Thaire Life closes higher on SET debut
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Thaire Life Assurance debuted on the Stock Exchange of Thailand yesterday with its stock closing at a slight premium to its initial public offering price - Bt9.90 versus Bt9.50.
President Sutti Rajitrangson said the company targets revenue growth of at least 20 per cent per year from this year to 2015 in line with an expected increase in customers.
Its profit this year is also expected to expand by 20 per cent from Bt240 million-Bt250 million last year, while insurance premiums should reach Bt5.1 billion this year, close to last year, before accelerating by 10 per cent next year.
The flood situation this year will not affect the company’s business next year as it had already stopped providing flood insurance policies last year.
The company listed in the insurance sector under the ticker symbol “THREL” with market capitalisation of Bt5.7 billion. It is the third life insurance firm listed on the SET. It is a subsidiary of Thai Reinsurance (THRE).
The life unit provides reinsurance services for all types of life insurance for domestic life insurers. Its main revenues are from net earned premiums.
Thaire Life has a paid-up registered capital of Bt600 million, consisting of 590 million existing shares and 10 million newly-issued shares, with a par value of Bt1.00 each.
The company offered 295 million shares, comprising 118 million shares to existing shareholder of Thai Reinsurance and 177 million shares to the general public.
Bualuang Securities is the financial adviser and underwriter.
