Thai Life Insurance's core profit is expected to grow at 7% CAGR

Maybank raised its 2026 forecast after a strong second quarter of 2026.

Maybank expects Thai Life Insurance’s (TLI)’s core profit to grow at a 7% compound annual growth rate through 2028, supported by lower claims, stronger investment income and a solid capital position.

Maybank raised its forecast for TLI’s 2026 core profit by 10% after a strong second quarter of 2026.

It also said the company’s balance sheet remains strong, with a capital adequacy ratio of 1,191.6%.

The new target price is based on 0.9 times estimated 2026 price-to-embedded value, up from 0.75 times previously.

Maybank said the increase reflects stronger earnings growth and a more favourable investment outlook as bond yields decline.

TLI’s insurance revenue is forecast to rise from $1.0b (THB32.81b) in FY2024A to $1.1b (THB36.13b) in FY2027F.

Core net profit is expected to increase from $318.9m (THB10.29b) to $393.7m (THB12.70b) over the same period.

Core earnings per share are forecast to rise from $0.028 (THB0.90) in FY2024A to $0.034 (THB1.11) in FY2027F.

The dividend per share is expected to increase from $0.016 (THB0.50) to $0.022 (THB0.70), whilst the net dividend yield is projected to move from 4.5% to 6.1%.

Maybank expects TLI’s return on average equity to be 8.5% in FY2025A, 8.6% in FY2026E and 10.0% in FY2027F.

($1.00 = THB32.56)