The Group’s president Jakgrich Pibulpairoj, said the EGCO wholly owned subsidiary Greenwing Energy BV entered into a share purchase agreement to acquire a 25-per-cent interest in Yunlin Holding GmbH (Yunlin) owned by Taiwan Offshore Holding GmbH on December 19.

This investment was approved by the EGCO board on November 22, The transaction is expected to be closed in the first quarter of 2020, subject to completing all closing conditions including consent by Taiwanese authorities.

Yunlin is a holding company which owns 100 per cent of Yunneng Wind Power. The latter is constructing a 640MW offshore wind farm which will be located in the Taiwan Strait approximately 8 km west of the coast of Yunlin County in Taiwan.

Yunneng entered into power purchase agreements with Taiwan Power Company (Taipower) on December 11, 2018 for each of its two phases.

Through these agreements, Yunneng has secured a fixed 20-year feed-in-tariff for the sale of electricity from the project. Commissioning of the project will occur in phases, with phase 1 comprising 352MW scheduled for completion in the fourth quarter of 2020, and phase 2 comprising 288MW scheduled for completion in the third quarter of 2021.

EGCO Group’s president added that Taiwan possesses high investment potential and is an avid supporter of renewable energy development as a means to meet its lofty renewable energy targets.

The focus of this programme emphasizes onshore and offshore wind as well as solar power with a target to achieve 20 per cent of its generated electricity from renewables by 2025.

“This investment represents a unique and important opportunity for EGCO Group to expand its footprint in a new and growing renewable market in the Asia Pacific region. The project is expected to support the company’s growth momentum while offering compelling long-term returns for shareholders. Moreover, the project represents the company’s first successful investment in Taiwan which will provide a strategic platform for the future growth,” Jakgrich said.

“The global market has witnessed high volatility this year, thus investment is a challenge. KBank therefore focuses on development of investment innovations for risk management in diversified portfolios that offer satisfactory returns in the late-cycle of the global economy,” he said.

KBank sees a good opportunity for our customers to adjust their investment portfolios and shift to K-Alpha, focusing on a risk-based allocation strategy, and alternative investments such as gold and over-the-counter stocks in order to lessen risks. As evidenced, K-Alpha portfolio has grown 12.5 per cent so far, with its risk standing at 4.5 per cent. Therefore, the portfolio’s risk-adjusted return is as high as 2.8 times, he said. Average investment return over the past five years stood at 5 to 7 per cent, depending on individual client’s risk profile.

KBank Private Banking has continued to grow this year with 11,600 customers and assets under management (AUM) worth around Bt 750 billion; investments worth Bt450 billion, up 7 per cent; and a 24.7-per cent rise of investment in complex assets year-on-year, he said.

In 2020, KBank will continue to offer the most comprehensive personal finance advisory service in Thailand and strengthen its partnership with world-class wealth manager Lombard Odier. The first KBank Private Banking Lounge will be launched at EmQuartier department store for added customer convenience, thanks to its prime location in the same building as our office. This will enhance our brand visibility and reaffirm our successful collaboration with Lombard Odier, Jirawat said.

“Despite the world economy continuously showing signs of slowdown, KBank does not anticipate a recession in the next 12 months, ” he assured. “We think that the world’s capital markets will continue to be highly volatile next year, which could easily trigger market panic. There is a chance of a market correction due to stretch valuation this year, it could be a drop of 5 to 10 per cent or more,” he warned.

Investment will become more difficult, with major risks coming from political uncertainties due to international trade disputes and the 2020 US presidential election. Investment returns form capital market next year would be in single digit, down from double digits this year, he said.

KBank has come up with five strategic investment recommendations for our clients next year: 1 Diversify risks and increase flexibility in their investment portfolio; 2 Safeguard their portfolio with safe assets such as gold, and apply hedge funds’ equity long/short strategy; 3 Focus on carry strategy for high-yield assets which generate higher interest rates; 4 Adopt a cautious approach in stock investment by choosing business groups with solid net profit growth, such as stocks in healthcare, technology and energy segments, as well as stocks of some attractive emerging markets; 5 Create additional returns on alternative assets such as real estate, private equity funds and infrastructure, which are less volatile in terms of market prices but are suited to long-term investment of more than five years, he revealed.

“They should represent a small proportion of the portfolio,” Jirawat said, adding that “clients would be protected or they could even take advantage of it should a market correction occurs next year”.

Jirawat cited product and service innovations as key to the impressive performance of the KBank Private Banking this year.

“The product and service innovations recommended to our customers have also enabled KBank to win a total of 14 awards related to private banking, from nine international institutions, he noted. These included “Best Private Bank in Thailand” awards from Asian Private Banker, Finance Asia and The Asset; “Best Private Bank in Asean” from The Digital Banker, he noted.

“In addition to the “Outstanding RM Training and Development Programme” award, which reflects our leadership in human resource development, KBank also won the “Outstanding Wealth Management Technology Initiative – Back Office” award from the Private Banker International Global Wealth Summit and Awards 2019, in recognition of our leadership in private banking business technology. We have also received the “Best Private Bank for Digital Culture Asia” award and “Best Private Bank for Digitally Empowering Relationship Managers Asia” award from PWM’s second annual Wealth Tech Awards, highlighting our success in the private banking business”.

To brace for the late-cycle global economy, the bank recommended that clients adjust their investment portfolios and reduce overall risks by raising the proportions of investment in core portfolios, safe haven assets and cash, as well as reducing risks from growth stocks, while focusing on the following innovation-based funds:

1 Sustainability Fund (K-CHANGE): The fund invests in companies that attach importance to the environment, society and governance (ESG) for sustainable growth over the long term, including those creating positive impacts to the world.

2 Private Equity Fund: The fund invests in private equity worldwide, and is the first-ever private equity fund in Thailand.

3 Fixed Maturity Fund: The fund invests in fixed income instruments in Asia for a specific investment period. It generates higher returns than interest rates, which are on a downward trend, and automatic redemption of investment units as scheduled upon maturity.

4 New Risk-based Allocation Fund (K-GLAM): The mixed fund uses a risk framework to control portfolio adjustment.

“Family wealth planning service and non-capital market investment were first introduced in Thailand by KBank Private Banking in 2015. Also, KBank Private Banking has steadily improved other services by, for example, helping clients establish their family governance, family constitution and family office, and providing them with recommendations on the use of their land. This year, our clients are particularly concerned about tax planning, especially issues related to the new Land and Building Tax Act. We have advised our clients on tax liability management through the Land Loan for Investment project, which has attracted strong interest from the customers, translating to more than Bt12 billion in combined land value and around Bt 6 billion of total financial facility,” Jirawat added.

“I feel extremely honored to be entrusted by the head office with the role of chief executive officer for Cigna Thailand,” said the newly-appointed CEO.

“I see this as an achievement for every single employee here who has been putting their utmost effort into their work, to strengthen our businesses and to achieve our corporate goals, for the continuous growth of the organization so that Cigna can become a thought-leader in health and well-being, for the sustainable well-being of Thais”.

“And it confirms a long term commitment with Cigna Corporation in Thai market,” he added.

Before Teeravuth took on the CEO role at Cigna Thailand, he was its Chief Marketing Officer.

Preceding his roles at Cigna, he had successfully managed well-known organizations in top-level management for over 10 years.

Cigna Thailand is a subsidiary of Cigna, the US-based global health service company, servicing over 95 million customers worldwide.

He added that under his stewardship, Cigna will continue building on its achievements. The company will focus on using new insights from a recent study on Thai customers in developing its business strategies.

He added that the company would remain customer-centric by continuously understanding the behavior and needs of consumers, including various factors that impact the health of people in Thailand.

Cigna Thailand will also take advantage of technology in the digital age, so that both Thai and foreigners can access its insurance plans more conveniently and quickly via online distribution channels.

The company will also offer innovative products and services that are accessible and responsive to customer needs individually, he added.

“In my perspective, understanding of Thailand’s cultural nuances is a key. That insights coupled with a decade-long record of successful business management in the insurance industry can break new ground for the company,”

“For example, the development of various marketing and insurance plans, coming from an in-depth understanding of Thais, as a base to formulate customized insurance plans that best suit the lifestyle of all Thais for their health and wellbeing. This reinforces our position as a leader in the health insurance market, reinforcing the brand’s mission to improve health well-being and peace of mind of those we serve”.

Teeravuth said that Cigna Thailand’s strength also lies in teamwork.

“Our strengths are derived from both our core values and our people that focus on building the best-in-class of customer experience and innovation”.

“I have always admired the innovation and expertise of Cigna across the world and, of course, our Thai team. I can help contribute to the company’s continued success and leadership in changing the world”.

While competition in the Thai insurance market is intensifying, the most challenging task is dealing with our customers’ heath problems, he said.

“Our mission is to improve the health, well-being and peace of mind of those we serve; accordingly, Cigna always design and develop new innovative products and services to meet with our valued customers’ needs and expectations,”

“Being customer-focused is a true power and the only way to be more pioneering in the eyes of our customers”.

Teeravuth is very confident that both the health insurance and policy-holder markets in Thailand will continually to post double-digit growth.

One contributive factor is the increased awareness of the need for health solutions, resulting in a growing demand for wellness services that is echoed in Thailand and leading to increased demand in health insurance.

The Office of National Economic and Social Development Board of Thailand (NESDB) shows that nearly one-third of the country’s population will be over 60 years old by 2031. This means that Thailand is shifting into a full-fledged ageing society, he added.

“Lastly, our Cigna 360 Well-being Score Survey revealed a perception among Thais that they performed ‘poorly’ in financial and family aspects of their lives. Meaning that Thais need more financial security”.

Although the economy is slowing down, growth rate of the health business is encouraging.

“That’s probably because Thai people are increasingly interested in good health for themselves and their loved ones”.

As Thailand has entered the digital era, one of Cigna’s most important strength is in adapting to the rapidly changing social situation, he said.

“Nowadays, people compete in work, usually forgetting to care for their own health and those they love. The results of Cigna’s 360 Well-Being Survey in 2019 indicated that 84 per cent of the world’s population suffered from stress and that stress in the workplace was affecting 87 per cent of employees”.

Overall, the survey found that Thais are better at coping with stress than people from other countries, but the stress epidemic is still prevalent in Thailand, especially among office workers.

Accordingly, amid the current digital disruption, Cigna Thailand has been developing new innovative technology while also devising a health care programmed which is short, easy, and effective to improve Thai people’s health towards a full circle of well-being, he said.

When asked if there is much different between a Thai CEO and a expatriate CEO in managing the insurance business in Thailand, he said: “I think it’s not that much difference between having Thai CEO and expat CEO, as we both have the same mission and both will work hard to improve Thai people health well-being by using the innovative technology and effective health care services,”.

“However, as the first Thai CEO, what I can bring to make some differences to the organization is my experience in developing various marketing and insurance plans that come from in-depth understanding of Thais, as a base to formulate customized insurance plans that best suit the lifestyle of all Thais”.

Talking about his management style, he said he has a coaching and democratic style of management, which encourages team members to build a strategic direction and involves employees in decision making.

“With this, I can adjust my management style to fit with the team or people I manage”.

“As a CEO, you will face countless challenges every day. Being supportive and giving meaningful advice to my team are things that I usually do to ensure everything is smoothly executed and correspond to our business direction and goal”.

Talking about his leisure, he said, “What I usually do for leisure is to spend time in a tennis court, playing golf with my friends and business partners and running. Also, spend quality time with my family such as travelling abroad”.

The appointment with a 4-year tenure will be effective on May 13, 2020, according to its filing to the Stock Exchange of Thailand on Thursday.

Auttapol will replace current President & CEO Chansin Treenuchagron, who retires on May 12.