Millea Life alliance with BankThai
`Millea group starts bancassurance (life insurance) in Thailand`
Millea Asia Pte. Ltd. ihereinafter "Millea Asia", CEO: Takaaki Tamaij, a wholly owned subsidiary of Millea Holdings, Inc.iPresident: Kunio Ishiharaj, and Millea Life Insurance (Thailand) Public Company Limited ihereinafter "Millea Life", Managing Director: Ichiro Ishiij, a subsidiary of Millea Asia, agreed with BankThai Public Company Limited ihereinafter "BankThai", President: Phirasilp Subhapholsirij today that they would enter into an alliance to jointly propel bancassurance business for life insurance in Thailand.
In accordance with this alliance, BankThai will sell insurance to its clients via its employees by utilizing its branch network, while Millea Life will provide life insurance products to BankThai. Sales support by Millea Life including training for BankThai employees and joint product development for bancassurance are planned in addition. To further strengthen the alliance, BankThai will invest 23% share into Millea Life, while Millea Asia will purchase 5% of BankThai shares respectively.
Since Millea Life started operation in March 2002, it has offered life insurance products and services to both individual and corporate clients in Thailand. By extending life insurance sales through BankThai branch network to its clients, Millea Life will provide quality life insurance products and services to enlarged customer base.
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Appendix
BankThai iat the end of December, 2003j
Head office F Bangkok
President F Phirasilp Subhapholsiri
Total Deposits F Bahts 196,323 million (ranked 8th among Thai commercial banks)
Total Assets F Bahts 256,215 million
Net Assets F Bahts 6,685 million
Number of employees F 2,334 (including temporary staffs)
BankThai is a middle-sized commercial bank which originates from a financial
subsidiary of a government owned bank. In 1998, it was reorganized as a bank with
Thai government being a major shareholder. Its stock is listed since 2001.
Millea Asia iat the end of September, 2003j
Head office F Singapore
CEO F Takaaki Tamai
Total Assets F Singapore dollars 373 million
Net Assets F Singapore dollars 350 million
Number of employees F 39 iat April 2004j
Millea Asia was founded in December 2002 as the intermediate holding company and Asian regional head quarter of Millea group. Currently, it manages 14 local group companies engaged in businesses related with non-life and life insurance in Asian countries, including Millea Life. The company also provides management and technical support to its subsidiaries and affiliates.
Millea Life (at the end of December, 2003)
Head office F Bangkok
Managing Director F Ichiro Ishii
Net Premium Income F Bahts 74 million
Total Assets F Bahts 359 million
Net Assets F Bahts 311 million
Number of employees F 100
Millea group invested in a local life insurer Thai Charoen Assurance Public Company in
June 2001, and changed its name to Millea Life in December 2001 of the same year. It
started selling group insurance in March 2002 and individual insurance in October 2002
respectively.
