Thai Life Insurance PCL

Twenty life insurance companies in Thailand reported total premiums of 341.5228 billion baht in the first six months of 2026, up 5% from the same period last year. AIA Thailand led the market with total premiums of 92.646 billion baht, up 11%, followed by FWD Life Insurance with 47.167 billion baht, down 3%, and Muang Thai Life Assurance with 36.922 billion baht, up 9%. Thai Life Insurance posted total premiums of 34.438 billion baht, down 18%, while Krungthai-AXA Life Insurance recorded total premiums of 25.109 billion baht, up 6%. Muang Thai Life Assurance said first-year premiums grew 7% and total premiums grew 9%, with unit-linked products surging as much as 500%. Bangkok Life Assurance reported total premiums of 18.064 billion baht, up 10%, and net profit of 3.603 billion baht, up 6%. Thai Life Insurance posted net profit of 6.575 billion baht, up 3.9%, and announced its first interim dividend of 0.25 baht per share.

Thai Life Insurance, or TLI, expects total net profit for 2026 to remain in positive growth, even though first-year premium sales may be negative or flat, with a large in-force policy portfolio steadily supporting revenue and profit. Chief Financial Officer Qi-Ling Yang said the loss ratio from health insurance claims has improved clearly after implementing co-payment measures, and is expected to be better than 2025 through the second half of the year. The company's capital adequacy ratio stands at 459 percent, significantly above the acceptable risk level of 205 percent, and it targets LifeVerse products to account for 50 percent of total sales within five years.

Thai Life Insurance, or TLI, reported first-half net profit for 2026 of 6.575 billion baht, up 3.9 percent from the same period last year, representing a net profit margin of 23.4 percent. Contractual service margin from new policies stood at 5.211 billion baht, and the contractual service margin balance as of 30 June 2026 was 92.605 billion baht, up 1.1 percent from the end of 2025. Net profit excluding extraordinary items and market volatility impacts was 6.367 billion baht, up 6.9 percent, comprising underwriting profit of 5 billion baht and investment profit of 1.367 billion baht, up 54.3 percent. Embedded value stood at 186.393 billion baht, or 16.3 baht per share, and the capital adequacy ratio was 459.1 percent, well above the minimum requirement of 140 percent. The board approved the company's first interim dividend of 0.25 baht per share, with an ex-dividend date of 28 August 2026, payable after approval from the Office of Insurance Commission. The company also launched a new product, Thai Life Insurance LifeVerse, under the One Account for a Lifetime concept, along with an AI Doctor feature in the Thai Life Insurance application.

The yield on the 30-year US government bond has surged above 5.2%, marking a new high for the year and the highest level in nearly 20 years. The 10-year bond yield has also climbed to a range of 4.60% to 4.80%, up from around 3.80% to 3.90% at the start of the year. This rise directly benefits leading insurance companies on the Stock Exchange of Thailand, namely Bangkok Life Assurance and Thai Life Insurance, as both firms can invest new premiums and maturing funds into higher-yielding bonds. Moreover, under the TFRS 17 standard, a higher discount rate reduces the present value of policy liabilities, easing insurance reserve burdens and supporting net profits.

Several brokerages assess that Brent crude oil prices surging past $100 per barrel due to tensions in the Middle East will be a short-term positive for energy stocks and open up speculative opportunities. Krungsri Securities stated that the Houthi attacks on Saudi oil tankers in the Red Sea support energy stocks, recommending PTT, PTTEP, BCP, and SCC, while warning that if the war drags on, oil prices could spike to $110–120 per barrel, triggering inflation and pressuring the stock market. Finansia Syrus Securities expects the SET Index to fluctuate in a range of 1,630–1,648 points, with selling pressure from tech and AI stocks, but energy and banking sectors will help support the market, and recommends speculating on PTTEP, forecasting second-quarter 2026 net profit to surge around 100% to 27 billion baht. Meanwhile, Maybank Securities assesses the SET will consolidate in a range of 1,630–1,650 points, selecting TLI and BCP as top picks, as the 10-year US Treasury yield rising to 4.7% supports TLI, and the Thai stock market's structure with a high proportion of energy stocks helps prop up the market. Phillip Securities views WTI oil prices rising to $92.25 per barrel as still an opportunity to speculate on upstream energy stocks, but recommends taking profits within the day to avoid weekend uncertainty.

Asia Plus Securities says the stock market is facing pressure from three major wars: the Middle East conflict, the trade war, and the technology war. Its research team scored 20 industry groups on which would survive or benefit. The winning groups, with scores between 0 and +2, are energy, insurance, healthcare, petrochemicals, and retail. Recommended stocks in these groups include TOP, BCP, BLA, TLI, BDMS, BH, PTTGC, IVL, CPALL, and COM7. The standout stocks of the day, chosen from groups with non-negative scores, are DELTA, BDMS, and CPALL.