Muang Thai maps out expansion plan
Muang Thai Insurance is looking at acquiring portfolios from non-life insurers and selling non-life products to individuals in neighbouring countries as part of its plan to keep its premium income growing by 15 per cent annually in the next three to five years. “The merger model was not suitable for us because tax incentives do not support insurance mergers. Therefore, we think that asset acquisitions should be the way to go to help support growth,” Puntrika Baingern, senior executive vice president and chief financial officer, said yesterday. … The company is interested in expanding into personal-accident and motor insurance in Cambodia, Laos, Myanmar and Vietnam in tandem with Kasikornbank Group. Kasikornbank is opening a subsidiary in Laos this year and a branch in Cambodia next year. MTI aims to broaden its footprint in Laos and Cambodia, where is sees opportunities for motor and personal-accident insurance. The investment model for those countries might be joint ventures, but in some cases, MTI might consider setting up a representative office before a JV. …
Sucheera Pinijparakarn
http://www.nationmultimedia.com/business/Muang-Thai-maps-out-expansion-plan-30241197.html
