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July 13, 2022

Thai Life Insurance raises $1bn from public offering

Thai Life Insurance (TLI), a leading life insurer in the county, has raised THB37.1bn ($1bn) from its initial public offering (IPO), Bloomberg reported.

The IPO included a sale of 2.32 billion shares from the life insurer and two of its major stakeholders.

Each share in the offering was priced at THB16 for both domestic and international investors.

Shares of the Bangkok-based life insurer will start trading on Thailand Stock Exchange from 25 July 2022.

Notably, TLI’s IPO was the largest since May 2021 when Ngern Tid Lor Pcl raised around $1.1bn.

Part of the proceeds from the IPO will be used by the insurer to enhance its capabilities by investing in digital transformation and strengthening online distribution capabilities.

Additionally, the funds will be used by the company to bolster its capital position to support current and future operations.

According to 2021 results, the life insurer controls around 15% of the country’s market in terms of premiums.

With a 360.6% capital adequacy ratio as of 31 March 2022, the firm is among the top life insurers in the country.

It counts local and global institutional investors such as GIC, Oaktree Capital Management, Kasikorn Asset Management, SCB Asset Management, Krungsri Asset Management. Sri, Krungthai Asset Management, and MFC Asset Management among others as its backers.

Citigroup, Bank of America Corp. Merrill Lynch and Nomura Holding advised Thai Life’s international offering.

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