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June 8, 2022updated 09 Jun 2022 11:37am

Thai Life Insurance preps up for $1bn listing

Thai Life Insurance, the country’s third-largest life insurer, has begun meeting investors prior to its $1bn flotation in July, reported Reuters citing a term sheet.

As per a source privy to the development, Thai Life intends to conduct a management roadshow from the end of this month till early July.

The planned initial public offering (IPO) is said to be the country’s largest this year.

There was no official comment from the company on the development. However, the news was confirmed by two anonymous sources.

According to the term sheet, existing investors V.C. Property Co and Her Sing (H.K.) Limited will sell their shares in the listing.

Thai Life will offer 2.4 billion shares through the IPO, representing nearly 20% of the total number of shares.

In April 2021, microfinance company Ngern Tid Lor Pcl fetched $1.2bn in an IPO, stated data from Refinitiv.

The listing of Thai Life is said to be the country’s largest since the Ngern IPO, and expected to end the dry streak caused by the turbulence in financial markets.

In the first quarter of this year ending March, Thai Life registered a net profit of $110m (THB3.79bn).

The insurer’s market share during this period was nearly 13%, the news agency reported citing government data.

Thai Life will use the IPO funds for investment in digital transformation as well as improvements in its marketing and distribution channels.

In April 2022, ratings agency Fitch termed the insurer’s company profile as ‘Favourable’, and both financial performance and capitalisation as ‘Strong’.

“The insurer has a robust business franchise despite a moderate operating scale relative to regional insurers. TLI maintained the second-largest market share by total premiums written at end-2021. Its products remain comprehensive with robust distribution channels in agency and bancassurance capacity,” the agency said. 

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