Press Releases
Thai Life Insurance reported first-half result of 2024 with Value of New Business (VONB) of 3,326 Million Baht. VONB margin improved remarkably to 63.7% through an effective execution of the product strategy. Net profit in the second quarter increased by 10.3% from the same period last year to 2,770 Million Baht. The strong growth in the second quarter has brought total six-months net profit to 5,902 Million Baht, 4.6% growth from the same period last year
Mr. Chai Chaiyawan, Director and Chief Executive Officer of Thai Life Insurance Public Company Limited, or TLI, disclosed the company's operating performance in the first six-months of 2024, stating that Thai Life Insurance achieved Value of New Business (VONB) of 3,326 Million Baht. VONB margin was enhanced by 6.1 percentage point to 63.7%. The Company generated total gross written premium of 40,508 Million Baht during the first half of 2024.
The Company has consistently delivered a strong VONB, driven by product strategies that focus on high-value products and market expansion through various channels, with the main channels being agency and partnership.
Our net profit in the second quarter of this year reached 2,770 million Baht, representing a year-on-year growth of 10.3%, primarily driven by improved insurance profit. This strong second-quarter performance boosted the first half net profit to 5,902 million Baht, achieving a 4.6% growth from the same period last year. During the first six months of 2024, insurance profit grew by 16.4%.
Our Embedded Value (EV) recorded a solid number at 158,218 Million Baht at the end of June this year, an equivalent to 13.8 Baht per share. Our capital adequacy ratio stood at 351% as of June 30, 2024, much higher than the regulatory minimum of 140%. We treat a robust capital position as our foundation of sustainability.
The Company’s diversified investment portfolio is allocated in prudent manner to ensure sustainable return to shareholders. As of June 30, 2024, over 80% of our total investment assets is invested in fixed income securities.
In addition, the Company focuses on improving customer experience with advanced digital technology, particularly in creating innovative products and services that meet customers' needs at every stage of life, life events, and lifestyle, offering personalized solutions.
Thai Life Insurance has, therefore, integrated technology to enhance service efficiency and create a Smart Life experience for customers. The Company has developed the TLI application to facilitate customers in accessing policy information and conducting life insurance transactions, such as premium payments, claims, and policy benefits. Furthermore, the app is continuously updated with new features, such as My Wellness Vital Scan for preliminary health checks using facial scans, the Family Policy Management feature allowing to manage and pay premium for family members, and a range of exclusive privileges covering all lifestyles through Thai Life Insurance Privilege.
Mr. Chai Chaiyawan mentioned, “Thai Life Insurance aims to become a sustainable life insurance company that delivers value to stakeholders. To achieve this, the company has integrated ESG principles into its business strategy, covering economic, social, environmental dimensions, and governance. This approach has been concretely demonstrated through various awards and recognitions received by the company, such as being selected for inclusion in the ESG100 list of the ThaiPat Institute for the year 2024, winning the Asia Responsible Enterprise Awards 2024 (AREA 2024) in the Corporate Sustainability Reporting category, and receiving the Gold Emblem of Sustainability from the Enterprise Asia. Additionally, Thai Life Insurance's headquarters building has been awarded the LEED Gold certification by the U.S. Green Building Council (USGBC) and the Green Business Certification Institute (GBCI).”