Press release -
PhillipCapital Announces New Insurance Arm In Thailand
The PhillipCapital Group ("PhillipCapital" or the "Group") is pleased to announce the completion of the acquisition of Finansa Life Assurance Co Ltd, 1 of the 25 licensed life insurance companies in Thailand. The company's name has been officially changed to Phillip Life Assurance Public Company Limited ("Phillip Life") with effect from 13 March 2014. Through a series of capital injections, PhillipCapital now owns 98% of Phillip Life.
Mr Lim Hua Min, Chairman of the Group, said, “We are very excited with the new acquisition. We see tremendous growth potential in the life insurance business in Thailand. The acquisition allows PhillipCapital to offer a complete suite of financial products to serve our clients in their different phases of their lives - from saving to protection and finally wealth management. We are confident of the economic potential of Thailand and the Indo-China region in general.”
The acquisition is strategic to PhillipCapital as there are significant synergies that can be harnessed from its different businesses in Thailand. The Group plans to increase its presence its presence in the country through organic and acquisition growth as well as through strategic alliances.
PhillipCapital first invested in Thailand in early 1990s in a joint venture with Bank of Ayudhya Public Company Limited through IFS Capital Thailand. The latter is now listed on the Securities Exchange of Thailand and the Group remains as a major shareholder. PhillipCapital later acquired Phillip Securities (Thailand) Public Co Ltd in 1998 and the company is the first stockbroking firm in Thailand to offer its clients desktop and mobile stock trading through POEMS – its online trading platform. With the addition of Phillip Life to the family, PhillipCapital has made further inroad into the country.
The Group currently operates in 16 countries across the world, offering a wide range of financial products and services to its customers. In line with PhillipCapital's overall strategy to strengthen its footprint in the Indo-China region, the Group has also invested in micro-finance and banking businesses in Cambodia over the last five years.
Topics
- Corporate Information
Categories
- thailand
- insurance
Since 1975, PhillipCapital has grown as an integrated Asian financial house with a global presence that offers a full range of quality and innovative services to retail, corporate and institutional customers.
Our comprehensive suite of financial products and services includes fund management, managed accounts, unit trusts, insurance planning, regular savings, contracts for difference, exchange traded funds, investment research, equity financing, property; and broking in bonds, securities, futures, foreign exchange, precious metals and commodities. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.
With more than 3,500 employees and over 900,000 clients worldwide, our assets under management totals to more than USD 30 Billion with shareholders' funds in excess of USD 1 Billion.
PhillipCapital (with headquarters in Singapore) operates in the financial hubs of 16 countries, with offices in Singapore, Malaysia, Cambodia, Indonesia, Thailand, Hong Kong, China, Japan, India, Sri Lanka, UAE, UK, France, Turkey, Australia and USA.
For more information on Phillip Life Assurance Public Company Limited and Phillip Securities (Thailand), please visit www.philliplife.com and www.phillip.co.th. To find out more about PhillipCapital, please visit www.phillipcapital.com.
