Press Releases
Thai Life Insurance reported the financial results for the first nine months of 2024, achieving net profit of 8,399 Million Baht, an 8.7% increase over the same period last year. This growth was driven by robust gains in both insurance profit and investment profit. The Value of New Business (VONB) reached 5,178 million Baht, with a solid VONB margin of 62.4%, supported by effective execution of the product strategy
Mr. Chai Chaiyawan, Director and Chief Executive Officer of Thai Life Insurance Public Company Limited, or TLI, announced the Company's financial performance for the period ending September 30, 2024, highlighting a net profit of 2,498 Million Baht in the third quarter, reflecting a strong 19.6% growth over the same period last year. This strong performance contributed to a nine-month net profit of 8,399 million Baht, an 8.7% increase year-over-year. Insurance profit rose by 5.8%, driven by product strategies tailored to meet diverse customer needs.
Investment profit saw strong growth of 16.8% in the first nine months of 2024, supported by higher returns and improved stock market conditions. The Company’s diversified investment portfolio is prudently allocated to ensure sustainable returns for shareholders. As of September 30, 2024, more than 80% of our total investment assets were invested in fixed income securities.
Value of New Business (VONB) for the first nine months of 2024 registered at 5,178 Million Baht with a healthy VONB margin of 62.4%. The Company generated total gross written premium of 60,307 Million Baht during the first nine months of 2024. Capital adequacy ratio stood at 409.8% as of September 30, 2024, much higher than the regulatory minimum of 140%. The Company treats a robust capital position as the foundation of sustainability.
Thai Life Insurance places high importance on sustainability in its operations, integrating ESG principles into its business strategy across economic, social, environmental, and governance dimensions. This commitment is recognized by the various awards that the Company has received, including the 1st Outstanding Management Life Insurance Company of the Year 2023 from the Office of Insurance Commission (OIC), Best Service Provider of the Year 2024 Life Insurance from the Money & Banking Awards 2024, presented by the Money & Banking Magazine, the Gold Emblem of Sustainability from Enterprise Asia with Thai Life Insurance being the only insurance company in Asia to receive this Gold Emblem. These accolades underscore the Company's vision “To be a value-driven life insurance company of sustainability”.
In addition, Thai Life received CGR Rating Score (Corporate Governance Report of Thai Listed Company) with “5 stars” or “Excellent” level from Thai Institute of Directors (IOD).
“In alignment with our commitment to sustainability, Thai Life Insurance extends this value to our stakeholders. Recently, the Company organized an online seminar for suppliers and business partners titled “Driving Sustainable Value with Thai Life Insurance.” The seminar aimed to share insights into our sustainability initiatives and plans, fostering collaborative efforts with partners to achieve shared sustainability objectives,” Mr. Chai Chaiyawan mentioned.