Thai Life insurance

Thai Life Insurance reported a historical high net profit of 9,707 million Baht driven by strong growth in insurance profit of 12.5%. The company maintained the second-largest market share in Thailand. Value of New Business or VONB also registered a healthy growth of 5.4% while the VONB margin expanded to 62.8% in 2023 due to the effective execution of product strategy. As a result of strong operating profit, Embedded Value (EV) registered a solid growth of 10.6% to 160,580 million Baht or equivalent to 14 Baht per share. 

Mr.Angkoon Srikanayanabuth, Senior Executive Vice President of Thai Life Insurance Public Company Limited, represented the company in receiving the Best Life Insurance Company—Thailand 2023 award and the Best Investor Relations (Life Insurance)—Thailand 2023 award from HE Mr. Artur Dmochowski, Ambassador of the Republic of Poland based in Thailand, From The Global Economics Awards 2023, organized by The Global Economics, a leading magazine that presents investment and economic information in various business sectors and industries around the world,
the awards honor financial institutions. and life insurance companies that is outstanding in conducting business in various areas, which reinforces its leadership in the life insurance business

Mr. Chai Chaiyawan, the Director and Chief Executive Officer of Thai Life Insurance Public Company Limited, announced the policy and operational goals for the sales agency nationwide, aiming to unlock the potential of sales to become a Life Solutions Agent to be the answer to life insurance, health insurance and financial planning for customers at the 2024 Annual General Meeting at the IMPACT Convention Center Muang Thong Thani


 

Mr. Kean Hin Lim, President of Thai Life Insurance Public Company Limited, received the Most Innovative Life Insurance Company – Thailand 2023 award from the International Finance Awards 2023 organized by International Finance Magazine (IFM) Magazine. The awards are based on outstanding innovative organizations. This reinforces the company's intention to deliver value to customers. Create market opportunities for life insurance agents and support more efficient work within the organization.

Thai Life announces expiry of bancassurance contract with CIMBT

Mrs. Varang Chaiyawan, Director and Deputy Chief Executive Officer of Thai Life Insurance Public Company Limited (“Thai Life” or “TLI”), disclosed that the 3-year bancassurance partnership contract with CIMB Thai Bank Public Company Limited (“CIMBT”) was expired in Dec 2023.

Mrs. Varang stated, “Thai Life is running a multi-channels distribution strategy and has established long-standing relationships with many partners. We value the bancassurance partnership with CIMBT, especially the collaboration during the pandemic and economic slowdown. We are actively seeking new partners while also strengthening relationships with our existing partners. Simultaneously, our product strategy is geared towards achieving sustainable Value of New Business (VONB) growth, reinforcing our commitment to becoming a value-driven life insurance company of sustainability.”

The new business issued from the bancassurance in CIMB Thai Bank accounts for less than 2% of Thai Life’s total new business during the first nine-month of 2023. Over two-thirds of Thai Life’s new business is generated from the agency channel which Thai Life holds a number 2 position in the market. The company’s goal is to deliver sustainable profits through executing product strategy in various channels.
 

Mr. Chai Chaiyawan, Director and Chief Executive Officer, Thai Life Insurance Public Company Limited, as Vice Chairman of the One for Lives Foundation, donated money from the project to One for Lives, a new life for children's hearts, amounting to 1,800,000 baht to Dr. Surangkana Techapaitoon, Director of Samitivej Children's Hospital, to cover the cost of surgery for children with congenital heart defects who lack funds at Samitivej Srinakarin Hospital.
Thai Life Insurance has conducted fundraising campaigns to provide surgical assistance to underprivileged children with congenital heart disease since 2017 until the present, raising a total of 13,000,000 baht to be able to perform surgery on 65 children with heart disease.