Annual Report 2011 104 105
Explanatory Notes and Analysis on the Financial Position and Performance
Marine & Transportation
Fire Item
Premium Written Net Premium Written Earned Premium Written Losses and Loss adjustment expenses Profit on Underwriting before operating expenses
Miscellaneous
Motor
Total
2009 2009 2009 2009 2009 (THB % (THB % (THB % (THB % (THB % Million) Change Million) Change Million) Change Million) Change Million) Change
925.52 3.69 727.36 5.83 712.42 16.73
99.37 47.86 51.28
(8.78) (7.99) (3.88)
1,625.96 20.06 667.48 36.16 583.17 27.18
1,899.62 1.50 1,898.06 1.52 1,831.10 (0.14)
4,550.47 7.64 3,340.75 7.79 3,177.97 7.51
95.50
35.47
12.44
(14.44) 273.98 16.46
1,288.78 18.09
1,670.70 18.35
453.22 13.50
41.55
(2.77)
188.23 (56.44) 906.86 (15.99)
223.86 9.03
Remark The financial statements have been reclassified to comply with new requirements identified by the Office of Insurance Commission
2011 operating performance, the Company had the premium written for all premium classes of Baht 5,745.56 million, increased by Baht 820.75 million or 16.67%. Total net premium written was Baht 4,148.89 million, increased by 15.54% from 2010, with retention ratio of 72.21% close to previons year which had retention ratio of 72.91%. In 2011, the Company had claims and loss adjustment expenses as high as Baht 2,434.90 million due to the impact of severe floods incurred in the fourth quarter, resulting in higher loss than the year before of Baht 593.14 million or 16.06%. Underwriting profit before operating expenses had reduced to only Baht 801.34 million and after deduction of operating expenses as presented in the Statement of Comprehensive Income, the loss from underwriting was Baht 30.51 million. Underwriting by Class in 2011 The Company had the premium written for Fire Insurance in the year 2011 for Baht 922.81 million with slight growth from pervious year and the net premium written of Baht 806.13 million. Claims and loss adjustment expenses was 9.32% as no major claims incuvred. Overall, underwriting profit before operating expenses increased for 6.59%. Marine & Transportation Insurance had the premium written of Baht 117.49 million with constant growth at similar proportion every year by increasing 8.36% from 2010. Claims and loss adjustment expenses reduced 41.73%, as no major claims incurred. Underwriting profit before operating expenses increased from 2010 for 17.61%. Miscellaneous Accident Insurance had the premium written of Baht 2,442.09 million with consistent growth greater than 20% each year. Net premium written was Baht 1,037.99 million. However, claims and loss adjustment expenses substantially increased to 151.01% from the year 2010 due to loss booking for flood claim as disclosed additionally in the note no. 1.2 of the annual financial statements. Underwriting profit before operating expenses of the Miscellaneous Accident Insurance was Baht 40.05 million reduced from previous year at 84.81%.