Robust 1Q26 performance

Research evidence excerpt

Robust 1Q26 performance

Flashnote

14 May 2026

Insurance

Thai Life Insurance ASEAN

Chattra

Chaipunviriyaporn

What's new

• TLI reported strong net profit of Bt3.3bn, up 22% YoY and 29% QoQ. The

robust momentum was driven by both insurance and investment results. TLI TB Outperform

Price (at 14 May 2026) THB10.30

Key actuarial metrics showed marked QoQ improvement in VONB margin 12-month target THB19.00

and new business contractual service margin (CSM). 12-month TSR (%) 89.6

Volatility Index Medium

Market Cap (Local) (m) 119,103

Why it matters Market Cap (USD) (m) 3,682

Free Float (%) 35

• What we liked. Insurance profit was underpinned by reduction in medical 30-day avg turnover (USD) (m) 5.0

claims, while better investment profit was thanks to higher dividend

income from domestic equity market. New business CSM posted a 4% QoQ Investment Fundamentals

uptick, reflecting stronger mix of protection products. However, the new Year end 31 Dec 2025A 2026E 2027E 2028E

business CSM was down 38% YoY pressured by high-base effect in 1Q25, Life Prem (m) 35,955 37,065 38,141 39,547 Life Total Rev (m) 55,355 57,026 58,715 61,050

following a surge in medical rider sales ahead of the co-payment scheme Pretax Life Op Inc (m) 14,716 15,561 16,177 17,226

implementation. VONB margin improved to 53.3%, from 40.2% in 4Q25, PBT (m) 14,716 15,561 16,177 17,226

propelled by both endowment and medical rider products. Also, CAR ratio Reported profit (m) 11,882 12,449 12,942 13,781

remained robust at 463%, comfortably above 140% regulatory requirement. Adjusted profit (m) 11,882 12,449 12,942 13,781

EPS adj [THB] 1.0 1.1 1.1 1.2

PER adj (x) 9.9 9.5 9.1 8.6• What could have been better. The CSM release rate edged down to 11.7%

(from 12.8% in 1Q25) driven by larger mix of whole-life policies.