MILLEA’S THAI SUBSIDIARY BENEFITS FROM MOTOR GROWTH

Thailand-based Sri Muang Insurance is benefiting from a push into the motor insurance segment and anticipates a 16% rate of growth for the full year, according to company president Youichi Tamagaki. The insurer reported premiums of 1.22bn baht ($37.2m) for the first half, with a net gain of 140m baht, up 19% year on year. The company now gains 40% of its income from motor cover, with 26% coming from its former main area, maritime & transport. A further 26% came from property and other asset insurance. Premiums were up by 56% in the motor sector year on year, following a significant brand-building campaign. A further 30m baht has been allocated to brand-building campaigns in the second half. Sri Muang now has 16 offices and 376 agents, having opened four new offices this year. It expects to open a further four new offices next year.