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

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.
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