619
106,369 2,172,437 2,833,289 2,638,141
3,103,989 1,461,136 5,963,394 5,140,478
233,567 155,259 482,159 54,759
2,870,422 1,305,877 5,481,235 5,085,719
1,542,836 554,070 2,495,034 2,432,606
446,473 40,773 764,280 708,023
448,084 390,361 1,007,910 898,754
2,437,393 985,204 4,267,224 4,039,383
433,029 320,673 1,214,011 1,046,336
569,551 631,544
66,476 (23,494)
(78,673) (74,186)
(13,084) 8,317
544,270 542,181
2,273 2,926
5,877 1,859
103,933 109,104
1,870,364 1,702,406
249,917 243,698
143,848 141,124
645 1,071
4,072 1,539
6,368 6,680
182,598 218,774
587,448 612,886
1,282,916 1,089,520
343,622 208,196
939,294 881,324
18.53 17.38
61

INCOME STATEMENTS
Separate Financial Statements in which the cost method is applied
For the years ended December 31, 2009 and 2008
(Baht’000)
Fire
Marine
Underwriting Income
Premium Written (Note 9) 1,531,761 420,991
Less Premium Ceded (Note 9) 367,866 186,617
Net Premium Written 1,163,895 234,374
Less
Increase (Decrease) in Unearned Premium
Reserve from Previous Year 99,031 (5,698)
Total Underwriting Income 1,064,864 240,072
Underwriting Expenses
Losses Incurred During the Year 335,451 62,677
Commissions and Brokerages 257,885 19,149
Other Underwriting Expenses 128,761 40,704
Total Underwriting Expenses 722,097 122,530
Income on Underwriting 342,767 117,542
Investment Income
Interest and Dividends Income (Note 9)
Gains (Losses) on Sales of Securities
Less
Investment Expenses
Reversal of (Allowance for) Impairment of Investments
Income on Investments
Other Income
Gains on Sales of Assets
Others
Total Income on Underwriting and Investments
Operating Expenses
Personnel Expenses
Premise and Equipment Expenses
Taxes and Duties
Bad Debt and Doubtful Accounts
Directors’ Remuneration (Note 19)
Other Operating Expenses
Total Operating Expenses
Income Before Income Tax
Less
Corporate Income Tax
Net Income for the Year
Basic Earnings Per Share (Note 20)
Net Income
The accompanying notes are an integral part of the fi nancial statements.
62

(Baht’000)
Motor Miscellaneous 2009 2008
Total
Total
3,210,358 3,633,573 8,796,683 7,778,619
106,369 2,172,437 2,833,289 2,638,141
3,103,989 1,461,136 5,963,394 5,140,478
233,567 155,259 482,159 54,759
2,870,422 1,305,877 5,481,235 5,085,719
1,542,836 554,070 2,495,034 2,432,606
446,473 40,773 764,280 708,023
448,084 390,361 1,007,910 898,754
2,437,393 985,204 4,267,224 4,039,383
433,029 320,673 1,214,011 1,046,336
571,519 633,914
66,476 (23,494)
(78,673) (74,186)
(13,084) 8,317
546,238 544,551
5,877 1,859
103,933 109,104
1,870,059 1,701,850
249,917 243,698
143,848 141,124
645 1,071
4,072 1,539
6,368 6,680
182,598 218,774
587,448 612,886
1,282,611 1,088,964
343,622 208,196
938,989 880,768
18.52 17.37
63

STATEMENTS OF CHANGES IN
SHAREHOLDERSû EQUITY
Financial Statements in which the equity method is applied
For the years ended December 31, 2009 and 2008
Issued and
Paid-up
Premium on
Share Capital
Share Capital
Balance as at January 1, 2008 507,000 1,442,500
Expenses Recognised Directly in Equity
Investments in Available-for-Sale Securities
Losses Recognised in Shareholders’ Equity - -
Transferred to Income Statements on Disposals - -
Net Expenses Recognised Directly in Equity - -
Net Income for the Year - -
Total Income and Expenses for the Year - -
Dividend Paid (Note 16) - -
Balance as at December 31, 2008 507,000 1,442,500
Balance as at January 1, 2009 507,000 1,442,500
Income Recognised Directly in Equity
Investments in Available-for-Sale Securities
Gains Recognised in Shareholders’ Equity - -
Transferred to Income Statements on Disposals - -
Net Income Recognised Directly in Equity - -
Net Income for the Year - -
Total Income for the Year - -
Dividend Paid (Note 16) - -
Balance as at December 31, 2009 507,000 1,442,500
The accompanying notes are an integral part of the fi nancial statements.
64

(Baht’000)
Surplus (Deficit) on Retained Earnings Total
Changes in Values Legal Reserve General Reserve Unappropriated
of Investments
7,612,116 50,700 3,100,000 961,501 13,673,817
(4,666,123) - - - (4,666,123)
(78,038) - - - (78,038)
(4,744,161) - - - (4,744,161)
- - - 881,324 881,324
(4,744,161) - - 881,324 (3,862,837)
- - - (608,400) (608,400)
2,867,955 50,700 3,100,000 1,234,425 9,202,580
2,867,955 50,700 3,100,000 1,234,425 9,202,580
4,074,994 - - - 4,074,994
(17,079) - - - (17,079)
4,057,915 - - - 4,057,915
- - - 939,294 939,294
4,057,915 - - 939,294 4,997,209
- - - (608,400) (608,400)
6,925,870 50,700 3,100,000 1,565,319 13,591,389
65

STATEMENTS OF CHANGES IN
SHAREHOLDERSû EQUITY
Separate Financial Statements in which the cost method is applied
For the years ended 31 December 2009 and 2008
Issued and
Paid-up
Premium on
Share Capital
Share Capital
Balance as at January 1, 2008 507,000 1,442,500
Expenses Recognised Directly in Equity
Investments in Available-for-Sale Securities
Losses Recognised in Shareholders’ Equity - -
Transferred to Income Statements on Disposals - -
Net Expenses Recognised Directly in Equity - -
Net Income for the Year - -
Total Income and Expenses for the Year - -
Dividend Paid (Note 16) - -
Balance as at December 31, 2008 507,000 1,442,500
Balance as at January 1, 2009 507,000 1,442,500
Income Recognised Directly in Equity
Investments in Available-for-Sale Securities
Gains Recognised in Shareholders’ Equity - -
Transferred to Income Statements on Disposals - -
Net Income Recognised Directly in Equity - -
Net Income for the Year - -
Total Income for the Year - -
Dividend Paid (Note 16) - -
Balance as at December 31, 2009 507,000 1,442,500
The accompanying notes are an integral part of the financial statements.
66

(Baht’000)
Surplus (Deficit) on Retained Earnings Total
Changes in Values Legal Reserve General Reserve Unappropriated
of Investments
7,612,116 50,700 3,100,000 945,584 13,657,900
(4,666,123) - - - (4,666,123)
(78,038) - - - (78,038)
(4,744,161) - - - (4,744,161)
- - - 880,768 880,768
(4,744,161) - - 880,768 (3,863,393)
- - - (608,400) (608,400)
2,867,955 50,700 3,100,000 1,217,952 9,186,107
2,867,955 50,700 3,100,000 1,217,952 9,186,107
4,074,994 - - - 4,074,994
(17,079) - - - (17,079)
4,057,915 - - - 4,057,915
- - - 938,989 938,989
4,057,915 - - 938,989 4,996,904
- - - (608,400) (608,400)
6,925,870 50,700 3,100,000 1,548,541 13,574,611
67

STATEMENTS OF CASH FLOWS
For the years ended December 31, 2009 and 2008
(Baht’000)
Financial Statements
in which the equity method is applied
Separate Financial Statements
in which the cost method is applied
2009 2008 2009 2008
Cash Flows from (used in) Operating Activities
Direct Premium Written 7,853,497 6,997,575 7,853,497 6,997,575
Cash Paid for Reinsurance (1,723,413) (1,675,886) (1,723,413) (1,675,886)
Losses Incurred on Direct Insurance (2,131,640) (2,115,246) (2,131,640) (2,115,246)
Commissions and Brokerages on Direct Insurance (1,098,012) (992,440) (1,098,012) (992,440)
Other Underwriting Expenses (963,811) (858,534) (963,811) (858,534)
Net Investment Income 577,216 574,404 577,216 574,404
Other Income 103,933 109,104 103,933 109,104
Operating Expenses (411,552) (514,483) (411,552) (514,483)
Corporate Income Tax (227,282) (198,660) (227,282) (198,660)
Net Cash from Operating Activities 1,978,936 1,325,834 1,978,936 1,325,834
Cash Flows from (used in) Investing Activities
Cash Flows from
Investments in Securities 2,958,325 4,907,958 2,958,325 4,907,958
Loans 465,714 665,186 465,714 665,186
Investments in Associates 1,969 2,370 1,969 2,370
Deposits at Financial Institutions 150,151 45,962 150,151 45,962
Property, Buildings and Equipment 9,509 1,818 9,509 1,818
Net Cash from Investing Activities 3,585,668 5,623,294 3,585,668 5,623,294
Cash Flows used in
Investments in Securities (3,781,081) (5,076,842) (3,781,081) (5,076,842)
Loans (269,887) (861,138) (269,887) (861,138)
Deposits at Financial Institutions (365,132) (157,285) (365,132) (157,285)
Property, Buildings and Equipment (62,478) (84,600) (62,478) (84,600)
Net Cash used in Investing Activities (4,478,578) (6,179,865) (4,478,578) (6,179,865)
Net Cash used in Investing Activities (892,910) (556,571) (892,910) (556,571)
Cash Flows from (used in) Financing Activities
Dividend Paid to Shareholders (608,400) (608,400) (608,400) (608,400)
Net Cash used in Financing Activities (608,400) (608,400) (608,400) (608,400)
Net Increase in Cash and Cash Equivalents 477,626 160,863 477,626 160,863
Cash and Cash Equivalents at Beginning of Year 283,125 122,262 283,125 122,262
Cash and Cash Equivalents at End of Year (Note 10) 760,751 283,125 760,751 283,125
Supplemental Cash Flows Information
Non-Cash Item
Surplus on Changes in Values of Investments 6,925,870 2,867,955 6,925,870 2,867,955
The accompanying notes are an integral part of the financial statements.
68

For the years ended December 31, 2009 and 2008
NOTES TO FINANCIAL STATEMENTS
1. General Information
Bangkok Insurance Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand.
The Company is principally engaged in the provision of non-life insurance. The Company’s registered office is located at
25 Bangkok Insurance Building, Sathon Tai Road, Bangkok.
2. Basis of Preparation
The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting
Profession Act B.E. 2547 and in accordance with Thai accounting practices related to insurance, and the accounting and reporting
guidelines prescribed by the Office of Insurance Commission. The presentation of the financial statements has been made in
compliance with the order of the Registrar dated 6 March 2002, issued under the Accounting Act B.E. 2543.
The financial statements in Thai language are the official statutory financial statements of the Company. The financial
statements in English language have been translated from the Thai language financial statements.
The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the
accounting policies.
3. Adoption of New Accounting Standards
In June 2009, the Federation of Accounting Professions issued Notification No. 12/2552, assigning new numbers to Thai
Accounting Standards that match the corresponding International Accounting Standards. The numbers of Thai Accounting
Standards as referred to in these financial statements reflect such change.
The Federation of Accounting Professions has issued Notifications No. 86/2551 and 16/2552, mandating the use of new
accounting standards, financial reporting standard and accounting treatment guidance as follows:
(a)
Accounting standards, financial reporting standard and accounting treatment guidance which are
effective for the current year
Framework for Preparation and Presentation of
Financial Statements (revised 2007)
TAS 36 (revised 2007)
TFRS 5 (revised 2007)
Impairment of Assets
Non-current Assets Held for Sale
and Discontinued Operations
Accounting Treatment Guidance for Leasehold Right
Accounting Treatment Guidance for Business Combination under Common Control
These accounting standards, financial reporting standard and accounting treatment guidance became effective
for the financial statements for fiscal years beginning on or after January 1, 2009. The management has assessed the effect of
these standards and believes that TFRS 5 (revised 2007) and Accounting Treatment Guidance for Business Combination under
Common Control are not relevant to the business of the Company, while Framework for Preparation and Presentation of Financial
Statements (revised 2007), TAS 36 (revised 2007) and Accounting Treatment Guidance for leasehold Right do not have any
significant impact on the financial statements for the current year.
69

(b)
Accounting standards which are not effective for the current year
Effective Date
TAS 20 Accounting for Government Grants January 1, 2012
and Disclosure of Government Assistance
TAS 24 (revised 2007) Related Party Disclosures January 1, 2011
TAS 40 Investment Property January 1, 2011
However, TAS 24 (revised 2007) and TAS 40 allows early adoption by the entity before the effective date.
The management of the Company has assessed the effect of these standards and believes that TAS 20 is not
relevant to the business of the Company, while TAS 24 (revised 2007) and TAS 40 will not have any significant impact on the
financial statements for the year in which they are initially applied.
4. Significant Accounting Policies
4.1 Revenue recognition
(a) Premium
For insurance policies with coverage periods of up to 1 year, premium income is recognised on the date the
insurance policy comes into effect, after deducting a premium ceded and cancelled. For long-term insurance
policies with coverage periods of longer than 1 year, related revenues are recorded as unearned items and
amortised to income over the coverage period.
(b) Reinsurance premium
Reinsurance premium income is recognised when the reinsurer places the reinsurance application or statement
of accounts with the Company.
(c) Interest and dividends
Interest is recognised on an accrual basis based on the effective interest rate. Dividends are recognised when
the right to receive the dividends is established.
4.2 Investments in securities
(a) Investments in available-for-sale securities are stated at fair value. Change in the carrying amount of securities
is recorded as a separate item in shareholders’ equity until the securities are sold, when the change are then
included in the income statement.
(b) Investments in non-marketable equity securities, which the Company classifies as other investments, are stated
at cost net of allowance for loss on impairment (if any).
(c) Investments in associates are accounted for in the financial statements in which the equity method in applied
(investments in associates are accounted for in the separate financial statements in which the cost method is applied).
The fair value of marketable equity securities is based on the latest bid price of the last working day of the year as
quoted on the Stock Exchange of Thailand. The fair value of debt securities is determined based on the required rate of return or
the yield rates quoted by the Thai Bond Market Association. The fair value of unit trusts is determined from their net assets value.
The weighted average method is used for computation of the cost of investments.
Losses on impairment (if any) of investments in available-for-sale securities and other investments are included in
the income statement.
4.3 Premium due and uncollected
Premium due and uncollected is carried at its net realisable value. The Company set up an allowance for doubtful
accounts based on the estimated loss that may incur in collection of the premium due, on the basis of collection experiences,
analysis of debtor aging and a review of current status of the premium due as at the balance sheet date.
70

4.4 Related party transactions
Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether
directly or indirectly, or which are under common control with the Company.
They also include associates and individuals which directly or indirectly own a voting interest in the Company that gives
them significant influence over the Company, key management personnel, directors and officers with authority in the planning and
direction of the Company’s operations.
4.5 Property, buildings and equipment and depreciation
Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance
for loss on impairment of assets (if any).
Depreciation of buildings and equipment is calculated by reference to their costs on a straight-line basis over the
following estimated useful lives:
- Buildings - 20 years, 30 years (over the period of lease)
- Condominium - 20 years
- Office furniture, fixture and equipment - 3, 5 years
- Motor vehicles - 5 years
Depreciation is included in determining income.
No depreciation is provided for land and construction in progress.
4.6 Intangible assets and amortisation
On the date of acquisition, the Company measured all acquired intangible assets at cost. Following initial recognition,
intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets with finite lives are amortised on a systematic basis over the economic useful life and tested for
impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation
method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to the
income statement.
The useful lives of intangible assets with finite useful lives which is computer software are expected to generate
economic benefit within 5 years and 10 years.
4.7 Impairment of assets
At each reporting date, the Company performs impairment reviews in respect of the investments, property, buildings
and equipment and intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. An
impairment loss is recognised when the recoverable amount of an asset, which is the higher of the asset’s fair value less costs to
sell and its value in use is less than the carrying amount. In determining value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These
calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Company
could obtain from the disposal of the asset in an arm’s length transaction between knowledgeable, willing parties, after deducting
the costs of disposal.
An impairment loss is recognised in the income statement.
For assets other than goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates
the asset’s recoverable amount. An impairment loss recognized in prior periods for an asset other than goodwill shall be reversed.
71

4.8 Foreign currencies
Transactions in foreign currency are translated into Baht at the exchange rate ruling at the date of transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the
balance sheet date.
Gains and losses on exchange are included in determining income.
4.9 Unearned premium reserve
Unearned premium reserve is set aside in compliance with the Notification of the Ministry of Commerce governing
the appropriation of unearned premium reserves of non-life insurance companies as follows:
Fire, marine and transportation (Hull),
- Monthly average basis (the one-twenty fourth basis)
Motor and Miscellaneous
Marine and transportation (Cargo)
Traveling accident
- Net premium written for the last ninety days
- Net premium written for the last thirty days
4.10 Loss reserve and outstanding claims
Outstanding claims are recorded at the amount to be actually paid. Loss reserve is provided upon receipt of claim
advices from the insured based on the claims notified by the insured and estimates made by the Company’s management. The
maximum value of claims estimate is not however, to exceed the sum-insured under the relevant policy. In addition, the Company
set up a provision for losses incurred but not yet reported (IBNR) at 2.5% of the net written premium for the previous 12 months in
compliance with the Notification of Ministry of Commerce governing the appropriation of unearned premium reserves and loss
reserve by the non-life insurance company. However, since January 1, 2009, the Company is to allocate IBNR according to the
actuarial method, but it is not to be less than 2.5% of the total net written premium written on all types of risk in the twelve months
prior to the allocation date.
4.11 Commissions and brokerages
Commissions and brokerages are expended when incurred.
4.12 Employee benefits
Salaries, wages, bonuses and contributions to the social security fund and provident fund are recognised as expenses
when incurred.
4.13 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investment with an original
maturity of three months or less and not subject to withdrawal restrictions.
4.14 Long-term leases
Leases of vehicles which transfer substantially all the risks and rewards of ownership are classified as finance
leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease
payments. The outstanding rental obligations, net of finance charges, are included in other long-term payables, while the interest element
is charged to the income statements over the lease period. The equipment acquired under finance leases is depreciated over the useful
life of the asset.
4.15 Provisions
Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.
4.16 Income tax
Income tax is provided in the accounts based on the taxable profits determined in accordance with tax legislation.
72

5. Significant Accounting Judgments and Estimates
The preparation of financial statements in conformity with generally accepted accounting principles at times requires
management to make subjective judgments and estimates regarding matters that are inherently uncertain. These judgments and
estimates affect reported amounts and disclosures and actual results could differ. Significant judgments and estimates are as follows:
Leases
In determining whether a lease is to be classified as an operating lease or finance lease, the management is required to
use judgment regarding whether significant risk and rewards of ownership of the leased asset has been transferred, taking into
consideration terms and conditions of the arrangement.
Allowance for doubtful accounts
In determining an allowance for doubtful accounts, the management needs to make judgment and estimates based upon,
among other things, past collection history, aging profile of outstanding debts and the prevailing economic condition.
Fair value of financial instruments
In determining the fair value of financial instruments that are not actively traded and for which quoted market prices are not
readily available, the management exercise judgment, using a variety of valuation techniques and models. The input to these models is
taken from observable markets, and includes consideration of liquidity, correlation and longer-term volatility of financial instruments.
Impairment of investments in securities
The Company treats available-for-sale equity investments and other investments as impaired when there has been a significant
or prolonged decline in the fair value below their cost or where other objective evidence of impairment exists. The determination of
what is “significant” or “prolonged” requires the management judgment.
Property, buildings and equipment/Depreciation
In calculating depreciation of buildings and equipment, the management is required to make estimates of the useful lives
and salvage values of the Company’s buildings and equipment and to review estimate useful lives and salvage values when there
are any changes.
Intangible assets
The initial recognition and measurement of intangible assets, and subsequent impairment testing, require management to
make estimates of cash flows to be generated by the asset or the cash generating units and to choose a suitable discount rate in
order to calculate the present value of those cash flows.
Loss reserve and outstanding claims
At each reporting date, the Company has to estimate loss reserve and outstanding claims taking into account two factors.
These are the expected ultimate cost of claims reported at the balance sheet date, and the expected ultimate cost of claims
incurred but not yet reported (IBNR) at the balance sheet date. The ultimate cost of outstanding claims is established using a
range of standard actuarial claims projection techniques, such as the Chain Ladder and Bornheutter-Ferguson methods.
The main assumptions underlying these techniques relate to historical experience, including the development of claims
estimates, paid and incurred losses, average costs per claim and claim numbers. To perform the calculation, it is necessary to perform
analysis based on the type of insurance and to use the services of an actuary with expertise, experience, and an understanding of
the insurance business and the Company’s products.
Nevertheless, such estimates are forecasts of future outcomes, and actual results could differ.
The Office of Insurance Commission (OIC) permits members of the Company’s management who have been authorised
by the OIC to calculate and endorse loss reserve for IBNR.
73

Litigation
The Company has contingent liabilities as a result of litigation. The Company’s management has used judgment to assess
the results of the litigation and believes that losses incurred are recorded within the amounts as at the balance sheet date.
However, actual results could differ from the estimates.
6. Investments in Securities
(Baht’000)
2009 2008
Cost / Fair Value Cost / Fair Value
Amortised cost
Amortised cost
Available - For - Sale Securities
Debt Securities
Notes - Net 463,225 460,968 243,225 240,967
Bonds - Net 775,200 776,882 472,091 494,350
Debentures - Net 50,077 40,767 10,000 -
Surplus from Revaluation of Investments 2,372 - 22,258 -
Less Allowance for Impairment (12,257) - (12,257) -
1,278,617 1,278,617 735,317 735,317
Equity Securities
Ordinary Shares 3,707,171 10,629,471 3,352,858 6,273,525
Unit Trusts 1,195,080 1,172,813 1,046,078 962,533
Other Securities - 6,352 - -
Surplus from Revaluation of Investments 6,923,498 - 2,845,697 -
Less Allowance for Impairment (17,113) - (8,575) -
11,808,636 11,808,636 7,236,058 7,236,058
Total Available - For - Sale Securities 13,087,253 13,087,253 7,971,375 7,971,375
Other Securities
Ordinary Shares 764,605 491,923
Less Allowance for Impairmen (91,200) (86,654)
Total Other Securities 673,405 405,269
Total Investments in Securities 13,760,658 8,376,644
Investments in debt securities as at December 31, 2009 will be due as follows:
(Baht’000)
Due Within
Allowance for
1 year 1 - 5 years 5 - 10 years Impairment Total
Notes 463,225 - - (2,257) 460,968
Bonds 289,370 414,496 73,016 - 776,882
Debentures 10,000 40,767 - (10,000) 40,767
Total 762,595 455,263 73,016 (12,257) 1,278,617
74

Investments in debt securities as at December 31, 2008 will be due as follows:
(Baht’000)
Due Within
Allowance for
1 year 1 - 5 years 5 - 10 years Impairment Total
Notes 243,225 - - (2,258) 240,967
Bonds - 414,859 79,491 - 494,350
Debentures 10,000 - - (10,000) -
Total 253,225 414,859 79,491 (12,258) 735,317
As at December 31, 2009, government bond and state enterprise bond totaling Baht 29.1 million (2008: Baht 20.8 million)
have been placed as a security in the normal course of business and government bond of Baht 14 million (2008: Baht 14 million)
have been pledged as a security with the Office of Insurance Commission under the Non-life Insurance Act.
7. Loans and Accrued Interest
As at December 31, 2009 the balances of loans and accrued interest are aged by principal and accrued interest as follows:
(Baht’000)
Outstanding Period Collaterised Loans Other Loans Total
Principal Accrued Interest Principal Accrued Interest Principal Accrued Interest Total
Current 2,206,840 2,674 6,712 - 2,213,552 2,674 2,216,226
Overdue
Less than 6 months 221,545 4,604 - - 221,545 4,604 226,149
6 - 12 months 743 34 - - 743 34 777
Over 12 months 2,581 657 - - 2,581 657 3,238
Loans and Accrued Interest 2,431,709 7,969 6,712 - 2,438,421 7,969 2,446,390
As at December 31, 2008 the balances of loans and accrued interest are aged by principal and accrued interest as follows:
(Baht’000)
Outstanding Period Collaterised loans Other loans Total
Principal Accrued Interest Principal Accrued Interest Principal Accrued Interest Total
Current 2,394,242 7,147 5,439 - 2,399,681 7,147 2,406,828
Overdue
Less than 6 months 2,163 46 - - 2,163 46 2,209
6 - 12 months 4,725 196 - - 4,725 196 4,921
Over 12 months 227,680 51,165 - - 227,680 51,165 278,845
Loans and Accrued Interest 2,628,810 58,554 5,439 - 2,634,249 58,554 2,692,803
75

8. Investments in Associates
8.1 These represent investments in ordinary shares in the following associates.
Company’s Name Nature of Country of Paid-up Capital Percentage Holding
Business Incorporation (%)
2009 2008 2009 2008
Asia Insurance Non-life Cambodia USD 4,200,000 USD 4,200,000 22.92 22.92
(Cambodia) Plc.
insurance
Asian Insurance Holding China USD 5,740,000 USD 5,740,000 41.70 41.70
International (Holding)
company
Limited
(Baht’000)
Company’s Name Financial Statements Separate Financial Statements
in which the equity method is applied
in which the cost method is applied
2009 2008 2009 2008
Asia Insurance (Cambodia) Plc. 34,541 33,738 30,202 30,202
Asian Insurance International (Holding) Limited 84,492 84,991 72,054 72,054
Total 119,033 118,729 102,256 102,256
(Baht’000)
Company’s Name Financial Statements Separate Financial Statements
in which the equity method is applied
in which the cost method is applied
Share of Income (Losses) from
Investments in Associates During the Years
Dividend Received During the Years
2009 2008 2009 2008
Asia Insurance (Cambodia) Plc. 2,772 4,064 1,968 2,370
Asian Insurance International (Holding) Limited (499) (1,138) - -
Total 2,273 2,926 1,968 2,370
8.2 Summarised Financial Information of Associates
(Baht : Million)
Company’s Name Total Assets as at Total Liabilities as at Total Revenues Net Income
December 31 December 31 for the Years Ended for the Years Ended
December 31 December 31
2009 2008 2009 2008 2009 2008 2009 2008
Asia Insurance (Cambodia) Plc. 273.96 284.05 97.25 102.69 49.48 62.36 11.94 18.47
Asian Insurance International (Holding) Limited 216.50 232.98 - - 6.73 1.50 (1.18) (2.96)
Total 490.46 517.03 97.25 102.69 56.21 63.86 10.76 15.51
As at December 31, 2009 and 2008, the values of the Company’s investments in associates were determined under the
equity method (in the financial statements in which the equity method is applied), based on the financial information provided by
the associates’ management. The information had not been audited by external auditors.
76

The Company received the 2008 financial statements of Asian Insurance International (Holding) Limited, and Asia
Insurance (Cambodia) Plc. which were audited by those associated companies’ auditors per their reports dated March 20, 2009
and March 30, 2009, respectively.
9. Related Party Transactions
Related parties means parties that directly or indirectly control, are controlled by, or are under common control with the
Company. This includes associates and enterprises which have individuals who hold, directly or indirectly, an interest in the voting
rights which gives them significant influence over the Company, as well as key management personnel, directors and members of
the immediate family of any such individual.
In considering each possible related party relationship, attention is directed to the substance of the relationship, and not
merely the legal form.
The relationship between the Company and its related parties are summarised below:
Name of Related Parties Type of Business Relationship with the Company
Bangkok Bank Pcl. Banking Related by way of common directors and shareholding
Charoong Thai Wire and Cable Pcl. Electrical Products Related by way of common directors and shareholding
Furukawa Metal (Thailand) Pcl. Electrical Products Related by way of common directors and shareholding
Thai Reinsurance Pcl. Insurance Related by way of common directors and shareholding
Bumrungrad Hospital Pcl. Health Care Services Related by way of common directors and shareholding
Bangkok Life Assurance Pcl. Life Insurance Related by way of common directors and shareholding
Bangkok Glass Co., Ltd. Packaging Related by way of common directors and shareholding
Sorachai Vivatn Co., Ltd. Property Development Related by way of common directors and shareholding
EMCS Thai Co., Ltd. Professional Services Related by way of common directors and shareholding
Bang Pa-In Golf Co., Ltd. Entertainment & Recreation Related by way of common directors and shareholding
Thai Insurers Datanet Co., Ltd. Professional Services Related by way of common directors and shareholding
Thai Metal Processing Co., Ltd. Electronic Parts Related by way of common directors and shareholding
Thai Orix Leasing Co., Ltd. Finance Related by way of common directors and shareholding
AIOI Bangkok Insurance Co., Ltd. Non-life Insurance Related by way of shareholding
Asia Insurance (Investments) Limited Holding Company Related by way of shareholding
Asia Insurance (Cambodia) Plc. Non-life Insurance Associate
Asian Insurance International (Holding) Limited Holding Company Associate
Bualuang Securities Pcl. Securities Subsidiary of the major shareholder of the Company
77

During the years, the Company had significant business transactions with its related parties. Such transactions, which
have been concluded on commercial terms and bases agreed upon in the ordinary course business between the Company and
those parties are as follows:
(Baht’000)
2009 2008 Pricing Policy
Premium Written 212,957 115,934 Normal commercial terms for underwriting
Interest Income 13,382 15,568 Same as financial institutions and related companies
offer to other customers
Dividend Income 232,525 282,556 The declared amount
Premium Ceded 173,601 216,775 Normal commercial terms for reinsurance depending
on type of insurance and reinsurance contract
Interest Expenses - 102 Same as financial institutions and related companies
offer to other customers
Rental Income 70 - Same offer to other customers
Lended Securities Income 1,105 53 Same as financial institutions and related companies
offer to other customers
The Company had the following significant balances of assets and liabilities with its related companies.
(Baht’000)
2009 2008
Cost Fair Value Cost Fair Value
Investments in Listed Stocks
Bangkok Bank Pcl. 1,419,764 4,090,089 1,421,596 2,446,880
Bangkok Life Assurance Pcl. 211,575 1,093,794 - -
Charoong Thai Wire and Cable Pcl. 165,958 134,981 159,799 88,896
Furukawa Metal (Thailand) Pcl. 100,204 53,595 98,626 57,402
Thai Reinsurance Pcl. 90,490 248,169 93,226 237,649
Bumrungrad Hospital Pcl. 377,347 2,836,670 370,028 2,018,094
2,365,338 8,457,298 2,143,275 4,848,921
78

(Baht’000)
2009 2008
Investments in non-listed Stocks
Bangkok Life Assurance Pcl. - 49,575
Bangkok Glass Co., Ltd. 96,466 68,095
Sorachai Vivatn Co., Ltd. 40,500 40,500
EMCS Thai Co., Ltd. 5,800 7,733
Bang Pa-In Golf Co., Ltd. 13,430 19,286
Thai Orix Leasing Co., Ltd. 18,750 15,000
AIOI Bangkok Insurance Co., Ltd. 3,336 3,336
Thai Insurers Datanet Co., Ltd. 375 1,125
Thai Metal Processing Co., Ltd. 7,500 7,500
Asia Insurance (Investments) Limited 47,058 47,058
233,215 259,208
Investments in Notes
Bangkok Bank Pcl. 70,000 100,000
Deposits at Financial Institution
Bangkok Bank Pcl. 772,826 633,289
Premium Due and Uncollected
Bangkok Bank Pcl. 5,121 8,012
Charoong Thai Wire and Cable Pcl. 43 18
Furukawa Metal (Thailand) Pcl. 36 18
Bumrungrad Hospital Pcl. 11 94
Thai Orix Leasing Co., Ltd. 382 487
Bangkok Life Assurance Pcl. 86 -
Bangkok Glass Co., Ltd. 383 724
Thai Metal Processing Co., Ltd. 77 -
6,139 9,353
Due to (from) Reinsurer
Thai Reinsurance Pcl. 49,060 56,077
AIOI Bangkok Insurance Co., Ltd. 1,164 17,463
Asia Insurance (Cambodia) Plc. (1,338) (11,417)
48,886 62,123
Deposit and Golf Club Membership (Including in Other Assets)
Bang Pa-In Golf Co., Ltd. 94,794 95,099
Directors and Management’s Remuneration
In 2009 the Company paid meeting allowances, bonuses, contributions to the provident fund and others to their directors
and management totaling Baht 79.48 million (2008: Baht 67.81 million).
79

10. Cash and Cash Equivalents
(Baht’000)
2009 2008
Cash 1,662 1,892
Deposits at financial institutions 1,040,866 797,981
Total cash and deposits at financial institutions 1,042,528 799,873
Notes 460,967 240,967
Bonds 776,883 494,349
Less
Deposits at financial institutions , bonds and notes
with maturity of more than 3 months and
cash subject to restriction (1,519,627) (1,252,064)
Cash and cash equivalents 760,751 283,125
As at December 31, 2009 fixed deposits of Baht 30 million (2008: Baht 30 million) have been pledged with a bank to
secure bank overdraft facilities.
11. Property, Buildings and Equipment
(Baht’000)
Land Buildings Condominium Office Furniture, Motor Construction Total
Fixture and Vehicles in Progress
Equipment
Cost
December 31, 2008 158,323 1,303,090 8,751 470,144 69,133 4,051 2,013,492
Purchases - - - 43,085 24,008 18,758 85,851
Disposals (2,371) (2,221) - (9,284) (7,891) - (21,767)
Adjust - - - - 235 - 235
Transfer in (out) - - - 12,346 - (12,346) -
December 31, 2009 155,952 1,300,869 8,751 516,291 85,485 10,463 2,077,811
Accumulated depreciation
December 31, 2008 - 460,177 6,542 349,993 50,945 - 867,657
Depreciation for disposals - (1,506) - (8,912) (7,718) - (18,136)
Depreciation for the year - 55,916 436 59,166 7,932 - 123,450
December 31, 2009 - 514,587 6,978 400,247 51,159 - 972,971
Net book value
December 31, 2008 158,323 842,914 2,209 120,151 18,187 4,051 1,145,835
December 31, 2009 155,952 786,282 1,773 116,044 34,326 10,463 1,104,840
Depreciation Charge in Income Statements
2008 115,746
2009 123,450
As at December 31, 2009, certain equipment items have been fully depreciated but are still in use. The cost before
deducting accumulated depreciation of those assets amounted to Baht 324.16 million (2008: Baht 284.96 million).
80

12. Premium Due and Uncollected
The balance as at December 31, 2009 and 2008 of premium due and uncollected were classified by aging as follows:
(Baht’000)
Overdue 2009 2008
Not over 3 months 1,247,625 1,238,323
Over 3 months to 6 months 111,352 125,906
Over 6 months to 12 months 23,115 91,592
Over 12 months 38,553 49,916
Total 1,420,645 1,505,737
Less Allowance for doubtful accounts (32,163) (33,502)
Premium due and uncollected - net 1,388,482 1,472,235
13. Intangible Assets - Computer Software
(Baht’000)
2009 2008
Cost - Computer software 166,948 115,300
Addition 10,787 20,409
Transfer from computer software under development - 31,239
Accumulated amortisation (68,172) (51,150)
Allowance for impairment loss - computer software (24,982) -
Net book value - Computer software 84,581 115,798
Computer software under development 12,400 -
Total 96,981 115,798
Amortisation expense included in the income statements for the years 17,022 15,608
14. Additional Unearned Premium Reserves
As at December 31, 2009, the retained earnings of the Company excluded Baht 340.93 million on of additional unearned
premium reserve (2008: Baht 366.73 million) which the Company set aside for the premium ceded to a foreign reinsurer, in compliance
with the regulations of the Office of Insurance Commission.
15. Liabilities Under Finance Lease Agreements
(Baht’000)
2009
Liabilities under finance lease agreements 27,147
Less Deferred interest expenses (3,786)
Total 23,361
Less Portion due within one year (4,132)
Liabilities under finance lease agreements - net of current portion 19,229
As at December 31, 2009, the Company has entered into the finance lease agreements with leasing companies for rental
of motor vehicles for use in its operation, whereby it is committed to pay rental on a monthly basis. The terms of the agreements
are generally between 5 years.
81

16. Dividend Paid
Dividend declared in 2009 and 2008 consist of the following:
Approved by Total Dividend Dividend Per Share
(Million Baht)
(Baht)
The Third Interim Dividend Meeting of Board of Directors 4/09
for 2009 on November 13, 2009 139.43 2.75
The Second Interim Dividend Meeting of Board of Directors 3/09
for 2009 on August 14, 2009 139.42 2.75
The First Interim Dividend Meeting of Board of Directors 2/09
for 2009 on May 15, 2009 139.42 2.75
Final Dividend
Annual General Meeting of
for 2008 the Shareholders No.16 on April 24, 2009 190.13 3.75
Total Dividend for the Year 2009 608.40 12.00
The Third Interim Dividend Meeting of Board of Directors 4/08
for 2008 on November 14, 2008 139.43 2.75
The Second Interim Dividend Meeting of Board of Directors 3/08
for 2008 on August 14, 2008 139.42 2.75
The First Interim Dividend Meeting of Board of Directors 2/08
for 2008 on May 14,2008 139.42 2.75
Final Dividend
Annual General Meeting of
for 2007 the Shareholders No.15 on April 25, 2008 190.13 3.75
Total Dividend for the Year 2008 608.40 12.00
17. Statutory Reserve
Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory
reserve at least 5% of its net income after deducting accumulated deficit brought forward (if any), until the reserve reaches 10% of
the registered capital. The statutory reserve is not available for dividend distribution.
18. Provident Fund
The Company and its employees jointly established a provident fund under the Provident Fund Act B.E. 2530. The fund is
contributed to by both the employees and the Company on a monthly basis, at rates ranging from 5% to 10% of the employees’
basic salaries, based on the length of employment. The fund is managed by a fund manager which has been approved by the Ministry
of Finance. During the year 2009, the Company contributed approximately Baht 34.6 million (2008: Baht 32.4 million) to the Fund.
19. Directors’ Remuneration
Directors’ remuneration represents the benefits paid to the Company’s directors in accordance with Section 90 of the
Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.
82

20. Basic Earnings Per Share
Basic earnings per share is calculated by dividing the net income for the year by the weighted average number of ordinary
shares held by outside shareholders in issue during the year.
21. Commitments
The Company has entered into several lease agreements in respect of the lease of land and office building space. The
terms of the agreements are 30 years and 1 year for land and office building space, respectively.
As at December 31, 2009 and 2008, future minimum lease payments required under those non-cancellable operating
lease contracts were as follows.
(Baht : Million)
2009 2008
Within 1 year 19 19
Over 1 year and not over 5 years 79 77
Over 5 years 217 238
22. Bank Guarantee
As at December 31, 2009, there were outstanding bank guarantees of Baht 13.7 million (2008: Baht 7.8 million) issued by
banks on behalf of the Company in respect of certain performance bonds as required in the normal course of business.
23. Contingent Liabilities
As at December 31, 2009, the Company has been sued for damaged totaling approximately Baht 1,892.6 million (2008:
Baht 2,410.8 million) as insurer. The total maximum sum insured per the relevant policies is Baht 776.7 million (2008: Baht 742.2 million).
The outcomes of these causes have not yet been finalised but the Company has set aside reserves for its contingent losses
amounting to approximately Baht 268.2 million (2008: Baht 252.2 million).
24. Financial Information by Segment
The Company’s operations involve a single industry segment in non-life insurance and are carried on in the single
geographic area in Thailand. As a result, all of the revenues, operating profits and assets as reflected in these financial statements
pertain to the aforementioned industry segment and geographic area.
25. Financial Instruments
25.1 Financial risk management
The Company’s financial instruments, as defined under Thai Accounting Standard No. 32 “Financial Instruments:
Presentation”, principally comprise cash and deposit at financial institutions, premium receivable, amount due to/ due from reinsurer,
loans and investments in securities. The financial risks associated with these financial instruments and how they are managed in
described below.
Credit Risk
Concentrations of the credit risk with respect to premiums due and uncollected are insignificant due to the large
number of customers comprising the customer base and their dispersion across different industries and geographic regions in Thailand.
83

Concentrations of the credit risk with respect to secured loans are insignificant due to the large number of customers
comprising the customer base and their dispersion across different industries and geographic regions in Thailand. In addition the values
of the securities placed as collateral are adequate for the Company to receive complete payment of debt and the ratio of loans to
collateral values is in accordance with the notification of the Registrar relating to the other business investments of insurance companies.
The maximum exposure to credit risk is limited to the book value of assets after deduction of allowance for doubtful
debts as stated in the balance sheet.
Interest Rate Risk
The Company’s exposure to interest rate risk relates primarily to its deposits at financial institutions and investments
in securities. However, since most of the Company’s financial assets bear fixed interest rates which are close to the market rate,
the Company does not use derivatives to manage its interest rate risk.
The Company’s exposure to interest rate risk relates to loans is low because most of loans bear floating interest rate.
Whenever market rate is significantly higher than the rate in loans’ agreement, the Company can adjust the interest without deniable by
borrower according to the defined criteria in loan agreement between the Company and borrower for loans which bear fixed
interest rate.
Significant financial assets as at December 31, 2009 classified by type of interest rates are summarized in the
table below.
(Baht’000)
Balance as at December 31, 2009
Floating Interest Rate
Fixed Interest Rate
Deposits at Financial Institutions 101,138 939,728
Investments in Securities
Bonds - Net - 776,883
Debentures - Net - 40,767
Notes - Net - 460,967
Total 101,138 2,218,345
The financial assets that carry fixed interest rates further classified based on the maturity date or the repricing date
if this occurs before the maturity date.
(Baht’000)
Within 1 year 1 to 5 years Over 5 years Total Average
Interest Rate
(% per annum)
Deposits at Financial Institutions 939,728 - - 939,728 0.500 - 1.750
Investments in Securities
Bonds - Net 370,338 333,528 73,016 776,882 1.055 - 5.250
Debentures - Net - 40,767 - 40,767 4.000 - 4.300
Notes - Net 460,968 - - 460,968 0.900 - 1.750
Total 1,771,034 374,295 73,016 2,218,345
84

Foreign Currency Risk
The Company’s exposure to foreign currency risk arises mainly from foreign currency denominated underwriting,
reinsurance with foreign reinsurers and investments in foreign associates that are denominated in foreign currencies. The
Company does not utilise forward foreign currency contracts to mitigate its exposure to foreign currency risk.
As at December 31, 2009, the balances of financial assets and liabilities denominated in foreign currencies are
summarised below.
Foreign Currency Financial Financial Average Exchange Rate
Assets Liabilities as at December 31, 2009
(Million) (Million) (Baht per 1 foreign currency unit)
US dollar 7.8 7.1 33.3197
Philippines pesos 1.7 4.4 0.7143
Japanese yen 0.7 0.1 0.3617
HK dollar 1.9 - 4.2937
Indonesia rupiahs 1,678.0 - 0.0035
25.2 Fair value
A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable,
willing parties in an arm’s length transaction. The fair value is determined by depending on the nature of the instrument.
The fair value is determined by reference to the market price of the financial instrument or by using an appropriate
valuation technique if the appropriate market price cannot be determined, depending on the nature of the instrument.
The following methods and assumptions were used by the Company in estimating the fair values of financial
instruments.
- Investment in securities
The fair value of equity securities and debt securities are based on their quoted market prices.
The fair value of other securities and investments in associates cannot be properly calculated, and therefore
no disclosure is made.
The fair value of deposits at financial institutions, and notes with maturity periods of less than 90 days is based
on their carrying value. For those with maturity periods longer than 90 days, fair value is estimated using a
discounted cash flow analysis based on the current interest rate and the remaining period to maturity.
- Secured loans
For floating interest rate loans with no significant credit risk, fair value is based on carrying value. The fair value
of fixed interest rate loans is estimated using a discounted cash flow analysis based on the current interest rate.
26. Capital Management
The primary objectives of the Company’s capital management are to maintain the Company’s ability to continue as a going
concern and to maintain capital reserve in accordance with Notifications of the Office of Insurance Commission.
27. Approval of Financial Statements
These financial statements were authorised for issue by the Company’s Executive Directors on February 17, 2010.
85

THE COMPANYûS FINANCIAL STATUS
Assets
As at December 31, 2009, the Company’s total assets amounted to Baht 20,496.4 million, a rise of Baht 5,199.4 million, or
34.0 percent, over 2008. Significant components of the assets are described below.
- Investments in securities totaled Baht 13,761.0 million, representing an increase of Baht 5,384.0 million, or 64.3 percent,
over 2008.
- Loans diminished by Baht 195.8 million, or 7.4 percent, to Baht 2,438.4 million, compared to 2008.
- Cash and deposits at financial institutions rose by Baht 242.7 million, or 30.3 percent, to Baht 1,042.5 million,
compared to 2008.
- Property, premises and equipment decreased by Baht 41.0 million, or 3.6 percent, to 1,104.8 million, over 2008.
Liabilities
The Company’s total liabilities at 2009 year-end increased by Baht 810.6 million, or 13.3 percent, to Baht 6,905.0 million,
over 2008. Important elements of liabilities include the following:
- Unearned premium reserve rose by Baht 482.2 million, or 19.2 percent, to Baht 2,990.7 million, compared to 2008.
- Loss reserve and outstanding claims augmented by Baht 86.5 million, or 7.3 percent, to Baht 1,274.3 million, over 2008.
- Accounts withheld on reinsurance treaties increased by Baht 27.1 million, or 6.9 percent, to Baht 418.2 million.
- Due to reinsurer increasing by Baht 119.2 million, or 31.5 percent, to Baht 497.8 million.
- Premium received in advanced diminished by Baht 57.3 million, or 6.7 percent, to Baht 800.4 million, compared to 2008.
Shareholders’ Equity
The Company’s shareholders’ equity at 2009 year-end rose by Baht 4,388.8 million, or 47.7 percent, to Baht 13,591.4 million,
over 2008. Significant components of the shareholders’ equity are listed below.
- Net income for 2009 increased by Baht 58.0 million, or 6.6 percent, to Baht 939.3 million, compared to 2008.
- Dividend paid for 2009 amounted to Baht 608.4 million (Baht 12 per share).
- Retained earning not allocated totaled Baht 1,565.3 million, an increase of Baht 330.9 million, or 26.8 percent, over 2008.
- A surplus on revaluation of investments rose by Baht 4,057.9 million, or 141.5 percent, to Baht 6,925.8 million, compared to 2008.
Assets Quality
Debtors (Premium due and uncollected)
As at December 31, 2009, premium due and uncollected had diminished by Baht 83.7 million, or 5.7 percent, to 1,388.5 million,
compared to 2008. They can be classified by aging as follows:
(Baht : Million)
Overdue 2009 2008
Under 3 months 1,247.6 1,238.3
3 months - 6 months 111.3 125.9
6 months - 12 months 23.1 91.6
Over 12 months 38.6 49.9
Total 1,420.6 1,505.7
Less Allowance for doubtful accounts (32.1) (33.5)
Premium due and uncollected - Net 1,388.5 1,472.2
86

Debtors, overdue under 3 months, for premium due and uncollected represented Baht 1,247.6 million, or 89.9 percent of
the uncollected net premium. Most of them, however, were within a grace period offered by the Company. Debtors for premium
due and uncollected, classified by aging, diminished in all aging periods because the Company had constantly developed a debt
management procedure to enhance its efficiency in the premiums collections and debt follow-up. In addition, the Company has
also increased channels for debt payment to provide convenience to its customers, agents and brokers in their payment to the
Company in due time.
In 2009, due to the Company’s customers’, agents’ and brokers’ understanding of the Office of Insurance Commission’s
requirements called “Cash Before Cover”, they paid their premium before the policies became effective. This has been applied to
motor insurance, which causes the premium due and uncollected to diminish.
For the premiums expected to be a bad debt, the Company has provided an allowance for doubtful accounts, in
accordance with the Company’s announcement of its policy on allowance allotment for doubtful accounts, which is deemed
adequate for the risk of being unable to collect these debts.
Loans
As at December 31, 2009, the Company’s total mortgage loans diminished by Baht 197.1 million, or 7.5 percent, to Baht
2,431.7 million, compared to 2008. This stemmed from the fact that debtors engaged in a real estate development project can sell
their homes and thus are able to pay their debts. Out of the Company’s total loan amount, Baht 180.8 million, or 7.4 percent, was
housing loans, while the remaining Baht 2,250.9 Million, or 92.6 percent, was loans extended to real estate developers and other
industrial entrepreneurs.
With regard to these mortgage loans, the collateral security evaluation, loan amount limit, contract period, conditions for interest
payment on an installment basis, and the principal return were in compliance with the requirements of the laws and regulations
concerned. In addition, the value of collateral security for mortgaged loans must be absolutely sufficient for debt payment.
Debtors of mortgage loans can be classified by aging as follows.
(Baht : Million)
Outstanding Period 2009 2008
Principal Interest Principal Interest
Current 2,206.8 2.7 2,394.2 7.1
Overdue
Less than 6 months 221.6 4.6 2.2 0.1
6 - 12 months 0.7 0.1 4.7 0.2
Over 12 months 2.6 0.6 227.7 51.2
Total 2,431.7 8.0 2,628.8 58.6
Investments in Securities
During 2009, the Thai economy and investments were impacted by a number of factors, for instance, the consistent
economic slowdown since 2008 and the internal political situation, both of which affected investment in Thailand by foreign
investors. Though the economy began to recover in the second half of 2009, the country was still negatively influenced by the
cancellation of investment projects in Mab Ta Phut, the delay of bid opening for 3G-Frequency wave, and other factors.
The Company has managed and allocated investment ports in securities corresponding with surrounding social, economy
and political fluctuations. Furthermore, the Company has focused on long-term investments and management of securities
investment capital in order to obtain appropriate returns on investments within an acceptable risk level. Typically, such
investments are strictly in accordance with the Company’s investment policies and other concerned agencies’ rules and
regulations. Similarly, the Company has closely followed up and reviewed the securities’ fair value, while its classification of the
investment capital, display of the investment capital’s fair value, and consideration of the allowance for loss on impairment all meet
the requirements of accounting standards concerned.
87

In 2009, the returns of domestic debt securities were low. To increase investment return, the Company had distributed its
investment to foreign countries through personal fund management, focusing on a policy of investment in government debt
securities or public enterprises with good credit rating. The Company managed its foreign exchange risk via the full-sale Cross
Currency and Interest Rate Swap. Additionally, the Company augmented its direct investment abroad through shareholding in
insurance companies, with a hope that it would support the Company’s core business transactions. As for its direct investment
capital amount based on the amount of paid-up capital and an appropriate amount necessary for each business transaction,
including scrutiny of other related factors.
As at December 31, 2009, the Company’s investment capital for significant securities was as follows: Bonds amounted
to Baht 775.2 million, with a fair value of Baht 776.9 million, while listed securities totaled Baht 3,707.2 million, with a fair value of
Baht 10,629.5 million, and the investment capital in associated companies equaled Baht 119.0 million. The investment capital in
investment units amounted to Baht 1,195.1 million, with a fair value of Baht 1,172.8 million, while that in unlisted securities totaled
Baht 764.6 million. In 2009, the Company recorded the allowance for impairment of unlisted securities at Baht 91.2 million.
Nonetheless, the Company’s fair value of all types of securities was Baht 6,925.9 million higher than its costs, which was displayed
as a surplus on revaluation of investments in shareholders’ equity.
In 2009, the Office of Insurance Commission required insurance companies to allocate their assets for debts and
obligations stemming from insurance contracts, effective from January 1, 2009, totaling no less than 80.0 percent. In this regard,
the Company allotted its investment assets as back-up properties based on the criteria, conditions and procedure required by the
commission, totaling 100.0 percent, which was adequate for the amount to be allocated at one time.
Liquidity
Cash Flows
As at December 31, 2009, the Company’s cash and cash equivalents rose by Baht 477.6 million, an increase of 168.7 percent,
to Baht 760.7 million. The Company’s cash flows on its activities were as follows:
(Baht : Million)
2009 2008
Cash Flows from (used in) Operating Activities 1,978.9 1,325.8
Cash Flows from (used in) Investing Activities (892.9) (556.6)
Cash Flows from (used in) Financing Activities (608.4) (608.4)
Decrease (Increase) in Net Cash and Cash Equivalents 477.6 160.8
- Cash Flows from Operating Activities amounted to Baht 1,978.9 million, which came mainly from net direct premium
written and net investment incomes.
- Cash Flows used in Investing Activities amounted to Baht 892.9 million, which was mainly used in investment in
securities, loans and deposits at financial institutions, as well as in property, premises and equipment.
- Cash Flows used in Financing Activities amounted to Baht 608.4 million, which was mainly used in dividend payment.
Current Liquidity Ratio (Company’s Financing Status)
As at December 31, 2009, the Company’s liquidity ratio was 0.51 times. The liquidity assets consisted of cash and
deposits at financial institutions, due in one year, amounting to Baht 1,042.5 million, and promissory notes, due in one year,
totaling Baht 461.0 million. Other significant liquidity assets included securities required by the market, government bonds,
premium due and uncollected, due from reinsurers, accrued investment incomes, etc.
Investment Expenses
In 2009, the Company’s major investment expenses were on an information technology system, building rehabilitation, and office
equipment and decoration which was aimed at improving the Company’s modern outlook and enhanced efficiency of customer service.
Sources of Funds
As at December 31, 2009, the Company’s liabilities were Baht 6,905.0 million, while shareholders’ equity was Baht 13,591.4 million.
Thus, the debt to equity ratio was 0.51 times. The Company’s significant on share capital, and retained earnings. In 2009, shareholders’
equity rose by Baht 4,388.8 million, or 47.7 percent, over 2008, due mainly to an increase of Baht 4,057.9 million, or 141.5 percent,
of a surplus on revaluation of investment.
88

FINANCIAL RATIO
Financial Ratio 2009 2008 2007
Liquidity Ratio
Current Ratio (Times) 0.51 0.54 0.54
Receivable Turnover (Days) 86.35 102.98 103.84
Profitability Ratio
Retention Rate (%) 108.80 101.08 103.63
Loss Ratio (%) 45.52 47.83 57.17
Profit Margin (%) 20.36 20.35 12.72
Underwriting and Operation Expenses Ratio (%) 43.05 43.65 41.16
Return on Investment (%) 4.34 6.11 5.47
Net Premium Ratio (Times) 0.52 0.45 0.38
Net Profit Margin (%) 15.30 15.35 12.42
Return on Equity (%) 8.24 7.71 5.35
Efficiency Ratio
Return on Assets (%) 7.17 6.27 4.66
Fixed Assets Turnover (Times) 5.45 4.94 4.77
Total Assets Turnover (Times) 0.34 0.33 0.30
Financial Ratio
Debt to Equity Ratio (Times) 0.51 0.66 0.42
Policy Liability to Capital Fund (Times) 0.31 0.40 0.26
Equity/Net Premium Income (Times) 2.28 1.79 2.69
Equity/Net Outstanding Claims (Times) 10.67 7.75 12.45
Equity/Assets (Times) 0.66 0.60 0.70
Unearned Premium Reserve to Equity (Times) 0.22 0.27 0.18
Unearned Premium Reserve/Total Assets (%) 14.59 16.40 12.61
Payout Ratio (%) 91.74 69.04 85.96
Per Share
Par Value (Baht) 10.00 10.00 10.00
Book Value (Baht) 268.07 181.51 269.70
Basic Earnings (Baht) 18.53 17.38 13.96
Dividends (Baht) 12.00 12.00 12.00
Stock Dividends (Baht) 5.00 - -
Growth Rate
Premium Written (%) 13.09 1.60 3.08
Income on Underwriting (%) 16.02 61.93 (2.14)
Net Investment Income (%) 0.04 (17.59) 27.50
Income Before Income Tax (%) 17.75 24.08 8.36
Income Tax (%) 65.05 22.25 (21.53)
Net Income (%) 6.58 24.52 19.29
Total Assets (%) 33.99 (21.42) 7.00
89

RELATED PARTIES TRANSACTIONS
Types of Related Parties Transactions
A portion of the Company’s business deals with related parties, where the relationship may be by shareholding or by
companies having the same group of shareholders or directors. In considering the relationship between individuals or enterprises,
attention is directed to the substance of the relationship, and not merely to the legal form or the basis of commitments.
Transactions are determined on the basis of conditions in the normal course of business and according to market value. In addition
to the related-transaction disclosure in Notes 8 and 9 of the financial statements for the year 2009, the Company would like to
reveal additional information for cross-over transaction as follows:
(Baht : Million)
Transaction with Related Party Related Party Relationship 2009 2008
Investment in Related Companies Disclosure in Note 9 and 8 of - - -
& Associated Companies
the Financial Statements, respectively
Premium Written Bangkok Bank PCL. Major Shareholders 173.3 73.7
Interest Income* Bangkok Bank PCL. Major Shareholders 13.4 15.6
Interest Expenses* Bangkok Bank PCL. Major Shareholders - 0.1
Bank Deposits Bangkok Bank PCL. Major Shareholders 772.8 633.2
Notes Bangkok Bank PCL. Major Shareholders 70.0 100.0
Premium Due and Uncollected Bangkok Bank PCL. Major Shareholders 5.1 8.0
* Interest is charged at the same rates as those that financial institutions and related parties offer to other customers, based on market value.
Necessity and Justification of the Items
The Company has the above interrelated items, together with those disclosed in the remarks supplementary to the financial
statements, in order to support its operation, expand its customer base and develop its business. They are generated according to
the general regular business in which the Company has complied with the rules and regulations of the Office of Insurance Commission
and standard trading conditions, with fair value based on market value. Nevertheless, the Company expects to generate maximum benefit.
Procedures for Approval of Interrelated Items
The Company has internal control systems at various levels based on the type of interrelated items, which are
implemented in accordance with the law, regulations and policy of the Company that comply with other courses of business. In
order to avoid any conflict of interest in making interrelated items, the Company complies with the regulations of the SET. However,
when the transaction of an interrelated item occurs, it will comply with the regular trade in the market, and the audit committee shall
review the item’s suitability and justification.
Policy of Making Interrelated Items in the Future
The Company has in force a policy of making interrelated items in the future, which will be in accordance with those
principles explained above. The Company will comply with the rules and notices of the SET.
It is the intention of the Company, however, to continue its business in a clear and transparent manner, which is fair to its
business partners, customers and shareholders, and is in keeping with the highest standards of benefit to the Company.
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SHAREHOLDING IN OTHER COMPANIES
Investment in Companies at 10 percent or more of Paid-up capital as at December 31, 2009
No. Company / Address Line of Business Type of Shares No. of Shares Held % of Company’s
Paid-up Capital
1 Asian Insurance International (Holding) Ltd. Insurance Ordinary 23,936 41.70
Clarendon House, 2 Church Street,
Hamilton, HM 11, Bermuda
2 Asia Insurance (Cambodia) Plc. Insurance Ordinary 962,683 22.92
No. 5, Street 13, Sangkat Wat Phnom,
Khan Daun Penh, Phnom Penh, Cambodia
3 Asia Insurance (Investments) Ltd. Insurance Ordinary 10,335,000 19.50
16/F Worldwide House,
19 Des Voeux Road Central, HongKong
4 EMCS Thai Co., Ltd. Professional Ordinary 1,159,950 19.33
Regent House 10 th Fl, 183 Rajdamri Road,
Service
Lumpini, Pathumwan, Bangkok 10330
5 PT. Asian International Investindo Ltd. Insurance Ordinary 6,080,000 19.00
Wisma Asia Lt. 12A, Jl. Letjen S.
Parman Kav. 79, Slipi - Jakarta Barat
6 P C T Asia Insurance Co., Ltd. Insurance Ordinary 237,500 19.00
43 - 47 Lanexang Ave., Chanthabuly Dt.,
Vientiane, Laos
7 Bangkok Chayoratn Co., Ltd. Insurance Ordinary 3,000 15.00
25 Bangkok Insurance/Y.W.C.A. Building, Broker
10 th Fl, Sathon Tai Road, Tungmahamek,
Sathon, Bangkok 10120
8 Sorachai Vivatn Co., Ltd. Property Ordinary 405,000 15.00
23 Soi Sukhumvit 63, Sukhumvit Road, Development
North Klongtan, Wattana, Bangkok 10110
9 Union Sime Darby (Thailand) Co., Ltd. Insurance Ordinary 6,000 15.00
Vanissa Building, 20 th Fl, 29 Soi Chidlom,
Broker
Lumpini, Pathumwan, Bangkok 10330
10 Bangkok Mitsubishi UFJ Lease Co., Ltd. Leasing Ordinary 60,000 10.00
Sethiwan Tower, 8 th Fl, 139 Pan Road,
Silom, Bangrak, Bangkok 10500
91

92
ORGANIZATION STRUCTURE

THE MANAGEMENT
Management Structure
The Company’s management structure consists of 2 major groups, namely:
1. The Board of Directors, together with 2 ad hoc sub-committees comprising the Audit Committee and the Remuneration
and Nomination Committee, and
2. The Company’s Management.
1. Board of Directors and Sub-Committees
1.1 Board of Directors
The structure of the Company’s Board of Directors is determined by the Company’s shareholders’ meeting resolutions,
but the Board shall comprise at least five directors and no less than three-fourths of the total number of directors must be of Thai nationality.
Similarly, no less than half of the Company’s Board shall be non-executive directors, and at least one-third of the Board, but no fewer
than 3 directors, shall be independent so that the Board’s authority is counterbalanced by non-executive directors, and hence the Board
itself can efficiently oversee the Company’s performance in accordance with the Company’s policy on good corporate governance.
The Scope of Duties and Authority of the Company’s Board of Directors
The Company’s Board of Directors plays a role in overseeing the Company’s administration to ensure that its management
has implemented all the Company’s policies and fulfilled its performance goals as proposed to the Board, including having a
strong determination to achieve an excellent work performance for the benefit of the Company’s shareholders and all groups of
stakeholders. The Company’s Board’s scope of duties and authority also includes the following.
1. To consider and define the policy on good corporate governance for the management’s implementation. This
includes a review and evaluation of such implementation consequences so that the management can make improvements and
make a report in the Company’s annual report.
2. To consider the appropriateness of, as well as making suggestions on and approving the vision of, strategies and
performance goals of the Company, as proposed by the management, including following up and assessing performance achievement.
3. To oversee the Company’s performance so that it has appropriate systems of risk management, internal
control and audit.
4. To generate effective selection procedures and succession plans for the Company’s Board of Directors and
executive management. The Board will appoint the President as head of the executive management team to take responsibility for
the Company’s business performance under the Board’s supervision.
5. To ensure that the Company has a practical guideline concerning the morality of its business performance, as
well as the Board’s and employees’ good practices, including an effective communication mechanism for the acknowledgement of
the parties concerned.
6. To consider the appropriateness of an appointment and define the scope of duties and responsibilities of
sub-committees.
7. To consider an appropriate authorization to the President for a swift performance of normal business transactions.
8. To make a report explaining the Company’s Board’s responsibility for financial statements preparation, which
shall be disclosed in the Company’s annual report.
9. To consider a performance evaluation of the Company’s Board of Directors and the President, including overseeing an
arrangement of an effective procedure for an assessment of the Company’s executives’ duty performance.
10. To consider the appropriateness of an appointment of the Company’s secretary and define the scope of his/
her duties and responsibilities.
11. To provide a channel for the Company’s stakeholders to communicate with the Company’s Board in order to inform
on useful information or advice to the Company for consideration and implementation in accordance with the defined procedures.
12. To conduct any duties so that they are in accordance with laws, orders and the Company’s shareholders’ resolutions.
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The Board of Directors’ Meeting
The Company’s Board of Directors has determined in advance its meeting a minimum of four times a year so that
each Board member will be informed of and set aside time for the Board’s meeting. Nevertheless, there may be an additional
extraordinary meeting as the Board thinks necessary. The meeting invitation letters, including an agenda and other relevant
documents, will be delivered, no less than 7 days prior to the date of the meeting, to all the Board members. Each Board member
is allowed to propose an issue to be inserted on the agenda through the Company’s secretary. For each meeting, the Chairman of
the meeting is in charge of providing time for presentations of related information, discussions and interrogations, as well as for
each Board member to make a comprehensive comment. In consideration of agenda, directors who are stakeholders in any item
on the agenda have no right to vote and are not allowed to be at the meeting for that agenda. In addition, the Board may ask the
Chairman or the Company’s secretary for additional explanations and examination of relevant documents.
The Board encourages its non-executive directors to convene a meeting among themselves, and assigns the Company’s
secretary to facilitate such a meeting upon request from non-executive directors.
Directors Authorized to Bind the Company to Any Decision
The Company’s Board of Directors has defined groups of directors authorized to bind the Company to any decision,
consisting of executive directors and independent directors who are not directors of the Audit Committee, and/or directors coming
from financial institutions. This is aimed at independence, transparency and verifiability. The names of directors authorized to bind
the Company to any decision appear in a certificate registered with the Department of Business Development, Ministry of
Commerce (Data as at December 31, 2009) and include the following directors:
“Mr. Chai Sophonpanich, Mr. Voravit Rojrapitada, Mr. Thira Wongjirachai, Mr. Witcha Damrongsinsak and
Mr. Yoshihiko Fukasawa. Two out of these five directors must sign together and affix the Company’s seal.”
Furthermore, in any transaction considered normal for the Company’s business transaction, the Board directors
who sign for or on behalf of the Company will be comprised of two directors, namely, Mr. Chai Sophonpanich, Mr. Voravit Rojrapitada,
who are directors taking part in the Company’s administration. In other words, they are executive directors.
The Company has also defined Mr. Witcha Damrongsinsak, Mr. Thira Wongjirachai and Mr. Yoshihiko Fukasawa as
directors authorized to bind the Company to any decision, which aims to provide flexibility in and convenience of the Company’s
business transactions. This would only be the case when the executive directors cannot carry out their missions, and only be the
case of signing to bind the Company to any decision in accordance with the item of which the Company’s Board has had a
resolution to approve, as well as be the signing together with other directors only.
1.2 Sub-Committees
Some of the Board of Directors, excluding the Chairman and President, are appointed as members of one or the two
ad hoc sub-committees, which are the Audit Committee and the Remuneration and Nomination Committee. Each sub-committee
has a three-year term, including the following details.
1.2.1 The Audit Committee
The Audit Committee comprises of 3 independent directors who have the scope of duties and authority as follows:
1. To verify the Company’s financial statements to ensure their accuracy and sufficiency.
2. To verify the Company’s systems of internal control and internal audit to ensure their appropriateness
and effectiveness, including a consideration of the Audit Department’s independence, and an approval for the appointment, reshuffle
and employment termination of the most senior superior of the Audit Department.
3. To verify the Company’s practices to ensure that they are in compliance with the Security Act and
Security Exchange Act, the SET requirements, and other laws related to the Company’s business.
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4. To consider a selection and proposal for an appointment of an auditor and fix his/her remuneration,
including attending a meeting, at least once a year, with the auditor but without the Management Department in attendance.
5. To oversee crossover transactions and those with conflicts of interest so that they are in compliance
with laws and the SET requirements, and bring about maximum benefits to the Company.
6. To prepare an audit committee report, which shall be included in the Company’s annual report. The
report must be signed by the Chairman of the Audit Committee and consist of a minimum of the following data:
a. An opinion on the Company’s financial statements’ accuracy, completeness and reliability.
b. To ensure that the Company has adequate and effective internal control systems.
c. An opinion on the practices in accordance with the Security Act, the SET requirements or other laws
related to the Company’s business.
d. An opinion on the Company’s auditor’s appropriateness.
e. An opinion on transactions with conflicts of interest.
f. The number of the Audit Committee’s meetings and each committee member’s meeting attendance.
g. An overall opinion or note that the Audit Committee has received due to its duty performance based
on the Charter.
h. Other items which the Audit Committee thinks that the Company’s shareholders and general investors
should know, within the scope of duties and responsibilities assigned to it by the Board of Directors.
7. Any other implementations assigned to the Audit Committee by the Board of Directors, with an approval
of the former.
The Audit Committee’s Meeting
A minimum of four meetings a year is defined.
1.2.2 The Remuneration and Nomination Committee
The Remuneration and Nomination Committee comprises 3 members, with the Committee chairman and at
least one of its members being independent directors. Every time there is an appointment of a new Board director, the
Remuneration and Nomination Committee is responsible for a review of the Board of Directors’ qualifications in order to define
appropriate qualifications of a new Board director, who will strengthen the Board of Directors. The scope of Duties and authority of
the Remuneration and Nomination Committee includes the following:
The Scope of Duties and Authority of the Remuneration and Nomination Committee
The scope of duties and authority of the Remuneration and Nomination Committee is described below:
1. To ensure that the number and proportion, as well as the components of the Board of Directors are
appropriate to the organization.
2. To select a suitable and qualified person to replace a Board member in case of his completing his
term, resignation or other reasons, apart from nominating a new Board member to shareholders or the Board for consideration and
appointment, based on the case and in accordance with the Company’s regulations.
3. To select a suitable and qualified person to supersede the President or Senior Executive Vice President
in case of an expiry of their term, resignation or other reasons, besides nominating a new person for the Board’s scrutiny and appointment.
4. To oversee and define policies on remuneration and other benefits of the Board Director, President
and Senior Executive Vice President that are appropriate to their duties and responsibilities.
5. To ensure that there is a plan for a succession to the position of the President and Senior Executive
Vice President.
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The Remuneration and Nomination Committee’s Meeting
It is an ad hoc meeting which is convened when necessary but shall be no less than once a year.
1.3 The Company’s Secretary
The Company’s Board of Directors has appointed and assigned the Company’s secretary to oversee, coordinate
and facilitate the Board’s meeting and shareholders’ meeting so that they are in compliance with the laws, rules and regulations
concerned. The Company has defined its secretary’s qualifications and scope of duties and authority as the following:
The Company’s Secretary’s Qualifications
1. Have comprehensive knowledge and understanding of the Company’s business, including roles and duties related to
the work of the Company’s secretary, for instance, duties of the Board and the Company, having sound knowledge of related laws
and regulations, including the continuous pursuit of knowledge and follow-up of data and information for the development of work
implementation.
2. Perform duties in accordance with laws, rules and the Company’s regulations, with responsibility, caution, integrity
and determination, including lending support for the Company’s operation, based on the Company’s principles of good corporate
governance and code of ethics, so that the Company may fulfill its goal.
3. Strictly adhere to virtue and morality, as well as take into account all groups of stakeholders, while not acting in
a way that will cause damage to the Company’s reputation and good image.
4. Not aim at self-interest out of the Company’s business opportunities, and well maintain the Company’s secrecy.
5. Have good human relations and an ability to coordinate with other work units or agencies both inside and outside
the Company.
The Scope of Duties and Authority of the Company’s Secretary
The Company’s secretary’s duties are to oversee, coordinate and facilitate the Board’s meeting and shareholders’ meeting.
Other duties and authority include the following:
1. Provide preliminary suggestions on the Company’s laws and orders to the Board of Directors and follow up to ensure
that they are implemented accurately and steadily, including making a report to the Board on a significant change in those laws and orders.
2. Hold a meeting of the Company’s shareholders or Board in accordance with the laws and the Company’s
regulations and requirements.
3. Record shareholders’ and the Board’s meeting reports, including following up to ensure that their meetings’
resolutions are implemented accordingly.
4. Prepare and maintain the Board’s registration, the Company’s annual report, as well as shareholders’ and the
Board’s meeting initiation letter and meeting reports.
5. Keep a report on stakeholding as reported by the Company’s Board or management, including making a copy
and submitting it, within 7 working days starting from the day the report is received, to the chairman of the Board and the chairman
of the Audit Committee for acknowledgement.
6. To ensure that there is disclosure of related data and an information report to agencies supervising the Company,
based on the government’s orders and requirements.
7. Get in touch and communicate with general shareholders so that they are informed of their rights and the
Company’s information.
8. Oversee the Company’s Board of Directors’ activities.
9. Carry out other activities defined by the Capital Market Commission.
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The Appointment of the Company’s Secretary
The Company’s Board of Directors will select a qualified person and appoint him/her as the Company’s secretary.
The Board’s meeting (No.3/2008) held on August 14, 2008, passed a resolution appointing Mr. Voravit Rojrapitada as the Company’s
secretary, effective from August 14, 2008 until now.
1.4 Names of the Board of Directors and Sub-Committees
The Board of Directors (as at December 31, 2009) comprises 11 members as the following:
1. Executive directors consist of 2 members, while another director is the Company’s Adviser.* 1
2. Non-executive directors consist of 8 members, all of whom are independent directors, amounting to more than
one-third of all Board members.* 2
Notes:
*1 On January 1, 2010, Bangkok Insurance Public Company Limited had restructured its organization and altered
the position of some of its executive directors, causing the Company’s Board of Directors to consist of 1 executive director and 2
directors who are the Company’s advisers.
*2 Formerly, in the Company’s annual report presentation form and annual report of 2008 (Form 56-1 and 56-2),
two of the Company’s Board non-executive directors, Mr. Singh Tangtaswas and Mr. Suvarn Thansathit, did not have the status of
independent directors because they both were directors or executives of a party having business relationship with the Company,
which was Bangkok Bank Public Company Limited. In this regard, the Securities and Exchange Commission (SEC)’s notices
(Tor.Jor.28/2008) item 16 (2) (d) has defined that independent directors shall not have or did not use to have business relationship
with the Company. Neither are they nor used to be major shareholders, directors, who are not independent, or executive of any
party that has business relationship. (Business relationship means having commercial transactions made regularly to fulfill business
transactions through which the value ranges from 3 percent of all net tangible assets (NTA) or Baht 20 million per year, depending
in which is the lesser amount).
Nevertheless, currently, based on SEC’s notices (Tor.Jor. 4/2009), there has been a revision of independent directors’
qualifications, which are defined in item 16 (2) (d) that independent directors shall not have or did not use to have business
relationship with the Company. Neither are they nor used to be major shareholders (having over 10 percent of shares in the
Company), nor do they have authority to control (mean shareholders or others, by circumstances, having significant influence on
the Company’s management policy formulation or implementation, whether or not such influence is a consequence of being
shareholders or authorized in accordance with the contract, or other causes. Nor are they, in particular, the people in one of these
categories. (a) Have over 25 percent of the Company’s shares. (B) Have a course of conduct to control/remove a Board director,
(C) Have a course of conduct to control those in charge of policy formulation, and (d) Have a course of conduct/responsibility of
implementation comparable to the Company’s management).
Accordingly, based on SEC’s revised notices, Mr. Singh Tangtaswas and Mr. Suvarn Thansathit, who are not the
Company’s major shareholders or have no authority to control in Bangkok Bank Public Company Limited, are not in a condition to
be considered for their business relationship with the Company. Similarly, both directors have not had any course of conduct
significantly influencing the Company’s management policy formulation or implementation. Neither are they directors authorized to
bind the Company to any decision. As a result, both directions have the status of the Company’s independent directors accordingly.
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The names of the Board of Directors and sub-committees, including meeting attendances, and their remuneration in 2009
are given below.
Name Position No. of Attendance/ Annual
Invitation
Remuneration
1 2 3 (Baht)
1) Executive Directors and Underwriting Adviser
1. Mr. Chai Sophonpanich 4/4 - - 500,000
(Until December 2009)
(Effective January 2010)
Chairman and President
Chairman and Chief Executive Officer
2. Mr. Witcha Damrongsinsak Director and 4/4 - - 500,000
Underwriting Adviser
3. Mr. Voravit Rojrapitada Director and Company’s Secretary 4/4 - - 500,000
(Until December 2009)
and Senior Executive Vice President
Director and Company’s Secretary
(Effective January 2010)
and Adviser
2) Non-Executive Directors
4. Mr. Virasak Sutanthavibul Independent Director 4/4 - - 500,000
5. Mr. Yoshihiko Fukasawa Independent Director 1/4 - - 500,000
2.1) The Audit Committee*
6. Mr. Plengsakdi Prakaspesat Independent Director and 4/4 - - 500,000
Chairman of the Audit Committee - 6/6 - 250,000
7. Miss Potjanee Thanavaranit Independent Director and 4/4 - - 500,000
Director of the Audit Committee - 6/6 - 250,000
8. Mr. Chor.nun Petpaisit Independent Director and 4/4 - - 500,000
Director of the Audit Committee - 4/4 - 187,500
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Name Position No. of Attendance/ Annual
Invitation
Remuneration
1 2 3 (Baht)
2.1) The Remuneration & Nomination Committee**
9. Mr. Singh Tangtaswas Independent Director 4/4 - - 500,000
Chairman of Remuneration
and Nomination Committee - - 2/2 60,000
10. Mr. Thira Wongjirachai Independent Director 3/4 - - 500,000
Director of Remuneration and
Nomination Committee - - 2/2 60,000
11. Mr. Suvarn Thansathit Independent Director 4/4 - - 500,000
Director of Remuneration and
Nomination Committee - - 2/2 60,000
The Person Who Was the Board Director during 2009
Dr. Areepong Bhoocha-oom Independent Director - - -
(resigned as from February 22, 2009)
Director of the AuditCommittee
Total number of meetings in 2009 4 Times 6 Times 2 Times 6,367,500***
Notes : Meeting Attendance / Number of Meeting Invitations
1. The Board of Directors’ meeting
2. The Audit Committee’s meeting
3. The Remuneration and Nomination Committee’s meeting
* The Audit committee, consisting of the three aforementioned independent members who are non-executive directors, was appointed by
the Board of Directors’ resolution on November 14, 2008, and effective from November 16, 2008, for a three-year term. The Committee will
become due on November 15, 2011. Each of the three Audit Committee member posseses comprehensive knowledge and vast experience
in the verification of the Company’s financial statements. Details of their educational background and working experience, particularly in
the verification of financial statements, are revealed in the history of the Board directors.
Dr. Areepong Bhoocha-oom, an independent director and the Audit Committee member, had resigned from the two positions, effective on
February 22, 2009. The Board of Directors’ meeting (No.1/2009) held on February 27, 2009 passed a resolution appointing Mr. Chor.nun Petpaisit,
an independent and non-executive director, an Audit Committee member, replacing Dr. Areepong. Mr. Chor.nun’s appointment was effective
from February 27, 2009 and his term will be due on November 15, 2011. Mr. Chor.nun Petpaisit has sound knowledge and vast experience
in verifying the Company’s financial statements. Details of his educational background and working experience, especially in the verification
of financial statements, are revealed in the history of the Board directors.
** The Remuneration and Nomination Committee was appointed by the Board’s resolution on August 14, 2007, and effective from August 18,
2007, for a three-year term. The Committee’s term will be due on August 18, 2010.
*** The Board Directors’ Remuneration for 2009 was approved by shareholders’ 16th general meeting on April 24, 2009, in the amount not
exceeding Baht 7.0 million.
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1.5 Data on Transaction Related to Business Relations or Provision of Occupational Services between
Independent Directors and Companies, Corporations, Affiliated Companies, Associated Companies or any Party
the May Have Conflicts
Through the effective procedure of the Board directors’ nomination, the Company’s independent directors are
appropriately qualified and truly independent. Furthermore, they do not occupy the position of independent directors or members
of corporations, affiliated companies or affiliated companies in the same order.
In addition, the Company has no commercial agreements or transactions related to business relations or provision
of occupational services between the Company and its Board directors, independent directors, management, including corporations,
affiliated companies, associated companies or any party that may have conflicts, which has a value exceeding that defined by the
Securities and Exchange Commission (SEC).
Nonetheless, the Board of Directors’ meeting (No.3/2008) held on August 14, 2008 had approved in principle, the
permission for companies, associated companies and affiliated companies to do business which may have a related transaction
with the Company’s Board directors, management or any party concerned, both the transaction that was made earlier and/or one
that will be made in the future. This is based on the condition that such a business transaction has commercial agreements in the
same way as a reasonable man will treat a general party to a contract in the same situation, through the commercial bargaining
power without the influence of his/her status as the Company’s Board director, management or any party concerned. Please see
more detail in the section “Related Parties Transactions”.
2. Management Committee
The Management Committee consists of executive directors and management appointed by the Company’s President.
The scope of duties and authority of the Management Committee includes the following:
The Scope of Duties and Authority of Management Committee
1. To verify, before presenting to the Board of Directors for consideration, the Company’s vision, strategies, business goals,
and annual budget, as well as policy on risk management.
2. To verify, before presenting to the Board of Directors for consideration, the procurement or disposal of the Company’s
major assets.
3. To ensure that the Company has an implementation based on its policy of corporate governance, as well as an evaluation
of its consequences, including suggestions for the Board of Director’s consideration.
4. To conduct any duties assigned to them by the Board of Directors.
5. To periodically follow up and report on the Company’s performance to the Board of Directors.
Name of the Management Committee
The term “The Company’s Management Committee”, as defined in the Office of Securities and Exchange Commission (SEC)’s
notices, includes the first four executive members following the manager. Thus the Company’s Management Committee is made
up of the first four executive members following the Chairman and President. The Management Committee (as at December 31, 2009)
was comprised of 14 executive members.
However, on January 1, 2010, the Company underwent organizational restructuring and altered the position of some of its
executives. As a consequence, the Company’s Management Committee (as at January 1, 2010) is made up of the Chairman and
Chief Executive Offi cer followed by the fi rst four executive members, which consists of 14 executive members whose names are
listed below:
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Name of the Management Committee Position Position
(Until December 2009) (Effective January 2010)
1. Mr. Chai Sophonpanich Chairman and President Chairman and
Chief Executive Officer
2. Mr. Voravit Rojrapitada Director and Director and Adviser
Senior Executive Vice President
3. Mr. Panus Thiravanitkul Executive Vice President President
4. Miss Pagamas Charusathien Senior Vice President Senior Vice President
5. Miss Poonsuk Tevidhaya Senior Vice President Senior Vice President
6. Mrs. Srichittra Pramojaney Senior Vice President Senior Vice President
7. Mr. Satit Liptasiri Senior Vice President Senior Vice President
8. Mr. Anon Vangvasu Senior Vice President Senior Vice President
9. Mr. Jakkrit Chewanuntapornchai Senior Vice President Senior Vice President
10. Mr. Sontaya Chaichomlert Senior Vice President Senior Vice President
11. Mr. Suphat Yookongbandhu Senior Vice President Senior Vice President
12. Dr. Apisit Anantanatarat Senior Vice President Senior Vice President
13. Mr. Aree Vanairlor Senior Vice President Senior Vice President
14. Mr. Boonkird Chirapathama Senior Vice President Senior Vice President
(Resigned as from February 1, 2010)
Qualifications and Procedure for Nominations of the Board Directors and Management
1. Qualifications and Procedure for Nomination of the Board Directors
1.1 Qualifications of Directors
The Company’s Board director posses comprehensive knowledge to perform its duties.
1.1.1 Qualifications of Independent Directors
Apart from having sound qualifications of the Company’s Board directors, independent directors must
posses the following additional qualifications:
1. Have no more than 0.5 percent of all the eligible votes in the Company, corporations, affiliated companies,
associated companies or juristic persons that are the Company’s major shareholders or have authority to control. This includes
shares held by any party concerned.
2. Have nothing to do with the Company’s administration, nor are they its employees or advisers with a regular
salary, nor do they have authority to control, all for no less than two years prior to an appointment. Nonetheless, such prohibited
attributes do not include the case of having been government officials or the government sector’s advisers who have authority to control.
3. Have no blood line relationship or through a registration in the manner of father, mother, spouse,
brother, sister and offspring, including spouse of offspring’s, executives, major shareholders, any party having authority to control,
or persons who will be nominated the management or party having authority to control the Company or affiliated companies.
4. Have no or did not use to have business relationship, through which the value ranges from 3 percent of all
net assets or from Baht 20 million and over, depending on which is the lesser amount, with the Company, corporations, affiliated companies,
associated companies, major shareholders or any party having authority to control. Neither are they nor used to be major shareholders
or the party, who has authority to control, of those having business relation with the Company, corporations, affiliated companies,
associated companies, juristic persons that are major shareholders or the party having authority to control of those having a
business relationship with the Company’s corporations, affiliated companies, associated companies, juristic persons that are major
shareholders or the party having authority to control of the Company’s except that they have extricated themselves from those
responsibilities for no less than two years prior to an appointment.
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5. Are not or did not use to be the auditor of the Company, corporations, affiliated companies, associated
companies, juristic persons that are major shareholders or the party having authority to control. Nor are they major shareholders,
the party having authority to control or partner of the auditing office to which the auditors of the Company, corporations, affiliated
companies, associated companies, juristic persons that are major shareholders, or the party having authority to control are attached,
except that they have extricated themselves from those responsibilities for no less than two years prior to an appointment.
6. Are not or did not use to be providers of any professional services, for example, legal advisers,
financial advisers, asset evaluators, etc who derived a service fee of over Baht 2 million per year from the Company, corporations,
affiliated companies, associated companies, juristic persons that are major shareholders, or the party having authority to control.
Nor are they major shareholders, the party having authority to control, or partner of those professional service providers, except
that they have extricated themselves from those responsibilities for no less than two years prior to an appointment.
7. Are not directors appointed to become representatives of the boards of major shareholding companies
or shareholders related to the Company’s major shareholders.
8. Do not have the same business transaction as, and a significant competition with the Company’s or
affiliated companies’ business. Neither are they other companies’ partner owning significant partnership, nor directors taking part
in their administration, nor their employees, staff and advisers with a regular salary, nor have 1 percent of all the eligible votes in other
companies having the same business transaction as, and a significant competition with the Company or affiliated companies.
9. Possess no other property that prevents them from independently expressing their opinions
1.1.2 Qualifications of the Audit Committee Members
The Audit Committee members shall have the following qualifications:
a. Have all the qualifications of independent directors.
b. Are not directors assigned by the Company’s Board of Directors to make decisions on the operation of
the Company, corporations, affiliated companies, associated companies, affiliated companies in the same order, or juristic persons
that are the Company’s major shareholders or party having authority to control.
c. Are not directors of corporations, affiliated companies, or affiliated companies in the same order,
particularly those listed in the SET.
d. A minimum of one Audit Committee member has knowledge and experience sufficient to verify the
Company’s financial statements’ reliability.
1.2 Procedure for Directors Nomination
The Company’s Board of directors assigned the Remuneration and Nomination Committee to take care of the issue
of the proportion, number and components of the Board of Directors, as well as to nominate a qualified person, with sound
knowledge and proficiency, to supersede a director, President or Senior Executive Vice President in case of the expiry of his term,
resignation or other reasons, apart from nominating a new Board member to shareholders or the Board for consideration and
appointment, based on the case and in accordance with the Remuneration and Nomination Committee’s duties and authority
specified in “The Remuneration and Nomination Committee” section.
To appoint a new director of the Board superseding a director whose term is due, the Remuneration and Nomination
Committee will nominate the qualified person to the Company’s Board for consideration before proposing to the shareholders’
meeting for appointment approval. However, this has to be endorsed by the majority of shareholders at the meeting. The following
are the criteria for the appointment of directors, as defined in the Company’s rules and regulations:
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1. The Board of Directors shall comprise at least five directors, and no less than half shall reside within the Kingdom.
2. No less than three-fourths of the directors must be of Thai nationality.
3. The directors shall be elected at the shareholders’ meeting. Each shareholder shall have a number of votes
equal to the number of shares held. Decisions shall be made by a majority vote. In the event of a tied vote, the chairman of the
meeting shall have the casting vote.
4. At every annual general meeting, one-third of the directors shall retire. Directors who vacate office may be re-elected.
5. The shareholders’ meeting may pass a resolution removing any director from office, prior to retirement, by reason
of the expiration of the director’s term of office, by a vote of not less than three-fourths of the number of shareholders attending the
meeting, who have the right to vote and who hold shares totalling not less than half the number of shares held by shareholders
attending the meeting and having the right to vote.
For an appointment of a new director of the Board superseding a director who quits the job for a reason other than
his/her term is due, it has to be approved by the Board’s meeting, with the votes of no less than three-fourths of the remaining
Board directors. A new Board director appointed has a term equal to the remaining term of the director leaving his/her position.
Minor Shareholders’ Rights to Appoint Directors
To protect minor Shareholders’ rights, with an aim to have all shareholders treated equally, the Company provides
an opportunity for all of them to nominate a new Board director who is of high proficiency and appropriate for an appointment as a
Board member. This is carried out in advance from October 1 to December 31 of each year. In this regard, the Company has
notified its shareholders through the SET’s information report channel and the Company’s website at www.bangkokinsurance.com.
Similarly, the criteria for nomination of a new Board director are defined in advance, along with the nomination form, and also
displayed on the website.
2. Qualifications and Procedure for the Management Nomination
The Chairman of the Board of Directors as well as the Chairman and President is authorized by the Board to make a
consideration and appointment of a person of high proficiency, knowledge and experience in the non-life insurance industry as the
Company’s management in order to perform his/her duties and operate the Company’s business to fulfil the goals and objectives defined.
The nomination procedure is based on the Company’s regulations on its human resources management, and subsequently reported
to the Board for acknowledgement.
Remuneration for the Auditor
In 2009, the Company paid remuneration to its auditor as follows:
(Baht)
1. Remuneration for audit of annual financial statements and review of quarterly financial statements 1,120,000
2. Cost for an evaluation of the internal control as well as regulations
and procedures of non-life insurance companies’ other business investments 155,000
Total 1,275,000 *
Note: * In accordance with the Non-life Insurance Act B.E. 2535 revised in the Non-life Insurance Act (Volume 2) B.E. 2551,
Section 47(3) on the Company’s annual report of its operations, it does not identify that the report has to be certified by an auditor,
and thus the company did not have the auditor certify the report, causing audit remuneration to drop by Baht 85,000 from the
previous year, while the total sum approved at the shareholders’ meeting amounted to Baht 1.36 million.
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Control Over the Use of Insider Information
In order to have control over the use of insider information, access to the Company’s information is limited to executives and
employees, and all computerized data is available only to those entitled to be entrusted with a password. The Board of Directors and
the Management will not, as fundamental to their management principles, disclose the Company’s performance data to outsiders,
or exploit their authority or opportunities at work to seek any advantage for themselves, before the data are revealed to the general public.
In the case of violations of disciplinary rules and regulations, the Company will rule on their penalties in accordance with its policy.
In 2007, the Company had formulated in writing regulations on security arrangements and security transference in
accordance with those of the Security Act and Security Exchange Act of 1992, Section 59. In this regard, the scope of report, reporters,
reporting methodology, and reporting time, including the report to the Company’s Board, were defined so that the Board, management
and the people concerned would strictly comply with them. This was intended not only to create a correct understanding for those
taking charge of reporting, but also to be a measure for effectively overseeing the use of insider information.
For 2009, the Company had strictly abided by the regulations defined.
Internal Control
The meeting of the Board of Directors (No.4/2009) held on November 13, 2009, with all three members of the Audit
Committee in attendance, reviewed the efficiency of the internal control system using the SET’s assessment questionnaire as a
guideline, which covered the following issues:
1. Controlling environment: such as determination of business goals, formulation of organizational structure, defining of
ethics and prohibitions including penalties forbidding the management and employees to engage in any activities that may lead to
a possible conflict of interest, mapping out policies and work procedures in writing, as well as encouragement of all employees to
value the importance of customers.
2. Risk assessment: includes an assessment of both internal and external risk factors influencing the Company’s
business transactions, an analysis and determination of risk management measures, a communication with concerned staff for
their acknowledgement, as well as following up the consequences of implementation based on the defined measures.
3. Control activities: such as division of duties and responsibilities, determination of authority and duties of each level of executives,
including the amount of money they can approve, as well as a supervision of the Company’s operational performance in accordance
with related laws. The Audit Committee had raised significant issues found during an audit, and both the internal and external
Audit Committee members brought the issues for discussion with the Company’s management, as well as giving recommendations
for improvement, including following up closely the consequences of correction. This aimed for higher operational efficiency.
4. Information technology and communications: includes a convention of the Board of Directors’ meeting, documentation
work for the meeting, writing the minutes of the meeting, and formulation of a policy on the management’s accounting, including
storage of documents for account recording on a par with the standards specified.
5. Following up and evaluation: such as following up and evaluating an implementation consequence compared to its target.
The Company stipulates that all sections (departments) must make a report on their operational consequences based on the work
plan every month, while the executives of a section concerned have to make a correction in case of deriving an unsatisfactory outcome,
of which the result will be reported to the Company’s management, who will subsequently make a conclusion and report to the
Board of Directors for consideration. Similarly, the Audit Committee’s performance consequences are reported to the Board for
acknowledgement every quarter.
The Company’s Board of Directors has already made a consideration and unanimously agreed that the Company’s internal
control system is sufficient and appropriate.
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SHAREHOLDINGS STRUCTURE
Breakdown of Shareholdings
As at November 30, 2009
Issued and Fully Paid-up Share Capital : Baht 507 Million
Class of Share : Ordinary Shares at Baht 10 per Share
Size of Shareholding Number of Shareholders % Number of Shares %
1 - 10,000 1,297 77.80 2,401,716 4.74
10,001 - 50,000 226 13.56 4,988,256 9.84
50,001 - 150,000 100 6.00 8,139,292 16.05
150,001 Up 44 2.64 35,170,736 69.37
1,667 100.00 50,700,000 100.00
Thai Shareholders 77.07% Non-Thai Shareholders 22.93 %
Major Shareholders and Numbers of Shareholdings as at November 30, 2009 (The Record Date) for the right to attend
the meeting and to receive the dividend payment.
Name Number of Shares %
As at Nov. 30, 2009
1. Bangkok Bank Public Co., Ltd. 5,053,902 9.97
2. HWIC ASIA FUND 3,215,293 6.34
3. ASIA COMMERCIAL BANK (NOMINEES) LTD.* 2,509,650 4.95
4. Mrs. Boonsri Sophonpanich 1,830,005 3.61
5. Chin Sophonpanich Foundation 1,605,207 3.17
6. C.R. Holding Co., Ltd. 1,605,207 3.17
7. Mr. Chai Sophonpanich** 1,584,975 3.13
8. Aioi Insurance Co., Ltd. 1,423,619 2.81
9. Mr. Chatri Sophonpanich 1,197,159 2.36
10. Mr. Niti Osathanugrah 1,059,220 2.09
11. Thai Reinsurance Public Co., Ltd. 1,027,401 2.03
12. BNP PARIBAS SECURITIES SERVICES SINGAPORE BRANCH 910,800 1.80
13. HWIC ASIA FUND A/C CLASS C2 SHARES 807,710 1.59
14. Glory Hope Limited 789,770 1.56
15. VAYUPAK FUND 1 Krung Thai Asset Management Public Co., Ltd. 756,765 1.49
16. VAYUPAK FUND 1 MFC Asset Management Public Co., Ltd. 756,762 1.49
17. Rabil Holding Co., Ltd. 669,558 1.32
18. Bangkok Rinvest Co., Ltd. 610,524 1.20
19. Mr. Chan Sophonpanich 592,250 1.17
20. ABERDEEN GROWTH FUND 565,121 1.12
Remark : * Shareholder in the 3 rd order is Nominee Account (The Company has audited with Thailand Securities Depository Company Limited)
so the Company cannot disclose the Ultimate Shareholder.
** Inclusive of Relatives’ stock under Section 258 of the S.E.C. Act. B.E. 2535, as follows:
Spouse - Mrs. Nuchanart Sophonpanich 119,784 Shares
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Shareholding of the Board of Directors, as at November 30, 2009 (The Record Date) for the right to attend the meeting and
to receive the dividend payment.
Name Number of Shares Number of Shares Change
As at Nov. 30, 2009 As at Nov. 28, 2008
1. Mr. Chai Sophonpanich* 1,584,975 1,584,975 -
2. Mr. Plengsakdi Prakaspesat - - -
3. Mr. Singh Tangtaswas - - -
4. Miss Potjanee Thanavaranit - - -
5. Mr. Chor.nun Petpaisit - - -
6. Mr. Thira Wongjirachai 251,942 251,942 -
7. Mr. Suvarn Thansathit - - -
8. Mr. Virasak Sutanthavibul - - -
9. Mr. Yoshihiko Fukasawa - - -
10. Mr. Witcha Damrongsinsak 5,003 5,003 -
11. Mr. Voravit Rojrapitada 32,448 32,448 -
Remark : * Inclusive of Relatives’ stock under Section 258 of the S.E.C. Act. B.E. 2535, as follows:
Spouse - Mrs. Nuchanart Sophonpanich 119,784 Shares
Shareholding of Management Committee, as at November 30, 2009 (The Record Date) for the right to attend the meeting
and to receive the dividend payment.
Name Number of Shares Number of Shares Change
As at Nov. 30, 2009 As at Nov. 28, 2008
1. Mr. Chai Sophonpanich *1 1,584,975 1,584,975 -
2. Mr. Voravit Rojrapitada 32,448 32,448 -
3. Mr. Panus Thiravanitkul *2 4,661 2,661 2,000
4. Miss Pagamas Charusathien 16,493 12,693 3,800
5. Miss Poonsuk Tevidhaya 44,214 44,214 -
6. Mrs. Srichittra Pramojaney - - -
7. Mr. Satit Liptasiri 5,348 5,348 -
8. Mr. Anon Vangvasu *3 20,503 19,103 1,400
9. Mr. Jakkrit Chewanuntapornchai - - -
10. Mr. Sontaya Chaichomlert - - -
11. Mr. Supat Yookongbandhu *4 19,008 19,008 -
12. Dr. Apisit Anantanatarat 2,197 2,197 -
13. Mr. Aree Vanairlor 1,617 1,617 -
14. Mr. Boonkird Chirapathama 1,014 1,014 -
(resigned as from February 1, 2010)
Remark : * Inclusive of Relatives’ stock under Section 258 of the S.E.C. Act. B.E. 2535, as follows:
1. Spouse - Mrs. Nuchanart Sophonpanich 119,784 Shares
2. Spouse - Mrs. Suporn Thiravanitkul 2,000 shares
3. Spouse - Mrs. Thunyaporn Vangvasu 7,150 Shares
4. Spouse - Mrs. Warunee Yookongbandhu 16,884 Shares
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Dividend Payment Policy
Since it is anticipated that business will expand consistently, the Company will try to maintain the level of dividend to be
paid to shareholders at about 50 percent of its net income after income tax deduction, and pay the dividend four times a year.
In this regard, the Company will consider paying the dividend based on its performance consequence and in accordance with
the country’s economic situation.
The Company’s data on dividend payment over the past five years.
(Baht/Share)
Shareholders’ meeting Year of Payment Dividend and Stock Dividend Total
Time/Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Stock Dividend
12/2005 2004 2.75 2.75 2.75 3.75 - 12
13/2006 2005 2.75 2.75 2.75 3.75 3* 15
14/2007 2006 2.75 2.75 2.75 3.75 - 12
15/2008 2007 2.75 2.75 2.75 3.75 - 12
16/2009 2008 2.75 2.75 2.75 3.75 - 12
Remark : * For the 13 th general meeting of shareholders on April 26, 2006, the Company was approved by the meeting to increase its paid-up capital
of Baht 390 million to Baht 507.0 million, by issuing shares to pay as stock dividend to shareholders at the rate of 10 existing shares per
3 share of stock dividend.
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PRINCIPLES OF GOOD CORPORATE
GOVERNANCE
Good Corporate Governance
The Bangkok Insurance Public Company Limited Board of Directors fully realizes the significance of good corporate
governance and views it as a preliminary factor in enhancing the Company’s performance efficiency and sustainable business
growth, while gaining greater acceptance both inside and outside the country. This will, of course, lead to the significant goal of
generating the greatest benefit for all parties concerned, shareholders, investors, staff and other stakeholders, including society at large.
The Company’s Board is strongly determined to perform in accordance with the principles of good corporate governance
and has, therefore, formulated the Company’s policy on good corporate governance based on the guidelines defined by the SET
and the Office of Insurance Commission. In addition, the Board has assigned the Company’s management team to oversee and
strictly comply with good corporate governance principles, and report on the recommendations in order to improve the Company’s
policy on good corporate governance, and to ensure the ethics manual is in accordance with the guidelines of the SET and the
Office of Insurance Commission, while allowing for future modification. The aim is to be up-to-date and appropriate to the current
situation, and with higher international standard practices.
In 2009, the Company’s Board approved, for the fourth time, an improvement of the Company’s policy on good corporate
governance to bring it in line with the SET’s newly improved laws and declarations with respect to the qualifications of independent
directors and Audit Committee members, including the scope of duties and responsibilities of the Company’s secretary. In sum,
the Company has performed according to the principle of good corporate governance as in the following:
The Section on Shareholders’ Rights The Company has performed completely in accordance with the principle of
good corporate governance, for instance, a proposal for a Board director’s remuneration at the shareholders’ annual meeting for
their approval; a proposal, for shareholders’ acknowledgement of clear policies and principles concerning the determination of a
Board director’s remuneration, including giving an opportunity to shareholders to vote for a Board director individually; propose the
meeting agenda in advance, as well as submit questions in advance to the Company prior to the meeting day. Additionally, the
Company also presents to the shareholders a meeting invitation letter and the history and details of a person nominated for a
Board member, the details of the Company’s auditor appointment in the invitation letter, including facts and the Board’s
recommendations and arguments on each agenda of shareholders’ meeting. Similarly, the Company informs shareholders before
a meeting of the law to vote and the method of vote counting; gives them an opportunity to ask questions during the meeting and
has the questions and answers recorded in the meeting’s minutes; records voting results for each agenda of shareholders’
meeting, whether agreed, or disagreed or abstention, as well as having the names of Board directors attending shareholders’
meeting recorded. Likewise, any agenda that is not defined in the shareholders’ meeting invitation letter will not be considered.
The Section on Equal Treatment of Shareholders The Company’s practices of equal treatment of shareholders
based on the principle of good corporate governance are, for instance, provision of the minority of shareholders’ rights to propose
the meeting’s agenda and nominate the Board’s director, through the criteria and procedures propagated on the Company’s
website; display 30 days prior to the meeting day of shareholders’ invitation letter, both in Thai and English, on the Company’s
website; submission of mandate-giving documents including an explanation of details of documents to be used for mandategiving,
as well as promoting an equal exercise of every shareholder’s right based on the number of shares he or she holds,
including formulation of a policy of strict control over the use of inside information, and notification of the issue to the Company’s
Board and management for acknowledgement.
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The Section on Consideration of Stakeholders’ Role The Company’s policy for each group of stakeholders has
been defined. Furthermore, the Company has provided a channel for each group of stakeholders to give suggestions and
comments or file a complaint to the Company’s Board of Directors through the Company’s Secretary and Quality Control Centre on
the Company’s website at www.bangkokinsurance.com.
The Section on Data Disclosure and Transparency The Company discloses such significant data as its policy
on corporate governance and its implementation consequences, shareholders structure and the Company’s business transactions
and returns. The disclosure has been made accurately and steadily through the channels of the SET, as well as the Company’s
annual report and website, including a press conference, given each quarter, concerning the Company’s financial statements.
Additionally, the Company has established an Investment Relations Officer in order to provide the Company’s information and data
to investors in particular via the phone numbers and e-mail address displayed on the Company’s website at www.bangkokinsurance.com.
The Section on the Board of Directors’ Responsibilities The Company has strictly complied with its Board of
Directors’ principles of good corporate governance covering the Board’s roles and duties, qualifications, meetings, self-evaluation,
and remuneration, including the development of the Company’s Board and management.
In 2009, the Company’s Board made a self-evaluation on its work performance for the first time. The evaluation was
divided into 6 sections including those on the Board’s policy, duty performance, structure, performance guideline, meeting and
arrangement, and qualifications. With regard to the methodology of the Board’s self-evaluation, each Board director gave a score
to himself or herself independently in each section. Then all directors’ scores in each section were added up and divided by the
number of directors. It was found that the average score, derived from the sum in all sections, was 4.72, representing 94.4 percent
of the total 5 scores, approximate to an evaluation consequence in the previous year. In this connection, the Company’s Board
had considered only items getting a lower than average score so as to improve its performance subsequently. In addition, the
Board approved the new criteria of a work performance evaluation for the position of the Chief Executive Officer and President, as
proposed by the Remuneration and Nomination Committee, so that they were in accordance with the Company’s management
structure restructuring to be proclaimed in 2010.
Details of the Company’s policy on good corporate governance may be viewed on its website at www.bangkokinsurance.com
Practices Based on the Principles of Good Corporate Governance
1. The Section on Shareholders’ Rights
1.1 Awareness of Significance of Shareholders’ Rights
The Company gives priority to and respects the rights of all shareholders, who are regarded as the business’s owner.
Thus, all shareholders, either major or minor, are encouraged to exercise their rights equally based on the criteria defined by law,
which is identified in the Company’s rules and regulations, and policy on good corporate governance for instance, the right to
purchase, sell or transfer shares; right to receive the Company’s profit share; right to attend shareholders’ meeting; right to give a
mandate to any person to attend the meeting instead and vote on his behalf; right to nominate a Board director; right to vote for a
Board director and determine his remuneration; right to appoint an auditor and determine audit remuneration, and right to obtain
sufficient data and information. In addition, shareholders will be equally and transparently provided with accurate, complete and
updated information at every meeting. Details of shareholders’ rights are given in the Company’s policy on good corporate
governance, and rules and regulations.
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1.2 Promotion of Shareholders’ Rights
The shareholders’ meeting is regarded as a good opportunity for shareholders to exercise their rights in making a
decision regarding the Company’s performance on various issues. The Company will, 14 days in advance of every meeting, which
is normally held once a year at an appropriate date, time and place, send out invitation letters to all shareholders, informing them
of the meeting’s agenda and the Board’s recommendations, together with the necessary documents and information to guide their
decisions on voting on significant issues. Generally, the meeting is held within 4 months of the Company’s accounting year-end, or
when there is an urgent need on special issues affecting or involving shareholders’ interests, or relating to conditions or
regulations and laws that have to be approved by shareholders. Based on the above cases, the extraordinary shareholders’
meeting will be convened. In this regard, the Company will disseminate the news in an invitation letter for the meeting through the
SET and the company’s website. Nevertheless, if a shareholder cannot attend the meeting, he/she can still exercise his/her right
by giving a mandate to any person or the Board’s independent director, who also sits on the Audit Committee and whose name is
identified in the mandate, to attend the meeting and vote on his/her behalf. The Company has also notified the independent
director of its nomination of him to receive a shareholder’s mandate so that the latter (director) can attend the meeting.
For every shareholder’s meeting, the Company’s Board has a policy of having all of its members, particularly the chairman
of a sub-committee and the Company’s senior management attend the meeting in order to answer shareholders’ questions. The
Company also facilitates registration in advance. Before a meeting, the chairman will inform the shareholders of all rules and
regulations, including the method of vote counting. An item that is not informed in advance will not be added to the agenda,
especially a significant one for which shareholders need time to study before making a decision. Similarly, during the meeting, all
shareholders can fully exercise their rights through debate, interrogation and expression of opinion for all items on the agenda.
Details of the meeting will be recorded and open to shareholders’ examination.
In 2009, the Company held a general meeting of shareholders on April 24, 2009, at room 1105, on the eleventh floor of the
Bangkok Insurance Building, at 25 Sathon Tai Road, Sathon, Bangkok. The Board directors, 9 out of 11 members, attended the
meeting while the meeting proceeded absolutely in accordance with the policy defined. For the Board directors who did not attend
the meeting, they were afraid to create non-transparency since they were stakeholders or directors whose terms were due but
were selected by the Remuneration and Nomination Committee for being qualified, as approved by the Company’s Board of
Directors, to resume their office for another term. Consequently, they did not attend this meeting. Through the procedure of holding
shareholders’ meeting in a manner that promotes an equal exercise of every shareholder’s rights, the Securities and Exchange
Commission (SEC) and the SET gave a score of 98.75 out of a total 100 in a quality evaluation of the Company’s shareholders’
general meeting for 2009.
2. The Section on Equality of Shareholders
2.1 Equal Treatment of Shareholders
The Company realizes the significance of every shareholder’s rights and expects all of them to be treated equally.
Details are explained in the section on shareholders’ rights under the item “Promotion of Shareholders’ Rights”
2.2 Rights of Minor Shareholders
In 2006, the Company modified its policy on good corporate governance by allowing all shareholders to propose any
important issues that should be put on the agenda of the Company’s shareholders’ annual meeting, including nominating a new
director who was of high proficiency and appropriate for appointment as a Board member. This was done prior to the meeting so
that the Company’s Board could later verify and was well prepared to define the issues proposed by shareholders as the items on
the agenda of the Company’s shareholders’ annual meeting. The criteria and practice on this matter were clearly defined on the
Company’s website, and became effective from the shareholders’ 2007 annual general meeting onwards.
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As for the consequence of an implementation on this issue over the past three years (2007-2009), though the
Company had campaigned to have shareholders know their rights in the matter, it appeared that no shareholders had ever
nominated a new director for appointment as a Board member or proposed any significant issues that should be put on the
agenda of the Company’s shareholders’ annual meeting.
2.3 The Use of Insider Information
This has been reported in the section on “Control Over the Use of Insider Information” in “The Management”.
3. The Section on Stakeholders’ Rights
The Company is fully cognizant of its stakeholders’ rights and believes that the stakeholders’ support benefits the
Company’s good reputation and ability to compete in the market, as well as helping to build up the Company’s profit in the long
term. Hence the Company realizes its responsibilities for each stakeholder group that has a different perspective, and has
therefore adopted the following practices with the principles of morality and integrity to insure that their rights are always respected:
Shareholders
The Company is determined to be a good representative of shareholders by taking
good care of their benefits and providing them with the greatest satisfaction through
high and continuous remuneration. Likewise, all reliable insurance-related business
information will be disseminated to them accurately, completely and transparently
in conformity with generally accepted standards.
Employees
The Company will treat its employees at all levels equally on the basis of moral and
fairness principles in order to encourage them to work efficiently. All employees are
also consistently urged and trained to develop their skills and knowledge necessary
to the successful implementation of their work, as well as the generation of the utmost
satisfaction for customers. In this respect, various training programmes are offered in
conformity with the Company’s business transaction strategies in order to upgrade
the employees’ ability to carry out their jobs professionally. The programmes organized are,
for instance, insurance training, development of quality management system, human
resources management, development of working efficiency, etc. Besides, all levels
of employees are encouraged to study or seek new branches of knowledge via the
Company’s scholarships and support on conferences with leading domestic and foreign
institutions. Similarly, different patterns of learning are created to enable all employees
to learn by themselves, which will finally lead to the Company’s knowledge-based
culture. The policy on development of the company’s employees, including a budget
spent in 2009, is revealed in the annual report presentation form (Form 56-1) under
the item “Policy on Employees’ Development”. Apart from fair remuneration, all other
welfare schemes are, of course, higher than the requirements of the Ministry of Labour,
i.e. providence fund scheme, life and health insurance coverage, 5s and relaxation
programs, as well as the maintenance of a good working atmosphere and the protection
of employees’ health and safety.
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Customers
The Company offers various quality insurance products according to international
standards, providing suitable coverage at a reasonable price, and indemnification
made on a fair basis. In addition, customers will be fully advised about the nature
of these products, while the Company has specifically established a work unit to
receive their complaints and comments.
Business Partners
The Company treats its business partners fairly in evaluating their performance.
These business partners will be given opportunities to comment and propose
suggestions concerning any and all joint business issues. To ensure that the rights
of business partners are protected, the Company will treat business partners’
secrets as strictly confidential.
Competitors
While maintaining its accepted professional business standards based on the rules
and code of corporate conduct, the Company intends to maintain its position in the
market and compete effectively, while refraining from damaging the reputation of
any business competitor for its own benefit. The Company emphasizes the quality
and efficiency of its services, stressing the greatest benefit to our customers and
the standing of the insurance industry as a whole.
Creditors
The Company is strongly committed to an honest practice and will therefore follow
all agreed conditions with its creditors, or find suitable solutions to their mutual benefit.
Society and
Environment
The Company realizes its responsibilities to society and the preservation of the environment.
As a consequence, it has supported many activities that benefit the community,
such as the development of society through employing disabled labour. It also provides
support and assistance to communities jointly with other agencies both in the
government and the private sector. For instance, the Company’s management has
offered a mobile medical service to treat people in poverty-stricken areas, granted
scholarships to poor students, as well as established a fund for the rehabilitation of
historical sites, the promotion of careers among community people for their sustainable
livelihood, and the preservation of natural resources and development of the environment
under the “Unplug” project. All activities and projects have been continuously
implemented and effectively carried out. Details of activities performed in 2009 can
be viewed on the Company’s website at www.bangkokinsurance.com.
4. Data Disclosure and Transparency
The Company’s Board has a policy for the Company to disclose both its financial and non-financial data, as defined by the
SEC and SET. Of course, data disclosure focuses on transparency, accuracy, completeness and timelessness, through the
channels of the SET, as well as the Company’s annual report and the annual report presentation form (Form 56-1). Additionally, the
data is disclosed both in Thai and English via the Company’s website, and always updated for reliability and easy and equal
access by shareholders and other related persons. The following is a summary of the significant disclosed data.
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4.1 Policy on Corporate Governance and Its Implementation Consequences
Throughout 2009, the Company performed in accordance with its policy on good corporate governance, except for the
following issues.
(1) The Company’s Chairman is also its President, who is not an independent director since the non-life insurance
industry strongly needs a knowledgeable and capable person with long business experience to lead the Company to its
established goals. Nonetheless, the Company and its Board of Directors is based on the principles of good corporate governance
and in line with those of the SET. Therefore, though the Chairman and President is the same person, in practice, the Chairman of
the Board will not exercise his authority on behalf of the Board of Directors, all under the Company’s rules and regulations.
Similarly, the President’s performance must be approved by the Company’s management and the Board of Directors, comprising
independent members, who make up more than half of the Board, giving rise to a concise and transparent checks-and-balance
mechanism of the performance. Furthermore, any authorization given to the President will not allow him to approve any transaction
in which he is involved as a stakeholder, or which may engender a conflict of interest with the Company, subsidiary companies or
associated companies. Likewise, the Company has changed its President from Mr. Chai Sophonpanich to Mr. Panus Thiravanitkul,
effective from January 1, 2010, representing the beginning of separating the position of the Company’s Chairman of the Board of
Directors from its President so that it increasingly goes in accordance with the principle of sound practice.
(2) The Company does not limit the number of companies in which its Board and senior management may hold office
because it is afraid that it will lose an opportunity of getting quality people to sit on the Board. However, it constantly reviews the
number of companies in which each Board member holds office.
4.2 Remuneration for Directors and Management
4.2.1 Remuneration in the form of money
In 2009, the Company paid the Board’s meeting allowance to the Board directors, amounting to Baht 6,367,500.
Details of remuneration criteria are given below.
The Board of Directors Annual Remuneration (Baht/Person) Payment made each quarter (Baht/Person)
The Board Directors 500,000 125,000
The Audit Committee members 250,000 62,500
The Remuneration and Nomination Committee members 60,000 -
As at December 31, 2009, the Company’s executive directors and the first four executive members comprised
14 members, who were paid a total remuneration of Baht 64,041,300 consisting of salary, bonus, as well as motor and telephone expenses.
4.2.2 Other remuneration (If any)
As at December 31, 2009, other remuneration, such as providence fund and a pension for those who retired,
totaling Baht 9,074,700 was paid to 14 Company executive directors and the first four executive members.
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The Company has a policy, criteria and stages of consideration on its Board directors’ and executives’ remuneration
as the following:
- Remuneration for Directors
The Company paid the Board’s meeting allowance to its Board directors, taking into consideration
the appropriateness, and directors’ obligations and responsibilities, in an approximate amount paid to directors of other similar
business, as well as sufficient to attract and maintain quality directors as required by the Company. The payment procedure has to
go through a consideration of the Remuneration and Nomination Committee, while the annual remuneration amount, which does not
exceed Baht 7 million, has been approved by shareholders. In 2009, the Company paid remuneration totaling Baht 6,367,500.
- Remuneration for Management
To determine the amount of remuneration for its management based on the principles defined by
its Remuneration and Nomination Committee, the Company takes into account their annual performance evaluation, along with
such other factors as the principle on systematic assessment of work, the Company’s operation consequence and potential of
payment, the trend of insurance industry growth, including an outcome of survey of wage and other remuneration of the same
business group. This aims to generate fairness and competitiveness with the market so as to maintain and attract quality directors
as required by the Company. In 2009, remuneration both in the form of money and other remuneration, amounting to Baht 73,116,000
was paid to the Company management.
4.3 The Board of Directors’ Responsibilities for Financial Statements
The Company’s Board of Directors is responsible for the accuracy of the Company’s financial statements preparation
which should display details of its financial data sufficiently, transparently and correctly, while significant data is adequately and
steadily disclosed in notes of the financial statements in accordance with appropriate accounting standards. The Company’s
financial statements are audited by a public accountant, certified by the Securities and Exchange Commission (SEC) and/or
related agencies, as well as verified by the Audit Committee. The Company’s Board has also prepared the report on its
responsibilities for financial statements in the Company’s annual report and the annual report presentation form (Form 56-1).
4.4 Role and Duty Performance of the Board of Directors
The Company reveals the names and history of each Board director, including the roles and duties of the Board of
Directors, the Audit Committee and the Remuneration and Nomination Committee, along with details of their duty performance of
the previous year in the section “Management Structure” so that the shareholders and the people concerned may know about the
knowledge, capabilities, experience and other significant data of the directors, who contribute to the Company’s success in its
business transactions.
4.5 Investment Relations
Apart from communicating its information through various channels, the Company has established an investment
relations agency in charge of communicating the Company’s information and data with investors and outsiders, besides treating
them equally and fairly, as well as in a well-arranged manner.
In this regard, investors can ask for more investment data at the phone number and email address displayed on the
Company’s website.
4.6 Policy on Responsibilities to Society and Environment and Implementation Consequence
This has been reported in the section on stakeholders’ rights and social activities.
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5. The Section on the Board of Directors’ Responsibilities
The Company’s Board fully realizes its roles and responsibilities as the shareholders’ representative, principally
responsible for making decisions on the Company’s significant policies and strategies. In addition, the Board will see to it that the
Company’s management has implemented the policies and strategies defined for the Company’s utmost benefit. To fulfill this goal,
the Board has implemented the principles of good corporate governance as the following:
5.1 The Board of Directors’ Structure
(1) Components of the Board
It has been reported in the section “Management Structure”
(2) The Board of Directors’ Term of Office
The Company has clearly defined the Board of Directors’ term of office in its rules and regulations, no.23 which is
proclaimed on the Company’s website in the section “Investors”.
(3) Qualifications of Independent Directors
It has been reported in the section “Qualifications and Procedure for Nomination of the Board Directors”
5.2 The Sub-Committee
It has been reported in the section “Sub-Committees”
5.3 The Board of Directors’ Roles, Duties and Responsibilities
(1) Leadership and Vision of the Board of Directors
The Company’s Board of Directors consists of knowledgeable and experienced persons from various fields who
are supportive of the Company’s administration. In 2009, all directors took part in cautiously defining and giving approval to all
important vision and policy statements, missions, strategies and business goals of the Company. They also ensure that the
Management’s performance will, as a matter of principle, be presented to the Board of Directors every three months. In addition,
the Board also occasionally plays a role in giving approval to the performance guidelines of the various sub-committees, such as
the Audit Committee, and the Remuneration and Nomination Committee.
Exercise of authority in the performance of the Company’s Board will strictly and honestly comply with laws,
regulations and shareholders’ meeting resolutions based on sound morality and rule of conduct. This is to ensure that the
Management’s performance will ultimately fulfill the Company’s goals and generate the utmost benefits for shareholders.
(2) Approval of Policy on Corporate Governance
In 2005, the Board of Directors approved for the first time, in writing, the formulation of the Company’s policy on
corporate governance, as well as approved the policy modification three times in 2006, 2008 and 2009, so that it was accordance
with the laws and principles of good corporate governance that had altered. In this regard, the Board has assigned the Company’s
management to take charge of a follow-up of the policy implementation in order to report recommendations to the Board for an
improvement of the policy so that it is updated and appropriate for the changing situations, and increasingly has a practice
guideline of international standard.
Details of the Company’s policy on corporate governance may be viewed on the Company’s website at
www.bangkokinsurance.com
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(3) Business Code of Ethics
The Company’s Board of Directors has approved the publication of the Company’s code of ethics (rules of
conduct) to be presented to the Board and staff, including propagating the code of ethics on the Company’s Intranet. This aims at
communicating good practices to the Company’s Board and staff so that they will use them as a principle for their work
performance. In this connection, it is the duty of all levels of management to make sure that their subordinates know, understand
and actually perform according to the Company’s code of ethics. The Company has offered a training course on its code of ethics
to all levels of staff and continuously made an evaluation to investigate the effectiveness of the Company’s communication of its
code of ethics and practices of staff based on the code defined. From a consequence of the latest evaluation, it was found that
over 96.0 percent of the Company’s staff was well informed of its code of ethics while over 89.0 percent of them had strictly
complied and abided by the code of ethics defined, which was fairly satisfactory, indicating that the communication and promotion
of the staff’s behavior on the practice of the Company’s code of ethics throughout the organization were very effective.
Details of the Company’s code of ethics can be viewed on the Company’s website at www.bangkokinsurance.com
(4) Conflict of Interest
The Company’s Board of Directors has taken measures to impede conflicts of interest and the seeking of one’s
self-interest by defining this as a principle in the rule of conduct for both directors and staff. Additionally, the Board has assigned
the Audit Committee to oversee and report to it on crossover transactions and those with conflicts of interest. These have been
cautiously considered for appropriateness, with honesty, justification and independence based on the defined code of ethics, for
the Company’s best interest, all of which is performed in the same manner as transactions made with outsiders. Furthermore, the
Audit Committee has also performed in accordance with the SET’s criteria in reporting on and disclosing such information each
quarter in the Company’s annual report and the annual report presentation form (Form 56-1).
- The control over the use of insider information is reported in the section “The Management” under the item
“Control Over the Use of Insider Information”.
(5) Controlling System, Internal Audit and Risk management
Observing the important internal controls at both the managerial and operational levels, the Company’s Board of
Directors sets out the responsibilities of executives and employees in writing, and also requires that the executives assess the
adequacy of internal controls at least once a year. The Audit Department is encouraged to work independently, void of any
intervention, which will effectively promote internal control systems, leading to transparent administration, which will in turn benefit
every stakeholder in the Company.
For Risk management, the Company’s Board of Directors has assigned its management to be responsible for
assessing both internal and external risk factors, analyzing and determining risk management measures, communicating with
concerned staff for their acknowledgement, as well as following up the consequence of implementation based on the defined
measures. The report on risk management consequence to the Board of Directors has to be made at least once a year.
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5.4 The Board of Directors’ Meeting
(1) The Meeting Schedule
The Company’s Board of Directors will meet a minimum of once every three months. Nonetheless, there may be an
additional extraordinary meeting as the Board thinks appropriate. Each Board member will be informed of the Board’s meeting
agenda in advance so that he/she may set aside time for the meeting. In 2009, the Board of Directors’ meeting went according to
the schedule planned, resulting in the Board members’ meeting attendance of over 90 percent of all the Board’s plenary meetings.
(2) The Consideration of Meeting Agenda Determination
To define the meeting agenda, the Company’s secretary will compile significant issues to be put on the agenda
and propose to the Company’s President for approval, and then arrange them as the meeting agenda including other relevant
documents to be scrutinized for each agenda. Each Board member is allowed to propose an issue to be inserted on the agenda
through the Company’s secretary.
(3) The Delivery of Meeting Documents
For the delivery of the Board’s meeting documents, the Company’s secretary will send out meeting invitation
letters, including an agenda and other relevant documents, no less than 7 days prior to the date of the meeting, to all the Board
members to ensure that they have sufficient time to scrutinize the data before the meeting. In 2009, meeting invitation letters and
other relevant documents were submitted to each Board member in time for all meetings.
(4) The Meeting Procedure
For each meeting, the Chairman of the Board of Directors allows each director to comment and ask questions
about business performance, risk management, internal control systems, and all other matters without prescribed time limit. In
consideration of agenda, directors who are stakeholders in any item on the agenda have no right to vote and are not allowed to be
at the meeting for that agenda. The Board’s secretary will report on the minutes of the meeting and the meeting’s resolution for the
Board’s approval at the next meeting. In addition for each meeting, a meeting report will also be systematically kept by the
secretary as a convenient reference or for examination by the Board and other related people.
(5) The Invitation of Executives for Meeting Attendance
In 2009, for each of the Board of Directors’ meetings, at least the Company’s 4 senior executives, namely, the
President, Director and Senior Executive Vice President, Director and Underwriting Adviser, and Director of Accounting
Department and Treasury Department, would attend the meeting in order to answer the Board directors’ questions and doubts.
(6) Information Access
For access to it, since the Board of Directors’ meeting is not convened every month, the report on the Company’s
performance is presented to each Board director each month, starting from April 2007 onwards. This is aimed at allowing the
Board to continuously oversee and control the Company’s management’s performance. Besides, the Board may ask the Chairman
and President or the Company’s secretary for additional explanations and examination of relevant documents.
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(7) The Meeting of Non-Executive Directors
For the meeting of non-executive directors, in 2006, the Board approved a policy encouraging its non-executive
directors to convene a meeting among themselves, and assigned the Company’s secretary to facilitate such a meeting.
Nonetheless, through 2009, apart from the meetings of the Audit Committee and the Remuneration and Nomination Comittee for an
implementation of the missions assigned to them, the non-executive directors had never convened a meeting among themselves.
A summary of each Board director’s meeting attendance in 2009 is given in the section “the Management” with
respect to the Board of Directors.
5.5 Procedure on the Determination and Appropriateness of Remuneration
The Company’s Board of Directors has a policy to determine the Board directors’ remuneration to the amount paid to
other listed companies’ directors of similar businesses or companies with approximate returns. The Board thus assigns the
Remuneration and Nomination Committee to determine the Board directors’ remuneration based on the scope of their roles and
responsibilities, including the benefits to be derived from them, before proposing it to the shareholders’ meeting for approval.
5.6 Development of the Board of Directors and Executives
The Company’s Board of Directors has a policy of promoting and supporting directors, executives and other staff,
related to the Company’s corporate governance system, to receive a regular training with an aim to constantly improve their
performance every time there is a change in the Board. In addition, the Company has assigned its secretary to arrange for a new
Board director orientation and submitted documents and data beneficial to a new director’s duty performance.
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GENERAL INFORMATION
Name of Company
Bangkok Insurance Public Co., Ltd.
Registration No. 0107536000625
Established 1947
Principal Lines of Business Non - Life Insurance
Accounting Period Ended December 31, 2009
Location : Head Office
Bangkok Insurance Building
25 Sathon Tai Road, Bangkok 10120
Tel. 0 2285 8888
Fax: 0 2610 2100
Accident Notification Tel. 1620
www.bangkokinsurance.com
Branches
Kanchanaphisek
9/30 Moo 8, Kanchanaphisek Road, Bangpai, Bangkhae, Bangkok 10160
Tel. 0 2865 3300, 0 2865 3445 Fax: 0 2865 3311
Khon Kaen
345 Moo 4, Prachasamosorn Road, Naimuang, Muang, Khon Kaen 40000
Tel. 0 4333 8900-4 Fax: 0 4333 8905
Chiang Mai
102 Chiang Mai - Lampang Road, Changpuak, Muang, Chiang Mai 50300
Tel. 0 5341 0334-8 Fax: 0 5322 3644
Nakhon Ratchasima
22/6 Mittraphab Road, Naimuang, Muang, Nakhon Ratchasima 30000
Tel. 0 4426 9224-8 Fax: 0 4426 9223
Nakhon Sawan
282/12 Moo 10, Phaholyotin Road, Nakhon Sawan Tok, Muang, Nakhon Sawan 60000
Tel. 0 5622 8459 Fax: 0 5622 8460
Pattanakarn
148 Soi Pattanakarn 20, Pattanakarn Road, Suanluang, Bangkok 10250
Tel. 0 2717 8600-3, 0 2717 8654-7 Fax: 0 2717 8660
Pattaya
131/27-28 Moo 9, Sukhumvit Road, Nongprue, Banglamung, Chonburi 20260
Tel. 0 3837 6303, 0 3837 6168-9 Fax: 0 3837 6462
Phitsanulok
362/19 Moo 3, Mittraphab Road, Arunyeek, Muang, Phitsanulok 65000
Tel. 0 5522 1760 Fax: 0 5522 1764
Phuket
101/9 Moo 1, Kathu, Phuket 83120
Tel. 0 7630 4055 Fax: 0 7630 4059
Rangsit
52/18 Moo 2, Rangsit - Pathum Thani Road, Bangpoon, Muang, Pathum Thani 12000
Tel. 0 2567 1121, 0 2567 2146 Fax: 0 2567 2180
Ratchaburi
159/35 Phetkasem Road, Namuang, Muang, Ratchaburi 70000
Tel. 0 3232 8016-7 Fax: 0 3232 8017
119

Surat Thani
84/25 Moo 2, Surat - Punpin Road, Makhamtia, Muang, Surat Thani 84000
Tel. 0 7726 4337 Fax: 0 7726 4336
Hat Yai
830 Phetkasem Road, Hat Yai, Songkhla 90110
Tel. 0 7422 0961-2 Fax: 0 7423 2576
Udon Thani
572/4 Udon - Khon Kaen Road, Banjun, Muang, Udon Thani 41000
Tel : 0 4234 1040 Fax: 0 4234 1041
Micro Branches
Kanchanaburi
591 Saengchuto Tai Road, Pakpraek, Muang, Kanchanaburi 71000
Tel. 0 3462 3390-1 Fax: 0 3462 3391
Kaset - Nawamin
111/19 Moo 4, Kaset - Nawamin, Chorakhe Bua, Lad Phrao, Bangkok 10230
Tel. 0 2553 3171-3 Fax: 0 2553 3170
Chachoengsao
92/5 Maha Chakkraphat Road, Namuang, Muang, Chachoengsao 24000
Tel. 0 3853 6102, 0 3853 6103 Fax: 0 3853 6104
Chonburi
80/51 Moo 3, Bansuan, Muang, Chonburi 20000
Tel. 0 3828 8929 Fax: 0 3827 4609
Chiang Rai
53/16 Phaholyothin Road, Robvieng, Muang, Chiang Rai 57000
Tel. 0 5375 6952 Fax: 0 5375 6953
Nakhon Si Thammarat
8/17 Pattanakarn Khukhwang, Naimuang, Muang, Nakhon Si Thammarat 80000
Tel. 0 7532 4898-9 Fax: 0 7532 4897
Rayong
4/18 Moo 3, Tubma Road, Noenphra, Muang, Rayong 21000
Tel. 0 3880 8698-9 Fax: 0 3861 8811
La Salle
1043 La Salle Road, Bangna, Bangkok 10260
Tel. 0 2745 8805-6 Fax: 0 2745 8807
Saraburi
625/5 Pichaironarongsongkham Road, Pakprew, Muang, Saraburi 18000
Tel. 0 3631 9097-8 Fax: 0 3631 9098
Sam Sen
45/11 Setsiri Road, Sam Sen Nai, Phaya Thai, Bangkok 10400
Tel. 0 2279 5075-7 Fax: 0 2275 6610
Ubon Ratchathani
217/1 Phadaeng Road, Naimuang, Muang, Ubon Ratchathani 34000
Tel. 0 4524 3221 Fax: 0 4524 5291
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Motor Claims Service Center
Krabi
Bangkok Insurance Public Co., Ltd., Agent Office, 54/75 Sripangnga Road, Krabi Yai, Muang, Krabi 81000
Accident Notification: 1620
Ko Samui
Bangkok Insurance Public Co., Ltd., Agent Office, 163/45 Moo 1, Maenam, Ko Samui, Surat Thani 84330
Accident Notification: 1620
Chanthaburi
Taptimchan Tower, 24/1116 Yanwirote Road, Chantanimit, Muang, Chanthaburi 22000
Accident Notification: 1620
Chumphon
Bangkok Insurance Public Co., Ltd., Agent Office, 188/90 Saladaeng Road, Ta Tapao, Muang, Chumphon 86000
Accident Notification: 1620
Burirum
Rungnatee Place Building, 296 Robmuang Road, Isan, Muang, Burirum 31000
Accident Notification: 1620
Pranburi
Bangkok Insurance Public Co., Ltd., Agent Office, 267 Moo 12, Phetkasem Road, Nongtatam, Pranburi, Prachuabkirikhan 77120
Accident Notification: 1620
Pattani
Bangkok Insurance Public Co., Ltd., Agent Office, 7/39 Nong Chik Road, Sabarang, Muang, Pattani 94000
Accident Notification: 1620
Lampang
Bangkok Insurance Public Co., Ltd., Agent Office, 79/3-1 Phaholyothin Road, Sobtui, Muang, Lampang 52100
Accident Notification: 1620
Suphan Buri
Panalert Mansion Building, 285/3 Moo 5, Tharahad, Muang, Suphanuri 72000
Accident Notification: 1620
Uttaradit
Bangkok Insurance Public Co., Ltd., Agent Office, 2/85 Padwaree Road, Tha - It, Muang, Uttaradit 53000
Accident Notification: 1620
BKI Care Station
Central Khon Kaen 2 nd Floor
Tel. 0 4328 8136, 08 5485 7593
Central Pinklao 2 nd Floor
Tel. 0 2884 8282, 08 4751 7179
Central Rama II 2 nd Floor
Tel. 0 2872 4060, 08 1373 8400
Central Rama III GF
Tel. 0 2673 5512, 08 9967 7455
Central Phuket 2 nd Floor
Tel. 0 7624 8084, 08 1737 0053
Central Rattanathibet 2 nd Floor
Tel. 0 2525 4566, 08 1875 0203
The Mall Bangkapi 2 nd Floor
Tel. 0 2363 3157, 08 4874 3926
Paradise Park 2 nd Floor
Tel. 0 2746 0315, 08 5485 7592
Fortune Town 1 st Floor
Tel. 0 2641 1130, 08 1838 1005
Future Park Rangsit BF
Tel. 0 2958 0787, 08 1832 7767
Fashion Island 1 st Floor
Tel. 0 2947 5670, 08 1373 7951
Silom Complex 3 rd Floor
Tel. 0 2632 0194, 08 9204 9798
The Mall Ngamwongwan 2 nd Floor
Tel. 0 2550 1327, 08 9967 7451
121

LINES OF BUSINESS
Personal
- Voluntary Motor Insurance
- Compulsory Motor Insurance
- Fire Insurance
- Home Multicover Insurance
- Travel Accident Insurance
- Burglary Insurance
- All Risks Insurance
- Health Insurance
- Cancer Insurance
- Bail Bond Insurance
- Personal Accident Insurance
- Professional Indemnity Insurance
- Hospital Cash Benefit Insurance
Business
- Fire & Allied Lines - Contractors’ Plant and Equipment Insurance
- Marine Hull Insurance - Boiler & Pressure Vessel Insurance
- Marine Cargo Insurance - Electronic Equipment Insurance
- Group Accident and Health Insurance - General Public Liability Insurance
- Group Personal Accident Insurance - Business Interruption Insurance
- Aviation Personal Accident Insurance - Jewelry Block Insurance
- Shop Multicover Insurance - Terrorism Insurance
- Neon Sign Insurance - Trade Credit Insurance
- Money Insurance - Contractor’s All Risks Insurance
- Industrial All Risks Insurance - Gold Shop Insurance
- All Risks Insurance - Event Cancellation Insurance
- Machinery Breakdown Insurance - Directors’ and Officers’ Liability Insurance
- Erection All Risks Insurance - Fidelity Guarantee Insurance
OTHER REFERENCE PERSONS
Legal Adviser
Manukit Low Offi ce
59/6 Suapa Road, Bangkok 10100
Tel. 0 2221 6226
Fax: 0 2221 3191
Financial Adviser
-None-
Principal Financial Institution
Bangkok Bank Public Co., Ltd.
Securities Registra
Thailand Securities Depository Co., Ltd.
4, 7 th Fl. The Stock Exchange of Thailand Building,
62 Rachadapisek Road, Klongtoey, Bangkok 10110
Tel. 0 2229 2800, 0 2654 5599
Fax: 0 2359 1259
email: contact.tsd@set.or.th
www.tsd.co.th
Trustee
-None-
Auditor
Mrs. Nonglak Pumnoi
Certifi ed Public Accountant (Thailand) No. 4172
Ernst & Young Offi ce Limited
33 rd Floor, Lake Rajada Offi ce Complex
193/136-137 Rajadapisek Road
Klongtoey, Bangkok 10110
Tel. 0 2264 0777, 0 2661 9190
Fax: 0 2264 0789-90, 0 2661 9192
email: ernstyoung.thailand@th.ey.com
www.ey.com
122

Bangkok Insurance Building 25 Sathon Tai Road, Bangkok 10120
Tel. 0 2285 8888 Fax: 0 2610 2100
www.bangkokinsurance.com
56