AGL forecasts profit downturn this year
While their business is expected to remain strong, Allianz General Laos (AGL) insurers are predicting a smaller turnover this financial year, due to the fact that several large enterprises have already purchased insurance cover.
“Last year, AGL earned 400 billion kip from selling insurance but this year we have forecast a revenue of only 300 billion kip,” AGL Marketing and Sales Head, Mr Phaignaek Thammanam told Vientiane Times on Monday.
AGL employees and dealers around the country came to Vientiane for a two day meeting on June 13-14 to consult and exchange experience among the member agents. The meeting was chaired by the AGL Director General, Mr Guy Apovy and AGL Deputy Director, Mr Holady Volarath.
They discussed service improvements for AGL customers and future business development, as well as any issues which need to be addressed.
“To encourage more customers to purchase insurance with us, AGL will focus on developing its products, improving services and expanding the agency network around the country,” Mr Phaignaek said.
“Despite the fact that AGL is currently confronted with competition from different insurance companies in Laos, we are still making good inroads into the market,” he explained.
Mr Phaignaek gave the example that some customers have stopped using AGL's services and opted for other insurers, only for some of them to return again when offered a better package.
He believed that if AGL agents act responsibly and offer good services, the company's operations will run smoothly and benefit the people who take up insurance, ensuring that business is sustainable into the future.
AGL was established in 1990 as a joint venture between the Ministry of Finance in Laos and Allianz. It currently provides a comprehensive range of insurance products for individuals as well as for corporate clients.
AGL has developed insurance products along an individual line including motoring, house and contents and health insurance packages, as a means to secure risks for local people and contribute to social development.
The business line provides both basic and comprehensive risk cover for local and foreign investors, infrastructure development projects and all kinds of organisations throughout the country.
vientiane times
