Maybank has upwardly revised its financial forecasts for Thai Life Insurance (TLI) following a strong operational performance during the second quarter of 2026. The investment bank projects that TLI’s core net profit will expand at a 7 per cent compound annual growth rate (CAGR) through to the fiscal year 2028. This growth trajectory is supported by lower insurance claims, enhanced investment yields, and a solid corporate capital structure.
Following the positive second-quarter earnings momentum, Maybank raised its full-year 2026 core profit projection for TLI by 10 per cent. The insurer’s balance sheet remains highly resilient, highlighted by a capital adequacy ratio (CAR) of 1,191.6 per cent, which provides a significant buffer against macroeconomic fluctuations.
Valuation Adjustments and Revenue Projections
Reflecting the upgraded earnings outlook and a more favourable investment climate as bond yields decline, Maybank raised its target price for TLI. The adjusted valuation is based on 0.9 times the estimated 2026 price-to-embedded value (P/EV), up from the previous multiple of 0.75 times.
The company’s top-line insurance revenue is forecast to grow steadily over the medium term, rising from $1.0 billion (THB 32.81 billion) in the audited fiscal year 2024 to a projected $1.1 billion (THB 36.13 billion) by the fiscal year 2027. Concurrently, core net profit is expected to increase from $318.9 million (THB 10.29 billion) to $393.7 million (THB 12.70 billion) across the same baseline period.
The specific financial metrics, growth forecasts, and performance ratios for TLI are structured in the table below:
| Financial Performance Metric | FY2024A (Actual) | FY2025E (Estimated) | FY2026E (Projected) | FY2027F (Forecast) |
| Total Insurance Revenue | $1.0b (THB 32.81b) | — | — | $1.1b (THB 36.13b) |
| Core Net Profit | $318.9m (THB 10.29b) | — | — | $393.7m (THB 12.70b) |
| Core Earnings Per Share (EPS) | $0.028 (THB 0.90) | — | — | $0.034 (THB 1.11) |
| Dividend Per Share (DPS) | $0.016 (THB 0.50) | — | — | $0.022 (THB 0.70) |
| Net Dividend Yield (%) | 4.5% | — | — | 6.1% |
| Return on Average Equity (ROAE) | — | 8.5% | 8.6% | 10.0% |
Note: Financial conversions are calculated based on the prevailing exchange rate framework where $1.00 equals THB 32.56.
Equity Trends and Shareholder Returns
The upward adjustment in core earnings per share (EPS) follows the broader profit expansion, with projections indicating an increase from $0.028 (THB 0.90) in FY2024A to $0.034 (THB 1.11) by FY2027F. This steady profitability is expected to translate into enhanced returns for institutional and retail investors.
Accordingly, the annual dividend per share is expected to rise from $0.016 (THB 0.50) to $0.022 (THB 0.70), causing the net dividend yield to climb from 4.5 per cent to 6.1 per cent. Furthermore, Maybank anticipates a progressive expansion in TLI’s return on average equity (ROAE), forecasting a steady upward climb from 8.5 per cent in FY2025A to 8.6 per cent in FY2026E, before ultimately reaching 10.0 per cent by FY2027F.