‘Mitr Phol’ Unveils ‘Mitr Phol Syrup’ as the Sweet Nectar of Modern Life

Mitr Phol, Thailand’s leading brand of sugar products, is introducing ‘Mitr Phol Syrup,’ a 100% pure sugar cane syrup, as a new modern kitchen innovation which is convenient and safe to add sweetness into any food, drinks, or even bakery items under the theme concept of “Adding Sweetness, Adding Good Time”. The company reiterates that life should be, in fact, sweet with ‘Pla – Achara Burarak’ the avid owner of ‘Kab Kao Kab Pla’ restaurant mixes up sweet and sunny drink while celebrity lovers ‘Nui-Sujira Arunpipat’ and ‘Pond-Chaiyapon Leepapan’ bake up their favorite sweet and loving item.


Mr. Kanong Sakpetch, Group Managing Director, Sugar Business, Mitr Phol Group, manufacturer and distributor of the ‘Mitr Phol’ sugar products, reveals that “the new Mitr Phol Syrup is made from 100% pure sugar cane and it is the new cooking innovation that suits the modern life. Naturally aromatic to the base ingredient, the syrup adds not just straight sweetness into food or drink, but also subtle aroma that makes them even more delectable and delicious. This new syrup keeps well over a year at room temperatures, hence gives buyers more value for their money than other types of sugar syrups. And this reflects how Mitr Phol always caters the products to suit consumer’s demands which in this case, modern, smaller family kitchens looking for extra cooking convenience that saves their time.

“Mitr Phol Syrup is available in two packages of 180 ml. bottle and 850 ml. pack. The product aims at modern consumers whose flashy lifestyle covers delectable tastes of their food and extra cooking convenience as well as food and beverage businesses, such as restaurants, hotels and coffee shop owners where Mitr Phol Syrup can help facilitate their cooking and baking process.”

‘Pla – Achara Burarak,’ owner of ‘Kab Kao Kab Pla’ restaurant and ‘Iberry’ ice cream parlour, introduces Butterfly Pea Coconut Soda as a healthy holiday drink which is easy to make on any fine free day. Mixed from anchan flowers (butterfly peas) juice, baked coconut juice, lime juice, and soda, the drink is sweetened by the aromatic Mitr Phol pure sugar cane syrup before pouring into an ice-filled glass and immediately served.

The new celebrity couple of actress ‘Nui-Sujira Arunpipat’ and businessman owner of Papa Pond ‘Pond-Chaiyapon Leepapan,’ introduce the sweet menu of ‘Strawberry Mille Feuille with Blueberry Sauce’ which, as legend has it, was first made by a French chef who wanted to express his true love to his sweetheart. The cake means layers of good things and ‘Mille Feuille’ (translated ‘thousand layers’) represents 1,000 days of true love he has for his lover from the very first day until the end of time.

“First, prepare the crispy puff base by layering the puff pastry onto the baking tray, topped with sugar and icing and bake it at 180 degrees Celsius for about 5-8 minutes. The filling is also very easy to make. Just beat mascarpone cheese with whipped cream, vanilla extract and pure sugar cane syrup until just forming. Then, prepare the blueberry sauce by mixing the sugar cane syrup with the unsweetened blueberry sauce, unsalted butter on a low heat and add lime juice at the end when the sauce is almost done. Put everything together nicely, by composing the crispy puff, cream and blueberry sauce together into layers. Serve immediately.”

“Mitr Phol Syrup” produced from natural sugarcane - Adding sweetness…Adding good times.

Ocean Life Insurance introduces Mrs. Nusara (Assakul) Banyatpiyaphod, new President, who is keen on corporate governance and professionalism

Ocean Life Insurance unveils its visionary change with the emphasis on corporate governance and highlight on its agents’ professionalism. With its ‘Life Partner’ concept, the company raises a strategy in search of maximum profits for every party and builds targeted product information base. Expecting the first year’s premium of Bt 2,954 million that grows by 20% from 2009, the company, in 2010, continues to boost its total of premium valued at Bt 11,977 million that grows by 11.50% from 2009 and anticipates 6.55% investment revenue.


Mr. Kirati Assakul, Chairman of Ocean Life Insurance Co., Ltd, said that the company had selected Mrs. Dayana Bunnag to be in charge of President for over two years. With the course of the time, Mrs. Dayana has heartfeltly devoted her time and ability for Ocean Life Insurance management and development. But due to Mrs. Dayana’s overloaded responsibilities that have compelled her to work hard, she has not had enough time to share with her family. Consequently, she intended to give in her resignation. Thus, when the time to recruit the new President comes, the company’s Board of Nominating committee tried to seek for both internal and external eligible candidates and decisively selected Mrs. Nusara (Assakul) Banyatpiyaphod. Even though the selection of Mrs. Nusara for the position could make the company seem to operate under family business management, her multidisciplinary professional experiences in financial, investment and marketing with the start from operational level until management level in the position of Executive Vice- President position in Ocean Life Insurance’s investment field for over 22 years can assure the committee to trust in Mrs. Nusara, a professional executive, who is capable of to leading the company to gradual success. As such, Mrs. Dayana is wholeheartedly in favor because of her cooperation with Mrs. Nusara for over 2 years.

“Almost 10 years that Mrs. Nusara has been managing in investment field, she plays a significant role in making profits for Ocean Life Insurance, that enable the company to become a top-tier stock performer possessing investment portfolio valued at more than Bt20,000 million. For over 10 years, its investment has grown at Bt 53,400 million at the moment and made revenue of 6.86% last year, that is considered a top-tier player in life insurance business.” said Mr. Kirati.

Mrs. Nusara (Assakul) Banyatpiyaphod, President of Ocean Life Insurance Co., Ltd. heartfeltly expresses her thankfulness for the company’s Board of Nominating and Board of Committee that selected her for the position of President. For over 2 years, Mrs. Dayana had created changes and strong foundations for Ocean Life Insurance with professionalism, cooperate governance, transparency and accountability. For her business direction in 2010, the company still stands firm on professionalism ethic with operation and management policy highlighting ‘changes’ to lead the company in a better direction in search for better performance and more profitable revenue, especially for human resources development and professionalism of Ocean Life Insurance agents. The company will utilize training center situated in Korat to educate its agents so that they could introduce suitable products and provide satisfactory services to their clients according to the company’s slogan “Life Partner and Beyond”.

Mrs. Nusara adds that the company will emphasize on low-income clients who are considered as a large and strong customer base of Ocean Life Insurance for a long time. At the same time, the company will also tap on middle-to-high and new generation customers.

New products that will be launched in 2010 will conform to customer’s benefits at best. They will be also modern such as the life insurances for the elderly because the number of aged people currently tends to increase year after year as well as the life insurances for working people, for education, for group of students, for micro insurance for low-income target.

The company expects to grow, from the first year’s premiums worth Bt2,461 million, by 20% valued at Bt 2,954 million in 2010 and make a total of premiums worth Bt11,977 million that means the growth by 11.5% from Bt10,741 million in 2009.

For operation value in 2009, the company possesses the total of premiums valued at Bt10,741 million that means the growth by 8.73% in 2008. The first year’s premiums are worth Bt2,461 million and the following year’s valued at Bt8,064 million and single premiums worth Bt217 million.

For investment value, the total of net value was at 6.86% in 2009 that was higher than 2008’s with 6.66% revenue.

For life insurance business tendency in 2010, Mrs. Nusara expects that it will continuously grow by 20%. The growth of overall direct premium will grow by between 18-23% compared to 2009’s.

SEIC and GSM Advance launches “Double PA Coverage” Thailand’s first time ‘where care and warmth can be catered through air’

Southeast Insurance, together with GSM Advance, pioneers the new world of insurance by introducing Thailand’s first on-mobile insurance application; “Double PA Coverage”. The ‘Double PA Coverage’ ensures unexpected accidents via mobile phone offering the individual insurance policy for a 1-year worldwide coverage amount starting from 100,000 Baht and addition up to 200,000 Baht varied in duration in network. Exclusively for GSM Advance customers, press *198 and call out. The first 100,000 customers apply at no cost today until January 31, 2010.


Mr. Chotiphat Bijananda, Chairman of Executive Board of The Southeast Insurance, stated that “Southeast Group’s has recently Reengineered and Rebranded the Insurance and Financial Business Group consisting of Southeast Insurance, Southeast Life Insurance, and Southeast Capital for a wider recognition, refreshment of our image, and the modernization of personality. Part of them is also to secure the awareness among new generation. Along with this direction, Southeast Insurance develops new service features that match the new generation’s lifestyle and to deliver complete solutions to satisfy core demand of customers in both private and business life. Services based on wireless technology can become ‘the’ one”.

“With the concept care and warmth can be catered through air” and to capitalize on wireless technology, the Group, therefore, cooperates with the GSM Advance, to form this innovative business solution. This ‘Double PA Coverage’, which will start with privileges to GSM Advance customers, comprises of double individual insurance “PA 99” from Southeast Insurance, offering personal accident insurance of 100,000 Baht coverage for a one year period. Customers staying longer in the network receive more coverage up to 200,000 Baht” said Chotiphat

Mr. Somchai Lertsutiwong, Executive Vice President - Marketing of AIS, talked about the cooperation “Wireless technology bridges every gap with no limitations. So far, AIS has placed importance to partnerships in a broad array of industries in order to create innovative services. The cooperation with Southeast Insurance marks the unprecedented situation where wireless technology is able to deliver care and warmth to GSM Advance customers. Simply and always, individual insurance from Southeast can be applied via mobile phones for an immediate protection and privileges. In terms of AIS, not only do we render service beneficial to customers’ daily life, but also provide added value for AIS customers. Besides we believe that the service will encourage the development of new services through the synergy leveraging on strengths between different industries and, as a result, expand the market as well as fueling the growth of aggregate economy.”

The service “Double PA Coverage” from Southeast Insurance and GSM Advance is a co-service that allows GSM Advance customers to apply for the individual insurance “PA 99” from Southeast Insurance simply on mobile phone by pressing *198 and calling (free of charge). Customers receive a worldwide protection with the immediate 1-year coverage amount starting at Baht 100,000 after confirming the application. No cost for the first 100,000 applicants (limited to 1,000 applicants per day), from today to January 31, 2010. Even more special for GSM Advance customers, receive additional coverage amount every 3 month in the network up to Baht 200,000 coverage amount. GSM Advance customers who miss this opportunity may purchase the protection “PA 99” for a Baht 99 premium per year and earn all privileges of “Double PA Coverage.” AIS facilitates the payment for GSM Advance customers by consolidating application fees in next Statement after the application.

Chotiphat and Somchai together added “We are earnestly convinced that the service “Double PA Coverage” perfectly combine strengths of both parties. The easy and speedy insurance scheme coupled with sincerity from Southeast Insurance and best quality network from AIS will bring warmth and security assurance to GSM Advance customers hereafter.”

Industry hits 18% growth

       Thai insurance businesses performed strongly in the first three quarters of this year, generating 187.52 billion baht in premium income, up 18% over the same period last year.
       The Thai Life Assurance Association attributed the gains to new product designs and effective sales of bancassurance via branches of commercial banks.
       Bussara Ungphakorn, the association's director, said the industry has also benefited from government encouragement of long-term savings through life insurance by doubling the premium amounts that can be deducted from personal taxable income to 100,000 baht a year.
       The growth is also in line with economic improvement, she said.
       "We expect the life business will continue to grow at the same pace, pushing up premium income for the entire year to 254.74 billion baht, up 15% year-onyear," Mrs Bussara said.
       Out of total premiums received in the first nine months, new business premiums were up 29% to 64.2 billion baht,and renewal premiums rose 13% to 123.32 billion.
       Of the new business premiums, firstyear premiums rose 26% to 41.3 billion while single premiums rose 36% to 22.9 billion baht.
       American International Assurance (AIA) led the industry with 61 billion baht in premium income for a 33% market share. It was followed by Thai Life Insurance with 26.22 billion and a 14%share, Muang Thai Life Assurance with 15.89 billion (8%), Siam Commercial New York Life with 14.68 billion (7.83%), and Bangkok Life Assurance with 14.52 billion and a 7.74% share.
       Mrs Bussara said insurers planned more new products to promote the industry in the near future including pension policies to serve the growing ageing population.
       An AIA executive said that AIA Universal Life, which offers high flexibility and guaranteed minimum returns, had posted impressive results since their launch early this year.
       From March to September this year,the company signed up more than 40,000 new policies or 1.1 billion baht in firstyear premiums, said Sataya Tepbunterng,general manager for agency distribution of AIA Thailand.
       The insurer is the only company in Thailand to offer universal life to date.

AXA ASIA PACIFIC REJECTS $10-BILLION AMP, AXA BID

       Axa Asia Pacific Holdings, the Australian unit of France's biggest insurer, rejected an unsolicited US$10-billion (Bt333.3-billion) bid from parent Axa SA and wealth manager AMP in Asia's largest takeover offer this year.
       Sydney-based AMP bid 5.34 Australian dolalrs in cash and stock for each share of Melbourne-based Axa Asia Pacific, 24-per-cent higher than Friday's closing price. Under the proposal, Paris-based Axa SA would sell its 54-per-cent stake in Axa Asia Pacific to AMP, and buy back the Asian units for A$7.7 billion (Bt237.6 billion).
       Axa Asia Pacific shares soared as much as 35 per cent, indicating investors expect a higher bid. The offer marks the second attempt by Axa SA to buy the unit in the past five years to tap rising wealth in a region recovering from the global financial crisis faster than the US and Europe.
       "This offer is not anywhere near acceptable," said Rob Patterson, at Argo Investments, in Adelaide. "Including Axa Asia Pacific and AMP shares. It looks pretty low ball. The Asia business of Axa Asia Pacific is a growth option."
       Shares of Axa Asia Pacific jumped 33 per cent to A$5.70 at the close in Sydney trading after chairman Rick Allert said on a conference call with reporters that he was not prepared to accept an offer he considers too low.
       "If they come back, then we'll look at whather they come back with," Allert said.
       Axa SA said yesterday it will raise 2 billion euro (Bt99.7 billion) in a rights offer to finance acquisitions. Investors will be offered one new share for every 12 existing shares and the capital raising will be priced at 11.90 euro a share, Axa said in a statement.
       Axa Asia Pacific is responsible for Axa Group's life insurance and wealth management businesses in the region. It has operations in Hong Kong, China, Singapore, Indonesia, Philippines, Thailand, India, Malaysia, Australia and New Zealand, according to the company's website. It employs more than 2,300 people in Australia and New Zealand, and around 1,900 in Asia.
       The combined riches of milion-aires in China, whose economy grew 9 per cent last year even as the US and Europe slipped into recession, over took that of the UK to rank fourth, according to a report by Capgemini and Merrill Lynch Wealth Management in October. The wealth of Asia-Pacific millionaires will incease 8.8 per cent annually until 2018, compared with a global average of 7.1 per cent, the firms forecast.

Allianz swings to profit

       Allianz SE unveiled forecast-beating quarterly earnings yesterday, boosted by life insurance and asset management, though it warned economic weakness was still hitting demand in the broader insurance market.
       "Property-casualty as well as life insurance face markedly weaker demand due to the economic downturn with rising business insolvencies and rising unemployment," Europe's biggest insurer said yesterday in its third-quarter report.
       "Prices are moving upward only slowly - if at all - and only in specific areas of business," it added.
       Allianz said it was well-positioned to take advantage of improvements in the economy, after its life and health insurance and asset management businesses helped it post a 23% rise in operating profit in the third quarter.
       Allianz rival AXA SA, Europe's second biggest insurer, on Oct 29 posted slightly weaker-than-expected quarterly sales,but said the outlook for its business had improved.
       "Allianz more than fulfilled the forecasts, both bottom line and at the operating level," said UniCredit analyst Andreas Weese in a client note.
       "While property-casualty insurance was largely in line with expectations,life and health insurance and financial services exceeded the forecasts," Weese said.
       Allianz's shares were trading up 3.8%at 82.35 a share early yesterday, outpacing a 1.86% gain in the DJ Stoxx European insurance index.
       The company's main business of property and casualty insurance posted an 18% decline in operating profit from the year-earlier quarter.
       "While pricing is on an upward trend,our volumes remain challenged due to weaker demand, the effects of our portfolio cleaning measures and selective underwriting," Allianz said of the segment, which normally accounts for some 60% of group operating profit but in the third quarter contributed little more than half.
       Allianz reported quarterly operating profit of 1.929 billion ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.
       It also swung to a quarterly net profit of 1.3 billion, above the 1.2 billion expected in the poll, from a 2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
       Allianz's shares have risen by 5.8%since the start of the year, lagging a gain of nearly 10% in the DJ Stoxx European insurance index.
       Data from Thomson Reuters StarMine,which weights analysts' forecasts according to their track record, Allianz trades at 7.7 times 12-month forward earnings, making it cheaper than French rival AXA, which trades at a multiple of 8.4.

AIG sells Taiwan unit for $2.15bn

       American International Group struck a deal to sell its Taiwan life insurance for $2.15 billion,marking its largest disposal of a division since a government bailout last year saved it from collapse.
       Primus Financial, a new firm founded by Citigroup's former Asia investment banking head, together with a Hong Kong partner, agreed to buy Nan Shan Life,ending a five-month auction that saw big interest from many corporates and private equity bidders.
       "The deal priced Nan Shan at about one time price to book, which is fair when you compare 1.9 times for Cathay Financial and Fubon Financial, and one time for smaller rival Shin Kong Financial," said Dexter Hsu, an analyst at JP Morgan in Taiwan yesterday.
       With the Nan Shan agreement sealed,AIG is now likely to raise cash from two other major assets in Asia.
       Hong Kong-based life insurer AIA is seeking a more-than $2 billion initial public offering while American Life Insurance Co, which generates half its revenue in Japan, is seeking a reported $5 billion in an IPO.
       Both companies have also attracted acquisition interest, though nothing yet has materialised.
       The sale of Nan Shan, in an auction run by Morgan Stanley, allows AIG to check one business off its list of units to sell, after the United States injected $80 billion in taxpayer money into the firm after it nearly collapsed late last year.
       Primus, run by former Citi executive Robert Morse, and Hong Kong investment group China Strategic Holdings would pay $2.15 billion for AIG's 97.5%stake in Nan Shan, AIG said yesterday.
       Earlier this year, Primus co-chief executive Wing-fai Ng said in an interview with Reuters that Primus planned to use Nan Shan, Taiwan's No.3 life insurer,as a base to expand to Hong Kong, Malaysia and Japan.
       Nan Shan has assets of $46.4 billion and employs 36,000 sales agents in Taiwan and has a market share of 10%with its four million customers.
       Some analysts and bankers involved in the deal said putting a valuation on the AIG's Taiwan life insurance unit was difficult.
       "The pricing is tricky. If you just look at the book value of Nan Shan, then the acquisition price is at a 30% discount,"said Pandora Lee, an analyst with UBS.
       First Commercial Bank and Taiwan Cooperative Commercial Bank in Taiwan are arranging a NT$20 billion (around US$588 million) loan for Primus to back its purchase of Nan Shan, according to Thomson Reuters LPC.
       FCB and Taiwan Cooperative are expected to each prefund NT$10 billion (around US$294 million) of the loan before Primus settling the Nan Shan transaction.
       The agreement marks the end of an auction that spanned several months and involved multiple bidders, including private equity firms, such as the Carlyle Group. Primus had been competing in the end with Chinatrust Financial.