Thai Life Insurance Public Company Limited (SET: TLI) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
For the year 2022, TLI registered a net profit of THB9,265 million, an increase of 10.38% from a net profit of THB8,394 million in 2021, with the significant items as listed below:
Investment returns increased by THB325 million, or 1.74% compared to the last year which were primarily from the rising in interest income due to the increase in market interest rate and the growth in the Company’s fixed income portfolio as a result of IPO capital injection and proceeds from the growth in insurance business. This was partly offset by the lower gain on sale of investments.
Overall, the gross written premium decreased by 2.62% mainly due to some fully paid premiums of endowment products and matured policies. Nevertheless, premium revenue generated from the new business policies, including first year premiums and single premiums, was THB18,899 million, increased by THB1,197 million or 6.76% compared to the last year. By the nature of industry, with the higher new business, the Company has incurred more initial loss from acquiring new insurance policies which further reduced the Company’s net profit compared to the last year
Medical claims increased by THB1,421 million mainly due to higher claims relating to COVID-19 in the early half of this year before the situation improved which led to continuous decline in the claims relating to COVID-19. However, there were higher seasonality claims relating to other diseases in the rainy season in the second half of this year.