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Thai (SET) Insurance Industry Analysis
UpdatedDec 23, 2025
DataAggregated Company Financials
Companies18
- 7D2.0%
- 3M-6.2%
- 1Y-6.7%
- YTD-8.8%
In the last week, the Insurance industry is up 1.1%, with Bangkok Life Assurance leading the way, up 7.5%. During this same period, the Thai Group Holdings underperformed, falling 5.3%. In the past year, the industry is down 7.0%. Looking forward, earnings are forecast to grow by 11% annually.
Industry Valuation and Performance
Has the Thai Insurance Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 24 Dec 2025 | ฿231.8b | ฿269.2b | ฿23.0b | 10.4x | 10.1x | 0.9x |
| Fri, 21 Nov 2025 | ฿236.0b | ฿273.0b | ฿23.2b | 9.1x | 10.2x | 0.9x |
| Sun, 19 Oct 2025 | ฿240.3b | ฿265.6b | ฿21.7b | 11.2x | 11.1x | 0.9x |
| Tue, 16 Sep 2025 | ฿246.3b | ฿268.3b | ฿20.9b | 11.7x | 11.8x | 0.9x |
| Thu, 14 Aug 2025 | ฿238.7b | ฿264.7b | ฿18.6b | 11.2x | 12.8x | 0.9x |
| Sat, 12 Jul 2025 | ฿232.4b | ฿264.4b | ฿18.7b | 11.1x | 12.4x | 0.9x |
| Mon, 09 Jun 2025 | ฿236.2b | ฿264.4b | ฿18.7b | 11x | 12.6x | 0.9x |
| Wed, 07 May 2025 | ฿252.1b | ฿267.8b | ฿22.6b | 9.1x | 11.2x | 0.9x |
| Fri, 04 Apr 2025 | ฿250.9b | ฿267.8b | ฿22.6b | 9.2x | 11.1x | 0.9x |
| Sun, 02 Mar 2025 | ฿251.8b | ฿264.7b | ฿21.3b | 9.8x | 11.8x | 1x |
| Tue, 28 Jan 2025 | ฿248.4b | ฿261.8b | ฿20.5b | 10.8x | 12.1x | 0.9x |
| Thu, 26 Dec 2024 | ฿249.6b | ฿261.8b | ฿20.5b | 11.5x | 12.2x | 1x |
| Sat, 23 Nov 2024 | ฿252.6b | ฿261.5b | ฿20.5b | 11.5x | 12.3x | 1x |
| Mon, 21 Oct 2024 | ฿277.1b | ฿263.8b | ฿20.4b | 11x | 13.6x | 1.1x |
| Wed, 18 Sep 2024 | ฿243.0b | ฿263.8b | ฿20.4b | 10.4x | 11.9x | 0.9x |
| Fri, 16 Aug 2024 | ฿212.6b | ฿264.9b | ฿20.4b | 9.4x | 10.4x | 0.8x |
| Sun, 14 Jul 2024 | ฿226.1b | ฿262.8b | ฿20.2b | 10.5x | 11.2x | 0.9x |
| Tue, 11 Jun 2024 | ฿237.0b | ฿262.7b | ฿20.3b | 10.9x | 11.7x | 0.9x |
| Thu, 09 May 2024 | ฿239.4b | ฿258.2b | ฿20.0b | 10.7x | 12x | 0.9x |
| Sat, 06 Apr 2024 | ฿243.5b | ฿258.2b | ฿20.0b | 10.5x | 12.2x | 0.9x |
| Mon, 04 Mar 2024 | ฿242.2b | ฿258.8b | ฿20.0b | 11.1x | 12.1x | 0.9x |
| Wed, 31 Jan 2024 | ฿247.4b | ฿268.9b | ฿16.2b | 11x | 15.2x | 0.9x |
| Fri, 29 Dec 2023 | ฿254.8b | ฿268.9b | ฿16.2b | 11.7x | 15.7x | 0.9x |
| Sun, 26 Nov 2023 | ฿265.9b | ฿268.9b | ฿16.2b | 12.8x | 16.4x | 1x |
| Tue, 24 Oct 2023 | ฿298.1b | ฿265.6b | ฿16.9b | 15.1x | 17.7x | 1.1x |
| Thu, 21 Sep 2023 | ฿328.1b | ฿265.6b | ฿16.9b | 16.7x | 19.4x | 1.2x |
| Sat, 19 Aug 2023 | ฿290.6b | ฿265.6b | ฿16.8b | 14x | 17.3x | 1.1x |
| Mon, 17 Jul 2023 | ฿292.8b | ฿269.1b | ฿15.9b | 18.6x | 18.5x | 1.1x |
| Wed, 14 Jun 2023 | ฿330.0b | ฿269.1b | ฿15.9b | 18.9x | 20.8x | 1.2x |
| Fri, 12 May 2023 | ฿324.4b | ฿271.2b | -฿14,503,187,083.00 | 15.6x | -22.4x | 1.2x |
| Sun, 09 Apr 2023 | ฿323.3b | ฿271.2b | -฿14,503,187,083.00 | 15.5x | -22.3x | 1.2x |
| Tue, 07 Mar 2023 | ฿352.1b | ฿270.7b | -฿19,881,151,759.00 | 18.3x | -17.7x | 1.3x |
| Thu, 02 Feb 2023 | ฿358.9b | ฿270.2b | -฿20,943,500,043.00 | 23.6x | -17.1x | 1.3x |
| Sat, 31 Dec 2022 | ฿366.8b | ฿270.2b | -฿20,937,218,043.00 | 23.1x | -17.5x | 1.4x |
Price to Earnings Ratio
-17.5x
Current Industry PE
- Investors are relatively neutral on the Thai Insurance industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 9.4x.
- The 3-year average PS ratio of 1.0x is higher than the industry's current PS ratio of 0.85x.
Past Earnings Growth
- Total earnings for the Insurance industry have gone up over the last three years, and the industry is now profitable.
- Revenues have remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Thai Financials industry?
| TH Market | -0.29% | |
| Financials | 0.58% | |
| Insurance | 2.03% | |
| Life and Health Insurance | 3.41% | |
| Property and Casualty Insurance | 0.68% | |
| Insurance Brokers | -0.14% | |
| Reinsurance | -4.04% | |
| General Insurance | -5.26% | |
Industry PE
- Investors are most optimistic about the Property and Casualty Insurance industry which is trading above its 3-year average PE ratio of 11.2x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Life and Health Insurance industry, which is trading below its 3-year average of 12.4x.
Forecasted Growth
- Analysts are most optimistic on the Insurance Brokers industry, expecting annual earnings growth of 18% over the next 5 years.
- This is better than its past earnings decline of 10% per year.
- In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 11% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| TLI Thai Life Insurance | ฿9.55 | 3.8% +฿4.0b | -9.0% | PE11.1x | |
| BLA Bangkok Life Assurance | ฿20.00 | 7.0% +฿2.2b | -1.5% | PE6.1x | |
| TIPH Dhipaya Group Holdings | ฿20.60 | 2.0% +฿237.7m | -2.8% | PE9.8x | |
| TQM TQM Alpha | ฿11.40 | 0.9% +฿59.4m | -51.3% | PE9.3x | |
| MTI Muang Thai Insurance | ฿15.60 | 0.6% +฿59.0m | 47.9% | PE27.3x |