Thailand Insurance April premiums point to sales recovery, positive read-across to AIA and FWD

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Thailand Insurance April premiums point to sales recovery, positive read-across to AIA and FWD

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Thailand Insurance

April premiums point to sales recovery, positive read-

across to AIA and FWD

Thailand life insurers have released April monthly premium data, which we view Insurance

ACas an informative read-across for AIA Group and FWD, particularly after recent MW Kim

share price weakness on rising concerns over Hong Kong MCV uncertainty (link). (852) 2800-8517

We see Thailand as increasingly relevant, as AIA and FWD’s NBV exposure to mw.kim@jpmorgan.com

MCV is broadly comparable in scale to their Thailand businesses. For AIA, FY25 J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

Thailand NBV of US$993m was close to HK MCV NBV of US$1,151m, while for

Dan Wang

FWD, Thailand and Cambodia NBV of US$242m was sizeable relative to Hong (86-21) 6106-6349

Kong MCV NBV of US$127m. AIA and FWD delivered APE growth of 14% oya dan.wang@jpmorgan.com

and 5% oya, respectively, versus industry growth of 2% oya, while Thai Life and SAC Registration Number: S1730524080001

Bangkok Life were weaker at -9% oya and -39% oya. We believe the weakness at J.P. Morgan Securities (China) Company Limited

local insurers mainly reflects a sharper reduction in lower-margin, less capital- Julia Kim

efficient single-premium policies, rather than weaker underlying protection (852) 2800-8540

demand. Overall, April data support our view that 1Q26 softness was largely julia.c.kim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

temporary, with sales recovery likely through the rest of the year supporting a Morgan Broking (Hong Kong) Limited

positive growth expectation outlook. Top OWs: AIA , Thai Life.