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Annual Report 2019 Bangkok Insurance Public Company Limited

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Annual Report 2019 Bangkok Insurance Public Company Limited ANNUAL REPORT 2019 BANGKOK INSURANCE PUBLIC COMPANY LIMITED VISION ว�สัยทัศนว�สัยทัศน Bangkok Insurance aims to be the preferred“กรุงเทพประกันภัย“กรุงเทพประกันภัย non-life insurer มุงเปนที่สุดในใจลูกคา” inมุงเปนที่สุดในใจลูกคา” Thailand เราจะกาวไปขางหนาอยางโดดเดนดวยเราจะกาวไปขางหนาอยางโดดเดนดวย : : We will strive for progress with • Quality products• สินคาและบริการที่หลากหลายตรงใจลูกคา and• สินคาและบริการที่หลากหลายตรงใจลูกคา services that meet our customers’ • ตอบสนองฉับไว needs• ตอบสนองฉับไว สรางความประทับใจในบริการ สรางความประทับใจในบริการ • Fast and responsive• บุคลากรคุณภาพ • บุคลากรคุณภาพservice กาวทันนวัตกรรมto maximize กาวทันนวัตกรรม our customers’ • ดำารงไวซึ่งองคกรคุณธรรม satisfaction• ดำารงไวซึ่งองคกรคุณธรรม • Exceptional teams who are knowledgeable and innovative • Tradition and culture of corporate integrity CONTENTS FINANCIAL HIGHLIGHTS 3 REPORT OF THE CORPORATE GOVERNANCE COMMITTEE 77 PRIDE IN 2019 4 REPORT ON THE BOARD OF DIRECTOR’S RESPONSIBILITY FOR FINANCIAL STATEMENTS 78 MESSAGE FROM THE CHAIRMAN 6 REPORT OF INDENPENDENT AUDITOR 79 REPORT OF THE COMPANY’S OPERATIONS 9 STATEMENTS OF FINANCIAL POSITION 84 INVESTMENT INCOME 14 STATEMENTS OF COMPREHENSIVE INCOME 86 INVESTMENT 15 STATEMENTS OF CASH FLOWS 88 INVESTMENTS IN SECURITIES 16 STATEMENTS OF CHANGES IN SHAREHOLDING IN OTHER COMPANIES 17 OWNERS’ EQUITY 90 REVENUE STRUCTURE 18 NOTES TO FINANCIAL STATEMENTS 92 SUMMARY OF QUARTERLY FINANCIAL RESULTS 19 COMPANY’S FINANCIAL STATUS 140 FIVE YEARS REVIEW 20 FINANCIAL RATIO 144 POLICY ON AND THE OVERALL BUSINESS RELATED PARTIES TRANSACTIONS 145 TRANSACTION 22 ORGANIZATION STRUCTURE 147 TYPE OF BUSINESS TRANSACTIONS 26 MANAGEMENT STRUCTURE 148 RISK FACTORS 34 SHAREHOLDINGS STRUCTURE 156 ADVISORY BOARD 39 PRINCIPLES OF GOOD CORPORATE BOARD OF DIRECTORS AND BOARD OF GOVERNANCE 159 DIRECTORS PROFILE 40 MANAGEMENT COMMITTEE AND ADVISER INTERNAL CONTROL AND RISK MANAGEMENT 179 AND MANAGEMENT COMMITTEE PROFILE 48 GENERAL INFORMATION 182 CORPORATE SOCIAL RESPONSIBILITY 57 LINES OF BUSINESS 186 REPORT OF THE AUDIT COMMITTEE 75 REPORT OF THE REMUNERATION AND NOMINATION COMMITTEE 76 FINANCIAL HIGHLIGHTS (Baht'000) 2019 2018 Change % For The Year Premium Written 21,008,919 17,326,215 21.3 Underwriting Income 2,242,242 2,551,762 (12.1) Operating Expenses 1,078,263 1,080,794 (0.2) Finance Costs 2,553 3,266 (21.8) Net Profits from Underwriting 1,161,426 1,467,702 (20.9) Net Investment Revenue 1,624,531 1,317,632 23.3 Profits before Income Tax Expenses 2,785,957 2,785,334 0.0 Income Tax Expenses 334,676 378,526 (11.6) Net Profits 2,451,281 2,406,808 1.8 At Year - end Unearned Premium Reserve 9,978,382 8,275,770 20.6 Shareholders' Equity 31,023,097 34,875,364 (11.0) Per Share (Baht) Basic Earnings Per Share 23.02 22.61 1.8 Ordinary Share (Shares) 106.47 Million 106.47 Million - Dividends 14.00 14.00 - Book Value 291.38 327.56 (11.0) Market Price (High-Low) 338 - 293 392 - 327 - Market Price at Year - end 295 329 (10.3) USD 1 = Baht 30.1540 GBP 1 = Baht 39.5217 EUR 1 = Baht 33.7311 JPY 100 = Baht 27.5940 3 PRIDE IN 2019 Bangkok Insurance Public Company Limited has The “Domestic General Insurer of the Year-Thailand” conducted its business transactions for a long time, currently award from the Insurance Asia Awards 2019, organized entering into its 73rd year. Over the past years, the Company by Insurance Asia Magazine. The Company is the only has given priority to the provision of quality services and non-life insurance company in Thailand to receive the development of insurance products giving the greatest award via its potential of being a non-life insurance benefit to its customers and business partners, causing the company in Asia with robust financial standing and having Company to receive quality awards from a number of an efficient and modern system of management and leading organizations both inside and outside the country. operating performance, taking care of its customers with For 2019, the Company has still adhered to its business quality services of international standard, including steadily transactions of high standard, ready to introduce modern attaching to a management based on the principles of innovations to enhancing services in greater response to good corporate governance and responsibilities to society customers’ demand, allowing the Company to obtain pride and the environment. through the following awards. The “Social Responsibility and Environmental Honorable Award Awareness Awards” award from the 2nd Thailand’s Smart The “Best Non-Life Insurance Company-Thailand 2019” Awards for 2019, organized by the Celeb Club program of award and the “Best Customer Service Provider-Insurance- the Royal Thai Army Television Channel 5, in cooperation Thailand 2019” award from the International Finance Awards with Nadee Network Publishing Company Limited and its 2019, organized by International Finance Magazine (IFM). subsidiaries. The award was presented to the Company for The awards were presented to the Company since it had giving priority and attention to society through its consistent been a non-life insurance company in the Asian region with and long-term promotion and support of various social and robust financial standing and having an efficient and modern environmental activities, aimed at the general public’s sound system of management and operating performance, and and sustainable quality of life. providing standard service. Bangkok Insurance has given priority to the development of its insurance and service products for customers throughout, focusing on applying modern innovations to providing convenience in response to customers’ demand for the greatest benefits. 4 Financial Strength Rating Bangkok Insurance derived, on November 22, 2019, Additionally, the A.M. Best Company, another leading Financial Strength Rating of A- (Stable) from the Standard global credit rating organization, had ranked, on May 24, and Poor’s Institution (S&P), a leading global credit rating 2019, the Company’s Financial Strength Rating with the score organization, reflecting the Company’s leadership in the of A- (Excellent), and Issuer Credit Rating with the score non-life insurance industry having competitiveness, with of a-, emphasizing its stable funds and financial stability, sound operating results and stable funds and assets, apart as well as its leadership in the non-life insurance industry in from possessing a fund management at a satisfactory level. Thailand, having competitiveness and a sound management system. Financial Strength Standard & Poor's November 22, 2019 Financial Strength Rating - Local Currency A- (Strong) Issuer Credit Rating - Local Currency A- (Strong) Outlook Stable A.M. Best May 24, 2019 Financial Strength Rating A- (Excellent) Financial Strength Rating Outlook Stable Issuer Credit Rating a- (Excellent) Issuer Credit Rating Outlook Stable 5 MESSAGE FROM THE CHAIRMAN Mr. Chai Sophonpanich 6 The non-life insurance industry in 2019 experienced a shrinking expansion from the year before as a consequence of such problems as price competition causing a low level of premium rates, a slowdown of the Thai economy due to significantly shrinking exports stemming from a slowdown of trading partners’ economies and global trade amounts incurred by a trade war between the United States and China, a problem of political instability in the country resulting in a delay of the government sector’s large-scale project investment, a problem of a high level of the household sector’s debts influencing consumers’ purchasing power, apart from the problems of natural catastrophes from droughts and floods, and an impact on total motor premiums due to seriously declining new car sales. The Thai General Insurance Association had projected a direct premium written growth of 5.0 percent in 2019. Nonetheless, under such challenging circumstances, Bangkok Insurance Public Company Limited has been able to attain a remarkable growth. For the Company’s performance in 2019, its total written premium rose by 21.3 percent to Baht 21,008.9 million, compared to the year before. The Company’s earnings before tax were Baht 2,786.0 million, comprising the net income from underwriting of Baht 1,161.4 million, as well as earnings from investment and other income of Baht 1,624.6 million, resulting in a net income of Baht 2,451.3 million, or earnings per share of Baht 23.02. The Company’s Board of Directors’ meeting on February 28, 2020, has approved a final dividend payment of Baht 5 per share for the year 2019. Therefore, in 2019, the Company had made total dividend payments of Baht 14 per share. In addition, the Company also possesses robust financial standing, as well as stable fund and assets, as reflected by the Capital Adequacy Ratio (CAR) as at the end of September 2019 as high as 289.7 percent, higher than that defined by law, apart from the maintenance of Financial Strength Rating of A-/Stable (ranked by the Standard and Poor’s Institution (S&P) as at November 22, 2019) and A - (Excellent) Outlook Stable (ranked by the A.M. Best Company as at May 24, 2019). In 2019, the Company was the recipient of honorable awards from numerous institutions, including the Best Non-Life Insurance Company - Thailand 2019 Award and Best Customer Service Provider - Insurance - Thailand 2019 Award from the International Finance Awards 2019, organized by International Finance Magazine (IFM), the Domestic General Insurer of the Year - Thailand Award from the Insurance Asia Awards 2019, organized by Insurance Asia Magazine, and the Social Responsibility and Environmental
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