Press Releases

Mr. Chai Chaiyawan, Director and Chief Executive Officer of Thai Life Insurance Public Company Limited (“TLI” or the “Company”) announced the results of operations in the first quarter of 2022, stating that the Company has recorded total premiums at 19,450.81 million baht with the first-year premiums of 2,909.68 million baht, which increased by 33.7% compared to the previous year. Single premiums amounted to 1,373.55 million baht, which increased by 7.6% compared to the same period of the previous year. Renewal premiums totaled 15,167.08 million baht while a persistency ratio remained the same at 88.6 %.

Meanwhile, the Company has achieved earnings from investment of 2,240.15 million baht in the first quarter of 2022, an increase of 15.0% year-over-year. The major cause was reclassification of investments in associates in 2021, including Thai Paiboon Insurance Public Company Limited, Thai Credit Retail Bank Public Company Limited and Hotel & Resort Company Limited. The investments in associates were reclassified to investments in assets, resulting in loss recorded in the first quarter of 2021. Such reclassification was not applied in the first quarter of 2022.

Mr. Chai stated, “In the midst of a fluctuating and changing situation, the Company aims for organizational transformation under the vision of becoming a sustainable life insurance company through the launch of comprehensive products to become the smart solutions for all questions regarding life insurance, health insurance and personal financial planning or a “Life Solutions Provider” for every life stage, life event and lifestyle of the insured. The Company also adjusts business strategies for products, services, distribution channels, personnel, and technology, as well as the operations for thorough preparation to respond and adapt to the economic changes and fluctuations from different factors.”

As for the product sales strategy to maintain market share and improve profitability under the changing business scenarios, the Company has focused more on investment-linked product, participating product, and health insurance to conform to the current consumer trends, developing market expansion of both current insured through the sale of a second policy, as well as family insurance plan, and the new customers, which will engage high-net-worth customers and working-age customers. TLI also focuses on expanding distribution channels through its digital platform and the partners with online sales platform to reach customers during social distancing and reduced face-to-face interactions.

The recent COVID-19 pandemic crisis did not significantly affect the operations or expenses from policy benefits and claims as TLI does not provide casualty insurance with COVID-19 lump-sum payments(1). The increase of claims relevant to coronavirus disease, which is generally the coverage based on the riders for health insurance and the compensation of income loss due to hospitalization, is deducted by the decrease of claims for health expenses in other cases since the people avoided visiting the hospitals during the outbreak of COVID-19. A medical loss ratio was 8.0% in the first quarter of 2022, while payment of benefits and expenses for claim process as defined by insurance contract related to COVID-19 amounted to 473.70 million baht.

“Moreover, TLI’s financial position remained stable with the Capital Adequacy Ratio (CAR) at 360.57% as of March 31, 2022. This indicates that the Company is capable of effective administration. “2022 is a crucial year for Thai Life Insurance. In addition to being in business for 80 years, this year, we are also stepping into the new dimension of becoming a sustainable life insurance company that provides security in life and finance for Thais. The Company is in preparation for the launch of an initial public offering (IPO), which is expected to enhance the potential of business improvement in order to remain as life insurance market leader in Thailand and become a true global brand. The Company is now in thorough preparation to file an IPO. The progress will be informed further” Mr. Chai said.

Remark:
(1) “Lump-sum payment” product means the health insurance under which the Insured shall be entitled to a lump-sum payment up to the amount insured if found to have contracted COVID-19. The product is offered by casualty insurance company.