Siam Commercial New York Life Insurance Plc (SCNYL), the country's third-largest life insure, is seeking growth of 10-15% this year despite the difficult economic outlook and increasing unemployment. Business growth would stem mainly from aggressive expansion in distribution channels other than its strong bancassurance. They include agents and special markets _ worksite (corporations and government agencies), telemarketing, credit life and group life.

SCNYL's growth has outperformed the market for nine consecutive years since New York Life formed the joint venture with Siam Commercial Bank and entered the Thai market in 2000.

Last year, first-year premiums from all distribution channels rose 10% to 6.8 billion baht. Bancassurance distribution through Siam Commercial Bank expanded 7% to 5.3 billion.

Sales through agents rose 40% to 888 million baht, higher than the original target of 30%, while special markets produced 570 million, up 5%.

Revenue from renewals grew 34% to nine billion baht and total premiums increased 27% to 15.1 billion.

According to the statistics from the Thai Life Assurance Association, as of December 2008, SCNYL ranked third in new-business premiums, with a 9.6% market share, and fourth in total premiums with a 6.8% share, up from 6% in 2007. As of September 2008, it had total assets of 35.43 billion baht and policy reserves of 30.87 billion.

The company anticipates total premiums to rise 20% this year, double the industry's projected 10% growth rate of 10%, with first-year premiums increasing 10-15% from 6.8 billion baht last year.