Thai Life Insurance Company Limited (SET: TLI) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
2,497.59 | 2,088.20 |
| Earning Per Share (Baht) |
0.2200 | 0.1800 |
| % Change | 19.60 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
8,399.34 | 7,728.65 |
| Earning Per Share (Baht) | 0.7300 | 0.6700 |
| % Change | 8.68 | |
TLI reported a net profit of Baht 2,497.59 million, showing a decrease of 19.64% compared to the same period of 2023.
Despite the challenges from the economics and the natural disaster, the Company successfully boosted sales in Q3/24 through effective marketing campaigns. Annualized premium equivalent (APE) and Value of new business (VONB) for Q3/24 strongly increased by 34.84% and 24.32%, respectively, compared to the previous quarter. However, it was softened compared to the exceptional performance in the same period of last year, driven by the first launch of Legacy Fit Wealthy 99/1.
The company reported Baht 24,907 million in total revenue for the quarter, showing a decrease of 15.05% compared to the same period of 2023. Meanwhile, total expenses were at Baht 21,719 million, a decrease of 18.67% compared to the same period in 2023.
Furthermore, Insurance profit and investment profit are the source of net profit. The insurance profit for 9M24 increased by 5.81% compared to the same period of last year, as a result of our business strategy to focus more on protection-oriented products. Meanwhile, the investment profit for 9M24, which is the investment return in excess of the interest accretion on insurance contract liability, increased by 16.83% compared to the same period of last year, as a result of improving domestic and foreign stock market conditions.
The net profit margin for 9M24 was 11.16%, an increase from 9.87% in 9M23.
