Thai Reinsurance Public Co., Ltd. · SET:THRE
Thai Reinsurance Public — FY2018 Earnings Presentation
20 slides from Thai Reinsurance Public's earnings presentation, Feb 27, 2019
Slide 1: FY2018 results
Thai Re FY2018 results
Slide 2: System wide results summary
System wide (THBm) 2018 2017 %YoY Gross written premium 4,849 4,903 -1% Net written premium 3,483 3,041 15% Net earned premium 3,359 3,171 6% U/W profit (loss) -467 -186 -151% Total investment income -264 1,354 -119% Net profit loss -1,037 631 -264% Profitability Loss ratio 55.7% 46.8% 8.9 Commissio
Slide 3: FY2018 operating results
FY2018 operating results Unit: THBm Net profit (loss) -1,037 Mark-to-Market & impairment expenses -433 ฿ One-time transactions -178 DTA impairment -491 Normalized profit 65
Slide 4: Mark-to-market and impairment expenses
Unit: THBm Year 2018 2017 2016 Mark-to-Market & -433 903* 305* impairment expenses Noted: * included Gain from sell THREL year 2016 was 41m shares year 2017 was 105m shares
Slide 5: One-time transactions
Unit: THBm Year 2018 2017 2016 ฿ One-time transactions -178 -14 250
Slide 6: 9 Projects premium development
9 Projects premium development GWP NPW EPW 2,259 2115 1998 1997 2202 2011 1784 1635 1981 1911 1390 1419 1,421 764 179 496 291 254 236 34 190 170 281 245 209 115 2009 7 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Unit: THBm 2H15 2016 2017 2018 2019E Total Cost (RI commission) 126 243 224 207 1
Slide 7: Profit commission timeline
Profit commission timeline 1H16 2018 2016 2020E %LR 42.6% 65.1% 78.0% R/I Profit Commission THB441m THB236m 0 (THBm)
Slide 8: 9 Projects performance
9 Projects performance Net results UW results before Re UW results after Re Inv income before Re Net inv income 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Cumulative results (THBm) Before Re After Re Diff UW results -2,182 -1,173 1,008 Investment income 2,398 2,467 69 Net income 216 1,2
Slide 9: 9 Projects – Retro results
9 Projects – Retro results Unit: THBm 2H15 2016 2017 2018 2019E Total UW result before Re -317 -169 -327 -902 -621 -2,336 UW result after Re -139 -20 -384 -511 -274 -1,328 Cost saving 178 149* -57* 391* 347 1,008 Noted: * : including R/I profit commission income of THB 255m during year 2016, THB 96m
Slide 10: DTA impairment
Unit: THBm Year 2018 2017 2016 DTA impairment -491 -340 0
Slide 11: DTA planning
DTA planning Unit: THBm Write-off Utilized tax 1-Jan-18 31-Dec-18 Q1/18 Q4/18 Q4/18 THRES 125 -125 0 Performance FY2018 170 -170 0 Performance FY2019 90 -70 20 THREL 160 -126 -34 0 Total 545 -295 -196 -34 20
Slide 12: Net profit to normalized profit
Year 2018 2017 2016 Net profit (loss) (THBm) -1,037 631 875 Mark-to-Market & -433 903* 305* impairment expenses ฿ One-time transactions -178 -14 250 DTA impairment -491 -340 0 Normalized profit 65 83 320 Noted: * included Gain from sell THREL year 2016 was 41m shares year 2017 was 105m shares
Slide 13: Snapshots
Snapshots Unit:THBm Q4/17 Q3/18 Q4/18 QoQ YoY 12M17 12M18 YoY Gross premium written 1,559 1,032 1,489 44% -4% 4,903 4,849 -1% Net earned premium 791 885 856 -3% 8% 3,171 3,359 6% Underwriting profit (loss) 28 6 -117 -2224% -514% 25 -260 -1138% Net investment income 48 58 27 -53% -43% 228 197 -13% Ga
Slide 14: ROI and investment assets THB 5,657m
ROI Report Excl trading securities & impairment Bank deposits, 12% -4.2% Common stock, 12M18 4.2% 30% T-bills & T-bonds, 24% Debenture s & loans, 12M17 5.1% Unit trusts, 2% 31% 2.9% Investment assets THB 5,657m
Slide 15: Q&A
Q&A
Slide 16: Appendix
Appendix
Slide 17: Consolidated quarterly income statement
Consolidate Quarterly income statement Q4/17 Q3/18 Q4/18 QoQ YoY 12M17 12M18 YoY Gross premium written 1,559 1,032 1,489 44% -4% 4,903 4,849 -1% Net premium written 840 825 981 19% 17% 3,041 3,483 15% Net earned premium 791 885 856 -3% 8% 3,171 3,359 6% Net claims 339 436 570 31% 68% 1,485 1,842 24%
Slide 18: NPW breakdown
Premium breakdown Q4/17 Q3/18 Q4/18 QoQ YoY 12M17 12M18 YoY Conventional business net earned premium (THBm) 344 448 407 -9% 18% 1,403 1,651 18% loss and acquisition expenses ratio 54.6% 90.3% 104.2% 15% 91% 82.3% 93.3% 10.9% Non-conventional business net earned premium (THBm) 447 437 449 3% 0% 1,768
Slide 19: Contact us
Contact us Mr. Bheerawas Bhunakh, IR • (66)2-660-6111 #1429 • ir@thaire.co.th • http://investor.thaire.co.th/home.html
Slide 20: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. Some statements made in
Thai Reinsurance Public — FY2018 Earnings Presentation on 6ix