Business Overview
The company operates life insurance business. Our product portfolio comprises a comprehensive suite of individual and group products, including a range of life and health protection, savings, investment and legacy-planning products, designed to meet our customers’ needs at every stage of their lives.
Financial Statement
| 2023 | 2022 | 2021 | 2020 |
|---|
Income Statement (MB)
| Revenues | 108,758.74 | 107,152.59 | 109,246.02 | 107,642.26 |
| Expenses | 96,751.99 | 95,730.43 | 98,444.44 | 98,057.35 |
| Net Profit (Loss) | 9,706.66 | 9,265.06 | 8,393.52 | 7,692.32 |
Balance Sheet (MB)
| Assets | 572,793.08 | 556,041.81 | 533,706.29 | 494,045.20 |
| Liabilities | 468,213.72 | 457,973.63 | 447,275.06 | 416,259.75 |
| Shareholders' Equity | 104,579.36 | 98,068.18 | 86,431.23 | 77,785.45 |
Cash Flow (MB)
| Operating | 3,877.41 | -10,291.89 | -294.44 | 3,761.44 |
| Investing | -432.19 | -37.68 | -619.00 | -302.25 |
| Financing | -3,434.93 | 10,688.99 | -2,257.80 | -1,409.80 |
Financial Ratio
| EPS (Baht) | 0.85 | 0.84 | 0.79 | 0.73 |
| GP Margin (%) | - | - | - | - |
| NP Margin (%) | 8.92 | 8.65 | 7.68 | 7.15 |
| D/E Ratio (x) | 4.48 | 4.67 | 5.17 | 5.35 |
| ROE (%) | 9.58 | 10.04 | 10.22 | 10.38 |
| ROA (%) | 1.72 | 1.70 | 1.63 | 1.62 |
Business Plan
The Company operates business with a vision "To be a value-driven life insurance company of sustainability". The mission is to enrich lives by enhancing share of connectivity for a well-being society. To achieve the vision and mission, the Company has created strategy roadmap with 2 phases: "Transforming Tomorrow" and "Sustainable Tomorrow", in order to build an ecosystem giving customers superior products and services with end-to-end omotenashi human experience from best in class agents and enhancing partnerships.
Sustainable Development Plan
Economic & Governance Dimension
- Launched “Thai Life Insurance Promptpay CI 108” and “Thai Life Insurance - Health Fit Multi Pay Cancer”.
- Connecting healthcare information systems with contract hospitals by API technology.
- Selected as a group of 2023 ESG Emerging List in the ESG100.
- Received the Insurance Asia Awards 2023 in the category of Sustainable Insurance Initiative of the Year – Thailand Awards.
Social Dimension
- Launched ESG products for community enterprises, “Thai Life Insurance Suk Yang Yuen Refund”.
- Enhanced financial accessibility with over 650,000 registered users of the TLI App.
- Committed to provide financial knowledge to customers and community through Creating Shared Value (CSV) project.
- Enhanced sustainable business awareness among suppliers and partners by organizing seminar of “Sustainable Procurement”.
Environmental Dimension
- Implemented Green Building project, involving the refurbishment and maintenance of the air ventilation system and the installation of Solar Cell to decrease the energy usage.
- Participated in Special Campaign EV / HEV Car with Toyota Leasing to promote the energy-saving cars.
- Participated in Care the Whale project by SET to promote waste reduction and develop environmental management.
Business Highlight
The Company is the first largest life insurance company in Thailand
which owned and operated by Thai nationals with history of more
than 82 years based on premiums from TLAA. Thai Life's brand is successfully developed to be the top insurance providers.
Performance and Analysis
Business Performance Summary
- The Company registered a net profit of 9,707 MB for YE23. Insurance profit continued to grow, while the decrease in investment profit was mainly driven by a higher loss on fair value changes due to the foreign exchange market volatility, a higher impairment expense from unit trusts portfolio in line with the unfavourable market, and a lower gain on sale of equity securities compared to the last year.
- Although the APE was lower than last year, VONB continued to grow as a result of the success in shifting product mix toward more profitable product.
Key Milestones
- Received the Brand of the Year Award 2023-2024 at the World Branding Awards for the seventh consecutive year in England.
- Received the Thailand Corporate Excellence Awards 2023 in the category of products and services excellence.
- Joined SET50 index under the security named “TLI”.
- Received Most Innovative Life Insurance Company – Thailand 2023 from International Finance Awards 2023 as organization with outstanding innovation.
- Striving Digital Transformation of innovative e-Services such as;
- Customer Engagement: provide claim transfer service within the same day of approval through “Thai Life Insurance Smart Pay”, payment of insurance premiums via automatic online direct debit (ODD), e-Receipt service through TLI application and iService website, including development of the electronic identity verification with Face Scan (e-KYC) on TLI application.
- Channel Productivity: enhance agent platform and develop Digital for Life (DFL) sales application for partnership channel to fasten sales processes.
- Operational Efficiency: develop automated underwriting of new insurance policies (Auto-underwritten).
Risk Management Policy
- The Company defines risk management as a crucial process to strategy formulation, planning, organizing, executing, and controlling our business activities. This approach aims to cost-effectively minimize the adverse effects of potential damage. The principle of risk management involves managing risks at an appropriate level in order for the Company to receive maximum business opportunities and reduce the negative impact of the risks involved. In addition, the Company's risk management is complying with the regulations of various regulatory bodies.
- The Company is committed to build financial strength through optimized profits rather than maximized profits. As the Company aspires to be an organization characterized by sustainability, we actively endeavor to create value for our stakeholders by implementing appropriate risk management and assessments. The Company believes that robust risk management plays a pivotal role in fulfilling our mission and achieving our business objectives.
Recent Awards and Recognitions
The Company has won several awards on a national and international level in multiple categories including branding, organization, marketing, innovation and social responsibility.
See more information at the following link:
https://www.thailife.com/รางวัลแห่งเกียรติยศคนไทย-ด้านบริหารองค์กร#management
Revenue Structure
Stock Information
SET / FINCIAL / INSUR
| as of 28/12/23 | TLI | INSUR | SET |
|---|---|---|---|
| P/E (X) | 11.67 | 12.84 | 18.42 |
| P/BV (X) | 1.06 | 1.09 | 1.36 |
| Dividend yield (%) | 3.28 | 4.39 | 3.32 |
| 28/12/23 | 30/12/22 | - | |
|---|---|---|---|
| Market Cap (MB) | 104,767.50 | 170,605.00 | N/A |
| Price (B/Share) | 9.15 | 14.90 | N/A |
| P/E (X) | 11.67 | 20.77 | N/A |
| P/BV (X) | 1.06 | 1.90 | N/A |
CG Report:
Company Rating:
AAA(tha) - Fitch Ratings
Major Shareholders
as of 10/05/2023
Company Information and Contact
investor.thailife.com
investor.relations@thailife.com
02-354-2424-5
123 Thai Life Insurance Building, Ratchadaphisek Road, Din Daeng Bangkok 10400
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=TLI
Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel.
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