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

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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
Page 1 and 2: Bangkok Insurance aims to be the mo
Page 3 and 4: CONTENTS VISION 2 FINANCIAL HIGHLIG
Page 5 and 6: We aim to be the most preferred non
Page 7: The year 2009 was, therefore, anoth
Page 13 and 14: As a consequence, it is anticipated
Page 17 and 18: 6.2 Interest Rate Risk The Company
Page 19 and 20: Increase Convenience for Premium Pa
Page 21 and 22: REPORT OF THE COMPANYûS OPERATIONS
Page 23 and 24: The net investment income in 2009 w
Page 25 and 26: Goals of Business Transactions For
Page 29 and 30: INVESTMENTS IN SECURITIES Investmen
Page 31 and 32: FIVE YEARS REVIEW (Baht’000) 2009
Page 33 and 34: 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
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(Baht’000) Surplus (Deficit) on R
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For the years ended December 31, 20
Page 71 and 72:
4.4 Related party transactions Rela
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5. Significant Accounting Judgments
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Investments in debt securities as a
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The Company received the 2008 finan
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(Baht’000) 2009 2008 Investments
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12. Premium Due and Uncollected The
Page 83 and 84:
20. Basic Earnings Per Share Basic
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Foreign Currency Risk The Company
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Debtors, overdue under 3 months, fo
Page 89 and 90:
FINANCIAL RATIO Financial Ratio 200
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SHAREHOLDING IN OTHER COMPANIES Inv
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THE MANAGEMENT Management Structure
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4. To consider a selection and prop
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The Appointment of the Company’s
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Name Position No. of Attendance/ An
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Name of the Management Committee Po
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1. The Board of Directors shall com
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SHAREHOLDINGS STRUCTURE Breakdown o
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Dividend Payment Policy Since it is
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The Section on Consideration of Sta
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As for the consequence of an implem
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4.1 Policy on Corporate Governance
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5. The Section on the Board of Dire
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5.4 The Board of Directors’ Meeti
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GENERAL INFORMATION Name of Company
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Motor Claims Service Center Krabi B
Page 124:
Bangkok Insurance Building 25 Satho
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We aim to be the most preferred non-life insurer in Thailand

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