Page 189 - ANNUAL REPORT DESIGN

Summary report
from the board of directors
นายสมบญุ ฟศ รบ ญุ กรรมการผอู ํานวยการ Mr. Somboon Fusriboon Managing Director
The insurance industry expanded from January 2014 to December 2014 by 1.07% because of the slowdown of the Thai economy that is forecasted to grow by 0.70%.
The Company’s growth was also below our target, as being effected by the economic situation. The direct premiums in the reported year were 1,715.82 million Baht, an increase of 32.30 million Baht or 1.92%. Gains from underwriting dropped by 16.89 million Baht to 100.07 million Baht, because the Company had recognized the increase of IBNR reserve of 46.72 million Baht. Operating expenses, moreover, increased by 30.03 million Baht, due to the rise of doubtful accounts of 11.37 million Baht. Meantimes the net gain on investments and gain on debt securities were 93.74 million Baht, profit for the year 2014 therefore declined by 20.10 million Baht to 162.91 million Baht with 13.46% of ROE and 11.72 baht of EPS.
We are pleased to inform that the Company, in the reported year, was granted Award for Insurance Company with Outstanding Development for the year 2013 by the Office of Insurance Commission (OIC). Moreover the Stock Exchange of Thailand (SET) and Money & Banking Magazine announced that the Company was granted the Outstanding Company Performance Award for the year 2014 and the Outstanding CEO Award for the same year. The Company has won honerable awards for its continuous improvement of the operation, corporate governance, transparency, financial strength and intention to take care of all stakeholders
We forecast that the Thai economy’s growth in 2015 will be better, compared with the last year, and subsequantly support the Company to expand market share and achieve our strategic objective, the sustainable growth. We in 2015 will launch our new products to satisfy our customers’ need, determine premium rates in accordance with associated risks and provide prompt and fair services. As the internet and smartphone technology is currently advanced and utilized by most people, we therefore will start doing digital marketing by selling our products online. The online products will be motor or PA policies with unsophisticated premium structures, so that customers will easily understand them.
The board of directors thank all shareholders, clients, brokers and business partner for their continued trust and support which are accelerating our acknowledged progress and stability.
(Mr. Sant Chotipruk) (Mr. Somboon Fusriboon) Chairman Managing Director
บรษัท นําสินประกันภัย จํากัด (มหาชน) 9