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The first half year performance of AYUD was satisfactory considering the current economic pressures affecting not only Thailand but also the broader global economy. Growth in the insurance industry, our core focus, was subdued.
Growth in the non life insurance market was approximately 1% while our wholly owned subsidiary SAGI managed a growth of 3.5% at the Gross Written Premium income level. All lines of business, with the exception of Marine, showed growth and all were profitable. The Net Earned Premium showed a small decline due to the full year impact of the changed reinsurance arrangement effected in 1H2014. The loss ratio in 1H2015 was higher than 2014 as the latter was positively affected by a one-off reinsurance recovery from the 2011 flood in the amount of THB 136 Million. Excluding this effect, the loss ratio improved from 48% in 2014 to 44%. During this period SAGI successfully negotiated the renewal of its multi-year bancassurance agreement with Bank of Ayudhya.