Annual company information disclosure | Ocean Life Insurance
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Ocean Life Insurance
Love empowers your life

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Ocean Life Insurance
Love empowers your life

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Ocean Life Insurance
Love empowers your life

Ocean Life Insurance

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Annual company information disclosure

1. History, policy, strategy and business objective, nature of business, products and services, contact channel, benefit payment procedure

1.1 History

      Ocean Life Insurance PCL was established in 1949 by Mr. Chin Assakul and companion. Throughout the past 69 years, the company adheres to the code of conduct, transparency, accountability and is aware of responsibilities to every stakeholder. The company has been trusted by all involved. Further Information

1.2 Policy, objective and strategy of business

      Ocean Life Insurance PCL has clearly defined vision, mission, policies to provide financial security and protection for our clients with a broad range of products and excellent services. 
Further Information

     In 2017, the company rebrands and penetrates into urban area by using the concept of “Love Empowers Your Life”. This is the first step to innovate in the form of products and services that create a positive experience for our customers. The strategies and operations are as follows: Further Information

1.3 Nature of business

      Ocean Life Insurance PCL operate business by endeavors to invest proceeds, obtained through the sale of insurance products, into assets that provide an acceptable risk-adjusted return, ensuring that benefits are paid out to the company's policyholders and their beneficiaries. Majority of the company’s investment assets are bonds and debt securities. The Rest of investment assets are equity securities and mortgage loans. Further Information

1.4 Products and services: Premium by type of product

       Ocean Life Insurance PCL provides our customers with a broad range of products aiming to serve their financial needs. These include Ordinary life insurance, Industrial life insurance, Personal accident, and Group insurance as well as a wide variety of Rider products covering for instance Health, Hospital Income benefit, Accident, Disability, Waiver of premium, Cancer, Critical illness, etc. Our 171 branch offices and 40 agency offices spanning across all areas in Thailand are ensuring that our customers in Bangkok and provincial areas will be able to access our services with ease. In addition to our agency channel which has been a key distribution channel, the company is expanding our products offered through newly developed Bancassurance and Internet Sales channels. Further Information

1.5 Contact channel and request of policy benefit payment procedures

       Ocean Life Insurance PCL offer comprehensive excellence services. Customers can contact the company in various channels such as call to customer service at 0-2207-8888, or contact directly through 171 branch offices or agency offices spanning across all areas in Thailand.  Further Information

       Customer can request for benefit payment at customer relationship center, head office, ground floor, ocean tower 1 bldg. Ratchadaphisek road, khlong toei, Bangkok, telephone: 0-2207-8888 or contact directly through 171 branch offices. Consideration duration, documents required and conditions as a designated by the company.  Further Information

2. Good corporate governance framework and internal control of the company including how the company’s operations are carried out in compliance with framework

2.1 Good corporate governance framework and internal control of the company

  Ocean Life Insurance PCL upholds and recognizes the company provides financial security and protection for our policyholders and beneficiary. The company adheres to the code of conduct, transparency, accountability, compliance with rules of regulator.

   The company recognizes importance of effective internal control system as key component for efficiency and effectiveness of operations. Ensure the company's resources are utilized only for their intended purposes, greatly minimizing the risk of resource misuse. Protect assets and reduce the possibility of fraud. Information for management is Accurate, reliable and timely. Business operations comply with policies, plans, procedures, laws and regulations. The company issued internal control policy to guideline for Good corporate governance framework and internal control.


2.2 Organization Chart

     Ocean Life Insurance PCL formulated organization structure with check and balance structure and there is segregation of duties as follow:

2.3 Management Structure

      Ocean Life Insurance PCL formulating structure, composition and qualification of board of directors. The roles and responsibilities of the Board of Directors and the management are clearly separated to ensure that the company’s operations are carried out in compliance with law and consistent with the business code of conduct and good corporate governance principles. Board of Directors has duties and responsibilities included govern the company’s operation, establishing the policy framework for governing the company from which all operational policies and actions are developed. And monitoring organizational performance and evaluating the achievement of the strategic and business plans. Board members should demonstrate professional ethical behavior at all times with integrity, professional due care and avoiding conflict of interests. In addition, the board of directors must recognize and uphold the interest of the company including its stakeholders.

       Board of directors consists of 10 directors which comprises members with expertise, extensive knowledge and experience both in life insurance industry and in other areas. Further Information

     In addition, senior executives support the board of directors to formulate and review strategies, goals and operating plan; ensure the appropriateness and adequacy of risk management and internal control systems. Including promote, support and operate to ensure that business operations are comply with rules of regulators. Senior executives of the company have expertise, extensive knowledge and experience in life insurance industry.  Further Information

2.4 Sub-Committee

      Ocean Life Insurance PCL has set up sub-committees to monitor and oversee the company’s operations as assigned by the Board of Directors for the purpose to operation effective of the company. These sub-committees included

       Compliance and Audit Committee

       The Compliance and audit committee has duties and responsibilities included reviewing the company’s operation to ensure that they are in compliance with related laws and good corporate governance, reviewing financial statements on a quarterly and annual basis, reviewing the effectiveness of the internal control function and reviewing the effectiveness and appropriateness of risk management process The members of the Compliance and Audit Committee are:

       1. Mrs. Dayana Bunnag                     Chairwoman

       2. Assoc.Prof. Jaruporn Viyanant             Member

       3. Mrs. Vallapa Assakul                      Member

       Risk Committee

     Risk Committee has duties and responsibilities included formulating the risk management policy and risk appetite and reviewed regular basis to ensure that policy is suit with changing environment. The policy must cover and consider to rules, laws and regulations. Overseeing, reviewing, and providing recommendations to the Board of Directors with regard to the risk management policy and overall risk management. The members of the Risk Committee are:

       1. Mr. Kirati Assakul                         Chairman

       2. Dr. Teeraboon Intragumtornchai           Member

       3. Mr. Hideyuki Ohashi                      Member

       4. Mrs. Nusara Banyatpiyaphod             Member

       5. Miss. Wilaiporn Suwanmalai              Member

       Investment Committee

      Investment Committee has duties and responsibilities included approved and monitor ongoing investment and other business investment plan that in line within investment framework. Oversee investment activities to ensure that investment activities are good governance, transparency, avoid conflict of interest. The members of the Investment Committee are:

       1. Mrs. Nusara Banyatpiyaphod             Chairwoman

       2. Dr. Teeraboon Intragumtornchai           Member

       3. Miss. Suwan Udomchalermdej             Member

       4. Mr. Aroonporn Tunwiwattanakul           Member

       5. Mrs. Sirichan Pipitvitthayakul              Member

       6. Miss. Saowalak Princhankol               Member

       Nomination and Remuneration Committee

   Nomination and Remuneration Committee has duties and responsibilities included selecting, nominating and determining remuneration. To established development guideline and monitor performance appraisal for directors, senior executives and successors in order to stable and sustainable growth in company. The members of the Nomination and Remuneration Committee are:

       1. Dr. Teeraboon Intragumtornchai           Chairman

       2. Mr. Kirati Assakul                         Member

       3. Mr. Samarn Thiphayakraisorn             Member

       4. Assoc.Prof. Jaruporn Viyanant             Member

       5. Mr.Apiwut Pimolsaengsuriya               Member

       Real Estate Committee

       Real Estate Committee has duties and responsibilities including provide oversight, guidance, and strategic input into management plans and operations for development, acquisition and disposal of real estate assets members of the Real Estate Committee are:

       1. Mrs. Nusara Banyatpiyaphod             Chairman

       2. Mr. Suraphol Assakul                     Member

       3. Mr. Prajak Tipyut                          Member

       4. Miss. Suwan Udomchalermdej             Member

       5. Miss. Akarima Pongpattanapanich        Member

2.5 Nomination and Appointment of Directors, Independent Directors and Senior Executives

    In selecting and nominating Directors, Independent Directors, Senior Executives and Successors, the Company has criteria and takes into consideration the qualification, knowledge, abilities, experience, leadership, vision, ethic and attitude toward the organization as well as specific qualifications and specialized. Nomination and appointment has policy, criteria and a clear methodology in accordance with its charter and the relevant regulatory requirements.

2.6 Remuneration Policy

      In determining remuneration for the members of the Board of Directors and the senior executives, the Company has a policy, criteria and a clear methodology. By take into consideration that such remuneration is commensurate with the duties and responsibilities, the individual’s performance, the company’s overall performance and business environment to ensure that such remuneration is appropriate.

3. Enterprise Risk Management and Asset Liability Management

3.1 Enterprise Risk Management: ERM

      Ocean Life Insurance PCL has had effective and robust risk management and aligned with minimum risk management standard as required by Office of Insurance Commission (OIC). Following are the company’s key risk management policy. Every employee and management is accountable for risk management. Next, management is involved in risk management process covering risk identification and assessment as well as design of action plan to mitigate risk. Besides this, management oversees employee to abide by the company’s risk management policy and framework. On top of that, the company will provide employee and management training so that they gain understanding upon risk management concept and principle and be able to manage risk to be within risk appetite.

      The company has closely assessed factors e.g. technology change and regulatory change and come up with strategic plan to mitigate risks. In addition, the company has had risk management policy and framework to deal with key risk such as strategic risk, market risk, credit risk and operational risk to be within the company’s risk appetite.

       The company has set up risk management structure, roles and responsibilities of committee and department, risk appetite statement and risk management process as well as key risk indicator to closely monitor change in risk level.

3.2 Asset Liability Management: ALM

       Ocean Life Insurance PCL has managed asset aligning with investment policy and framework. Besides this, the company has managed products to fit market environment. In addition, the company has carried out sensitivity analysis and liquidity stress test as well as monitored duration gap to ensure that effective asset liability management and ensure that the company has sufficient required capital (RBC CAR) in support of current and future company operating.

4. Expected underwriting risk which may significantly impact financial position, reinsurance management, linkage between risk and capital, and risk concentration

       Ocean Life insurance PCL promotes the importance of risk management and a prudent assessment of potential losses. The Company has established the risk management policy covering also the insurance risk which arises from uncertainty in frequency and severity of losses that might be deviated from best estimate assumption set priory in product pricing, insurance reserving, underwriting and might impact financial position, income, capital, and reputation of the Company. The risk management policy encompasses comprehensive aspects such as pricing product at appropriate premium level by considering its impact to capital and risk tolerance level, consistently assessment of capital adequacy under RBC, monitoring the reserve and examining processes pertaining to it periodically to ensure its accuracy and sufficiency according to company’s obligatory to policy holders. In addition, the Company has continually evaluated risk reassessment and risk management process considering internal and external factors.

      The company manages reinsurance risk by establishing reinsurance risk management strategy which specifies reinsurance as a tool to mitigate risk to reinsurers with larger capital base and hence control the risk to comply with the Company’s risk appetite, and to promote sound financial stability and liquidity which help expanding underwriting capacity. The Company still retains the obligation to policy holders under reinsurance transaction. The reinsurance strategy of the Company covers:

    • Reinsurance policy and reinsurance risk management

    • Criteria for reinsurer selection

    • Determination of maximum retention limit of reinsurance

    • Monitoring and assessment of reinsurance process

    • Responsible party for ensuring the compliance with reinsurance strategy

      In addition, the company maintains the reinsurance risk management guideline which specifies the retention limits, risk limit subject to reinsurance, and risk tolerance level by weighing the capital level and average sum insured per product type and reinsurance treaty. The amount at risk will be reinsured to more than one reinsurer to diversify risk which will be periodically reviewed to ensure that it is align with prevailing company’s profile and regulation.

     Concentration of insurance risk may arise where a particular event or a series of events could impact heavily upon the Company’s insurance contract liabilities.

5. Valuation, Methodology, and Actuarial Assumptions for insurance contract liabilities measurement

       Ocean Life Insurance PCL determines long-term insurance contract reserves based on Net Level Premium Valuation (NPV) method with locked-in assumptions which is aligned with regulation of the OIC, meaning that reserves for long-term insurance contract are not affected by change in mortality rates and lapse/surrender rates. However, the Company performs sensitivity analysis for long-term insurance contracts based on Gross Premium Valuation (GPV) for liability adequacy test as disclosed in Notes to the financial statements. The reserve determined based on NPV is higher than GPV. Accordingly the Company continually determines the reserves based on Net Level Premium Valuation (NPV).

      The Company determines the long-term technical reserves by using mortality rate based on Thai Mortality Table 2017 for insurance products which were designed and submitted to the Office of Insurance Commission since 1 September 2017 onward.

6. Investment

    Ocean Life Insurance PCL maintains a clear set of investment policies that adhere to the regulations stipulated by the Notifications of the OIC (Office of Insurance Commission). The company endeavors to invest proceeds, obtained through the sale of insurance products, into assets that provide an acceptable risk-adjusted return, ensuring that benefits are paid out to the company's policyholders and their beneficiaries. Investment decisions are subject to the scrutiny and consideration, prior to approval, by the investment committee, whose members are elected by the company's Board of Directors based on members' knowledge, expertise, and experience that pertains to the field of investment management.

   Assumptions and valuation methodologies, used for financial reporting purposes, comply with industry accounting standards and adhere to strict internal policies. These disclosures are made to their full extent in financial reports. 

       For risk-based capital report, the company uses assumptions and valuation methods in according to the Notifications of the OIC Re: assets and liabilities valuation for life insurance companies.

7. Operating result of the company including analysis and relevant ratios

      Ocean Life Insurance PCL operates the business for success under the concept of "Love empowers your life", strictly adheres to the code of conduct and customer centric. We are committed to provide insight of life insurance for Thai people with love and care. We hope everyone has a stable security in their life and has a good financial planning for their future. In the meanwhile, we create innovation, and use our expertise and full resources to support growth and provide the service beyond customer's expectation in a timely manner.

       The analysis of financial performance for the year 2017 is as follows:


       At the end of 2017, the Company has the assets, comprising of cash, bank deposit, bonds, property, etc., of 93,364 million baht, which was an increase of 2,315 million baht, or equal to 2.54% rise from the previous year. Our assets clearly reflected the Company’s financial strength and security.


       At the end of 2017, the company has allocated reserves from insurance premiums earned. Certain amount of assets were placed with the Office of Insurance Commission (OIC) in proportion with policies remained binding for payment to the insured or the beneficiaries in the future in accordance with the policy contracts made with customers as required by law. The Company has reserves totaling at 74,961 million baht or 1,591 million baht increase from the previous year

The Company’s Investment

   Our investment policy emphasizes the investment of money gained from premium monies paid by policyholders with secured fixed-income assets with efficient returns and acceptable risk by which must be matched with the policies sold. The Company has given precedence in the Asset Liability Management: ALM. Allocation of monies will be made considering compatibility and capability for coverage, ranging from product design to product development in order to ensure the Company is capable of paying policy benefits obliged by the policies. Investment policy has been exercised with utmost discretion, basing on tight risk control. Monies have been invested in several forms of risk diversification to secure higher returns. Majority of the Company's investment assets are government bonds, state enterprise bonds, private enterprise debentures, bank deposit, policy loan and corporate bond with high security for which have accounted for 80%

Insurance premium

       In 2017, Thailand economy has recovered in a positive direction, enabling Thai life insurance to benefit from supportive factors, including the expansion of private consumption, growth of public and private investment, and export of goods and services. At the end of 2017, the Company has total premiums of 12,846 million baht, which of an increase of 135 million baht, or 1.08% higher than the previous year's value.

Payment of Policy Benefits

       In 2017, Ocean Life Insurance Public Company has continued to pay the protection coverage to the insured as obliged by the policy contract. A total of 11,612 million baht was paid to the insured and the beneficiaries, which was a decrease of 801 million baht, or 6.45% down from the previous year

8. Capital Adequacy

       Ocean Life Insurance PCL manages its capital to pay the benefits to the policyholders by considering to investing in financial assets with an appropriate level of risk and consistent with the company's products. In addition, the Company regularly evaluates and monitors capital adequacy and reports it to the Board of Directors.

9. Financial statements and Notes to financial statements for the year ended audited and expressed opinion by auditor

       Ocean Life Insurance PCL prepared the financial statements in accordance with accounting standards and financial reporting standards. The Company's financial statements for the year 2017 are as follows:

 Financial statments 2017

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