Report
EUR 95.47
For Business Accounts Only
TLI’s portfolio consists of products such as life protection, savings, investment and inheritance planning and is considered to be one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, the firm employed 64,000 insurance agents in the area covering all 77 provinces nationwide.
TLI has put in a resilient financial performance over the past few years wherein it has managed to keep its premium income steady while reporting better profits, despite being impacted by COVID-19 lockdowns. It has also been changing its product mix and aims to continue to launch new products over the next few years while also looking to expand its overseas presence. Although, its APE has been declining over the past few years. In addition, the industry itself hasn’t grown much and TLI’s market share hasn’t changed much either over the past few years.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.
Thai Life Insurance IPO
Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.TLI’s portfolio consists of products such as life protection, savings, investment and inheritance planning and is considered to be one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, the firm employed 64,000 insurance agents in the area covering all 77 provinces nationwide.
TLI has put in a resilient financial performance over the past few years wherein it has managed to keep its premium income steady while reporting better profits, despite being impacted by COVID-19 lockdowns. It has also been changing its product mix and aims to continue to launch new products over the next few years while also looking to expand its overseas presence. Although, its APE has been declining over the past few years. In addition, the industry itself hasn’t grown much and TLI’s market share hasn’t changed much either over the past few years.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.
Underlying
Thai Life Assurance Public Company Limited
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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