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

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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
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Bangkok Insurance aims to be the mo
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CONTENTS VISION 2 FINANCIAL HIGHLIG
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We aim to be the most preferred non
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The year 2009 was, therefore, anoth
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In addition, the Company was still
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As a consequence, it is anticipated
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6.2 Interest Rate Risk The Company
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Increase Convenience for Premium Pa
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REPORT OF THE COMPANYûS OPERATIONS
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The net investment income in 2009 w
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Goals of Business Transactions For
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INVESTMENTS IN SECURITIES Investmen
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FIVE YEARS REVIEW (Baht’000) 2009
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Mr. Chatri Sophonpanich Chairman Mr
Page 35 and 36: Miss Potjanee Thanavaranit Independ
Page 37 and 38: Mr. Witcha Damrongsinsak Director M
Page 39 and 40: 1. Mrs. Srichittra Pramojaney 2. Mr
Page 41 and 42: Miss Pagamas Charusathien Senior Vi
Page 43 and 44: Mr. Sontaya Chaichomlert Senior Vic
Page 45 and 46: Bangkok Insurance, Your Caring Part
Page 47 and 48: 1. Mr. Anant Pongpoon 2. Ms. Anchan
Page 49 and 50: 1. Mr. Alonggorn Gradtip 2. Mr. Ana
Page 51 and 52: Bangkok Insurance Public Company Li
Page 53 and 54: Public Health Relief of Public Disa
Page 55 and 56: 3. Checking to Prevent a Conflict o
Page 57 and 58: To the Shareholders of Bangkok Insu
Page 59 and 60: (Baht’000) Financial Statements i
Page 61 and 62: (Baht’000) Motor Miscellaneous 20
Page 63 and 64: (Baht’000) Motor Miscellaneous 20
Page 65 and 66: (Baht’000) Surplus (Deficit) on R
Page 67 and 68: (Baht’000) Surplus (Deficit) on R
Page 69 and 70: For the years ended December 31, 20
Page 71 and 72: 4.4 Related party transactions Rela
Page 73 and 74: 5. Significant Accounting Judgments
Page 75 and 76: Investments in debt securities as a
Page 77 and 78: The Company received the 2008 finan
Page 79 and 80: (Baht’000) 2009 2008 Investments
Page 81 and 82: 12. Premium Due and Uncollected The
Page 83 and 84: 20. Basic Earnings Per Share Basic
Page 85: Foreign Currency Risk The Company
Page 89 and 90: FINANCIAL RATIO Financial Ratio 200
Page 91 and 92: SHAREHOLDING IN OTHER COMPANIES Inv
Page 93 and 94: THE MANAGEMENT Management Structure
Page 95 and 96: 4. To consider a selection and prop
Page 97 and 98: The Appointment of the Company’s
Page 99 and 100: Name Position No. of Attendance/ An
Page 101 and 102: Name of the Management Committee Po
Page 103 and 104: 1. The Board of Directors shall com
Page 105 and 106: SHAREHOLDINGS STRUCTURE Breakdown o
Page 107 and 108: Dividend Payment Policy Since it is
Page 109 and 110: The Section on Consideration of Sta
Page 111 and 112: As for the consequence of an implem
Page 113 and 114: 4.1 Policy on Corporate Governance
Page 115 and 116: 5. The Section on the Board of Dire
Page 117 and 118: 5.4 The Board of Directors’ Meeti
Page 119 and 120: GENERAL INFORMATION Name of Company
Page 121 and 122: Motor Claims Service Center Krabi B
Page 124: Bangkok Insurance Building 25 Satho
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