, Thailand
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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.

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