Thai Life Insurance PCL

Thai Life Insurance Public Company Limited, or TLI, has launched a savings insurance product, "Money Fit Wealthy." Mr. Chan Hao Chong, Assistant Managing Director and Chief Proposition Officer, said it is an option for year-end financial planning and tax management. The product comes in two plans. "Money Fit Wealthy 10/3" requires premium payments for only 3 years, provides 10 years of coverage, pays annual cash back during the contract of up to 6% of the sum assured, with total benefits over the contract of up to 354% of the sum assured. "Money Fit Wealthy 15/5(1) (participating dividend plan)" requires premium payments for 5 years, provides 15 years of coverage, and pays minimum cash back over the contract of 520% of the sum assured, with the opportunity to receive dividends from years 2 to 14 and at contract maturity. Both plans are eligible for a tax deduction of up to 100,000 baht per year under the criteria set by the Revenue Department. The 15/5(1) plan also provides death benefit coverage of up to 500% of the sum assured, and interested parties can apply without a medical examination or health questions.

The government is pressing ahead with a disaster insurance scheme to protect the public from floods, windstorms, and earthquakes, covering damage to homes and death benefits, with coverage running from October 1, 2026 to October 1, 2027. Apichat Phubanjerdkul, senior director of the strategic analysis division at Tisco Securities, told the Stock Vision news team that the scheme is a positive factor for investment sentiment in insurance stocks in the short term, given the opportunity to expand the business base and increase premium income. However, premium growth must be weighed against the burden of claims that could rise if a large-scale disaster occurs. Among the stocks likely to benefit, TIP Group Holdings, or TIPH, is one of the shares with higher liquidity and trading volume than many companies in the sector, with a P/E of around 12 to 13 times and a dividend yield of about 6%. Meanwhile, Thai Reinsurance, or THRE, which provides reinsurance, and TQR, which is a reinsurance broker, also stand to benefit from the market's expansion, but face liquidity constraints. THRE has average daily trading value of about 4 million baht, while TQR's trading value the previous day was about 200,000 baht. Other insurance and life insurance stocks, such as Thai Life Insurance, or TLI, and Bangkok Life Assurance, or BLA, may see positive effects but must be assessed on a company-by-company basis. Investors must also watch underwriting risks, especially setting premiums in line with actual risk levels, as shown by the lesson from COVID-19 insurance, which reflected that higher premiums do not always mean higher operating results.

TTB Wealth Securities said the 10-year US bond yield has climbed to 5.11%, the highest in 20 years, after several Fed board members voiced support for further rate hikes to curb inflation, amid rising oil prices and a still-strong US economy and labor market. It views this as positive for the banking and insurance sectors, including KTB, KBANK, BBL, TLI and BLA. Meanwhile, statistically, the groups that tend to outperform in a rising bond yield environment include AMATA, WHA, DELTA, AOT, CENTEL, CPN and PR9.

The Thai stock market swung lower and fell below the 1,600-point level during September 14-18, 2026, with DELTA the main stock weighing on the index after its parent company issued a $1.5 billion convertible bond exchangeable into DELTA shares. The conversion price was set at a premium of 15-20% for a one-year tenor, equivalent to 289-302 baht, and 30-40% for a five-year tenor, equivalent to 327-353 baht. As a result, bondholders short-sold the shares to reduce price risk. The bond was split into a one-year tranche worth $500 million and a five-year tranche worth $1.0 billion, issued by Delta of Taiwan to fund business expansion. Meanwhile, the Fed meeting raised interest rates by 25 basis points to 3.75-4.00%, as the market expected, and the Dot Plot projected rates at 4.1% for both end-2026 and end-2027. Tourism-related stocks AOT, MINT and CENTEL were pressured by the delay of the Thai Tiew Thai Plus measure from late 2026 to 2027. Oil and refinery stocks TOP, SPRC and BCP were pressured by an announcement in the Royal Gazette cutting the ex-refinery price for high-speed diesel by 4.00 baht per litre, from a previous reduction of 2.40 baht per litre. Banking stocks KBANK, KTB and BBL, along with insurers BLA and TLI, rose on expectations that interest rates are on an upward trend.

InnovestX Securities (INVX) said rising bond yields in the third quarter to date will benefit life insurance companies through higher investment returns, stronger growth in endowment insurance premiums, and improved CSM and VNB. INVX maintained its OUTPERFORM rating on both BLA and TLI but prefers BLA due to its cheaper valuation and greater potential to benefit from rising bond yields. The 10-year Thai government bond yield rose 36 basis points quarter-to-date to 2.42%, in line with the rise in the 10-year US government bond yield to around 5%. BLA has an endowment insurance product proportion of about 60%, higher than TLI's roughly 45%, and is more sensitive to interest rates. In the first seven months of 2026, TLI's annualized first-year premiums fell 24% year-on-year, while BLA rose 10% year-on-year, compared with industry growth of 6% year-on-year. TLI's claims ratio fell 57 basis points year-on-year to 43.1%, and BLA's fell 563 basis points year-on-year to 50.2%. INVX expects TLI's profit to grow 11% in 2026 and 5% in 2027, while BLA is expected to grow 8% in 2026 and 6% in 2027. It forecasts a 2026 dividend of 0.69 baht per share for TLI, representing a dividend yield of 6.0%, and 1.33 baht per share for BLA, representing a dividend yield of 5.4%.

Analysts at Krungsri Securities, or KSS, assess that this meeting of the US Federal Reserve is likely to raise the policy rate by 0.25% in what is being called an Insurance Rate Hike, a pre-emptive move. The market has already priced in about 92% odds of a hike this round, so the bigger driver for the market is the direction of the Dot Plot, along with inflation projections and the number of remaining rate increases ahead. KSS believes that if the Fed signals a pause to assess more economic and inflation data, the stock market could see a short-term rebound, or Relief Rally, with domestic and defensive stocks drawing more attention, especially hospitals such as Bangkok Dusit Medical Services, or BDMS, and Bangkok Chain Hospital, or BCH. If instead the Fed signals continued rate hikes beyond market expectations, that would pressure stocks with high valuations that are sensitive to bond yields, such as Delta Electronics (Thailand), or DELTA. Meanwhile, Phillip Securities (Thailand), or PST, assesses that the Thai stock market is likely to move sideways down in the short term on investors reducing risk ahead of the Fed meeting outcome, with the 2-year bond yield rising to 4.69% while the 10-year yield climbed to 5.04%, the highest levels since 2024 and 2007 respectively. As for Thai stocks that benefit from interest rates holding at a high level, the research team names the banking group: TMBThanachart Bank, or TTB, Kasikornbank, or KBANK, SCB X, or SCB, Kiatnakin Phatra Bank, or KKP, and Tisco Financial Group, or TISCO. In the insurance group: Bangkok Life Assurance, or BLA, Thai Life Insurance, or TLI, and Dhipaya Group Holdings, or TIPH.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

TTB Wealth Securities stated that the 10-year US bond yield has accelerated to 4.99%, with the market raising the probability that the Federal Reserve will hike rates at this Thursday's meeting to 92.4%, and there is a chance the Fed will raise rates four times in this cycle, up from the previous expectation of only one to two times. Meanwhile, the 10-year Thai bond yield has risen to 2.36%. The research team views this as positive for the banking group, namely KTB, KBANK, BBL, and KKP, and the insurance group, namely TLI and BLA.

InnovestX Securities assesses that the Thai stock index on September 10, 2026, may pull back and consolidate after the investment atmosphere returned to a risk-off stance, driven by the rise in the 10-year US government bond yield and continuously climbing oil prices, which brought the market back to worrying about inflation trends and the direction of US interest rates. It estimates support at 1,605 and 1,600 points, with resistance at 1,625 and 1,630 points. The key pressure comes from Brent crude oil, which rose 3.4% to reach 100 dollars per barrel, the highest since May 22, amid supply concerns after heightened tensions in the Middle East, while demand from China has begun to recover. This is seen as a short-term positive for energy stocks PTTEP, BCP, TOP, SPRC and IRPC, as well as petrochemical stocks PTTGC and IVL, but a negative factor for SPP power plants such as GPSC and BGRIM due to rising fuel cost risks. Meanwhile, the US bond market has resumed creating pressure after the US Treasury's buyback of long-term bonds came in at 6 billion dollars, which, although double the previous amount, was still below the market's expectation of 7 to 8 billion dollars. As a result, 2-year and 10-year US bond yields rose 0.04%, and the market assigns more than 60% weight to the possibility that the Fed may raise rates to curb inflation. This high bond yield environment is seen as a positive factor for insurance stocks such as BLA and TLI. Meanwhile, foreign fund flows still show positive signals: on September 9, foreign investors net bought 3,137 million baht of Thai stocks, with cumulative net buying of 10,038 million baht since the start of September and 61,407 million baht since the start of the year, in contrast to domestic institutional investors who net sold 960 million baht, securities company accounts which net sold 1,260 million baht, and retail investors who net sold 917 million baht. On September 9, the SET closed at 1,617.89 points, down 4 points or 0.25%, with trading value of 81,330.74 million baht. For investment strategy, InnovestX recommends Selective Buy, focusing on stocks with specific positive factors, divided into three main themes: Policy and Domestic Play, Global Macro & Bond Yield Play, and Laggard Play. For the Global Macro & Bond Yield Play group, it gives weight to energy stocks PTTEP, BCP, TOP, shipping stocks PSL, TTA, as well as banking stocks KTB, BBL, KBANK and life insurers BLA, TLI. The Laggard Play group includes AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR.

Thai Life Insurance (TLI) has announced the integration of its iClaim system with over 800 public and private hospitals nationwide, aiming to enhance its role as a Healthcare Partner and reduce the burden of upfront medical expenses for customers. Developed in collaboration with White Plai Co., Ltd., iClaim is a digital health insurance claims system that links hospital data with the company's claims process, offering a one-stop service from eligibility verification and medical data exchange to claim submission for both outpatient and inpatient cases. This reduces paperwork and increases convenience in using benefits, subject to policy terms and conditions. Mrs. Watchara Sathapornpiriya, Assistant General Manager, stated that the goal is not only to speed up claims but also to elevate the experience of using health insurance benefits, making it easier, and to create an ecosystem with public health service networks so that people can access quality treatment widely.

Bualuang Securities stated that amid the still volatile market, its research team believes dividend yield will regain its role as a downside buffer. However, looking at yield based solely on base-case estimates may not be sufficient, so it conducted a Dividend Stress Test for 2027, setting worst-case scenarios according to each industry's risks, such as banks assuming a 5-10 basis point increase in credit costs and payout ratios returning to normal levels, retail with SSSG of -2% YoY, shopping malls with tenant sales of -2% YoY, hospitals with no revenue growth, ICT facing price competition and slowing cost savings, energy using Brent at $60 per barrel compared to the base case of $70 per barrel, and WHA/WHAUP assuming the transfer of 900 rai of data center land is postponed from 2027. The stress test found that even with DPS declining by an average of 7% from the base case, there are still 8 companies whose 2027 dividend yield is higher than the +1 standard deviation level of the 10-year historical average, namely CPALL, BDMS, CPN, TLI, WHA, COM7, OSP, and TU. This reflects that yields still have a buffer even if earnings come in below expectations. Among these, CPALL offers a yield of 4.1% in the worst case compared to the +1SD of 2.6%, BDMS 3.9% versus 2.7%, CPN 3.9% versus 2.9%, TLI 5.4% versus 4.8%, WHA 4.9% versus 4.5%, and COM7 4.0% versus 3.7%. Meanwhile, OSP and TU still offer high yields of 5.3% and 5.6%, respectively, compared to the +1SD level of 5.2% for both. In a situation where earnings and the market remain uncertain, the strategy should focus on quality yield rather than merely selecting stocks with high dividend yields. All 8 stocks above maintain yields above their historical ranges even after passing through negative assumptions.

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.