BT 2.8 BN EXPECTED FROM BANGKOK LIFE IPO

       Company poised to have biggest initial public offering over the past 12 months

       Bangkok Life Assurance wwll sell 200 million initial public offering shares next month for Bt 12.50 to Bt14 apiece.
       The proceeds could amount to Bt2.8 billion, making it the biggest IPO in more than 12 months.
       President Chan Vathanakul yesterday said from discussions with the underwriter and agents, the time was ripe for the IPO.
       "It's agreed by the public and private sectors that the economic crisis has bottomed out and there are signs of sustainable recovery. The stock exchange's condition reflcted the recovery and investor confidence. Coupled with the company's continued growth, we're confident investors will warmly welcome the IPO," he said in a statement.
       Several institutional investors have also shown interest in the company, Chan said.
       Next week, the company is scheduled to present its information to individual investors, who are also expected to show a positive reaction.
       The company will then be listed on the Stock Exchange of Thailand.
       BLA earned Bt790 million in the first half of the year, up 57.61 per cent year on year. Its first-half premiums also climbed 43.43 per cent to Bt9.4 billion.
       Its investments gained 26.12 per cent to Bt1.49 billion.
       Its total assets, mostly bonds and long-term debentures, expanded to Bt58 billion as of June, from Bt51 billion at the end of last year.
       The company plans t use the IPO proceeds in strengthening its capital base, preparing for future expansion and raising public confidence.
       It has a policy of paying at least 25 per cent of net profits as dividennds.
       Chan expects continued growth in the life-insurance industry, in which 25 combined premiums last year increased 10 per cent to Bt222 billion.
       Last year, BLA's share of first-year premiums was 8 per cent, up from 6.37 per cent in 2007.
       It is now the Kingdom's sixth-largest life insurer.
       BLA's marketing plan remains focused on increasing the number of sales agents, agent development and the launch of products to fit its targeted customers.
       Its products are sold mainly through its 12,214 agents and Bangkok Bank.
       Last year, 61.85 per cent of comnined premiums were sent through the agent network, 33.15 per cent through other channels.
       "The company's goal is to become one of the Thai life-insurance and financial institutions with a strong financial status and growth not below the industrial average," Chan said. "We promise to be a company with good governance and become part of the drive to raise long-term savings for national development."

       Insurer's IPO shares: Bangkok life Assurance is selling 200 mmillion initial public offering shares next month, with an IPO price in the range of Bt12.5-Bt14 apiece.