Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.28 (vs ฿0.23 in 1Q 2025) First quarter 2026 results: EPS: ฿0.28 (up from ฿0.23 in 1Q 2025). Revenue: ฿9.86b (up 7.4% from 1Q 2025). Net income: ฿3.27b (up 22% from 1Q 2025). Profit margin: 33% (up from 29% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.5% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 15
Thai Life Insurance Public Company Limited to Report Q2, 2026 Results on Aug 14, 2026 Thai Life Insurance Public Company Limited announced that they will report Q2, 2026 results on Aug 14, 2026 Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿1.04 (vs ฿1.02 in FY 2024) Full year 2025 results: EPS: ฿1.04 (up from ฿1.02 in FY 2024). Revenue: ฿39.1b (down 64% from FY 2024). Net income: ฿11.9b (up 1.7% from FY 2024). Profit margin: 30% (up from 11% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: ฿0.26 (vs ฿0.22 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.26 (up from ฿0.22 in 3Q 2024). Revenue: ฿14.1b (down 45% from 3Q 2024). Net income: ฿3.03b (up 21% from 3Q 2024). Profit margin: 22% (up from 9.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.3% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.32 (vs ฿0.24 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.32 (up from ฿0.24 in 2Q 2024). Revenue: ฿10.3b (down 55% from 2Q 2024). Net income: ฿3.64b (up 32% from 2Q 2024). Profit margin: 35% (up from 12% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Aug 14
Thai Life Insurance Public Company Limited to Report Q3, 2025 Results on Nov 14, 2025 Thai Life Insurance Public Company Limited announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.23 (vs ฿0.27 in 1Q 2024) First quarter 2025 results: EPS: ฿0.23 (down from ฿0.27 in 1Q 2024). Revenue: ฿13.3b (down 51% from 1Q 2024). Net income: ฿2.68b (down 14% from 1Q 2024). Profit margin: 20% (up from 12% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Announcement • May 14
Thai Life Insurance Public Company Limited to Report Q2, 2025 Results on Aug 14, 2025 Thai Life Insurance Public Company Limited announced that they will report Q2, 2025 results on Aug 14, 2025 Buy Or Sell Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock has risen 12% to ฿12.30. The fair value is estimated to be ฿15.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.3%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Announcement • Mar 26
Thai Lift Industries Public Co. Ltd. Appoints Winyou Chaiyawan as Executive Director On March 25, 2025, Thai Lift Industries Public Co. Ltd. appointed Winyou Chaiyawan as Executive Director. Declared Dividend • Mar 02
Dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 7th May 2025 Payment date: 1st January 1970 Dividend yield will be 4.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
Thai Life Insurance Public Company Limited, Annual General Meeting, Apr 29, 2025 Thai Life Insurance Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 25
Now 21% undervalued Over the last 90 days, the stock has risen 12% to ฿11.90. The fair value is estimated to be ฿15.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.9%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Announcement • Feb 18
Thai Life Insurance Public Company Limited Announces the Demise of Thanya Jarernsuk, Director Thai Life Insurance Public Company Limited announced the demise of Mr. Thanya Jarernsuk, Director. Effective Date of appointment: 26 April, 2012; Expire Date: 16 February 2025. Announcement • Dec 18
Thai Life Insurance Public Company Limited Announces Executive Changes Thai Life Insurance Public Company Limited announced change of chief accountant. Name: Mrs. Chutima Chandrakulsiri; Position of Chief Accountant: Senior Vice President – Accounting; Effective Date of Termination is 31 December 2024. The appointment of Miss Kesinee Rattanapoka as Chief Accountant; Effective date of appointment is 1 January 2025. Position of Chief Accountant: Vice President – Accounting. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.22 (vs ฿0.18 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.22 (up from ฿0.18 in 3Q 2023). Revenue: ฿24.9b (down 14% from 3Q 2023). Net income: ฿2.50b (up 20% from 3Q 2023). Profit margin: 10.0% (up from 7.2% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Price Target Changed • Oct 09
Price target increased by 10% to ฿14.14 Up from ฿12.84, the current price target is an average from 5 analysts. New target price is 25% above last closing price of ฿11.30. Stock is down 3.4% over the past year. The company is forecast to post earnings per share of ฿0.90 for next year compared to ฿0.85 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿10.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Insurance industry in Asia. Total loss to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿16.32 per share. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿8.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿15.67 per share. Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿23.2b (down 6.9% from 2Q 2023). Net income: ฿2.77b (up 10% from 2Q 2023). Profit margin: 12% (up from 10% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Insurance industry in Asia. Price Target Changed • Aug 16
Price target decreased by 7.8% to ฿12.84 Down from ฿13.92, the current price target is an average from 5 analysts. New target price is 75% above last closing price of ฿7.35. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿0.87 for next year compared to ฿0.85 last year. Price Target Changed • Jun 13
Price target decreased by 12% to ฿14.65 Down from ฿16.62, the current price target is an average from 6 analysts. New target price is 95% above last closing price of ฿7.50. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿0.86 for next year compared to ฿0.85 last year. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: ฿27.2b (up 11% from 1Q 2023). Net income: ฿3.13b (flat on 1Q 2023). Profit margin: 12% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Insurance industry in Asia. Announcement • Mar 01
Thai Life Insurance Public Company Limited, Annual General Meeting, Apr 26, 2024 Thai Life Insurance Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To adopt the Minutes of the Annual General Meeting of Shareholders for the year 2023; to acknowledge the report on the Company's operating results for the year 2023; to acknowledge the insignificant change in the timing of the use of the capital increase obtained from the Initial Public Offering; to consider and approve the Company's statement of financial position and statement of comprehensive income for the year ended 31 December 2023; to consider and approve the appropriation of profit from 2023 operating results and dividend payment; and to consider other matters. Declared Dividend • Mar 01
Dividend increased to ฿0.50 Dividend of ฿0.50 is 67% higher than last year. Ex-date: 8th May 2024 Payment date: 1st January 1970 Dividend yield will be 5.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (100% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 29
Thai Life Insurance Public Company Limited Proposes Dividend for the Year 2023 Thai Life Insurance Public Company Limited at the board meeting held on February 28, 2024 board of Directors deemed it appropriate to propose that the Annual General Meeting of Shareholders to be held on April 26, 2024 to considers and approves the appropriation of profit from 2023 operating results and the dividend payment as follows: to pay ordinary dividends from 2023 operating results to shareholders at the rate of THB 0.34 per share calculated from the total number of 11,450,000,000 issued and paid-up shares, being the total of THB 5,725,000,000, accounting for 59.01% of the annual net profit of 2023 which is complied with the Company's Dividend Policy. The Company has set a record date for the rights to receive dividends on 9 May 2024. However, approvals from the Annual General Meeting of Shareholders and the registrar under the Life insurance Act B.E. 2535 (1992) (as amended) are required before the dividend can be paid. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.85 (vs ฿0.84 in FY 2022) Full year 2023 results: EPS: ฿0.85 (up from ฿0.84 in FY 2022). Revenue: ฿108.8b (up 1.2% from FY 2022). Net income: ฿9.71b (up 4.8% from FY 2022). Profit margin: 8.9% (up from 8.6% in FY 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Buying Opportunity • Nov 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be ฿13.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 8.6% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Buying Opportunity • Oct 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be ฿13.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.2%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.22 (vs ฿0.19 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.22 (up from ฿0.19 in 2Q 2022). Revenue: ฿24.9b (down 4.9% from 2Q 2022). Net income: ฿2.51b (up 24% from 2Q 2022). Profit margin: 10% (up from 7.7% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.27 (vs ฿0.36 in 1Q 2022) First quarter 2023 results: EPS: ฿0.27 (down from ฿0.36 in 1Q 2022). Revenue: ฿24.0b (down 7.7% from 1Q 2022). Net income: ฿3.13b (down 18% from 1Q 2022). Profit margin: 13% (down from 15% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Insurance industry in Asia. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.20 (vs ฿0.21 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.20 (down from ฿0.21 in 3Q 2021). Revenue: ฿25.9b (up 4.7% from 3Q 2021). Net income: ฿2.21b (down 2.4% from 3Q 2021). Profit margin: 8.5% (down from 9.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Insurance industry in Asia. 
