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AW AR Viriyah EN 2018 280619.Indd Do business for a better society, not for personal wealth accumulation without concern about the impact on the public. A good business must be profitable, but a line has to be drawn. Doing business with virtue means acquiring business gains without taking advantage of others. Lek Viriyabhun Founder of The Viriyah Insurance Public Company Limited Vision To be a secure, transparent, honest and fair non – life insurer Mission To provide warm and satisfactory services From our complete and countrywide network With modern, expeditious and efficient process By our ethical and trustworthy professional teams THE VIRIYAH INSURANCE 3 Contents 02 14 16 18 Vision Message Milestones Corporate and Mission from the of Success Structure Managing Director 20 24 26 30 Board of Overview Business Overall Directors of Industry Operations Performance in 2018 34 40 44 46 Well-Known CSR Report Independent Reputation Activities of Audit Auditor’s Committee Report 49 104 105 107 Statement Corporate Lines of Branches and of financial Information Business Claim Service position Centers 4 ANNUAL REPORT 2018 THE VIRIYAH INSURANCE 5 6 ANNUAL REPORT 2018 THE VIRIYAH INSURANCE 7 8 ANNUAL REPORT 2018 THE VIRIYAH INSURANCE 9 10 ANNUAL REPORT 2018 THE VIRIYAH INSURANCE 11 12 ANNUAL REPORT 2018 THE VIRIYAH INSURANCE 13 14 ANNUAL REPORT 2018 Message from the Managing Director In 2018, Thai economic was strengthened by many positive drivers, such as sound expansion in household spending, more push from tourism, recovery in international trade and investment which consequentially stimulated export growth, continued progress and expansion in the public and private investment projects, and continuous growth in the automobile industry. All of these had positive consequences on the Thai economy as a whole. The non-life insurance industry in 2018 reported a growth rate Strategy focuses on of 6.60 percent, whilst the company's operation results developing 3 pillars of increased by 4.86 percent. Our direct insurance premiums insurance business: business totaled 37,920 million Baht; and we have maintained our processes, human resources, leadership in the non-life insurance market for the 27th and service networks. consecutive year. The company had won the Award for Outstanding Non-life insurance Company on Development " and the 2017 Award for the Non-life Insurance Company for The Leader in Promoting Insurance Policies for the People by OIC. Another Insurance Service key development last year is the company's non-motor Quality insurance stake reaching 10% for the first time. The company's policy is to keep increasing non-motor insurance stake so as " to diversify business risk. For last year's operations, the company has consistently improved the quality of our services both underwriting and claim aspects by enhancing efficiency of our company systems and performance of the employees through new technologies. We had expanded our comprehensive insurance service network in terms of braches, claim service centers, sub-branches and service stations in department stores, certified agent offices, certified repair centers as well as partnered hospitals for better quality of customer care. THE VIRIYAH INSURANCE 15 With respect in developing insurance products, the emphasis was on analyzing customer needs and designing variety of products suiting the needs of each customer group, such as products tailored by professions or age ranges. Recently, the company had been in collaboration with renowned business partners with extensive local and overseas medical service network in launching new health insurance plans: Oun Jai Rak, Oun Jai Rak Delight, Sook Jai Rak and Piam Jai Rak. The company had also expanded communication channels to broadcast product and service information under Viriyah Insurance brand to meet of all customer needs in all groups. Looking ahead to 2019 which will mark the company's 73rd year in this business, the goal is set to continue to increase proportion of non-motor insurance in our portfolio. Our "The Leader in Insurance Service Quality" Strategy focuses on developing 3 pillars of insurance business: business processes, human resources, and service networks. In addition, we adopted new innovations to enhance our work efficiency aiming for excellent customer experiences. Lastly, on behalf of the Board of Directors, I would like to extend our sincere thanks to our customers, partners, business alliances, government agencies and various organizations for their ongoing trust and support. I am so grateful for the management and all employees who have dedicated their knowledge and efforts to enhance our company’s performance to successfully achieve our goal. We will do our best based on the principles of good governance and sharing. Moreover, we do believe this will foster a strong and sustainable foundation for Thai people and Thai society for good. (Ms. Suvaporn Thongthew) Managing Director 16 ANNUAL REPORT 2018 Milestones of Success 1947 1974 1979 1982 February 3, 1947 January 14, 1974 January 16, 1979 February 22, 1982 The Viriyah Insurance The title of the company The company expanded To become a professional Public Company Limited was changed to “Asiatic its insurance business to non-life insurer, the was founded under the Distributing Insurance into car insurance and company was retitled name Asiatic Distributing Company Limited.” miscellaneous insurance once again to be “The Company Limited with in order to serve the Viriyah Insurance Co., 5 Million Baht paid-up growing Thai economy Ltd.” Ever since, the capital. at the beginning, and ensure the security business has gained the company offered of Thai people and the acceptance and two major insurance communities. The trust of the Thai people classes: fire insurance company was then all along. and marine and cargo retitled to “Viriyah insurance to support the Panich Insurance business of Thonburi Company Limited". Autumotive Assembly Plant Co., Ltd. –another family business. No. No. The Viriyah Insurance The company Car Insurance Public Company was retitled Paid-up capital Limited “ The Viriyah 1 1 Position in the Position in the 5 Insurance car insurance entire non-life Million Baht Co., Ltd. industry until insurance market the present day until today Totaled ” Fire Insurance Miscellaneous Insurance 37,920 Million Baht Non-Motor Insurance Marine and Premium Reached Cargo Insurance 10.09% THE VIRIYAH INSURANCE 17 1987 1992 2012 At Present 1987 1992 June 1, 2012 At Present The year of pride, The The company once To become a public The Viriyah Insurance company had become again achieved great company limited under Public Company Limited the number one position success in the non-life the title “The Viriyah is Thailand's number one non-life insurance company in the car insurance insurance business with Insurance Public Company that has operated industry for the first the top ranked position Limited”, with emphasis constantly for 72 years. time. This position has in the entire non-life on being the leading non- The company has gained been maintained until insurance market. The life insurance company the trust of customers the present day. company has maintained known for stability, and our market share st this market leadership strength, good corporate has ranked 1 for 27 consecutive years. Our until today. governance, transparency direct insurance premiums and fairness in its business for the year 2018 totaled operations. 37,920 Million Baht, representing 16.27% of the non-life insurance industry. The year 2018 marked the first year that No. No. The Viriyah Insurance the company's direct non- The company Car Insurance Public Company was retitled motor insurance premiums Paid-up capital Limited reached 10.09% with the “ volume of direct non-motor The Viriyah 1 1 insurance premiums at Position in the Position in the 5 Insurance car insurance entire non-life 3,827 Million Baht. Million Baht Co., Ltd. industry until insurance market the present day until today Totaled ” Fire Insurance Miscellaneous Insurance 37,920 Million Baht Non-Motor Insurance Marine and Premium Reached Cargo Insurance 10.09% 18 ANNUAL REPORT 2018 Corporate Structure Board of Directors Investment Committee Risk Management Committee Product and Underwriting Development Committee Audit Committee Claim Settlement Committee Executive Board Reinsurance Committee Internal Audit Department Compliance Department Managing Director Corporate Advisory Panel Office Of Managing Director Risk Management Division Personnal Department Operation Operation Business Business Business Support Control Group 1 Group 2 Development 1 Development 2 Development 3 Group Group THE VIRIYAH INSURANCE 19 Board of Directors Investment Committee Risk Management Committee Product and Underwriting Development Committee Audit Committee Claim Settlement Committee Executive Board Reinsurance Committee Internal Audit Department Compliance Department Managing Director Corporate Advisory Panel Office Of Managing Director Risk Management Division Personnal Department Operation Operation Business Business Business Support Control Group 1 Group 2 Development 1 Development 2 Development 3 Group Group 20 ANNUAL REPORT 2018 Board of Directors, Specific Purpose Committees, Executive Board of Directors, Management Committees Board of Directors Chairperson of the Board of Director Risk Management Committee Ms. Orabhun Bhongbhibhat Chairperson of the Risk Management Committee Directors Ms. Supatra Thongkhao Ms. Suvaporn Thongthew Ms. Nonglak Sundaravara Member Mr. Took Viriyahbhun Mr. Amorn
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