, Thailand
/Aleksandra b from Unsplash

Dhipaya Insurance’s solid 2023 earnings supported by investment gains

The insurer has a strong presence in Thailand’s non-life insurance market, said AM Best.

Thailand-based Dhipaya Insurance’s improved balance sheet strength was seen as solid, supported by its strongest risk-adjusted capitalisation. This improvement in 2023 was driven by a reduced exposure to equity investment risk and an increase in shareholders’ equity.

The also company benefits from strong financial flexibility as a group company of Dhipaya Group Holdings Public Company.

The company’s investment strategy is moderate, with significant allocations to equities and mutual funds. While Dhipaya relies heavily on reinsurance, the impact is mitigated by the high credit quality of its reinsurance partners. 

The balance sheet assessment also takes into account the neutral impact of being part of Dhipaya Group.

Dhipaya's operating performance remains strong, with a five-year average return-on-equity ratio of 20.4% and a combined ratio of 84.4% from 2019 to 2023. 

The company's overall earnings are supported by favourable underwriting results and stable investment income. 

In fiscal year 2023, Dhipaya’s underwriting performance improved, largely due to a better claims experience in health insurance, as the company was no longer impacted by COVID-19-related claims. 

Investment income, including interest and dividends, continues to contribute positively to the company’s earnings.

AM Best views Dhipaya's business profile as neutral, recognising its strong presence in Thailand’s non-life insurance market, where it holds a 12% market share, ranking second in 2023. 

The company maintains a dominant position in key segments like fire insurance, and benefits from strong shareholder support through business referrals and access to extensive distribution networks across Thailand.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.