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Annual Report 2020 รายงานประ∳ำ�ปี 2563

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ANNUAL REPORT 2020 รายงานประ∳ำาปี 2563 A First Confident Step Towards Future Sustainable Steps ANNUAL REPORT 2020 | รายงานประ∳ำาปี 2563 13 14 16 Vision and Mission Message from Chairman Message from Chairman of of the Board of Directors the Audit Committee 26 31 32 Financial Overview and Organization Values Corporate History& Key Performance Awards Part 1 72 86 Business Operations 1. Group structure and 2. Risk Management and Performance operation Part 2 114 117 Corporate Governance 6. Corporate Governance 7. Corporate Governance Policy Structure and important information about The board sub-committees, management, employees and other Part 3 136 142 Financial Statements 10. Report of the 11. Financial Statements Committee’s Responsibility for Financial Reports CONTENTS 20 22 24 Message from Chairman Message from Chairman Message from the of the Risk Management of the Good Corporate President & CEO Committee Governance Committee 40 42 Organization Structure Board of Directors and Executive Officers 89 96 112 3. Social responsibility 4. Management’s analysis 5. General and other and explanation important information 125 130 8. Corporate Governance 9. Internal control and Report related transactions BANGKOK LIFE ASSURANCE PCL. | บริ꘱ัท กรุงเทพประกัน⨵ี鸴ิต ∳ำากัด (มหา⨵น) All the steps taken in life are filled with both joy and challenges. Bangkok Life Assurance is ready to walk alongside you, ensuring that every step we take we always have each other. Together, we take steps towards financial security and comprehensive risk protection against illnesses. With our heartfelt service, the steps we take to create positive experiences take us forward into the digital age where a smart and convenient life endlessly fulfils your happiness. 2021 is the year that Bangkok Life Assurance intends to move forward with greater happiness. We have moved to a new head office location, which is ready to be a part of our journey towards common success. We pay attention to detail in the quality of life in every square inch, and we aim to respond to all customer needs and services, while bearing in mind the importance of caring for the environment. Through the building’s unique and environmental conscious design, we provide our employees with aspects of well-being that will ignite never-ending happiness that will be passed on to all our partners and valued customers and enable us to journey on a sustainable path together with confidence. ANNUAL REPORT 2020 | รายงานประ∳ำาปี 2563 1 STEP TOWARDS NEW CHANNELS Step into new service channels: a system the enables you to communicate with our experienced professional agents both offline and online conveniently, giving you both satisfaction and information you are looking for. STEP TOWARDS DIGITAL LIFESTYLE Step into a digital lifestyle that enables you to make financial planning and transactions, receive a personal information service, and make payments anywhere and at any time with various options on multiple platforms that are convenient and can fit into to your daily routine. STEP TOWARDS CUSTOMER EXPERIENCES Step into an impressive financial planning experience from the start to the end of transactions. Experience caring after-sales service and receive privileges created for the happiness of our customers. STEP TOWARDS BETTER PRODUCTS Step into experiencing the next level of comprehensive financial products that spark happiness and fulfil every need with product groups such as health, endowments, retirement plans, inheritance plans, and extension of insurable age to accommodate the aging society. STEP TOWARDS EVERYONE’S HAPPINESS Step into our environmentally friendly new head office, filled with creative designs that will put smiles on the faces of all our employees, partners and customers who visit us at the new head office. VISION AND MISSION To make people realize the benefits of the life insurance and Vision choose insurance coverage which is suitable for their financial position and value of life. The Company is determined to be a leader in establishing Mission financial security for all groups of people and protecting their value of life by offering financial advice and impressive service through its sincere agents, partners and employees who are experts in the field. BANGKOK LIFE ASSURANCE PCL. | บริ꘱ัท กรุงเทพประกัน⨵ี鸴ิต ∳ำากัด (มหา⨵น) ANNUAL REPORT 2020 | รายงานประ∳ำาปี 2563 13 MESSAGE FROM CHAIRMAN OF THE BOARD OF DIRECTORS For several years, the domestic economy has been showing signs of slowdown alongside with low interest rate environment. Under this scenario, the life insurance business has been revising the investment policy and reformulating product strategy by altering the mix of single premium and short-term endowment products. Furthermore, there was also an impact from the Coronavirus disease (COVID-19) outbreak that took place during the year of 2020, which led to the national lockdown and disruption of economic activities. As a result, the household sector became more cautious in their spending while interest rate and capital market had been fluctuating widely throughout the year. These factors, more or less, account for the deepest decline of first-year premium in life insurance industry at 11.3% for the year 2020. Dr. Siri Ganjarerndee Chairman of the Board of Directors 14 ANNUAL REPORT 2020 | 踴�ยง�นป踴ะ∳ำ�ปี 2563 BANGKOK LIFE ASSURANCE PCL. | บ踴ิ꘱ัท ก踴ุงเทพป踴ะกัน⨵ี鸴ิต ∳ำ�กัด (มห�⨵น) Throughout the year, the company had actively managed distribution channels, developed customer centric products, as well as initiated campaigns to recapture existing customers. The company also implemented digital tools to service customers and developed digital tools to facilitate the employee during work from home period. Consequently, the Company had first year premium of 6,550 million baht, an increase of 5.7 percent from prior year, despite industry’s dismal negative growth of 11.3 percent. The company had renewal premium of 28,195 million baht and total premium of 34,745 million baht, a decrease of 4.4 percent and 2.7 percent from prior year respectively which met the company expectation. In addition, the adverse business environment had created challenges to maintain the capital adequacy ratio at the appropriate level. The company had reallocated the investment portfolio and managed interest risk through asset and liability management concurrently with relaxing policy announcement by regulator. To our satisfaction, the company was able to maintain the capital adequacy ratio at 274 percent, higher than the 100 percent regulatory level. The company has a long-term plan to enhance the company digital and technology capabilities through the adopting of digital tools in operation and service areas. The company is aiming to become a data-driven organization which uses data to support the corporate decision making and conduct customers analysis to offer the right products and maintain the existing customers. Moreover, to increase the company competitive advantage and crate the sustainable business growth, the company is focusing on implementing the internal process improvement to raise efficiency and increase customer satisfactions. The company is thriving to create a trusting and become the most outstanding brand in the industry. Above all, we are mindful of enterprise risk management and reiterate our commitment to operating business with transparency and good corporate governance for sustainable growth. On behalf of the Board of Directors, I would like to take this opportunity to express our gratitude to our customers, shareholders, life insurance agents, financial advisors, and the Company’s business partners who have always trusted and supported the Company. Besides this, I wish to thank the Company’s executives and employees for their unity and spirit, their tremendous dedication in developing our organization, and their honesty and sincerity in providing good services to customers, which are the key factors to the Company’s success throughout our long history. BANGKOK LIFE ASSURANCE PCL. | บ踴ิ꘱ัท ก踴ุงเทพป踴ะกัน⨵ี鸴ิต ∳ำ�กัด (มห�⨵น) ANNUAL REPORT 2020 | 踴�ยง�นป踴ะ∳ำ�ปี 2563 15 MESSAGE FROM CHAIRMAN OF THE AUDIT COMMITTEE Dear Shareholders, The Audit Committee consists of three independent directors who have expertise, knowledge, capability, and are qualified as per the requirements of the Stock Exchange of Thailand. They operate independently, are under no restrictions in obtaining information from executives, employees, and stakeholders, and may express comments and give suggestions for the equal benefit of all stakeholders. In 2020, the Audit Committee convened five times with executives, internal auditors, the compliance office, and external auditors to discuss and exchange opinions on related agenda items. The keywork issues can be concluded as follows: (Mr. Sunthorn Arunanondchai) Chairman of the Audit Committee 16 ANNUAL REPORT 2020 | 踴�ยง�นป踴ะ∳ำ�ปี 2563 BANGKOK LIFE ASSURANCE PCL. | บ踴ิ꘱ัท ก踴ุงเทพป踴ะกัน⨵ี鸴ิต ∳ำ�กัด (มห�⨵น) 1 The Committee reviewed quarterly and annual of the Securities and Exchange Commission financial statements that had previously been (SEC), including reviewing compliance with the reviewed/audited by the external auditors and anti-corruption and anti-money laundering reported on them, expressing free and unrestricted policy and measures as well as acknowledging opinions. The meetings were held with the complaints filed with the Company by third parties attendance of external auditors and relevant and whistleblowers via various channels. That executives to consider important
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