Analyst Meeting3Q/2015 Performance Update

November 12th, 2015

Outlines

• Production

• Investment

• Key Operating Highlight

2

PRODUCTION

4

FYP

RYP

TP

1,229 1,298 2,108 1,589 3,039

17,7716,7366,147 6,240

13,9135,805 5,398

26,501

25,117

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

(Million

Baht)

7,376 7,538 7,394

44,272

16,021

8,437

31,853

850 766 1,640 1,235 2,661

15,936

5,5363,256 2,425

10,640

2,943 2,498

17,584

16,081

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

3,1914,106

12,280

4,178

33,520

5,159

21,617

305 471 342 294 318 1,602 954

2,714 3,700 2,891 2,604 2,734

8,086 8,229

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

3,019

4,1713,233

9,688

2,898 3,052

9,183

Bancassurance Agent

All type

FYP Growth increased partly from low base last year RYP declined due to premium payment of products ended

5

First Year Premium Renewal Year Premium Total Premium

Bancassurance share 82% of FYP and 68% of TP

49%

14%

41%

82%

10%

4%

78%

33%

9%

64%

13%

3%

Agent Banc Others

71%

29%

17%

68%

13% 3%

6

3Q15 9M15 3Q15 3Q14 9M15 9M14

Regular Endowment 12.59 (61.36) 38.25 35.40 29.68 37.64

Whole Life (11.46) 25.49 54.76 64.43 63.96 29.66

Single Premium N.M. (90) 6.99 0.17 6.36 32.70

Total 4.19 (47.33) 100.00 100.00 100.00 100.00

FYP (%Growth)Agent Channel

Proportion (%)

3Q15 9M15 3Q15 3Q14 9M15 9M14

Endowment 488.39 (71.79) 81.91 43.80 74.12 90.46

Credit Life 1.23 (6.63) 18.09 56.20 25.88 9.54

Total 214.58 (65.57) 100.00 100.00 100.00 100.00

FYP (%Growth)Bancassurance

Proportion (%)

9M15 Wholelife Agent share remained over 60%Credit Life remained over 25%

7

3Q15 9M15 3Q15 3Q14 9M15 9M14

Endowment 384.93 (71.96) 76.05 38.79 65.87 87.34

Life Protection (2.49) 0.44 21.46 54.43 29.53 11.22

Group Employee (9.83) 23.83 1.98 5.42 3.90 1.18

Others (6.93) (1.67) 0.51 1.35 0.70 0.26

Total 147.34 (62.71) 100.00 100.00 100.00 100.00

%GrowthFrist Year Premium

Proportion (%)

3Q15 9M15 3Q15 3Q14 9M15 9M14

Endowment 18.35 (32.25) 78.97 76.31 82.74 87.46

Life Protection 3.11 (1.16) 18.18 20.16 13.76 10.08

Group Employee (9.14) 1.80 2.40 3.02 3.16 2.22

Others 3.14 6.51 0.46 0.51 0.35 0.23

Total 14.37 (28.30) 100.00 100.00 100.00 100.00

%GrowthTotal Premium

Proportion (%)

FYP product mix was back on track with Life Protection 30% of TP

8

Target 2015 = 1,000 persons

Single LicensePersons

113

514521

77

559 513

7,5504,438

13,085

17,452

100

2,100

4,100

6,100

8,100

10,100

12,100

14,100

16,100

18,100

20,100

0

150

300

450

600

750

2 4 2 5 2 6 2 7 2 8 2 2 2 2 2 2 2 4 9M15

TNQA IQA Active Agents Registered Agents

TNQA : Thailand National Quality Awards

IQA : International Quality Awards

Persons

Number of Agent was stagnant; FA continue to grow

No. of TNQA of Industry

Company 2014 2013 2012 2011

AIA 1,002 880 847 577

TLI 791 662 569 465

BLA 599 586 548 348

OLIC 450 435 380 395

KTAL 93 135 97 95

MTL 65 30 30 30

SCBLife 13 9 10 18

Industry 3,117 2,835 2,554 2,036

Unit: person

Persons

84 105 112 145 186 205253

298 320

482

730

853

0

200

400

600

800

1,000

1Q11 2Q11 3Q11 1Q12 2Q12 3Q12 9M15

91 92 92 90 91 90 92 94 94

8693 93

82

8890 90 89 90 91 91

93 9386

93 93

82

All Type

Ordinary

Ordinary (%) 9M15 2014 2013 2012

AIA 90 91 90 92

AZAY 87 87 88 87

KTAL 86 86 89 92

SCBLife 84 86 86 88

TLI 83 91 88 92

MTL 81 82 82 90

OLIC 75 80 75 84

Industry 84 87 88 90

All Type (%) 9M15 2014 2013 2012

AIA 86 87 86 88

AZAY 86 85 86 85

SCBLife 84 86 85 87

TLI 83 91 86 91

KTAL 83 86 88 90

MTL 81 82 82 90

OLIC 78 80 77 82

Industry 83 86 86 88

Premium collection rate dropped to 82% due to the premium payment of products ended

INVESTMENT

0

50,000

100,000

150,000

200,000

250,000

300,000

Investment Assets Total Assets

9193

94 95 96 96 96 97 96

MB

5,092

44,410

Investment assets / Total assets

215,588

9M15 Total Asset continue to grow, increased by 27,000 MB to 242,447 MB

242,447

+5,735

+22,067

+30,563

+27,489

+42,697

+21,920

0

50,000

100,000

150,000

200,000

250,000

9M15

B/G Investments New Fund

2

9M15 Investment asset continue to grow by 22,000 MB , while ROI remained over 5%Asset Allocation moved more to Unit Trust at 4.08%

5.5 5.8 5.84.8

5.5 5.4 5.3

5.1 5.05.4

5.35.6 6.4 6.7

2.3

7.0 6.95.5

8.3

4.7

6.0

4.4

ROI

ROI -Accounting ROI -MTM equity

9M15Bond

52.96%

Short Term 1.92 %

Debenture 21.91%

Bank Deposit 5.56%

Unit Trust 4.08%

Loans 2.46%

Stocks 6.57%

Note 4.54%

230,560

Cap Gains

ROI

Dividend

Interest

ROI -Accounting ROI -MTM equity

5.19 6.28

6.62

4.45

4.81

5.08

5.30 6.73 4.32

4.80

5.43

3.08

6.59

4.42

9M15 Capital Gains push ROI to 5.30%

1,644 1,713 2,190 2,280 2,343

5,7436,813

278 69346 199 391

842

936

102 93

1,01680 54

560

1,149

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

KEY OPERATING HIGHLIGHT

5

Reserve Extra Reserve

67.43

42.80

66.10

40.30

56.72

76.7361.32

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

3Q15 Reserve/NP increased to 86% due to lower Bond yield curveExclude LAT Reserve > Reserve/NP would be 56.72%

98.2

86.46 86.1

71.0577.1

6

2.85

12.18

4.274.53

8.63

2.98

5.48

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

Maturity

+247% YoY

3Q15 Benefit Paid increased mainly from higher in Maturity and Surrender

Surrender

+46.82% YoY

12.28 12.16

8.55

18.93

15.72

5.28

12.86

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

- 5.00% QoQ+118% QoQ

%Net Premium %Net Premium

+31.74% YoY+74.46% YoY

7

6.77.0

3.2

7.8

6.9

3.4

5.2

0

2

4

6

8

10

200

600

1,000

1,400

1,800

2,200

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

Operating expenses % on Net Premium

OPEX/Net Premium still controllable

MB MB

Sp

re

ad

OP

EX

%

6.5 7.2 6.0 6.4 6.8 7.1 6.6 5.7 4.7 4.3 4.5 4.5 3.7

200

600

1,000

1,400

1,800

2,200

2,600

Operating expenses % on Net Premium

0

2

4

6

Q Q Q Q Q M M

Adjusted OPEX/Inv. Assets Net ROI % Spread

8

-879

2,279

767

1,846

-785

386

1,827

920

1,640

2,153

920

1,195

3,664

4,268

3Q14 4Q14 1Q15 2Q15 3Q15 9M14 9M15

Net Income Adjusted Net Income

Net profit decreased due to LAT reserve settled in 3Q15Exclude LAT reserve>>Net Profit would be 1,195 MB

3Q15 YoY QoQ

Net Income 10.69% (142.52%)

Adj Net Income 29.89% 29.89%

+373% YoY

+16.48% YoY

Return on Equity-14.55% -11.52%

1,101 MB

+300

+38

-188

-71

Interest

Income

Tax

Net Profit3Q2015

+10.69%

Dividend

&

Cap gains

Underwriting

ProfitOther

+17

ROE Comprehensive -4.54%

Extra reserve 2,284 MB

Adjusted net profit

1,194.8 MB

Separate financial statement Consolidated FS

-785 MB

-23.55%

Net Profit Movement - 3Q2015

-1 Net Profit3Q2014

-786 MB

Net Profit3Q2014

-879 MB

2

ROE

Adj ROE ROE

19,46522,264

25,579 25,279

9M15

1110

23 21 2119

Equity 9M15 slowed down due to unrealized loss on AFS securities and decrease in Net ProfitAdjusted ROE remained in line with normal rate

9.4 9.4 8.9 8.5 8.7 8.7

14.4

12.3

10.4 9.9 9.7 9.8

0

2

4

6

8

10

12

14

16

18

20

1Q15 2Q15 3Q15

Duration of Assests Duration of Liabilities

2

CAR declined to 309% as invested more in risky assets and dividend paid

Duration

268 244

409 407347

309

150

200

250

300

350

400

450

1Q15 2Q15 3Q15

%

years

Note: * Preliminary calculations

Market RankingJanuary - September 2015

2

Company MB Share (%) % YoY

 MTL 23,952 27.86 0.10

 AIA 11,242 13.08 9.11

TLI 10,845 12.62 21.15

SCB Life 10,546 12.27 (1.72)

KTAL 9,626 11.20 (5.99)

 BLA 5,024 5.84 (68.61)

AZAY 3,253 3.78 2.11

PLT 3,215 3.74 (22.54)

 FWD 3,006 3.50 56.71

 OLIC 1,138 1.32 (28.76)

Industry 85,964 100.00 (8.32)

First Year Premium

Company MB Share (%) % YoY

 AIA 73,736 21.93 5.10

 MTL 60,337 17.95 14.35

TLI 45,281 13.47 7.46

SCBLife 37,646 11.20 17.23

KTAL 35,470 10.55 18.62

BLA 29,396 8.74 (29.56)

AZAY 17,646 5.25 6.65

FWD 10,321 3.07 16.82

PLT 9,537 2.84 10.45

 OLIC 4,915 1.46 (4.43)

Industry 336,219 100.00 5.04

Total Premium

Source: The Thai Life Assurance Association (Incl. Single Premium)

Ordinary Premium 9M15: Rank 6th in FYP & TP with 5.84% and 8.74% market share accordingly

24

Source: The Thai Life Assurance Association (Incl. Single Premium)

Company MB Share (%) % YoY

 MTL 27,774 22.63 1.37

 AIA 19,050 15.52 1.21

SCBLife 14,770 12.04 2.60

KTAL 13,949 11.37 (2.43)

TLI 12,651 10.31 16.83

BLA 6,736 5.49 (62.09)

PLT 5,945 4.84 (11.62)

 AZAY 4,397 3.58 (1.41)

 FWD 3,941 3.21 37.79

OLIC 2,083 1.70 (23.01)

Industry 122,718 100.00 (5.88)

First Year Premium

Company MB Share (%) % YoY

 AIA 84,119 21.52 3.98

 MTL 65,664 16.80 14.25

TLI 45,973 11.76 7.11

SCBLife 42,747 10.94 15.90

KTAL 40,297 10.31 15.37

BLA 31,853 8.15 (28.05)

AZAY 20,506 5.25 6.85

PLT 12,463 3.19 10.29

FWD 11,337 2.90 15.32

OLIC 10,143 2.59 (3.63)

Industry 390,903 100.00 4.61

Total Premium

All Type Premium 9M15: Rank 6th in both FYP and TP with 5.49% and 8.15% market share accordingly

25

Company MB Share (%) % YoY

MTL 21,481 30.65 (0.06)

SCB Life 14,135 20.17 6.27

KTAL 8,797 12.55 (10.03)

BLA 5,525 7.88 (65.33)

PLT 5,447 7.77 (11.72)

TLI 3,556 5.07 24.93

FWD 3,079 4.39 47.77

DLA 2,205 3.15 31.36

AIA 1,859 2.65 (17.58)

AZAY 1,850 2.64 19.33

Industry 70,085 100.00 (11.63)

First Year Premium

Company MB Share (%) % YoY

MTL 47,580 27.69 15.68

SCBLife 38,106 22.18 19.45

KTAL 24,188 14.08 14.85

BLA 21,606 12.58 (35.54)

PLT 10,538 6.13 0.95

TLI 8,188 4.77 22.60

FWD 7,243 4.22 31.98

AZAY 5,971 3.48 14.99

AIA 2,899 1.69 (9.17)

ACE 2,205 1.28 102.71

Industry 171,804 100.00 4.39

Total Premium

Source: The Thai Life Assurance Association (Incl. Single Premium)

Bancassurance 9M15: Rank 4th in both FYP and TP with 7.88% and 12.58% market share accordingly

26

Company MB Share (%) % YoY

AIA 14,919 35.04 6.01

TLI 8,970 21.07 15.00

MTL 5,389 12.66 4.48

KTAL 4,044 9.50 13.89

SELIC 1,774 4.17 8.00

OLIC 1,503 3.53 (20.61)

AZAY 1,296 3.04 (8.41)

BLA 984 2.31 (39.50)

TSLI 564 1.33 55.99

SCB Life 551 1.29 (26.19)

Industry 42,579 100.00 6.24

First Year Premium

Company MB Share (%) % YoY

AIA 76,785 39.82 4.43

TLI 40,577 21.04 4.69

MTL 15,384 7.98 8.49

KTAL 14,884 7.72 17.13

AZAY 9,917 5.14 1.16

BLA 9,229 4.79 (5.02)

OLIC 8,840 4.58 (6.26)

FWD 3,446 1.79 (3.45)

SELIC 2,978 1.54 5.22

SCB Life 2,939 1.52 0.24

Industry 192,824 100.00 4.98

Total Premium

Source: The Thai Life Assurance Association (Incl. Single Premium)

Agent 9M15: Rank 8th in FYP with 2.31% market share and rank 6th in TP with 4.79% market share

27

Company MB Share (%) %YoY %FYP

 SCBLife 4,172 16.60 18.51 28.25

 KTAL 3,259 12.97 5.52 23.37

 MTL 3,255 12.95 12.26 11.72

 AIA 2,755 10.96 (19.70) 14.46

 PLT 2,383 9.48 (2.32) 40.09

 DLA 2,206 8.78 22.45 90.30

 BLA 1,418 5.64 (6.65) 21.06

SELIC 1,282 5.10 4.72 55.90

TLI 1,244 4.95 (2.62) 9.84

TCLife 952 3.79 4.65 46.79

Industry 25,130 100.00 6.54 20.48

9M15

Source: The Thai Life Assurance Association

Company MB Share (%) %YoY %FYP

 SCBLife 4,907 15.30 (33.83) 26.77

 KTAL 4,527 14.12 32.61 23.24

 AIA 4,241 13.22 (28.71) 16.19

 MTL 4,171 13.01 12.58 11.82

 PLT 3,120 9.73 19.29 35.26

 DLA 2,568 8.01 1.96 81.92

 BLA 1,996 6.22 8.84 10.47

 TLI 1,769 5.51 15.58 11.87

 SELIC 1,744 5.44 16.31 65.93

 TCLife 1,165 3.63 25.53 32.40

Industry 32,068 100.00 7.01 18.79

2014

Rank 7th in Credit Life (SP) with 5.64% market share

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