CONTENTS...Mr. Chatri Sophonpanich 8 MESSAGE FrOM THE CHAIrMAN The overall Thai economic situation throughout 2014 has not recovered from the previous year, with a growth of only 0.7

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CONTENTS

VISION 2 FINANCIALHIGHLIGHTS 4 PRIDEIN2014 5 MESSAGEFROMTHECHAIRMANOFTHEADVISORYBOARD 6 MESSAGEFROMTHECHAIRMAN 8 TYPEOFBUSINESSTRANSACTIONS 11 POLICYONANDTHEOVERALLBUSINESSTRANSACTION 16 RISKFACTORS 20 REPORTOFTHECOMPANY’SOPERATIONS 24 REVENUESTRUCTURE 25 INVESTMENTINCOME �0 INVESTMENTSINSECURITIES �� SUMMARYOFQUARTERLYFINANCIALRESULTS �4 FIVEYEARSREVIEW �5 ADVISORYBOARD �7 BOARDOFDIRECTORSANDBOARDOFDIRECTORSPROFILE �8 MANAGEMENTCOMMITTEEANDMANAGEMENTCOMMITTEEPROFILE 42 CORPORATESOCIALRESPONSIBILITY 51 REPORTOFTHEAUDITCOMMITTEE 69REPORTONTHEBOARDOFDIRECTOR’SRESPONSIBILITYFORFINANCIALSTATEMENTS 70 REPORTOFINDEPENDENTAUDITOR 71 STATEMENTSOFFINANCIALPOSITION 72 STATEMENTSOFCOMPREHENSIVEINCOME 74 STATEMENTSOFCASHFLOWS 75 STATEMENTSOFCHANGESINOWNERS’EQUITY 76 NOTESTOFINANCIALSTATEMENTS 80 COMPANY’SFINANCIALSTATUS 118 FINANCIALRATIO 122 RELATEDPARTIESTRANSACTIONS 12� SHAREHOLDINGINOTHERCOMPANIES 124 ORGANIZATIONSTRUCTURE 125 MANAGEMENTSTRUCTURE 126 SHAREHOLDINGSSTRUCTURE 1�� PRINCIPLESOFGOODCORPORATEGOVERNANCE 1�6 INTERNALCONTROLANDRISKMANAGEMENT 156 GENERALINFORMATION 158 LINESOFBUSINESS 161

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FINANCIALHIGHLIGHTS

2014 201� Change 2014 For The Year (Baht’000) (Baht’000) % (USD’000) PremiumWritten 15,778,825 15,802,449 (0.1) 478,68� IncomeonUnderwriting 2,421,021 2,146,�67 12.8 7�,446 OperatingExpenses 809,�86 1,200,954 (�2.6) 24,554 ContributionandFinanceCost 77,401 77,67� (0.4) 2,�48 NetUnderwritingProfit(Loss) 1,5�4,2�4 867,740 76.8 46,544 NetInvestmentIncome 1,166,4�4 1,264,��1 (7.7) �5,�86 IncomebeforeIncomeTax 2,700,668 2,1�2,071 26.7 81,9�0 IncomeTax �94,921 �8�,605 2.9 11,981 NetIncome 2,�05,747 1,748,466 �1.9 69,949 AtYear-end UnearnedPremiumReserve 7,���,611 7,110,475 �.1 222,480 Shareholders’Equity 27,971,�5� 21,67�,018 29.1 848,568 PerShare (Baht) BasicEarningsPerShare* 21.66 16.42 �1.9 - OrdinaryShare(Shares) 106.47Million 106.47Million - - Dividends 12.00 12.00 - - StockDividends - 4.00 (100.0) - Dividendsand/orStockDividends(FullYear) 12.00 16.00 (25.0) - BookValue 262.72 20�.56 29.1 - MarketPrice(High-Low) 490-��7 456-288 - - MarketPriceatYear-end �66 �71 (1.�) -Remarks:*Basicearningspershareisdeterminedbydividingnetearningsfortheperiodbythenumberofordinarysharesaftertheissueofstockdividendsin201�.(106.47millionshares)

USD 1 = Baht�2.96�0GBP1 = Baht51.1497EUR 1 = Baht40.0529JPY 100 = Baht27.�840

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Receive Excellence in the Non-Life Insurance in Thailand for 3 Consecutive Times

Ithasbeenfurtherpridethatin2014BangkokInsurancePublicCompanyLimitedhadbeenawardedtheExcellenceinInsuranceThailandaward,anawardofexcellenceinthenon-lifeinsuranceindustry,fromIAIRAWARDS2014,organizedbyIAIR(InternationalAlternativeInvestmentReview).TheCompanyistheonlynon-lifeinsurancecompanyinThailandtoreceivetheawardfor�consecutivetimesfrom201�to2014,whichhasbeenregardedasanachievementofitsbusinesstransactionattachingtointegrityandfairnessthroughout,apartfrompayingattentiontoastrongdeterminationtoprincipallydevelopproducts,servicesandinnovationsinresponsetocustomers’demandandsatisfaction.

Credit Ratings BangkokInsurancederivesFinancialStrengthRatingofA-(Stable)fromStandardandPoor’s(S&P),aleadingglobalcreditratingorganization,whichreflectstheCompany’sstablefundsandassets. Furthermore, the A.M. Best Company, a full-service credit rating organization dedicated to serving theinsurance industry, has ranked theCompany’s Financial Strength Ratingwith the scoreofA- (Excellent). ThecreditratingstheCompanyhasreceivedreflectthestrengthofitsfundandrobustfinancialstandings.

Credit Rating Organization Standard & Poor’s November 7, 2014 CounterpartyCreditRatingLocalCurrency A-(Strong) FinancialStrengthRatingLocalCurrency A-(Strong) ASEANRegionalScale axAA Outlook Stable

A.M. Best June16,2014 FinancialStrengthRating A-(Excellent) FinancialStrengthRatingOutlook Stable IssuerCreditRating a-(Strong) IssuerCreditRatingOutlook Stable

PrIdEIN2014

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MESSAGEFrOMTHECHAIrMANOFTHEAdVISOrYBOArd

In2014,theworldwasconfrontedwithnumerouseventsleadingtoheavylossoflivesandassets.Atthestartoftheyear,thereweretheviolentspreadofEbolavirus,politicalconflictsandfightinginvariousareasinUkraine,Russia,NigeriaandtheMiddleEast,aswellasgraveaccidentssuchasthesinkingoftheSewolferryinSouthKorea,themissingoftheMalaysiaAirlines’plane,etc.Suchseriousincidentsoccurrednotonlyoutsideourcountry. For Thailand, itencountered the severestearthquake inhistory inChiangRai,while it still faced thelong-standing and increasingly intensifying political conflict since the beginning of the year, which caused aslowdownoftheThaieconomyinthefirsthalfoftheyear.Subsequently,inthemid-yearperiod,therewastheseizureofpowerby themilitaryandanewgovernmentwas formedby theNationalCouncil forPeaceandOrder.ThispoliticalchangeresultedintherecoveryoftheThaieconomyinthelatterhalfoftheyear.However,theThaiexports sector stillexperiencedanegativegrowth ratedue to the sluggishglobaleconomy,coupledwith the continuously decreasing prices of oil and agricultural produce in the global market. The NationalEconomic and Social Development Board (NESDB) has projected a growth rate of 1.4 percent for the Thaieconomyinthelatterhalfof2014,aslightincrease,comparedtothefirsthalfofthesameyear,whichwas0.0percent,causingtheoverallThaieconomytoexperience0.7percentgrowthin2014. For 2015, the NESDB has projected �.5 - 4.5 percent growth for the Thai economy based on suchsupportingfactorsasthegovernmentsector’sspendingandinvestmentwhichtendtorise,particularlyowingtothedevelopmentof infrastructures in respectof thecountry’scommunications, theprivate sector’s recovery inconsumptionandinvestment,includingaprospectivelowinflationrate.Nevertheless,thereareriskfactorswhichmayhaveanegativeimpact,forinstance,thevulnerableglobaleconomy,fluctuatingglobalfinanceintermsofexchangerates,existinginternationalpoliticalconflicts,pricesofoilandagriculturalproducewhichdonottendto increase, etc. From the aforementioned statements, it is apparent that each year we are subject to anumberofuncertaintiesandriskswhicharevariouslypredictableandbeyondourexpectations.

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BangkokInsurancePublicCompanyLimitediswellestablishedandpreparedtocounterdifferentrisksthatmayaffect all of its customers’ lives andassets, through thedevelopment of insuranceproducts coveringalltypesof risks, thedevelopmentofquick servicescoveringall regions,apart from theexpansionof new saleschannels inorder tohaveaccess to thegreatestnumberofcustomers.With regardto itsmanagement, theCompany has performed via efficient systems of risk management and reinsurance allocation, including thesteadyintroductionofadvancedtechnologytodevelopwork,bothonunderwritingandclaimsservices,besidesfocusingon thedevelopmentofpersonnel’squality so that theypossess increasedknowledgeandcapability,concentrateontransparentperformance,haveethicsandemphasizethecreationofbenefitsandreturningofprofitstosocietyasawhole. OnbehalfoftheChairmanoftheAdvisoryBoardofBangkokInsurancePublicCompanyLimited,Iwouldliketoextendmysincerethankstoourcustomers,businesspartners,shareholders,businessalliesandbenefactorsfor their constant support of the Company throughout. Finally, I would also like to thank the Company’smanagement and all our employees for their strong perseverance and determined performance, generatingqualityworkandexcellentservices,leadingtotheCompany’ssoundandsustainablereputationandturnovers.Mr.ChatriSophonpanich

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MESSAGEFrOMTHECHAIrMAN

The overall Thai economic situation throughout 2014 has not recovered from theprevious year,with agrowthofonly0.7percent,comparedtotheyearbefore,when itwas2.9percent,duetothe long-standingpolitical conflict, dating from year-end 201�, directly impacting the confidence in investment of the privatesectorboth insideandoutsidethecountry.Although, inmid-2014,theNationalCouncil forPeaceandOrderrestoredpeace to thepolitical situationand formedanewgovernment toadminister thecountry inorder torevivetheThaieconomy,itcouldstillnotbeproperlystimulatedsincethereimbursementofthebudgetdidnotmeetthetargetset.Inaddition,Thailand’sexportssectorhadbeensteadilysluggishowingtotheeconomicimpactsof its trading partners such as China, Europe and Japan, which still experienced an economic slowdown.Furthermore,therewasconsiderablecontractionofthetourismsectorduetoadeclineinthenumberoftouristsfromEuropean countries, particularly Russian tourists who were affected by their income, apart from the politicalsituation,financialcrisisanddiminishingglobaloilprices. For thenon-life insurance industry, itwas inevitably impactedby sucheconomicconditions. Throughout2014,theindustryrosebyonly1.1percent,thelowestin5years,withthetotaldirectpremiumwrittenstandingatBaht205,247.5million,causedbythelackofeconomy-stimulatingfactorslikethoseinthepast,forinstance,thepublicsector’smegainvestmentprojectswhichdidnotmaterialize,thesluggishmotorindustry,commercialbanks’strictcreditschemeandthe impactsofadecline inagriculturalproductprices, influencingtheconsumers’purchasingpower,allcontributingtoadrasticcompetitioninthemarkettoacquireamarketshare.Nonetheless,non-lifeinsurancecompanieshavesoundlyovercometheeconomicimpedimentsandadaptedthemselvessoastocounterrisksandthecompetitiveconditionswhichmayoccurinthefollowingyears. The Company’s total written premium for 2014 was Baht 15,778.8 million, a slight contraction of 0.1percent.However,theCompanycouldmakeamaximumprofitofBaht2,�05.7million,ariseof�1.9percent,comparedtotheyearbefore.TheCompany’sincomefromunderwritingwasBaht1,5�4.2million.Nevertheless,whencombinedwithearningsfrominvestmentandotherincomeofBaht1,166.5million,theCompany’searningsbeforetaxwereBaht2,700.7million,orearningspershareofBaht21.66,comparedtoBaht16.42inthepreviousyear.TheCompany’sBoardofDirectors’meetingonFebruary27,2015,hasapprovedafinaldividendpaymentofBaht�.75persharefortheyear2014.Therefore,in2014,theCompanyhadmadetotaldividendpaymentsofBaht12pershare.For its financial stability, theCompanypossesses robust financial standingandsufficientfund, with the Capital Adequacy Ratio (CAR) as at the end of September 2014 as high as 27�.8 percent.Furthermore,theStandardandPoor’s(S&P)InstitutionhasrankedtheCompany’sfinancialstrengthratingwiththescoreofA- (Strong)/Stable,asatNovember7, 2014. Likewise, theA.M.Best Institutionhasalso retained theCompany’sfinancialstrengthratingatA-(Excellent)OutlookStable,asatJune16,2014.

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Concerningitsorganizationalmanagementin2014,theCompanyintroducedtechnologytoenhancethequalityofbothitsunderwritingtaskandclaimsservices,forinstance,theuseoftheBusinessProcessImprovement(BPI)toreducestepsofunderwritingtasksothat it iscompactandswift,whilemaintainingtheproductionofaccurateandqualitywork.Similarly,theTelematicstechnologyhasalsobeenintroducedtoraisedrivers’safetyandconfidencesinceitisatwo-waycommunicationsystembetweencarsandtheclaimservicecenter,whichwill report on risks to the claims service center immediatelywhen a car has an accident. Additionally, theCompanyhasalso improved itsmobileapplication “BKI iCare”on the iOSandAndroidoperating systems toincreaseconvenienceforcustomerswhowanttopurchaseinsuranceproductsornotifyclaimsviaasmartphoneortablet.Besides,foritsproductdevelopment,theCompanyhasconcentratedonconstantlyissuingnewproductswhichhavesalespotentialtomeetthedemandofitscustomers,boththeinstitutionandpersonallines,throughawidevarietyofdistributionchannelsinordertohaveaccesstoasmanytargetcustomergroupsaspossible. Meanwhile, theCompany stillgives toppriority to itsbusiness transactionsbasedon theprincipleofgoodcorporategovernanceandsteadily takespart inactivitiesoncorporatesocial responsibility. In thepreviousyear,basedontheoutcomeofevaluationsofasurveyofThailistedcompanies’goodcorporategovernance,conductedbytheThaiInstituteofDirectors(IOD)in2014,theCompanywasrankedintheverygoodgroup.Regardingcarryingoutactivitiesbenefitingsociety,theCompanyhasreceivedutmostcooperationfromitsemployeesandotherpartiesconcerned,whether theybethe“Bhappy�”project,whichhasbeencontinuouslyconducted incollaborationwithBumrungradHospitalandBangkokLifeAssurancePublicCompanyLimited,voluntarydevelopmentcampofBKIscholarshipstudent project, or BKI takes children under theWishingWell Foundation experience authentic Thai way of life atSamphranRiverside,etc.TheCompanyisstronglydeterminedtogooncreatingactivitiesbenefitingsocietyasawhole. Onthisoccasion,onbehalfoftheChairmanoftheBoardofDirectors,Iwouldliketoextendmysincerethanks toallpartiesconcerned, includingcustomers,businesspartners, shareholdersandbusinessallies for theirconstant confidence, trust and support. Furthermore, I would also like to sincerely thank all the Company’smanagementandemployeesfortheirstrongdeterminationanddedicationtowork,resultingintheCompany’saccomplishmentsinitsbusinesstransactionsanditbeingthecountry’sleadingnon-lifeinsurancecompanybothatpresentandinthefuture.Mr.ChaiSophonpanich

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Marketing and Competition 1. PolicyonMarketingofProductsandServices Thecountry’spoliticalproblemssincelate201�andintothefirsthalfof2014hascausedaslowdownofthegovernmentandprivatesector’sinvestmentinmegaprojects,aswellasadeclineinthepeople’spurchasingpowerduetoahighlevelofhouseholddebt,coupledwithadecreaseinagriculturalproduceprices,suchasriceandrubber,impactingthepurchasingpowerintheregionwhichhastorelyonagriculturalproduceprices. Suchfactorshaveresultedinthenon-lifeinsurancecompanies’seriousexpansionoftheirpersonallinesbusinesstocompensatefordiminishingmegaconstructionprojectsthroughareductionintheinsurancepremiumandanofferofnumeroussalepromotionstostimulateagentsandbrokerstosellmoreinsurance,particularlymotorinsurancewhichhasthehighestmarketshare.Therewasthelaunchofthecampaignofthesinglepremiumrate,whichischeaperthananormalpremiumprice,forthecar’sbatchorbrandhavingadifferenceofprofitfromwhichthepremiumratemaybereduced,whichvariesbasedoneachcompany’sunderwritingport. Inaddition,anumberofnon-lifeinsurancecompanieshavecontinuouslyandincreasinglyextendedtheirbusinesstotheprovincialmarket,particularlytothebordertradeareabetweenThailandanditsneighbourssinceitisanareawherethereisasoundeconomicgrowthrateandinvestmentinsupportoftheoccurrenceofAECin2015.Similarly,myriadcompanieshavealsoajointventurewithforeigncompaniestoextendtheirbusinessinAseancountries,apartfromgivinghigherprioritytoanonlineinsurancesaleduetotherisingpopularityofthepeople’suseofasmartphoneandtablet. FortheCompany, ithasseriouslyexpandeditspersonal linesbusinessforseveralyears,causingittohaveastrongadvantageoverothercompanieswhichhavejuststartedtheirpersonallinesbusiness,forinstance,thebrandrecognitionbecausetheCompanyhassteadilylaunchedapublicrelationscampaigntopersonallinesgroups,givingitagoodimageandmakingitwellknownamongconsumers. Furthermore,theCompanyhasalsoconstantlyinvestedinanextensionofitsbranchesinresponsetoitsrisingpersonallinesbusinessintheprovinces,focusingonborderprovincesinresponsetothepossiblyincreasingworkaftertheopeningofAEC.In2014,theCompanyopened5branchesinNakhonPathom,MaeSot,RoiEt,UttaraditandAranyaprathet,besidesgivingimportancetoexpandingitsbusinessviatheInternetchannel,whichhasahighgrowthrate,bydevelopingamoreefficientinsurancesalessystemthroughawebsiteandsmartphone,apartfromconductingacampaigntourgetheCompany’scustomerstopurchaseinsuranceonline. Nevertheless,though2014wasasoftmarketandtherewasasignificantaccelerationoftheinsurancebusiness,theCompanystillretainedthepolicyofavoidingapricecompetitionorusingahigh-remunerationpaymentstrategyinordertomotivateitsbusinesspartnersandagents.Likewise,theCompanyconcentratedonandgaveprioritytoasoundservicestandard,hadapolicyoncautiouslyselectingitsunderwriting,avoidedunderwritingonriskybusinessclassestoachieveanestablishedobjectiveofalossratiorateandunderwritingreturns,aswellasconstantlyconductingaCompanypublicrelationscampaign.

2. Type of Customers Personalcustomersaregeneralindividualcustomers,whoapplyforfireinsurancefortheirresidence,motorinsurance,personalaccidentandhealthinsurance,etc. Corporatecustomerscomprisebusinessesrangingfromsmall,mediumtolarge,includingSMEsandgovernmentagencies.TheCompanyhasprovidedalltypesofnon-lifeinsuranceservices,suchasfireinsurance,motorinsurance,marineinsurance,andindustrialallrisksinsurance,whichareappropriateforgroupsofoffices,housing,

TYPEOFBuSINESSTrANSACTIONS

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condominiums,departmentstoresandindustrialfactories.Forcustomerswhoseoperationsaremegaconstructionprojects,forinstance,theexpressway,electrictrainandairport,acontractorofallriskshasbeenprovided.Inaddition,theCompanyhasalsoprovidedaviationinsurance. Othercustomersincludegroupsofsubsidiarycompaniesandcustomersofsubsidiarycompanies,towhichtheCompanyhasalsoprovidedallclassesofinsuranceservices.

Percentage of total sales of first 10 major customers

2014(%) 201�(%) 2012(%) Ratiooffirst10majorcustomers 7.8 6.9 9.8

3. Target Customer Group Targetcustomersarefromnumeroussources,forexample,generalcustomers,theprivatesector,thestateenterprisesector,subsidiarycompanies,andgroupsofsubsidiarycompanies’customers,suchasgroupsofBangkokBank’sloancustomers.

4. Distribution and Distribution Channel In2014,theCompanystilldistributedproductsviathesamedistributionchannelandcarriedonvariousexistingworkextensionprojects,includingsteadilyadjustingitsworksystemandworkingapproachsoastoenhancetheefficiencyofthedistributionchannelmanagement.TheCompany’sdistributionchannelsaredividedinto4channelsasfollows: 4.1 Agents TheCompanyhad,at2014year-end,agentstotaling2,0��peoplescatteredinallregionsofthecountrywhoareregardedasworksourceswhichplayasignificantroleintheCompany’sbusinessextension,apartfromprovidingadviceonnon-lifeinsurancetocustomers.Asaresult,theCompanyhasgivenprioritytoaselectionofitsagentsbyefficientlydefiningtheselectioncriteriaandperformanceevaluation,includinghavingaplanforthetraininganddevelopingofagentsinorderthattheypossesscomprehensiveknowledgeandareabletoprovideall-inclusiveinsuranceadvicetocustomers.AnapplicantfortheCompany’sagentmusthavealicenseforanon-lifeinsurancerepresentativeandhavequalificationsrelevanttothelawsdefined. 4.2 BrokersTheCompanyhad,at2014year-end,atotalof294juristicpersonwhoprovidedadirectservicetotheinsured,rangingfromanintroductionofthetypeofinsurance,arequestforclaimstoapremiumcollection.4.3 Financial Institutions TheCompanyhassoldtheinsurancepoliciesthroughnumerousfinancialinstitutions,emphasizingaclosecoordinationandcooperation,particularlythedistributionofinsurancepoliciesviaBangkokBank’sbancassuranceacrossthecountry,whichhassteadilyattainedaveryhighgrowthrateoverthepastyears.TheCompanyhasdevelopeditspoliciestobeappropriatetotargetgroups,havingthecoverageandpremiumratewhicharenotcomplicatedbuteasyforbankofficerstosellthepolicy,besidesprovidingtrainingoninsuranceknowledgetobankofficerssothattheyareabletoaccuratelypresentpoliciestocustomers.

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4.4 Direct Customers TheyarecustomerswhodirectlycontacttheCompanytobuyinsuranceandtheCompanydirectlyprovidesservicestoandtakescareofthem.

Distribution Channels Classified by Written Premium Ratio

Amount DirectPremiumWrittenRatio(%) Agents 2,0�� 18.4 Brokers 294 2�.5 FinancialInstitutions 24 26.8 DirectCustomers - �1.�

Competition in 2014 In2014,thenon-lifeinsuranceindustryhadatotalof6�companies,mostofwhichweremediumandsmall.Theinsurancecompanies,withthefirst10highest-rankingpremiums,haddirectpremiumwrittenratioof61.0percentofthenon-lifeinsuranceindustry’stotalpremium. The Company’s Direct Premium Growth Rate Compared to the Market over the Past 3 Years (Baht:Million) 2014 201� 2012 (Preliminary) (BeforeRestated) Bangkok Insurance Public Company Limited PremiumWritten 15,155.4 15,057.8 12,4�2.9 GrowthRate(%) 0.6 21.1 22.8 Non-Life Insurance Market PremiumWritten 205,247.5 20�,077.6 179,480.0 GrowthRate(%) 1.1 1�.1 29.�

The Company’s Market Share over the Past 3 Years

TypesofInsurance Rank 2014 Rank 201� Rank 2012 (Preliminary) (BeforeRestated) Fire 2 14.4 2 14.5 2 12.6 Marine 5 6.4 5 6.2 6 6.4 Motor 4 5.7 4 5.6 4 4.9 Miscellaneous 2 9.2 2 9.4 2 9.5 Total � 7.4 � 7.4 � 6.9Source:OIC,dataasatFebruary24,2015

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Thenegativeeconomicfactorshadgeneratedaconsiderableoffensivecompetitionandariseinthefiercepricecompetitionforthenon-lifeinsuranceindustryin2014,particularlymotorinsuranceduetothesignificantlydecreasingnumberofnewcars.Thecompetitionincludedcuttingdowntheinsurancepremiumandanadjustmentoflowercoveragetoofferacheaperpremium.Besides,in2014,manyinsurancecompanieshadextendedtheinsurancemarketforpick-uptrucksandcommercialcarssincetheywerelessaffectedbythepoliticalandeconomicfactorsthanpersonalcarsandwerenecessaryforthetransportationofcommoditiesandbusinesstransactions,apartfromseeinganopportunityofgrowthstemmingfromthelogisticsbusinesswhichhasatrendofexpansioninresponsetotheopeningofAECinthefollowingyear. BangkokInsurancePublicCompanyLimitedhasputanemphasisonanextensionofitsbusinessthroughproductswithgrowth potential and launched new products sold via a wide variety of distribution channels for access to as manycustomersaspossible,forexample,asalethroughTelemarketingandcooperationwiththeCompany’sagentsandbusinessallies, apart from selling via Bancassurance and theCompany’swebsite, etc. Additionally, theCompany has still givenimportancetothedevelopmentofitsemployees’performanceefficiencyandquickercustomerservicesbyintroducingtheBusinessProcessImprovementTechnologytoanimprovementoftheunderwritingtaskandclaimswork,besidesadjustingtheBKIiCareapplicationinorderforcustomerstopurchaseinsuranceproductsornotifyclaimsviamobiledevicesandtabletmoreconvenientlyinadditiontoalsoincreasingcommunicationchannelsinreportingcaraccidentdetailsthroughLINEandWhatsAppapplications. Viewing the industrial trend and competitive condition of the non-life insurance industry, it is estimated that thenumberofnon-lifeinsurancecompanieswillpossiblydiminishinthefutureowingtotheruleofariseinthenon-lifeinsurancecompanies’minimumfundfromBaht�0.0milliontoBaht500.0millionwithinfiveyears.Anycompanywhichcannotraiseitsfundor retain itsRiskBasedCapital (RBC)will have toprepare forotherapproaches in response to this, for instance,amergerorfindinganewbusinessally,causingasmallnon-lifeinsurancecompanytohavelessopportunitytodobusiness.Moreover,amergermaystemfromacombinationofeachnon-lifeinsurancecompany’sstrengthsandenhancementofitsrobustness in response to the opening of AEC, such as a merger with a bank’s subsidiary company to augment thedistributionchannelviathebank,orraisetheprovincialcustomerbasebymergingwithacompanyhavinglotsofbranchesintheprovinces,etc.Anotherindustrialtrendisanonlineinsurancesale,whichisadistributiongainingmoresignificance.Over the past years, written premiums through this distribution channel have experienced apparent growth, varying inproportiontothetotalsalesofsmartphonesinThailandwhichhavegrownsignificantly.Important Factors Affecting Opportunities or Limitations of Business Transactions in 2014 1. The long-standingpoliticalconflict hadcaused thegovernment sector’sdelayedbudgetdisbursementandinvestment, steadily affecting the construction and miscellaneous insurance market. Though the latter half of 2014witnessed rising stability of the political situation and the government could approve of infrastructural developmentprojects,theyhadtogothroughinnumerableprocedures,suchasEIA,cabinetapproval,landexpropriation,etc.,causingadelayedbudgetdisbursementinthesameyear. 2. Thepurchasingpowerofagriculturists,whichare thecountry’smajority ofpeople, hasdeclineddue toaconstantdrop in thepriceofagriculturalproduce,whichcomprises thecountry’s significantexports suchas riceandrubber,asaconsequenceofincreasingproduceintheglobalmarket.Additionally,theterminationofthegovernment’srice-pledgingschemehasmadefarmersunabletosellriceataguaranteepriceofBaht15,000atonanylonger.Allthesefactorshaveinfluencedthepurchasingpowerintheregionwhichhasprincipallyreliedontheagriculturalsector. �. The government’s first-car policy had encouraged people to buy car heavily between 2012 and 201�,causingthemotormarkettogrowbyleapsandbounds,buthadanimpactonthepurchasingpowerofnewcarsinthe following years, with the total car sales in 2014 experiencing a decline of �0.9 percent, compared to the yearbefore.Suchasituationhascontinuouslyaffectedtheshrinkingmotorinsurancemarket. 4. Second-handcarshavesignificantlyreducedvalues,particularlyeco-cars,whichhaveexperiencedveryhightotalsalesoverthepasttwoyears,causingasignificantdeclineincoverageandimpactingthediminishingamountofthemotorpremium.

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5. Theproperty/casualtypremiumratehaddroppedduetoadecline inthereinsurancepremiumrate intheglobalmarketin2014,owingtothefactthattherewasnogreatfloodinThailandin201�andtheglobalreinsurancemarkethadafiercepricecompetition.Ability to Maintain Ratios Based on Business Type In2014,theCompanyhadatotalwrittenpremiumofBaht15,778.8million,withpremiumgrowthinmiscellaneousinsuranceandmotorinsurance,whilehullinsuranceandcargoinsuranceexperiencedanegativegrowth.Themiscellaneouspremiumhadaratioof4�.7percentofthetotalwrittenpremium,arisefromtheyearbefore,partlyduetoanexpansionofbusinessviathebrokerchannel,particularlyindustrialallrisksinsurance,whichhadamuchhigherpremiumgrowthrate,comparedtothepreviousyear,includingthemotorpremiumhavingaratioof42.5percentofthetotalwrittenpremium,aslightincreasefromtheyearbefore,owingtothegrowthofthepremiumintheBranchNetworkandVentures’Bancassurancechannel,apartfromtheFinancialInstitutionBusinessUnit,whichhadenteredtheprojectwithsomebusinesspartners,causingtherisingnewpremium,andtheAgentBusinessUnitwhichwitnessedapremiumgrowthinboththeagentandbroker.Meanwhile,atotalwrittenpremiumforotherclassesofinsurance,exceptmiscellaneousinsuranceandmotorinsurance,accountedfor1�.8percent,aslightdecline,comparedtothepreviousyear.

Written Premium Classified by Types of Insurance

(Baht:Million) Type 2014 Distribution% 201� Distribution% 2012 Distribution% Fire 1,781.5 11.� 1,958.2 12.4 1,571.0 11.9

Hull 41.7 0.� 45.5 0.� 69.0 0.5

Cargo �54.7 2.2 �72.4 2.� �68.2 2.8

Motor 6,698.0 42.5 6,694.5 42.4 5,099.7 �8.7

Miscellaneous 6,902.9 4�.7 6,7�1.8 42.6 6,066.4 46.1

Total 15,778.8 100.0 15,802.4 100.0 1�,174.� 100.0

ConcerningtheCompany’slossratioin2014,itwas5�.�percent,lowerthanthatin201�,whichwas54.4percent.ThediminishinglossratiowasaconsequenceoftheCompany’shavingrecognizedin201�,inalargeamount,thedamageincurredbyagreatfloodinthefourthquarterof2011,especiallythedamagestemmingfromfireandindustrial

allrisksinsurance.

Loss Ratio on Underwriting

(Baht:Million) Type 2014 201� 2012 Earned Claims Loss Earned Claims Loss Earned Claims Loss

Premium Ratio Premium Ratio Premium Ratio

% % % Fire 1,064.6 246.9 2�.2 1,062.8 709.6 66.8 1,152.4 �,498.4 �0�.6 Hull 15.4 9.0 58.4 12.8 17.5 1�6.4 17.4 6.9 �9.7

Cargo 209.0 68.8 �2.9 2�6.2 9�.0 �9.4 240.8 86.9 �6.1

Motor 6,�78.� 4,221.1 66.2 5,716.2 �,529.2 61.7 4,�6�.� 2,511.1 57.6

Miscellaneous �,160.5 1,228.2 �8.9 �,028.0 1,121.6 �7.0 2,567.0 1,484.0 57.8

Total 10,827.8 5,774.0 5�.� 10,056.0 5,470.9 54.4 8,�40.9 7,587.� 91.0

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BangkokInsurancePublicCompanyLimitedhasbeenengagedinallcategoriesofthenon-lifeinsurancebusiness,forinstance,fireinsurance,marineinsurance,motorinsurance,miscellaneousinsurance,includingtakingreinsurance.TheCompanyhascarriedoutitsbusinesssince1947andwassubsequentlylistedontheStockExchangeofThailand(SET)in1978,andwastransformedintoapubliccompanyin199�.Currently,theCompanyhassteadilycarried out its business transactions to the 68th year and possesses a paid-up capital of Baht 1,064.7million,consistingofstocksof106.47millionsharesvaluedatBaht10pershare. Vision TheCompany’svision is“Bangkok Insuranceaims tobe themostpreferrednon-life insurer in Thailand”,putting an emphasis on sustainable developmentwith a stable and robust financial base, diversified productranges, and customer centricity. The Company has carried out its business based on professional riskmanagement, development of the potential of personnel and technology, and high standard of corporategovernanceandsocialresponsibility. Tofulfillthevisionestablished,theCompanyhasthefollowingworkingphilosophy: Shareholders,BusinessPartners,CustomersandServices TheCompanyisstronglydeterminedtoprovideswift,accurate,honestandfairservicesinresponsetoitscustomers’ andbusiness partners’ demand through its professionalwork team, in order to generate consistentimpression,confidenceandfaith,apartfromcreatingstrongrelationswithitsshareholdersandsubsidiaryenterprise. Performance The Company has been determined to develop a standard information system, work system andtechnologysystem.ItisthefirstinsurancecompanyinThailandandtheAsianregiontoreceivetheISO9002,inrespect of themotor insurancedepartment’s services, from the BureauVeritasQuality International (BVQI), aninstitutionacceptedworldwide,onMarch4,1997.Inaddition,theCompanyhadbeencertifiedforthequalityofallworksystemsofitsheadquartersandbranches,aswellasBangkokandperipheralofficesonMay11,2000.Furthermore,theCompanywascertifiedwiththequalityworkmanagementISO9001:2000onAugust�0,2002,apart from receiving the ISO 9001: 2008 on May 20, 2009 from BVQI, by the United Kingdom AccreditationService(UKAS),aqualitycertificationinstitution,asaconsequenceoftheCompany’scontinuouspreservationofthe service quality standard. Recently in 2014, theCompanywas certifiedwith thequality standard ISO/IEC27001:2005fromAJARegistrasCompanyduetoitsarrangementoftheInformationSecurityManagementsystem,intermsofaninfrastructuralserviceoftheCompany’smaindatacenterandsupportingdatacenterincompliancewiththeinternationalstandard,enhancingsecurityfortheCompany’sdataandinformation. Employees The Company is determined to select and maintain sound, moral, knowledgeable and capable staff,emphasizing the development and training of staff for career advancement, besides having a systematicperformanceevaluationandprovidingfairandmotivatingremunerationandwelfare.Similarly,theCompanyhasalsoprovideditsstaffwithasoundworkingenvironmentandrecreationactivitiestomakethemfeelrelaxed,inlinewiththeworklifebalanceconcept.Additionally,theCompanyhasfocusedonitsemployees’participationinexpressing their opinions and team working, creating a congenial working environment which encouragesemployees’initiative,frankness,sincerityandmutualassistance,allfortheorganization’sbenefit.

POLICYONANdTHEOVErALLBuSINESSTrANSACTION

17

Society TheCompany has injectedand fostereda soundconsciousmind inall levels of itsmanagementandemployeestobeawareofthesignificanceofitsresponsibilitiestosocietyandtheenvironmentinparallelwithitsbusinesstransactionsaimedatsustainablegrowth.Accordingly,theCompanyhashadapolicyofcontinuouslysupportingactivitiesbenefitingsociety,focusingonsupportingeducation,publichealth,reliefofpublicdisasters,developmentofcommunitiesandtheenvironment,andpreservationofreligion,artsandculture. Asaconsequenceofitsprogressiveandstablebusinesstransactions,includingresponsibilitiestosocietyforover 60 years, the Company was bestowed the Royal Garuda Emblem on April 26, 2004, which has beenregardedas thegreatestauspicesandhonour for theCompany, themanagementandall employees toberoyallyprotected. TheRoyalGarudaEmblem is tantamount toadocumentcertifying thatacompanyuponwhich it is bestowed hasmade an honest,moral and established business transaction reliable to the public,whichisasignificantmoralsupporttothosedoingbusiness,resultinginthepromotionofthecountry’sbusinessforitsoverallprosperityandstability. In 2014, theCompanyhad targeted its totalwrittenpremiumof Baht 16,717.0million,agrowthof 6.0percent,throughitsprincipaloperatingstrategyofincreasingtheinsurancepolicyrenewalrate,raisingthenewpremiumviasteadilyexpandingitspersonal linesbusiness,aswellasextendingits regionalmarketbyopeningnewbranchessoastoprovideall-inclusiveservicesacrossthecountryandinresponsetothebusinessgrowthincurredbytheopeningoftheASEANEconomicCommunity(AEC).Astoitsmanagement,theCompanyhasfocusedonperformancethroughanefficientriskmanagementandreinsuranceallocationsystem,inadditiontoan introduction of information technology to helpdevelopabetterworking system in order toprovidemoreefficientservicestocustomers,aswellasconcentratingonthesteadydevelopmentofpersonnel’sworkingskillsinnumerousaspects.Significant Change and Development - A Change of Authority in Controlling the Company Overthepast�years,theCompanyhashadnochangeofitsauthorityincontrollingtheCompany. - Type of Business over the Previous Year AnexpansionoftheThaieconomyin2014witnessedaconstantreduction,withaGDPgrowthrateofonly 0.7 percent, compared to 201�, which experienced a growth rate of 2.9 percent (source: the NationalEconomicandSocialDevelopmentBoard)duetotheimpactofpoliticalconflictwithinthecountry,startingendof 201�andescalating into the first halfof 2014,causinga slowdownof theprivateand thepublic sector’sconsumptionandinvestment,althoughinthelatterhalfofthesameyearthepoliticalconflictsituationimproved,enablingthegovernmenttoissueconcreteeconomy-stimulatingpolicies,whileinvestorsandconsumersbegantohavemoreconfidenceinspendingandinvestments.Inaddition,aslowdownoftheglobaleconomyandadecline inagriculturalproduceprices in theglobalmarkethadcontributedtoanegativegrowth rateofThaiexports,includingadropofconsumers’purchasingpowerstemmingfromthehighlevelofthehouseholdsector’sdebts,leadingtofinancialinstitutions’strictconsiderationforcreditormotorapproval.

18

Onaccountof theaforementionednegative factors,coupledwith thedecreasingpropertypremiumrateincurredbyforeignreinsurancecompanies’highcompetition,alackofoccurrenceofenormousdisastersinThailandover thepast twoor threeyears,aswellas thegovernment sector’smega investment, suchas thestrategy of development of Thai communications infrastructure, which failed to start an implementation andreimbursementofthebudgetin2014,theoverallnon-lifeinsuranceindustryin2014achievedthedirectpremiumwrittengrowthrateofonly1.1percent.Themiscellaneouspremiumachievedthegrowthrateof5.1,whilefirepremiumandmarinepremiumgrowthrateexperiencedthedeclineof6.4percentand0.2percent,respectively. Formotor insurance,whichwasaffectedbyasteadydecreaseinthetotalnewcarsalessincetheterminationofthegovernment’sfirst-carpolicy,thetotalcarsalesinthecountryin2014were881,8�2cars,adeclineof��.7percent,compared to201�,whichgrewby7.2percent, resulting inadeclineof0.5percentgrowthof thedirectmotorpremiumwritten in 2014,a significantdrop, compared to the yearbefore,whichexperienced14.0percentgrowth. Thoughtheoveralleconomicconditionexperiencednumerousnegativefactors,in2014theCompanycouldachievea satisfactoryoperating result,with the totalwrittenpremiumdroppedby 0.1percent to Baht15,778.8million,aslightcontractioncomparedto201�.Nevertheless,in2014theCompany’snetunderwritingprofit was Baht 1,5�4.2million. When combinedwith the net investment income and other income of Baht1,166.5 million, the Company’s earnings before tax were Baht 2,700.7 million, while its net income was Baht2,�05.8million,anincreaseof�1.9percent,orearningspershareofBaht21.66,arisefromthepreviousyear,whichwasBaht16.42.TheCompany’sBoardofDirectorshasapproved,onFebruary27,2015,afinaldividendpaymentofBaht�.75pershare.In2014,thetotaldividendpaymentwasBaht12pershare. With its robust financial standing, theCompany’sCapital Adequacy Ratio (CAR), as at the endofSeptember2014,was27�.8percent.Moreover,theStandardandPoor’sInstitution(S&P)hasrankedtheCompany’sfinancial strength ratingwith thescoreofA-(Strong)/Stable,while the rating institutionA.M.BestCompanyhasalsorankedtheCompany’sfinancialstrengthratingwiththescoreofA-(Excellent)OutlookStable,reflectingtheCompany’sleadershipinthenon-lifeinsuranceindustry,withsoundoperatingresultsandrobustfinancialstatus. Concerning social activities, the Company has steadily given importance to them and constantlyimplementedthemthroughout.Thisyear,alargenumberofprojectsbenefitingthepublichavebeenconductedtocontinuouslydevelopcommunities,societyandtheenvironment,asintheyearbefore. - The Corporation’s Shareholdings Structure BangkokInsurancePublicCompanyLimitedhasinvestedin2associatedcompanies,namely, 1. Asia Insurance(Cambodia)Plc.,withthe investmentcapital ratioof22.92percent.TheCompanyhas appointed its directors and executives to be as directors to consider and define the policy and alsoprovidedadviceonunderwriting,claims,technologyandaccounting. 2. AsiaInsuranceInternational(Holding)Limited,withtheinvestmentcapitalratioof41.70percent.The Company has appointed its directors to be as directors in the associated company. Asia InsuranceInternational (Holding) Limited has invested in the regional insurance companies, namely, Asia Insurance(Philippines)CorporationandCambodianReinsuranceCompany.

19

20

Over the past year, the insurance industry had been affected by factors both inside and outside thecountry,whichhadan impacton thebusiness transaction, for instance, sluggishglobaleconomicgrowth, thecountry’sgrossdomesticproduct(GDP)muchlowerthanprojected,thegovernmentsector’sdelayedspendingstemming frompolitical uncertainty, and the country’s exports having a trend of trade deficit. As such, theCompanystillencounteredrisksinbothitsunderwritingbusinessandinvestmentsector. Nevertheless,theCompanyhasfullyrealizedthesignificanceofriskmanagementandhasarrangedforitsriskmanagement,aswellasmadeaclosescrutinyoftheriskssothattheyremainatanacceptablelevel.Inaddition,theCompanyhasappointedcommitteesoverseeingrisks,bothforitsinsurancebusinessandinvestment,forinstance, underwriting committee, claims management committee, risk management committee, investmentcommittee, etc., which have another duty of supervising the Company’s transaction of other businesses inaccordancewithitspolicy. 1. Insurance Industry Risk 1.1 InsuranceRisk InsuranceriskisariskincurredwhentheCompanydoesnotdefineitspremiumratesinaccordancewiththedamageoccurred,underwritingofhighrisksortooconcentratedunderwritinginanygroup,inadequatereinsurance,thedamagecausedbeingfargreaterthanexpected,includinginefficientclaimsmanagement. Based on the above risk, the Company manages them by adopting prudent considerationproceduresforunderwritinganddefiningcoverageconditionsappropriateforrealrisk, includingcontrollingandupdatinginformationasaguidelineforadjustingitscoverageconditionsandpremiumsproperlyandinlinewithchangingcircumstances.Forexample,thoughthegreatfloodin2011hadpassedandclaimspaymentswerenearlycompletelymadefor thedamage incurred, theCompanystillhas to take intoaccountnaturaldisasterrisks.Consequently,theCompanystillconsiderstheunderwritingamountfornaturaldisasters,apartfromdefiningitspremiumratesappropriateforactualrisks. TheCompanyalsotakesintoconsiderationtheconcentrationofunderwritingandreinsurancebydispersing its risk from underwriting and transferring the risk to the reinsurance companies,mainly focusing onthosewith robust financial standing. Besides, theCompany has arranged for the Excess of Loss ReinsuranceTreaty,whichisasignificanttoolforpreventingandcontrollingunderwritingrisk,soastoavoidthevolatilitythatmayaffecttheCompany’sfinancialstanding. As to claims management, the Company has a claims management committee defining thepolicyonclaimsmanagement,aswellassupervisingandfollowingupthestatusofaclaimsrequest,suchasdefiningthepolicyandquickstepsofclaimspayments,whilecautiouslyandcompletelyconsideringthoseclaimsin order to generate fairness for customers, including overseeing to ensure that the Company has sufficientlyestablished theclaims reserve,apart from resolving variousproblemsandobstacles so that thequality of theclaimspaymentserviceissatisfactorytotheCompany’scustomersandbusinesspartners. 1.2CreditRiskfromInsuranceBusiness - ReinsuranceRisk These refer to risk when the Company may not be paid debts, in accordance with anagreement,fromreinsurancecompaniesastheyareobligedtoduetotheirinsecurefinancialstanding,causingtheCompanytobeartheburdenofmakingclaimspaymentsitself.Besides,therearealsoriskstemmingfromthe diminishing number of reinsurance companies which can tackle the job, owing to their degraded creditrating,orbyreinsurers’desirenottoconductunderwriting,ordoitbutonlyinalimitedamount.

rISKFACTOrS

21

Tomanagetherisk,theCompanyhasalsoconsideredthefinancialstatusandcreditratingofall reinsurance companies and purchased reinsurance policies from many trustworthy companies that arecapableofreinsurance,whichhelpsdistributestherisk.Inaddition,ithascautiouslyscrutinizedthereinsuranceconditions through its department that is well versed in the reinsurance business, including having its legaldepartmentconsiderlegalissues,inordertominimizesuchrisk. - DifficultiesinPremiumCollection Premiumcollectionriskisariskwhentheinsuredmaynotpaytheirpremium,ortheagentandbrokerhavecollectedpremiumsfromclientsbutdonotpaythosepremiumswithinthetimedefined,causingtheCompanytoriskbeingunabletocollectoutstandingpremiums,whichmaybecomebaddebts. Tominimize the risk, theCompany possesses an efficient process of closely following up itsoutstandingpremiumsfromtheinsured,agentandbroker,apartfromrequiringtheagentandbrokertosubmitcollateralwithinthespecifiedcreditlimitallowedbytheCompany. 2. Investment Risk 2.1 CreditRisk Credit risk isarisk inwhichtheCompany’scontractualpartnerscannotabidebyanobligationmadetotheCompany,includinganopportunitywhencontractualpartners’financialrankingisdegraded. Tomanagesuchrisk,theCompanyhascarriedoutthefollowing: - Forriskassociatedwithprovidingloans,theCompanywillconsideritsdebtors’financialstatusandabilitytopaydebtbasedonasoundcreditanalysisstandard.Meanwhile,loantovaluewillbedeterminedsothatitisnotbeyondthelegallimit. - Fordebtinstruments,theCompanywillchoosetoinvestindebtinstrumentsofwhichthecreditratingisnotlowerthantheinvestmentgrade,aswellasselectdebtinstrumentsissuers’typesofbusinessesandindustries,apart fromhavingasteady reviewof the issuer’s financial standingandability topaytheprincipalandinterest. 2.2 ConcentrationRisk Concentration risk isa risk incurredwhen theCompanydoesnotdistribute the investment throughchoosingtoinvesttoomuchinafinancialinstrument,acompanyorabusiness.Thuswhenthereisanegativeimpactonsuchgroups,itwillcreatetremendousdamagetotheCompany. Tomanagethe risk, theCompanyhasdispersed its investmentsacrossnumerous typesofassetsandchosentoinvestindifferentindustries,undertherequirementsrelatingtoriskbasedonthecriteriadefinedbytheregulator. 2.� LiquidityRisk Liquidity risk is a risk thatmaybe incurredwhen theCompany’s assets cannot be realizedascash,oradequatecashcannotbeacquired,orsufficientcashcanbeacquiredbutatahighcost. Regarding its investment, theCompanyemphasizes investment instocks requiredbythemarket,withhighliquidityandanabilitytobechangedintocashconveniently,aswellasatthevalueapproximatetothefairvalue. Furthermore, theCompanyhasprocuredcapital reserve sources suchasoverdrawnamountsorshort-termloansfromcommercialbanks,includingusingthedataoncashflowmanagement,aswellasfinancialreceptionandpaymentbasedonitsobligationsandcommitments,enablingittoknowtheamountofcashtobeuseddaily.

22

2.4 MarketRisk Marketriskisariskstemmingfromthefluctuationsofcapitalmarketingfactors,suchasrevaluationofnon-marketableequity securities,aswellasachange in the interest ratesandexchange rates, resulting inarevaluationofinvestmentassetsvalues,forexample,equitysecurities,debtsecuritiesandunittrusts. Tominimizesuchrisk,theCompanyhasimplementedthefollowingriskmanagement. For the revaluation on non-marketable equity securities, the Company will choose to invest inequitysecuritiesofwhichtheissuerspossessrobustfinancialstatusandanabilitytomakeaprofit,withsteadygrowthpotential.Additionally,theCompanywillmostlyoccupyequityinstrumentsforits long-terminvestments,whichwillbeabletoreducepricevolatilityofequityinstruments. - Concerningachangeininterestrates,theCompanyhascloselyfollowedupthedeterminationof thepolicy interest ratesof theBankof Thailandand return rates in thedebt securitiesmarket inorder todefinethe investmentduration inaccordancewiththefluctuationof interest rates. Inaddition,theCompanyalso has a policy of occupying debt instruments until they are due so as to minimize the risks incurred byinstrumentpricevolatility,apart frommanaging itsbankdepositssothattheyhavedueamountseverymonthandinanapproximateamount,whichhelpsreduceareinvestmentrisk. - In respectof theexchange rate, theCompanyor securitiescompanieswhich theCompanyhasemployed tomanage its fundsmayuse financial instruments topreventexchange rate risks, for instance,CrossCurrencyandInterestRateSwap,InterestRateSwap,andForeignExchangeForward,inordertominimizetherisksinaccordancewiththemarketsituation. 3. The Company’s Other Risk �.1 AssetandLiabilityManagementRisk TheCompanyhas risk incurredby the fact that thedurationandamountof investmentassetshave no relationwith thedurationanddebt amount towhich theCompany is obliged, for instance, claimsreserve, unearned premiums and premiums received in advance. As a consequence, the Company hasmanagedtheserisksbydefiningthedurationandinvestmentcapitalinaccordancewiththetwotypesoftheCompany’smajorliabilitymentionedearlier. �.2 StrategicRisk This refers to risk that arising from the formulation of strategic plans and their implementationwhicharenotinaccordancewiththeCompany’sinternalfactorssuchasitsorganizationalstructureandgoals,including external factors, such as the economic condition and the competition, which may influence theCompany’s financial standing, investment fundand income, including risk stemming fromdependenceon theCompany’smajorbusinesspartners. Strategic risk includes the premium written amount not reaching the target planned, fiercecompetitionfrombothdomesticandforeigninsurancecompanies,incomerationotlivinguptotheplan,andtoomuchdependenceonpremiumsfromoneparticularchannel. TheCompanyhasmanaged strategic riskbydefining its strategicplan incompliancewith theCompany’svisionandplanneditsimplementationfromtheorganizationalleveltodepartmentallevel,apartfromsummarizingtheCompany’simplementationofthestrategicplandefinedand,atanappropriatetime,displayingthestatusofanachievementoftheplans,includinggivingawarningsignalinthecasethatanimplementation

2�

consequence has a trend of not being in linewith the plan defined so that the plans can be adjusted inconformitywithexternalfactorsandchangingcircumstances,suchastheeconomicandpoliticalalteration,thecompetitivecondition,relatedrulesandregulations,etc.Inthisregard,theCompanyhasformulateditsinternalwork system, includingorganizational structure,personnel,budget,dataand information system,and the follow-upandperformancecontrol systemsoas tosuitandsupport the implementationstrategyandefficientlyachievethetargetdefined,apartfrominformingtheCompany’semployeesofthestrategicplansfortheiracknowledgementandperformanceinthesamedirection. Additionally, theCompanyhasalso taken intoconsideration risk stemming from theopeningoffree trade and Asean Economic Community (AEC), whichmay have an impact on the Company’s businesstransactionsdue toan increasingnumberof foreign insurancecompanieswhichcome todobusiness in thecountry,particularly thosehighlyestablishedandhaving robust financial standing, resulting ina fiercerbusinesscompetitionandpossible reduction in theCompany’s underwriting incomeoran income less thanexpected.TheCompanyhasbeenpreparedbycontinuouslyextendingitsbranches,especiallyintheprovincesclosetotheborder, including developing a wide variety of products and formulating marketing plans to enhance itscapabilitytoaccesstargetcustomersandretainitscustomerbaseinthecountry,besidesinvestingininsurancebusinessinforeigncountriesinordertoincreasetheCompany’spotentialinbusinesstransaction. �.� OperationalRisk This is a risk that is incurred in the performance of all the Company’s sections due to theunpreparedness, insufficiency or deficiency of the Company’s personnel, working process, and informationtechnologysystem,aswellaslegalriskandriskincurredbyexternalfactor. Tomanage itsoperational risk, theCompanyhasarranged fora sound internalcontrol system,throughaconstantcontroland inspectionofworkperformanceofall theCompany’s sections,providedforasufficientworkforcequalifiedforeachjobdescription,procuredexpertsineachfieldforanefficientworksystem,aswellasinitiatedasysteminwhichstaffcanworkassubstitutesforothers,whethertemporarilyorpermanently,allowingfortheCompany’ssteadyperformance,apartfromprovidingtrainingtoitsemployeessothattheyhaveknowledge and understanding of all disciplines relating to the Company’s insurance business and products,includingcontinuouslydevelopingandimprovingitsworksystemsoastokeeppacewithchanges.Similarly,theCompany has assigned all levels of its sections to be in charge of their own operational risk management,besidesinjectingknowledgeandunderstandingofoperationalriskamongitsemployees,includingprovidingthemwithconcretetraining. For the information technology system and risk arising from external factors, the Company hasformulatedabusinesscontinuityplanandarrangedforaspareworkingplaceandsparedatacenterwhicharereadyforuse,apartfromcentralizingdatainitsstaff’scomputersconnectedwithaserver,whichwillenabletheCompanytoreducetheriskimpactsthatmayoccurandallowittocarryonitsbusinesstransactionsinspiteofbeingconfrontedwithacrisis.

(Baht:Million)

2014 201� Change 2014 Premium Written % Distribution% TypesofInsurance Fire 1,781.5 1,958.2 (9.0) 11.29 Marine �96.4 417.9 (5.1) 2.51 Motor 6,698.0 6,694.5 0.1 42.45 Miscellaneous 6,902.9 6,7�1.8 2.5 4�.75 Total 15,778.8 15,802.4 (0.1) 100.00 IncomeonUnderwriting TypesofInsurance Fire 584.4 97.2 501.2 24.14 Marine 1�1.6 111.8 17.7 5.4� Motor 527.9 712.2 (25.9) 21.81 Miscellaneous 1,177.1 1,225.2 (�.9) 48.62 Total 2,421.0 2,146.4 12.8 100.00 OperatingExpenses 809.4 1,201.0 (�2.6) ��.4� ContributionandFinanceCost 77.4 77.7 (0.4) �.20 NetUnderwritingProfit(Loss) 1,5�4.2 867.7 76.8 6�.�7

(Baht:Million)

2014 201� Change Net Invesment Income % Interest �97.1 �40.4 16.7 Dividends 668.1 70�.1 (5.0) Gain(Loss)onSaleofSecuritiesandAssets 11.5 169.1 (9�.2) RentalandOtherIncome 154.4 142.9 8.0 ShareofIncomefromAssociated AccountedforundertheEquityMethod 10.8 4.0 170.0 Gain(Loss)fromRevesalImpairmentofInvestment 15.0 (5.�) �8�.0 1,256.9 1,�54.2 (7.2) InvestmentExpenses 90.4 89.8 0.7 NetInvestmentIncome 1,166.5 1,264.4 (7.7) OperatingResults NetUnderwritingProfit 1,5�4.2 867.7 76.8 NetInvestmentIncome 1,166.5 1,264.4 (7.7) IncomebeforeIncomeTax 2,700.7 2,1�2.1 26.7 IncomeTax �94.9 �8�.6 2.9 NetIncome 2,�05.8 1,748.5 �1.9 BasicEarningsPerShare(Baht)* 21.66 16.42 �1.9 OrdinaryShare(Shares) 106.47Million 106.47Million - Par(Baht) 10.00 10.00 - Remarks:*Basicearningspershareisdeterminedbydividingnetearningsfortheperiodbythenumberofordinarysharesaftertheissueofstock dividendsin201�.(106.47millionshares)

rEPOrTOFTHECOMPANY’SOPErATIONS

25

(Baht:Million)

2014 Distribution 201� Distribution 2012 Distribution Premium Written % % % TypesofInsurance Fire 1,781.5 11.29 1,958.2 12.�9 1,571.0 11.92 Marine �96.4 2.51 417.9 2.65 4�7.2 �.�2 Motor 6,698.0 42.45 6,694.5 42.�6 5,099.7 �8.71 Miscellaneous 6,902.9 4�.75 6,7�1.8 42.60 6,066.4 46.05 Total 15,778.8 100.00 15,802.4 100.00 1�,174.� 100.00 IncomeonUnderwriting TypesofInsurance Fire 584.4 24.14 97.2 4.5� (2,718.1) (181.08) Marine 1�1.6 5.4� 111.8 5.21 119.0 7.9� Motor 527.9 21.81 712.2 ��.18 702.� 46.79 Miscellaneous 1,177.1 48.62 1,225.2 57.08 �95.7 26.�6 Total 2,421.0 100.00 2,146.4 100.00 (1,501.1) (100.00) OperatingExpenses 809.4 ��.4� 1,201.0 55.95 668.4 44.5� ContributionandFinanceCost 77.4 �.20 77.7 �.62 64.9 4.�2 NetUnderwritingProfit(Loss) 1,5�4.2 6�.�7 867.7 40.4� (2,2�4.4) (148.85)

NetInvesmentIncome Interest �97.1 �1.59 �40.4 25.14 276.9 9.1� Dividends 668.1 5�.16 70�.1 51.92 577.2 19.0� Gain(Loss)onSaleofSecuritiesandAssets 11.5 0.91 169.1 12.49 2,021.5 66.65 RentalandOtherIncome 154.4 12.29 142.9 10.55 140.1 4.62 ShareofIncomefromAssociated AccountedforundertheEquityMethod 10.8 0.86 4.0 0.�0 8.4 0.28 Gain(Loss)fromRevesalImpairmentofInvestment 15.0 1.19 (5.�) (0.40) 9.0 0.29 1,256.9 100.00 1,�54.2 100.00 �,0��.1 100.00 InvestmentExpenses 90.4 7.19 89.8 6.6� 91.5 �.02 NetInvestmentIncome 1,166.5 92.81 1,264.4 9�.�7 2,941.6 96.98

rEVENuESTruCTurE

26

Summary of Operating Performance for the Year 2014 Operation and Financial Status of the Company BasedonthefinancialstatementsasatDecember�1,2014,thetotalassetsoftheCompanyamountedtoBaht5�,574.2million,ariseof5.7percentfromBaht50,706.9millioninthepreviousyear.Thiswasaccompaniedby a significant increase in assets, particularly investments in available-for-sale securities and held-to-maturitysecurities,ofBaht6,�95.�millionand2,9�9.7million, respectively. Incontrast,due fromreinsurers,deferredtaxassets,andcashandcashequivalentsdroppedbyBaht6,094.7million,2�7.2millionand21�.1million,respectively. Liabilitiesat2014year-endtotaledBaht25,602.9million,adecreaseofBaht�,4�1.0million,or11.8percent,over 201�. A significant change was a decline in loss reserves and outstanding claims of Baht 4,798.4million,aswellasariseindeferredtaxliabilitiesofBaht1,290.7million. Owners’equityonDecember�1,2014,equaledBaht27,971.4million,arisefromBaht21,67�.0million,or29.1percent,in201�.SignificantcomponentswereanincreaseofBaht5,156.2million,or�7.5percent,inothercomponentofequity,andagrowthofBaht807.6millioninretainedearnings.Similarly,theissuedandpaid-upcapitalandreservedretainedearningsrosebyBaht�04.2millionand�0.4million,respectively. For2014,thepremiumwrittenincomeforallclassesofinsurancedroppedby0.1percenttoBaht15,778.8million,comparedto201�.Miscellaneousinsuranceandmotorinsuranceachievedthehighestgrowthratesof2.5percentand0.1percent,respectively,comparedto201�. In 2014, the net underwriting experienced a return of Baht 1,611.6 million, an increase by Baht 666.2million,or70.5percent,over201�,duemainlytoadeclineinunearnedpremiumreserveofBaht701.2million,incurredbyadropofthepremiumwrittenfor2014,resultinginariseintheearnedpremiumofBaht771.7million.

rEPOrTOFTHECOMPANY’SOPErATIONS

27

Thenetinvestmentincomeandotherincomein2014wasBaht1,166.5million,adropof7.7percent,over201�.Whencombinedwithaprofit fromunderwritingaftercontributiontoOfficeof InsuranceCommission,toNon-LifeGuaranteeFund,andtoRoadVictimsProtectionFund),theCompany’stotal incomebeforeincometaxdeductionwasBaht2,700.7million,ariseof26.7percent.Afterincometaxdeduction,thenetincometotaledBaht2,�05.8million,anincreaseof�1.9percent,comparedto201�,orBaht21.66pershare,comparedtoBaht16.42persharein201�. TheCompany’sBoardofDirectorshasapprovedafinaldividendpaymentofBaht�.75persharefortheyear2014.Nevertheless,duringthepastthreequarters,theCompanyhasalreadymadethreeinterimdividendpaymentsofBaht2.75pershare.Therefore,in2014,thetotaldividendpaymentwasBaht12pershare,adecreaseofBaht4pershare,comparedtoBaht16persharein201�.Operating Performance by Classes of Business for the Year 2014 Fire Insurance In2014, theCompany registeredBaht1,781.5million inwritten fire insurancepremium,adeclineof9.0percentover201�. Thedrop inpremiumwrittenwasduemainly toa reduction inpremiumgrowth inmanychannels,particularlyCommercialLineBusinessUnit. ThenetpremiumwrittenamountedtoBaht1,074.5million,ariseof0.4percent,withtheCompanytakingagrowingretentionof60.�percent,comparedto54.7percentin201�.Thelossratioin2014was2�.2percent,adecreasefrom201�,whichwas66.8percent.Thedropinthelosscamemainlyfromaterminationin2014ofdamagecausedbythegreatfloodinthefourthquarterof2011inrespectofreinsurancewhichhadanimpactin201�.Asaresult,theCompany’sunderwritingreturnsin2014roseby40�.1percenttoBaht494.7million,comparedto201�,whichwitnessedunderwritingreturnsofBaht657.9million.

28

Marine Insurance - HullIn2014,theCompanyregisteredatotalofBaht41.7millioninwrittenmarinehullinsurancepremium,adiminutionof8.4percentover201�.ThiswasduemainlytoadeclineinthepremiumfromBrokerBusinessUnitandFinancialInstitutionBusinessUnit. Thenetpremiumwrittenamounted toBaht16.0million,a riseof11.1percent from201�. ThiswasthankstotheCompany’sretentionof�8.4percentin2014,comparedto�1.6percentinthepreviousyear.Theloss incurred in 2014 dropped by Baht 8.5 million to Baht 9.0 million, compared to the year before. As aconsequenceoftheCompany’sunderwritingin2014,thelossratiowas58.4percent,resultinginareturnofBaht4.2millionandanincreaseinunderwritingprofitofBaht12.0millionfromthepreviousyear. - CargoIn2014,theCompanyregisteredBaht�54.7millioninwrittenmarinecargoinsurancepremium,adropof4.8percentovertheyearbefore.Thiswasduemainlytoareductioninthereinsurancepremium. ThenetpremiumwrittentotaledBaht20�.5million,adecreaseof10.2percent,duetotheCompany’sretentiondiminutionfrom60.8percentin201�to57.4percentin2014.Thelossratioin2014droppedto�2.9percent,comparedto�9.4percentin201�,resultingintheCompany’sunderwritingprofitofBaht112.7millionin2014,agrowthof16.8percentfromtheyearbefore.Motor Insurance In2014,theCompanyregisteredBaht6,698.0millioninwrittenmotorinsurancepremium,ariseof0.1percentover 201�. Thiswasduemainly toanexpansionof itsbusiness throughBranchNetworkandVentureswhichhaveenteredtheprojectwithsomeoftheCompany’sbusinesspartners,apartfromanextensionofitscustomerbaseviatheBancassurancechannel. ThenetpremiumwrittenamountedtoBaht6,448.2million,ariseof0.2percentover201�.In2014,theCompany’sretentionwas96.�percent,aslightincreasefrom201�,whichwas96.2percent.Thelossratiogrewfrom61.7percent in201�to66.2percent in2014, resulting intheCompany’sunderwritingprofitofBaht1��.1millionin2014,adropof65.6percentfromthepreviousyear.Miscellaneous Insurance Miscellaneous insuranceconsistsof fivemajorcategories:PersonalAccident,Engineering,Personal Insurance,Aviation,andAllRisks. In2014,theCompanyregisteredBaht6,902.9million inwrittenmiscellaneous insurancepremium,a rise fromBaht 6,7�1.8million,or 2.5percent, in 201�. An increase in thedirectpremiumwrittenstemmed from the growth of all risks insurance owing to an expansion of business in Broker Business Unit,CommercialLineBusinessUnitandFinancialInstitutionBusinessUnit. Thenetpremiumwritten forallcategories totaledBaht�,201.5million,a riseof 2.5percentover201�.TheCompany’sretentionwas46.4percentin2014,equaltothatin201�.Theoveralllossratioslightlyincreasedfrom�7.0percentin201�to�8.9percentin2014.However,theunderwritingexpensesamountedtoBaht2,909.2million,adeclineofBaht112.6millionovertheyearbefore.Consequently,theCompany’sunderwritingprofitin2014wentupby�6.8percenttoBaht866.9million,comparedto201�. Underwriting Expenses TheCompany’s underwriting expenses totaled Baht 10,299.0million, representinga slightgrowthof1.4percentover201�.Theclaimsandexpensesonclaimsmanagementincurredduring2014wentupby 5.5 percent from the previous year, while other expenses rose by 11.6 percent and operating expensesdroppedby�2.6percentovertheyearbefore,owingtotheCompany’sprovision,in201�,ofanallowancefordoubtfulaccountsforsomeforeignreinsurancecompaniesexpectedtobebaddebts,whilein2014,therewasatransferbackofsomeportionofanallowancefordoubtfulaccounts. In2014,theCompany’sallclassesofdirectpremiumwrittenamountedtoBaht15,155.4million,agrowthof0.6percentover201�.TheCompany’smarketsharein2014was7.4percent,equivalenttothatin201�,and

29

could retain the third rank inmarket shareas in theyearbefore. The ratioof 44.1percent from themotorinsurancepremiumhadagrowth rateof0.1percent, resulting in5.7percentmotorpremiummarket share in2014,arisefrom201�.Fireinsurancehad14.4percentmarketshare,whilemarineinsuranceandmiscellaneousinsurancehadmarketsharesof6.4percentand9.2percent,respectively.Future Projects In2015,theCompanyhasintroducedTelematicsTechnologyforanadvantageofadjustingitscustomers’drivingbehavior,aimedathighersafety.Telematicscomprisesof theequipment“Dongle” installed inacar’sbody,havingbothGPSandsensorsystemswhichcaninstantlyconnectasignalforcommunicationbetweenthecarandtheCompany’saccidentreportcentre,enhancingdrivers’comfortandconfidence.TheTelematicsSystemwillprovideaserviceofreportingadangerwarningandsendingasignaltotheCompanyinthecasethatacarisdetectedtohaveabumpharderthannormalsothataclaimsofficercanimmediatelyprovideassistanceto thedriver, particularlywhen heor she is injuredor unconscious duringanaccident. This also includes aserviceof followingupacarthatgoesoutof itsway,viewingdrivingconduct,checkinguseofgasolineperkilometer, etc., all via themonitoringon theMobileApplication screenonacell phoneof IOSandAndroidsystems,orontheCompany’swebsitewww.bangkokinsurance.com. FordataofthedrivingbehaviorderivedfromtheTelematicsSystem,itcanbeusedtoassesstherisklevelinfluencingafutureevaluationappropriateforeachcustomer,apartfromallowingadrivertoknowhisdrivingconductsoastoadjustitforthesakeofhisownsafetyandthatofotherdriversorpedestrians.Inthefuture,Telematics Technologywill becontinuouslydeveloped, for instance, theMobileApplicationwill bedeveloped,replacingtheinstalledequipment,toconnectasignalinstead,includingthedevelopmentofaworkingsystemandsteptosuitthebusinessneed. Inaddition, theCompanyhasalsodevelopedawork systemutilizing theService-OrientedArchitecture,which helps facilitate the transmission of business data between the Company and its business partners,independentofthedifferentplatform,besidessignificantlyincreasinghighersecurity.

�0

TheCompany’sinvestmentportfolioat2014year-endhadincreasedbyBaht2,705.7million,or17.6percent,toBaht18,110.0million.Fortheportfolioallocation,theBaht11,456.6millionfixedincomeinvestmentaccountedfor6�.� percent of the total investment portfolio, while the remaining Baht 6,65�.4 million, or �6.7 percent, wasinvestedinbothlistedandunlistedcommonstocksandfundunits. Fixedincomeinvestmentsconsistedofdepositsatcommercialbanksandgovernmentbonds.DepositswithcommercialbanksrosebyBaht2,764.7million,or65.5percent,fromthepreviousyeartoBaht6,988.1million,or�8.6 percent of the total investment portfolio. Government bonds decreased by Baht 1,4�9.8 million, or 46.4percent, from the yearbefore to Baht 1,664.8million, representing 9.2percentof the total investmentportfolio.DebenturesrosebyBaht5�0.2million,or1�9.5percent,fromthepreviousyeartoBaht910.2million,representing5.0percentofthetotalinvestmentportfolio. Apartfromfixedincomeinvestment,theCompanyalsohasmortgagedloans,anothertypeofitsfixedincomecapital,whichrosebyBaht1.7million,or0.1percent,toBaht1,888.9million,or10.4percentofthetotalinvestmentportfolio. Forthe investment inequitysecurities in2014, theCompany’s investments in listedsecurities increasedbyBaht 596.6 million, or 16.1 percent, to Baht 4,297.4 million, or 2�.7 percent of the total investment portfolio,comparedto201�.TheCompanyfocusedonlong-terminvestments,withaninvestmentconceptthatinthelongrunthestocks’soundfundamentalswillbethemainfactorcontributingtothelong-termgrowthoftheCompany’svalues, reflected throughprices fromthedemand for those stocks. Theconceptof long-term investmentswill helppreventthefluctuationofstockpricesandstockexchangesfromsignificantlyaffectingtheCompany’s long-termincomesandinvestmentgoals. Investments innon-listedsecuritiesrosebyBaht7.1million,or1.1percent,fromthepreviousyeartoBaht649.8million, representing�.6percentof the total investmentportfolio. The increasewasdue toanadditionalinvestment in non-listed securities. In fact,most non-listed securitieswere regarded as strategic investments inordertogeneratebusinessrelationshipswithothersandsupporttheCompany’sbusinesstransactions. InvestmentcapitalinassociatedcompaniesrosebyBaht10.8million,or7.5percent,toBaht154.9million,representing 0.9percentof the total investmentportfolio, the increase stemming from theacknowledgementofincome in those associated companies. It was shareholding which ranged from 20.0 percent and over, andcomprised overseas investments such as investments in insurance companies in Cambodia, that enhanced theCompany’sopportunity tomakebusiness transactionswith foreigncompanies.Thoseassociatedcompanieshadgrowthpotentialintermsofbusinessexpansionandreturns,aswellasbeingabletopayadividendtotheCompany. Additionally,investmentsinfundsinvestingindebtsecuritiesamountedtoBaht540.2million,representing�.0percentofthetotalinvestmentportfolio,unchangedfromtheyearbefore.Similarly,investmentsinfundsinvestinginnon-marketableequitysecuritiestotaledBaht247.9million,or1.�percentofthetotalinvestmentportfolio,ariseofBaht70.1million,or�9.4percent,overthepreviousyear,whileinvestmentsinlistedrealestatefunds,andtrustfundsforinvestmentsinrealestate,includinginvestmentsinlistedinfrastructurefundsroseby165.9million,or27.8percent,toBaht76�.2million,representing4.2percentofthetotalinvestmentportfolio. Netinvestmentincomein2014amountedtoBaht1,241.9million.ThiscomprisedBaht�97.1millionfromtheinterest,anincreaseof16.7percent;Baht668.1millionfromdividends,adeclineof5.0percent;Baht11.5millionprofitfromstocksandassetssale,adropof9�.2percent;Baht154.4millionfromrentsandothers,anincreaseof8.0percent;Baht10.8millionofprofitsharefrominvestmentsinassociatedcompanies,ariseof170.0percent.In2014,theCompany’s investmentexpensesroseby0.7percenttoBaht90.4millionandreturnsonimpairmentofinvestmentsofBaht15.0million,whileitsnetinvestmentincomesamountedtoBaht1,166.5million. At 2014 year-end, the SET index closed at 1,497.67, a rise of 198.96, or 15.� percent, from 201�,whichclosed at 1,298.71, due to an economic slowdown in countries in Europe, Japan andChina,while the UnitedStates’economyhada slightlybetter trend. For the Thaieconomy, italsowitnesseda trendof slightlyhigheradjustment, resulting in theCompanyhavingahigher surpluson revaluationof sharevalues in theSET, totalingBaht2�,505.5million,anaugmentationofBaht6,�78.5million,or�7.2percent,over201�.

INVESTMENTINCOME

�1

(Baht:Million)

Yearend2014 AtCost MarketValue SurplusonChanges Allowancefor Composition of Investment Portfolio inValues Impairment/Allowance At Cost and Market Value ofInvestments forDoubtfulAccount FixedInterestBearingSecurities DepositsatBanks 6,988.1 6,988.1 - - CollaterisedLoans 1,888.9 1,888.1 - (0.8) Bonds 1,664.8 1,698.2 ��.4 - InvestmentandOtherLoans 914.8 9�8.7 2�.9 - TotalFixedInterestBearingSecurities 11,456.6 11,51�.1 57.� (0.8) SharesListedontheSET 4,297.4 27,804.� 2�,506.9 - UnlistedShares 649.8 566.6 - (8�.2) InvestmentinAssociated 154.9 154.9 - - UnitofClosed-endFundListedontheSET 592.2 658.2 66.0 - UnitofClosed-endFund 959.1 981.2 22.1 - TotalInvestmentPortfolio 18,110.0 41,678.� 2�,652.� (84.0)

(Baht:Million)

Yearend Yearend Change Distribution 2014 201� % % Composition of Investment Portfolio (At Cost) 2014 FixedInterestBearingSecurities DepositsatBanks 6,988.1 4,22�.4 65.5 �8.6 CollaterisedLoans 1,888.9 1,887.2 0.1 10.4 Bonds 1,664.8 �,104.6 (46.4) 9.2 InvestmentandOtherLoans 914.8 �86.2 1�6.9 5.1 TotalFixedInterestBearingSecurities 11,456.6 9,601.4 19.� 6�.� SharesListedontheSET 4,297.4 �,700.8 16.1 2�.7 UnlistedShares 649.8 642.7 1.1 �.6 InvestmentinAssociated 154.9 144.1 7.5 0.9 UnitofClosed-endFundListedontheSET 592.2 406.� 45.8 �.2 UnitofClosed-endFund 959.1 909.0 5.5 5.� TotalInvestmentPortfolio 18,110.0 15,404.� 17.6 100.0

INVESTMENT

��

InvestmentsinListedSecuritiesasatDecember�1,2014,consistoffollowing:

NameofCompany LineofBusiness Percentage BookValue MarketValue

ofHolding PerShare Amount PerShare Amount (%) (Baht) (Baht:Million) (Baht) (Baht:Million) BangkokBank Banking 1.79 40.2� 1,�72 19�.00 6,581 BumrungradHospital HealthCareServices 14.62 9.61 1,026 140.50 15,000 BangkokLifeAssurance LifeAssurance 4.64 5.24 41� 46.00 �,620 ThaiReinsurance Reinsurance 1.87 2.47 195 �.14 248 CharoongThaiWire&Cable ElectricalCables 6.74 6.66 179 10.80 290 FurukawaMetal(Thailand) CopperTube 8.84 2�.�8 99 19.50 8� ThaireLifeAssurance Reinsurance 1.05 14.42 91 1�.90 88 IntouchHoldings Information&CommunicationTechnology0.02 70.1� 48 78.50 54 TiconIndustrialConnection PropertyDevelopment 0.5� 7.26 42 18.10 106 BangkokExpressway Transportation&Logistics 0.15 �4.68 41 �9.00 46 BangkokAviationFuelServices Energy 1.2� 5.67 �5 �1.25 195 NonthavejHospital HealthCareServices �.40 6.26 �4 �0.00 16� TheSiamCement ConstructionMaterials 0.01 441.54 29 446.00 29 UnionPlastic Plastics 8.�7 1�.�1 28 �6.00 75 AirportsofThailand Transportation&Logistics 0.00 249.�8 26 282.00 �0 SriAyudhyaCapital Insurance 0.28 �6.12 25 �4.00 2� RamkhamhaengHospital HealthCareServices 0.5� �94.52 25 1,916.00 121 MajorCineplexGroup CinemaComplex 0.25 11.05 25 27.50 62 SamartCorporation Information&CommunicationTechnology0.10 2�.8� 24 �9.25 �9 RatchaburiElectricityGeneratingHoldingPowerGeneration 0.04 4�.29 24 58.75 �2 MuangThaiInsurance Insurance 0.�0 1�5.6� 24 145.00 25 AsiaSermkijLeasing Leasing 0.95 6.97 2� 18.80 6� ElectricityGenerating Energy&Utilities 0.0� 147.7� 2� 165.00 26 TTW Energy&Utilities 0.07 7.85 2� 11.60 �4 EternalEnergy RenewableEnergy 0.69 1.17 22 1.�8 26 KhonburiSugar Sugar 0.41 9.10 22 9.50 2� ThaiTheparos Food 0.99 6.19 22 24.90 89 GlowEnergy Energy 0.02 69.62 22 89.00 28 DynastyCeramic ConstructionMaterials 0.09 56.47 22 56.00 22 PTTGlobalChemical Petrochemicals&Chemicals 0.01 65.�1 20 51.25 16 Total�0ListedCompanies 4,004 27,2�7 Other��ListedCompanies 290 562 Unittrust 1,551 1,6�9 Warrant 4 6 Total 5,849 29,444

INVESTMENTSINSECurITIES

�4

(Baht’000)

2014 201� Quarterly Results of Operations Q1 Q2 Q� Q4 Q1 Q2 Q� Q4 PremiumWritten �,897,0�1 �,882,664 �,650,98� 4,�48,147 4,2�1,741 �,584,610 �,665,600 4,�20,498

IncomeonUnderwriting 656,806 24�,942 919,500 600,77� 246,945 488,9�1 779,755 6�0,7�6

OperatingExpenses 2�6,48� 126,926 197,575 248,402 188,8�9 288,�96 �77,2�9 �46,480

ContributionandFinanceCost 20,6�0 18,867 17,472 20,4�2 22,657 17,��8 17,504 20,174

NetUnderwritingProfit(Loss) �99,69� 98,149 704,45� ��1,9�9 �5,449 18�,197 �85,012 264,082

NetInvestmentIncome �05,246 �46,7�0 �26,426 176,5�7 277,0�8 �94,096 �08,5�6 115,677

Gain(Loss)onSaleofSecuritiesandAssets �1,945 (7,861) 1,846 (14,4�5) 128,�24 �9,714 �45 601

IncomebeforeIncomeTax 7�6,884 4�7,018 1,0�2,725 494,041 440,811 617,007 69�,89� �80,�60

IncomeTax 109,69� 25,269 169,569 90,�90 51,�09 90,7�6 14�,794 97,766

NetIncome 627,191 411,749 86�,156 40�,651 �89,502 526,271 550,099 282,594

PerShare (Baht)

BasicEarningsPerShare* 5.89 �.87 8.11 �.79 �.66 4.94 5.17 2.65

OrdinaryShare(Shares) 106.47Million 106.47Million 106.47Million 106.47Million 106.47Million 106.47Million 106.47Million106.47Million

Dividends 2.75 2.75 2.75 �.75 2.75 2.75 2.75 �.75

StockDividends - - - - - - - 4.00

Dividendsand/orStockDividends(FullYear) 2.75 2.75 2.75 �.75 2.75 2.75 2.75 7.75

MarketPrice

High 490 �54 �61 �76 404 456 414 �90

Low �44 ��7 ��7 �54 29� �61 288 �60

ParValue 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

Remarks:*Basicearningspershareisdeterminedbydividingnetearningsfortheperiodbythenumberofordinarysharesaftertheissueofstockdividends in201�.(106.47millionshares)

SuMMArYOFQuArTErLY

FINANCIALrESuLTS

�5

(Baht’000)

2014 201� 2012 2011 2010 For the Year (Restated) (Restated) PremiumWritten 15,778,825 15,802,449 1�,174,�16 11,104,916 10,555,676 IncomeonUnderwriting 2,421,021 2,146,�67 (1,501,042) (482,141) 1,297,429 OperatingExpenses 809,�86 1,200,954 668,4�6 616,9�4 591,161 ContributionandFinanceCost 77,401 77,67� 64,890 50,801 42,874 NetUnderwritingProfit(Loss) 1,5�4,2�4 867,740 (2,2�4,�68) (1,149,876) 66�,�94 NetInvestmentIncome 1,154,9�9 1,095,�47 920,058 9�5,991 81�,044 Gain(Loss)onSaleofSecuritiesandAssets 11,495 168,984 2,021,515 656,5�1 190,160 IncomebeforeIncomeTax 2,700,668 2,1�2,071 707,205 442,646 1,666,598 IncomeTax �94,921 �8�,605 4�,25� (472,2�1) 4�4,241 NetIncome 2,�05,747 1,748,466 66�,952 914,877 1,2�2,�57 AtYear-end UnearnedPremiumReserve 7,���,611 7,110,475 5,920,�55 5,051,044 5,�58,997 Shareholders’Equity 27,971,�5� 21,67�,018 20,�78,749 17,10�,291 17,840,758 PerShare (Baht) BasicEarningsPerShare 21.66 22.99 8.7� 12.0� 16.20 OrdinaryShare(Shares) 106.47Million 76.05Million 76.05Million 76.05Million 76.05Million Dividends 12.00 12.00 12.00 12.00 12.00 StockDividends - 4.00 - - - BookValue 262.72 284.98 267.97 224.90 2�4.59 MarketPrice High 490.00 456.00 295.00 266.00 �12.00 Low ��7.00 288.00 220.00 195.00 197.00 MarketPriceatYear-end �66.00 �71.00 292.00 220.00 249.00 ParValue 10.00 10.00 10.00 10.00 10.00 NumberofEmployees 1,446 1,�86 1,278 1,211 1,148Remarks:*BeforerestatefinancialstatementsonThaiAccountingStandard12Incometaxes

FIVEYEArSrEVIEW

*

*

*

*

*

�7

AdVISOrYBOArd

Mr. Piti Sithi-amnuai Adviser

Mr. Damrong Krishnamara Adviser

Mr. Chatri Sophonpanich Chairman

�8

BOArdOFdIrECTOrSANdBOArdOFdIrECTOrSPrOFILE

Mr. Chai Sophonpanich Chairman

Education -B.Sc.,UniversityofColorado,U.S.A.-AdvancedManagementProgram, theWhartonSchool-TheJointState-PrivateSectorsClass6, theNationalDefenceCollegeofThailand-DirectorCertificationProgram(DCP) Class16/2002,ThaiInstituteofDirectors Association-Chairman2000Class10/2004, ThaiInstituteofDirectorsAssociationWork Experiences -ChairmanandChiefExecutiveOfficer, BangkokInsurancePublicCo.,Ltd. (2010-present)-Chairman,BangkokInsurancePublic Co.,Ltd.(1978-present)-President,BangkokInsurancePublic Co.,Ltd.(1976-2009)-Chairman,FurakawaMetal(Thailand) PublicCo.,Ltd.(1988-present)-Chairman,CharoongThaiWire&Cable PublicCo.,Ltd.(1986-present)-Chairman,BumrungradHospital PublicCo.,Ltd.(1979-present)-ViceChairman,ThaiReinsurancePublic Co.,Ltd.(1978-present)-Director,BangkokLifeAssurancePublic Co.,Ltd.(1968-present)-Director,InternationalInsuranceSociety, Inc.,NewYork,U.S.A.(2009-present)-Chairman,TheFederationofThai InsuranceOrganization(2006-2008)-President,TheGeneralInsurance Association(1984-1986,1989-1991, 1997-2001,2005-2007)-Chairman,AseanReinsuranceCorp.,Ltd. Singapore(1988-1992)-Chairman,AseanInsuranceCouncil, Jakarta(1987-1989)-President,TheEastAsianInsurance Congress(1984-1986,2004-2006)

Mr. Plengsakdi Prakaspesat IndependentDirectorandChairman

oftheAuditCommittee

Education -GraduateinCommercefromRossCollege (Dublin),Ireland-Ph.D.(HonorarisCausa)onMass Communication,RamkhamhaengUniversity-Ph.D.(HonorarisCausa)onArts, RajabhatInstituteLampang-CertificateoftheCourseforTop Executives,TheAssociationforOverseas TechnicalScholarship(AOTS),Japan-TheJointState-PrivateSectorClass1, TheNationalDefenceCollegeofThailand-DirectorAccreditationProgram(DAP) Class27/200�,ThaiInstituteofDirectors Association-TheCharacteristicsofEffectiveDirectors Class1/2006,ThaiInstituteofDirectors Association-AuditCommitteeProgram(ACP) Class17/2007,ThaiInstituteofDirectors AssociationWork Experiences -ChairmanoftheAuditCommittee, BangkokInsurancePublicCo.,Ltd. (2005-present)-IndependentDirector,BangkokInsurance PublicCo.,Ltd.(1999-present)-DirectorofRemunerationandNomination Committee,BangkokInsurancePublic Co.,Ltd.(2004-2005)-DirectorofAuditCommittee,Bangkok InsurancePublicCo.,Ltd.(1999-2005)-IndependentDirectorandMemberofthe AuditCommittee,IndustrialandCommercial BankofChina(Thai)PublicCo.,Ltd. (Jul2010-present)-MemberoftheCompensationand CorporateGovernanceCommittee, ACLBankPublicCo.,Ltd.(2007-Apr2010)-IndependentDirectorandMemberofthe AuditCommittee,ACLBankPublicCo.,Ltd. (2005-Jun2010)-TerritorialVolunteerDefenceCorpsColonel andVicePresidentoftheFoundationof TheVolunteersDefenceUnderTheRoyal PatronageofHerMajestyTheQueen (2009-present)-Adviser,UnitedFlourMillPublicCo.,Ltd. (2001-present)-ViceChairman,UnitedFlourMillPublic Co.,Ltd.(1980-2001)-SeniorAdviser,ThaiCentralChemical PublicCo.,Ltd.(1997-present)-QualifiedCommittee, AssumptionUniversity(1987-present)-MemberExpertsofFertilizerCommittee, TheMinistryofAgricultureand Cooperatives (2010-2011,2012-2013)-CorporateChairman,MC.Industrial ChemicalCo.,Ltd.(1997-2005)-HonoraryChairman,AsiaPacificPotash CorporationLtd.(1984-2006)

Mr. Singh Tangtaswas IndependentDirectorandChairmanof

RemunerationandNominationCommittee

Education -B.A.(Economics),ThammasatUniversity-M.B.A.(Finance),theWhartonSchoolof FinanceandCommerce,Universityof Pennsylvania-CertificateofManagementDevelopment Program,theWhartonSchool-CertificateofExecutiveDevelopment Program,HarvardBusinessSchool-DirectorCertificationProgram(DCP) Class0/2000,ThaiInstituteofDirectors AssociationWork Experiences -IndependentDirectorandChairmanof Remuneration&NominationCommittee, BangkokInsurancePublicCo.,Ltd. (2004-present)-Director,ThaiInstituteofDirectors Association(2010-present)-ExecutiveDirector,BangkokBankPublic Co.,Ltd.(2005-present)-ChairmanofRiskManagementCommittee, BangkokBankPublicCo.,Ltd. (2005-present)-ManagingDirector,BangkokBankPublic Co.,Ltd.(2006-2010)-IndependentDirectorandChairmanofthe AuditCommittee,ThaiOpticalGroup PublicCo.,Ltd.(2004-present)-IndependentDirector,TWZCorporation PublicCo.,Ltd.(2005-201�)-Adviser,CorporateGovernanceCenter, TheStockExchangeofThailand (2002-2009)-PresidentandChiefExecutiveDirector, KrungThaiBankPublicCo.,Ltd. (1999-2001)

Miss Potjanee Thanavaranit IndependentDirectorandDirector

oftheAuditCommittee

Education - B.B.A.(Accounting),ChulalongkornUniversity-M.B.A.,SyracuseUniversity,NewYork,U.S.A.-CertificateofAdvancedCourseinGeneral Insurance,SwissInsuranceTrainingCenter,Switzerland-CertificateofAdvancedManagementProgram, AustralianManagementCollege,Australia-CertificateofExecutiveDevelopmentProgram Class18,OfficeoftheCivilServiceCommission-NationalDefenceCollege,Class42-DirectorCertificationProgram(DCP)Class17/2002, ThaiInstituteofDirectorsAssociation- RoleoftheChairmanProgram(RCP)Class 1�/2006,ThaiInstituteofDirectorsAssociation- RoleoftheCompensationCommitteeProgram (RCC)Class4/2007,ThaiInstituteofDirectors Association-AuditCommitteeProgram(ACP)Class�2/2010, ThaiInstituteofDirectorsAssociation- FinancialInstitutionsGovernanceProgram(FGP) Class2/2011,ThaiInstituteofDirectorsAssociation-AdvancedAuditCommitteeProgram(AACP) Class10/201�,ThaiInstituteofDirectorsAssociation-Anti-CorruptionforExecutiveProgram(ACEP) Class7/201�,ThaiInstituteofDirectorsAssociation-DirectorCertificationProgramUpdate(DCPU) Class1/2014,ThaiInstituteofDirectorsAssociation-CertificateofTopExecutiveProgramClass8, CapitalMarketAcademy-CertificateofTopExecutivePrograminCommerce andTradeClass�,CommerceAcademy-AdvanceSecurityManagementProgramClass2, TheNationalDefenceCollegeofThailandWork Experiences - IndependentDirectorandDirectorofthe AuditCommittee,BangkokInsurancePublicCo.,Ltd. (2007-present)-MemberofTheNationalReformCouncil(present)- ChairmanoftheBoard(IndependentDirector), AuditCommitteeMemberandChairmanofthe Compensation&NominatingCommittee, UniventuresPublicCompanyLimited(present)-MemberoftheCouncilofState(Group�- MonetaryLaws)(present)-QualifiedMemberoftheCommittee,TheFederation ofThaiInsuranceOrganization(present)- IndependentDirectorandAuditCommitteeMember, ThaiReinsurancePublicCo.,Ltd.(present)- DirectorofRemunerationandNominating Committee,ThaiReinsurancePublicCo.,Ltd. (Jun2012-Apr2014)- ChairmanoftheRemunerationCommittee, ChairmanoftheGoodGovernanceCommittee, IndependentDirectorandAuditCommittee Member,OISHIGroupPublicCo.,Ltd.(present)- IndependentDirector,BreliJuckerPublic Co.,Ltd.(present)- IndependentDirectorandChairmanoftheAudit Committee,BankofAyudhayaPublicCo.,Ltd. (present)- Director,BJCLogisticandWarehouseCo.,Ltd (Apr2010-Jul201�)- ChairmanofthePublicSectorAuditand EvaluationCommitteeforMinistryofCommerce (Nov2008-Mar201�)- SecondVice-PresidentoftheNational LegislativeAssembly(Oct2006-2008)- AdvisertotheCommerceMinistry(Oct2006-Jan2008)- EconomicAdviser,theCouncilforNational Security(Sep2006-Jan2008)- SubCommissioner,theSub-Commissionon theDevelopmentandPromotionofPublic OrganizationandotherOrganizationsunder GovernmentalSupervision,thePublicSector DevelopmentCommission(2005-May2011)- Chairman,ThailandInsuranceInstitute(2002-2007)-MemberoftheFinancialInstitutionPolicy Committee,theBankofThailand(2001-Aug2008)- Director-General,DepartmentofInsurance, MinistryofCommerce(2001-2006)- Inspector-General,MinistryofCommerce (1999-2001)- DeputyDirectorGeneral,Departmentof Insurance,MinistryofCommerce(1994-1999)

Mr. Chor.nun Petpaisit IndependentDirectorandDirector

oftheAuditCommittee

Education -B.B.A.(Accounting),ThammasatUniversity-DirectorAccreditationProgram(DAP) Class28/2004,ThaiInstituteofDirectors Association-DirectorCertificationProgram(DCP) Class76/2006,ThaiInstituteofDirectors Association-AuditCommitteeProgram(ACP) Class28/2009,ThaiInstituteofDirectors Association-SuccessfulFormulation&Executionof Strategy(SFE)Class8/2010,ThaiInstitute ofDirectorsAssociation-FinancialInstitutionsGovernanceProgram (FGP)Class4/2012,ThaiInstituteofDirectors AssociationWork Experiences -DirectoroftheAuditCommittee,Bangkok InsurancePublicCo.,Ltd.(2009-present)-IndependentDirector,BangkokInsurance PublicCo.,Ltd.(2006-present,2002-2004)-InspectorGeneral,MinistryofFinance (2011-2012)-Director,GovernmentSavingsBank (2011-2012)-Director,TheGovernmentPharmaceutical Organization(2009-2012)-Director,TourismAuthorityofThailand (2010-2011,2005-2006)-Director,GovernmentHousingBank (2010-2011,2006-2008)-PrincipalAdviseronPerformance Improvement,TheRevenueDepartment, MinistryofFinance(2008-2011)-PolicyandPlanExpert,TheRevenue Department,MinistryofFinance (2001-2008)-Director,BureauofTaxAuditOperation, TheRevenueDepartment,Ministryof Finance(2000-2001)-Director,NationalScienceMuseum (2005-2007)

Mr. Suvarn Thansathit IndependentDirectorandDirector

oftheRemunerationandNominationCommittee

Education -M.Sc.inCommerce,UniversityofSanto Tomas,Philippines-DirectorCertificationProgram(DCP) Class6�/2005,ThaiInstituteofDirectors Association-TheJointState-PrivateSectorClass�55, TheNationalDefenceCollegeofThailandWork Experiences -IndependentDirectorandDirectorofthe Remuneration&NominationCommittee, BangkokInsurancePublicCo.,Ltd. (2005-present)-ExecutiveDirectorandSeniorExecutive VicePresident,BangkokBankPublic Co.,Ltd.(2006-present)-SeniorExecutiveVicePresident, BangkokBankPublicCo.,Ltd. (1996-2006)-Executive,BangkokBankPublicCo.,Ltd. (197�-1996)-Chairperson,SinnsuptaweeAsset ManagementCo.,Ltd.(2006-present)-IndependentDirectorandChairmanof theAuditCommittee,LalinProperty PublicCo.,Ltd.(2002-present)

Mr. Virasak Sutanthavibul IndependentDirectorandChairmanof

theCorporateGovernanceCommitteeandDirectoroftheRemunerationandNominationCommittee

(AppointedonFebruary27,2015)Education -B.Eng.,ChulalongkornUniversity-M.Eng.,TexasA&MUniversity,Texas,U.S.A.-TheJointState-PrivateSectors Class18/2005,TheNationalDefence CollegeofThailand-DirectorAccreditationProgram(DAP) Class21/200�,ThaiInstituteofDirectors Association-Certificate,CapitalMarketAcademy (CMA),Class10/2010-Certificate,ThailandEnergyAcademy (TEA),Class1/2012-CertificateofCompletionandGraduation Pin,JusticeAdministrationBatch17 NationalJusticeAcademy(2012-201�)-Certificate,HarvardUniversity,Advanced ManagementProgram,U.S.A.-Certificate,HarvardUniversity, FinancialInstitutionforPrivateEnterprise Development,U.S.A.Work Experiences -DirectoroftheRemunerationand NominationCommittee,BangkokInsurance PublicCo.,Ltd.(Feb2015-present)-ChairmanoftheCorporateGovernance Committee,BangkokInsurancePublic Co.,Ltd.(2011-present)-IndependentDirector,BangkokInsurance PublicCo.,Ltd.(2005-present)-SeniorExecutiveVicePresident,incharge ofCommercialBanking,BangkokBank PublicCo.,Ltd.(2012-present)-ExecutiveVicePresident,Headof MetropolitanCommercialBanking, BangkokBankPublicCo.,Ltd.(2002-2012)-DirectorandAuditCommitteeMember, BangpakongTerminalPublicCo.,Ltd. (2012-present)-Director,TheGrand-UBCo.,Ltd. (2008-present)-IndependentDirectorandAudit CommitteeMember,T.KrungthaiIndustries PublicCo.,Ltd.(2004-present)-Director,ToyotaLeasing(Thailand)Co.,Ltd. (2001-present)-Director,ThaiIndoCordsaCo.,Ltd. (2001-present)-Director,AsiaLampIndustryCo.,Ltd. (2001-present)

Mrs. Nintira Sophonpanich IndependentDirectorandDirector

oftheCorporateGovernanceCommittee

Education -B.Sc.Economics(Hon.)LondonSchoolof EconomicsandPoliticalSciences,England-M.B.A.,CassBusinessSchool, CityUniversityLondon,England-FinancialExecutiveDevelopmentProgram (FINEXV)-DirectorAccreditationProgram(DAP) Class40/2005,ThaiInstituteofDirectors AssociationWork Experience -DirectoroftheCorporateGovernance Committee,BangkokInsurancePublic Co.,Ltd.(Feb2011-present)-IndependentDirector,BangkokInsurance PublicCo.,Ltd.(Apr2010-present)-Director,AsiaPlusAdvisoryCo.,Ltd. (2008-present)-Director,BangkokBTMULtd. (2000-present)-Director,AsiaPlusGroupHoldings SecuritiesPublicCo.,Ltd.(1994-present)-ExecutiveDirector,AsiaPlusGroupHoldings SecuritiesPublicCo.,Ltd.(1994-2008)-DirectorandTreasurer,TheQueen’s GalleryFoundation(200�-present)-Director,FoundationfortheWelfareof theCrippled(2002-present) -DirectorandTreasurer,ThePANPacific andSoutheastAsiaWomen’sAssociation ofThailand(1999-present)-InvestmentDirector,CitiCapitalCo.,Ltd. (1991-1994)-Manager,Citicorp(Thailand)Ltd. (1987-1990)

M.R. Supadis Diskul IndependentDirectorandDirector

ofRemunerationandNominationCommittee

Education -MasterofCommunityandRegionalPlanning, NorthDakotaStateUniversity,U.S.A.-B.Sc.,MedicalTechnology,MahidolUniversity-Certificate,NationalDefenceCollege, TheNationalDefenceCoursefortheJoint State-PrivateSectors,Class15-FinanceforNon-FinanceDirector(FND) Class1/2001,ThaiInstituteofDirectors Association-DirectorAccreditationProgram(DAP) Class12/2004,ThaiInstituteofDirectors Association-DirectorCertificationProgram(DCP) Class51/2004,ThaiInstituteofDirectors Association-RoleoftheCompensationCommittee Program(RCC)Class4/2007,ThaiInstitute ofDirectorsAssociation-RoleofChairmanProgram(RCP)Class16/2007, ThaiInstituteofDirectorsAssociation-SuccessfulFormulationandExecutionof Strategy(SFE)Class5/2009,ThaiInstituteof DirectorsAssociation-Anti-CorruptionforExecutiveProgram (ACEP)11/2014,ThaiInstituteofDirectors AssociationWork Experiences -IndependentDirectorandDirectorof RemunerationandNominationCommittee, BangkokInsurancePublicCo.,Ltd. (Apr201�-present)-ExecutiveChairman,BangkokAviationFuel ServicesPublicCo.,Ltd.(May201�-present)-Director,BangkokAviationFuelServices PublicCo.,Ltd.(198�-present)-ManagingDirector,BangkokAviationFuel ServicesPublicCo.,Ltd.(198�-2014)-Chairman,FuelPipelineTransportationLtd. (2006-present)-ManagingDirector,FuelPipeline TransportationLtd.(1991-2006)-Director,JP-OneAssetCo.,Ltd.(2004-2014)-ManagingDirector,JP-OneAssetCo.,Ltd. (2004-2011)-Director,ThaiAviationRefuellingCo.,Ltd. (1996-present) -ManagingDirector,ThaiAviationRefuelling Co.,Ltd.(1996-2011)-Chairman,IntoplaneServicesCo.,Ltd. (199�-present)-Director,BAFSInternationalLi