Financial Highlights
Unit: Million Baht
Statement of Comprehensive Income
(Base on financial statements in which the equity method is applied)
Operating Results (Net of Tax*) | 2024 | 1Q2024 | 1Q2025 |
---|---|---|---|
Contractual service margin (CSM) released | 9,211 | 2,269 | 2,416 |
Risk adjustment (RA) released | 1,751 | 453 | 380 |
Expected claims and insurance expenses and others | 15,314 | 3,596 | 4,386 |
Insurance revenue | 26,276 | 6,318 | 7,182 |
Actual claims and insurance expenses and others | (16,207) | (3,731) | (4,604) |
Net (expenses) income from reinsurance contracts held | (43) | (13) | 118 |
Actual claims and insurance expenses and others, net of reinsurance | (16,250) | (3,744) | (4,486) |
Other expenses | (1,189) | (232) | (268) |
Insurance profit | 8,837 | 2,342 | 2,428 |
Investment income | 13,837 | 3,351 | 3,520 |
Extraordinary and market fluctuation items | 3,084 | 2,426 | (69) |
Net insurance finance expense (Interest cost of insurance contract liability) | (12,389) | (3,048) | (3,196) |
Investment profit | 4,532 | 2,729 | 255 |
Net profit | 13,369 | 5,071 | 2,683 |
Net profit (Exclude extraordinary and market fluctuation items) | 10,285 | 2,645 | 2,752 |
* Each line items are presented as the net amount of income tax expenses by using effective tax rate.
Other expenses consist of other operating expenses which are not attributable to insurance contracts, net of other income.
Investment income consists of interest income, dividend income and share of profit of associate.
Extraordinary and market fluctuation items consist of gain (loss) on investments, gain (loss) on fair value change, and change in expected credit loss.
Statements of Financial Position
(Base on financial statements in which the equity method is applied)
(Unit : Million Baht) | 2024 | 1Q2025 |
---|---|---|
Assets | ||
Cash and cash equivalents | 10,917 | 4,109 |
Investment assets | ||
Financial assets - debt instruments | 535,226 | 539,515 |
Financial assets - equity instruments | 34,857 | 50,235 |
Loans and accrued interest | 22 | 22 |
Total investment assets | 570,105 | 589,772 |
Total financial investment assets | 581,022 | 593,881 |
Assets other than the abovementioned | 15,743 | 18,607 |
Total assets | 596,765 | 612,488 |
Liabilities and Equity | ||
Liabilities | ||
Insurance and reinsurance contract liabilities | ||
Insurance contract liabilities | 457,343 | 462,755 |
Reinsurance contract liabilities | 664 | 438 |
Total insurance and reinsurance contract liabilities | 458,007 | 463,193 |
Liabilities other than the abovementioned | 13,420 | 16,640 |
Total liabilities | 471,427 | 479,833 |
Equity | ||
Share capital | 31,232 | 31,232 |
Retained earnings | 78,810 | 80,686 |
Other components of equity | 15,296 | 20,737 |
Total equity | 125,338 | 132,655 |
Total liabilities and equity | 596,765 | 612,488 |
Assets other than the abovementioned consist of accrued investment income, insurance contract assets, reinsurance contract assets, derivative assets, net investments in associated companies, net land, premises and equipment, net intangible assets, net property foreclosed, net deferred tax assets and other assets.
Liabilities other than the abovementioned consist of derivative liabilities, income tax payable, net deferred tax liabilities, employee benefit obligations and other liabilities.
Statements of Cash Flows
(Unit : Million Baht) | 1Q2024 | 1Q2025 |
---|---|---|
Net cash provided by (used in) operating activities | (4,429) | (6,695) |
Net cash provided by (used in) investing activities | (99) | (113) |
Net cash provided by (used in) financing activities | - | - |
Net increase (decrease) in cash and cash equivalents | (4,528) | (6,808) |
Cash and cash equivalents at beginning of the year/period | 7,696 | 10,917 |
Cash and cash equivalents at the end of the year/period | 3,168 | 4,109 |
Financial Ratio
2024 | 1Q2024 | 1Q2025 | |
---|---|---|---|
Profit Ratios | |||
Net profit margin (%) | 24.74 | 33.18 | 20.38 |
2024 | 1Q2025 | |
---|---|---|
Return on average investments (%) | 4.64 | 4.15 |
Return on average shareholders’ equity (%) | 11.73 | 8.91 |
Efficiency ratios | ||
Return on average assets (%) | 2.36 | 1.87 |
Other financial ratios | ||
Debt to equity ratio | 3.76x | 3.62x |
- [1] Net profit margin is calculated as net profit divided by total revenues for the period. Total revenues consist of insurance revenue, net investment income, share of profit of associate, and other income.
- [2] Return on investments is calculated as sum of investment income and gain (loss) on investment in the latest 12 months divided by an average of the sum of net financial investment assets at the beginning and the end of the period.
- [3] Return on shareholders’ equity is calculated as net profit in the latest 12 months divided by average total shareholders’ equity at the beginning and the end of the period.
- [4] Return on assets is calculated as net profit in the latest 12 months divided by average total assets at the beginning and the end of the period.
- [5] Debt to equity ratio is calculated as total liabilities divided by total shareholders’ equity at the end of the period.
Actuarial data
(Unit : Million Baht) | 1Q2024 | 1Q2025 |
---|---|---|
Annual premium equivalent (APE) | 2,945 | 3,718 |
Value of new business (VONB) | 1,836 | 2,561 |
VONB margin (%) | 62.3 | 68.9 |
Embedded value as of 31 December 2024 | 180,773 | 180,773 |
Capital adequacy ratio (%) | 391.1 | 551.4 |