MSIG sees profit after paring automobile losses

17.08.10

MSIG Insurance is back on track for profitability after settling its operating losses from the motor insurance business.

The affiliate of the Japanese insurance giant Mitsui Sumitomo Insurance (MSI) posted a net profit of about 100 million baht last year.

With a net profit of more than 70 million baht in the first seven months of this year, it expects the full-year figure to beat 2009 thanks to sales growth and selective underwriting of car insurance.

Sangiam Dangprasert, the general manager for agency and branch operations, said earned premiums were forecast to grow by at least 17% this year to 2.5 billion baht, of which 1.2 billion baht will come from agency and branch channels, up by 40%.

Brokerage, bancassurance and direct sales are expected to grow by 25% to 1.3 billion baht.

Driven by the country's recovering economy and growing exports, MSIG reported significant growth of 28.2% in earned premiums to 1.3 billion baht in the first half of this year.

Source: Bangkok Post

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