Our Board will evaluate our ability to pay dividends by taking into account our financial position, working capital and performance
including any contractual restrictions and commitments such as a commitment to repay loans and to distribute benefits to the insured as required by insurance policies, and other factors such as market and economic conditions, as the Board thinks fit.

In any circumstance, the dividend payment is subject to our Articles of Association, the approval of our shareholders and/or the Board, and other applicable laws. From time to time, our Board may declare interim dividends and report such payments to the shareholders’ meeting for acknowledgment at the next shareholders’ meeting. Dividend must only be paid from net profit after taxes and legal reserves. It is our policy to pay to our shareholders a dividend of not less than 30% of net profit after taxes in each fiscal year. However, each distribution of dividends and each revision of our dividend policy shall take into account various factors referred to above and is subject to the discretion of our Board.

Under the Public Limited Company Act B.E. 2535 (1992), as amended, (“PLCA”), we may only pay dividends out of profit and, if our retained earnings are not positive, we cannot pay any dividends, even if we record positive profit for the year. In addition, under the Life Insurance Act, we are required to obtain an approval from the Secretary-General of the OIC on our calculation of profits for the purposes of dividend distribution. Dividends in respect of shares of Thai companies are generally subject to income tax withholding at a rate of 10% when paid to non-resident corporate investors or to non-resident individual investors. See “Taxation — Thai Taxation.”

Dividend Payment History

FY 2021
Dividend per share (in Baht)
0.25
Payout Ratio 30.08%

Performance Year Approval date Payment schedule Dividend per share
(in Baht)
Amount
(in million Baht)
Approval date from OIC /2 EPS Payout Ratio /1
FY 2021 1 Apr 2022 25 Apr 2022 0.25 2,650.00 17 Mar 2022 0.83/3 30.08%
FY 2020 28 Apr 2021 18 Jun 2021 21.30 2,257.80 8 Jun 2021 71.02 29.99%
FY 2019 28 Apr 2020 10 Jul 2020 13.30 1,409.80 7 Jul 2020 62.47 21.29%
FY 2018 25 Apr 2019 22 May 2019 13.30 1,409.80 14 May 2019 62.45 21.30%
FY 2017 26 Apr 2018 21 May 2018 13.30 1,409.80 2 May 2018 66.49 20.00%
FY 2016 26 Apr 2017 19 May 2017 11.25 1,192.50 15 May 2017 55.96 20.10%
FY 2015 26 Apr 2016 25 May 2016 10.00 1,060.00 11 May 2016 48.51 20.62%
FY 2014 29 Apr 2015 28 May 2015 9.50 1,007.00 11 May 2015 46.59 20.39%
Remark:
/1 The dividend is paid from separated net profit of the year performance.
/2 OIC stands for Office of Insurance Commission.
/3 As at 17 September 2021, the Extraordinary General Meeting of the Company's shareholders approved the following resolutions:
1)  A change in the par value of the shares from Baht 100 to Baht 1 per share, resulting in an increase in number of the ordinary shares from 106,000,000 ordinary shares to 10,600,000,000 ordinary shares.
2)  An increase the registered shares capital from Baht 10,600,000,000 to Baht 11,600,000,000 by issuing newly 1,000,000,000 ordinary shares.