Thai Life Insurance is preparing to offer 2,384,318,900 shares, representing 20.6% of the total number of issued and paid-up ordinary shares, through an initial public offering (IPO) on the Stock Exchange of Thailand (SET).
The offered shares will be divided into 1,000,000,000 newly issued ordinary shares, 1,218,815,600 ordinary shares offered by V.C. Property Co, and 165,503,300 ordinary shares offered by Her Sing (H.K.) Limited.
The company has appointed Kiatnakin Phatra Securities and Capital Nomura Securities as financial advisers for the IPO.
Thai Life Insurance filed for permission to launch an IPO with the Securities and Exchange Commission on Oct 15.
According to the documents, the funds from the IPO will be invested in enhancing its digital technology and marketing, strengthening its distribution channels through alliances, increasing working capital and other purposes.
The company's shareholder structure currently consists of V.C. Property (65.87%), Meiji Yasuda Life Insurance Co (15%), Her Sing (H.K.) (9.52%), and Chai Chaiyawan (1.35%).
V.C. Property and Her Sing (H.K.) are owned by the Chaiyawan family.
According to the company's financial statement for the past three years, the company's total premiums received as of Dec 31, 2018, 2019 and 2020, stood at 86.24 billion, 92.04 billion and 91.27 billion baht with the total revenues of 100.85 billion, 108.39 billion and 107.64 billion baht, respectively.
During the first six months of 2020 and 2021, the company's total premiums amounted to 41.26 billion baht and 40.37 billion baht while the total revenues were at 48.17 billion baht and 50.74 billion baht, respectively.
During the same period, the company's net profits amounted to 6.71 billion, 6.78 billion and 7.69 billion baht with total assets of 416.85 billion, 457.64 billion and 494.04 billion baht, respectively.
Meanwhile, during the first six months of 2020 and 2021, the company's net profits stood at 4.17 billion baht and 5.94 billion baht, respectively.
As of June 30, the total assets of the company stood at 511.44 billion baht with total liabilities of 429.26 billion baht. It recorded a compound annual growth rate of 8.15% during the past three years.
As of Dec 31, 2018, 2019 and 2020 and June 30, 2021, the company had total shareholders' equity of 60.98 billion, 70.41 billion, 77.78 billion and 82.18 billion baht with the capital adequacy ratio of 361.68%, 395.01%, 357.68% and 333.97%, respectively.