Income Statement Thai Reinsurance

Stocks

THRE

TH0322A10Z04

Reinsurance

End-of-day quote Thailand S.E. 2026-10-01			5-day change	1st Jan Change
0.5400 ^THB	-1.82%		-11.48%	+63.64%

09-20	Thaire Group Holdings Public Company Limited proposed to acquire Thai Reinsurance Public Company Limited	CI
08-13	Thai Reinsurance Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

23560ab2accf9f273f7ab3137.WJxHRyMgzM_j63TUERgp1tstla1h1RUw475lsXgU5eQ.bcgiLRET4ZuB2xulXy5YlJ5-3MoNkWdejfoAhgtX1a4s5jB0U3-rjNuZHw

Published financial data: THAI REINSURANCE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Premiums and Annuity Revenues	4.05B	3.89B	4.35B	4.93B	2.76B
Total Interest And Dividend Income	94.11M	60.25M	78.71M	118M	122M
Gain (Loss) on Sale of Investments, Total (Rev)	8.95M	-15.46M	-15.28M	38K	3K
Other Revenues, Total	490M	518M	603M	540M	546M
Total Revenues	4.64B	4.45B	5.02B	5.58B	3.43B
Policy Benefits	2.7B	2.32B	2.07B	2.38B	2.47B
Policy Acquisition / Underwriting Costs, Total	1.86B	1.79B	1.97B	2.21B	234M
Selling General & Admin Expenses, Total	185M	200M	257M	236M	166M
Provision for Bad Debts	1.96M	-720K	-89.72K	-	155
Other Operating Expenses	337M	374M	437M	459M	537M
Total Operating Expenses	5.08B	4.68B	4.73B	5.28B	3.4B
Operating Income	-436M	-226M	287M	302M	28.66M
Interest Expense, Total	-390K	-290K	-960K	-1.49M	-1.35M
Income (Loss) on Equity Invest.	-	-	-	-	-4.04M
Currency Exchange Gains (Loss)	-	-	-	-	-4.15M
Other Non Operating Income (Expenses)	-	-	-	-	164K
EBT, Excl. Unusual Items	-437M	-226M	286M	301M	19.28M
Asset Writedown	-	-	-	430K	-
EBT, Incl. Unusual Items	-437M	-226M	286M	301M	19.28M
Income Tax Expense	-80.07M	-32.28M	54.35M	55.55M	246K
Earnings From Continuing Operations	-356M	-194M	231M	245M	19.03M
Net Income to Company	-356M	-194M	231M	245M	19.03M
Minority Interest	-	-	-21.81M	-18.34M	-21.77M
Net Income - (IS)	-356M	-194M	210M	227M	-2.74M
Net Income to Common Incl Extra Items	-356M	-194M	210M	227M	-2.74M
Net Income to Common Excl. Extra Items	-356M	-194M	210M	227M	-2.74M
Per Share Items
Net EPS - Basic	-0.08	-0.05	0.05	0.05	-0
Basic EPS - Continuing Operations	-0.08	-0.05	0.05	0.05	-0
Basic Weighted Average Shares Outstanding	4.46B	3.87B	4.19B	4.21B	4.21B
Net EPS - Diluted	-0.08	-0.05	0.05	0.05	-0
Diluted EPS - Continuing Operations	-0.08	-0.05	0.05	0.05	-0
Diluted Weighted Average Shares Outstanding	4.46B	3.87B	4.19B	4.21B	4.21B
Normalized Basic EPS	-0.06	-0.04	0.04	0.04	-0
Normalized Diluted EPS	-0.06	-0.04	0.04	0.04	-0
Dividend Per Share	-	-	-	-	-
Payout Ratio	-47.3	-	-	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-413M	-201M	306M	329M	56.44M
EBITA	-436M	-226M	287M	302M	28.66M
EBIT	-436M	-226M	287M	302M	28.66M
EBITDAR	-408M	-201M	306M	329M	56.63M
Total Revenues (As Reported)	4.65B	4.46B	5.02B	5.59B	-
Effective Tax Rate - (Ratio)	18.34	14.28	19.02	18.46	1.28
Current Domestic Taxes	16.24M	14.98M	20.34M	12.92M	18.31M
Total Current Taxes	16.24M	14.98M	20.34M	12.92M	18.31M
Deferred Domestic Taxes	-96.3M	-47.25M	34.01M	42.63M	-18.06M
Total Deferred Taxes	-96.3M	-47.25M	34.01M	42.63M	-18.06M
Normalized Net Income	-273M	-141M	157M	170M	-9.72M
Interest on Long-Term Debt	388K	290K	961K	1.49M	1.35M
Non-Cash Pension Expense	1.2M	1.61M	2.68M	3.59M	2.95M
Supplemental Operating Expense Items
Net Rental Expense, Total	4.69M	216K	181K	186K	186K
Imputed Operating Lease Interest Expense	2.36M	98.09K	197K	159K	127K
Imputed Operating Lease Depreciation	2.33M	118K	-15.88K	27.32K	58.8K

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Investment In Debt Securities	2.02B	2.11B	2.97B	2.76B	2.25B
Investment In Equity and Preferred Securities, Total	1.02B	805M	737M	733M	1.14B
Trading Asset Securities, Total	135M	72.88M	67.17M	559M	522M
Mortgage Loans	14.85M	12.9M	9.13M	6.62M	2.68M
Total Other Investments	249M	-	-	-	-
Total investments	3.45B	3B	3.79B	4.06B	3.92B
Cash And Equivalents	286M	289M	324M	363M	460M
Reinsurance Recoverable - (IS)	1.77B	1.75B	1.76B	1.97B	1.29B
Other Receivables - (Insurance Template)	53.65M	57.53M	48.63M	58.42M	155M
Gross Property Plant And Equipment	446M	449M	433M	446M	431M
Accumulated Depreciation	-211M	-228M	-201M	-154M	-165M
Net Property Plant And Equipment	235M	221M	233M	292M	267M
Other Intangibles, Total	129M	142M	177M	207M	218M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	-	-	108M	-	-
Deferred Tax Assets Long-Term (Collected)	320M	352M	300M	274M	285M
Deferred Charges Long-Term	491M	490M	589M	635M	-
Other Long-Term Assets, Total	376M	394M	487M	291M	160M
Total Assets	7.11B	6.7B	7.81B	8.15B	6.75B
Liabilities
Insurance And Annuity Liabilities	2.16M	904K	-	-	2.43B
Unpaid Claims	1.52B	1.3B	1.32B	1.35B	-
Unearned Premiums	1.65B	1.5B	1.88B	1.99B	-
Reinsurance Payable - (BS)	456M	563M	500M	494M	33.62M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	2.97M	2.15M	3.05M	6.48M	7.54M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	3.53M	1.55M	7.37M	11.05M	6.46M
Current Income Taxes Payable	3.67M	2.47M	5.49M	4.89M	3.06M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	20.73K	1.16M	545K	59.71K	232K
Unearned Revenue Non Current	26.47M	26.64M	19.49M	21.04M	454K
Pension & Other Post Retirement Benefits	76.62M	78.62M	73.92M	92.23M	100M
Other Non Current Liabilities	126M	106M	201M	206M	164M
Total Liabilities	3.87B	3.59B	4.01B	4.18B	2.75B
Common Stock, Total	3.71B	3.71B	3.71B	3.71B	3.71B
Retained Earnings	-136M	-342M	-137M	81.4M	118M
Comprehensive Income and Other	-328M	-254M	-29.32M	-84.76M	-96.77M
Total Common Equity	3.24B	3.11B	3.54B	3.71B	3.73B
Minority Interest	-	-	259M	263M	271M
Total Equity	3.24B	3.11B	3.8B	3.97B	4B
Total Liabilities And Equity	7.11B	6.7B	7.81B	8.15B	6.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.21B	4.21B	4.21B	4.21B	4.21B
ECS Total Common Shares Outstanding	4.21B	4.21B	4.21B	4.21B	4.21B
Book Value / Share	0.77	0.74	0.84	0.88	0.89
Tangible Book Value	3.12B	2.97B	3.37B	3.5B	3.51B
Tangible Book Value Per Share	0.74	0.7	0.8	0.83	0.83
Total Debt	6.5M	3.7M	10.42M	17.54M	14M
Net Debt	-279M	-286M	-314M	-345M	-446M
Debt Equivalent of Unfunded Proj. Benefit Obligation	76.62M	78.62M	73.92M	92.23M	100M
Debt Equivalent Oper. Leases	37.54M	1.73M	1.45M	1.49M	1.49M
Minority Interest, Total (Incl. Fin. Div)	-	-	259M	263M	271M
Equity Method Investments, Total	-	-	8.3M	4.04M	81.65K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	99.74M	99.74M	40.47M	40.47M	40.47M
Buildings, Total	157M	158M	185M	203M	219M
Machinery, Total	176M	182M	193M	187M	159M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	-356M	-194M	210M	227M	-2.74M
Depreciation, Depletion & Amortization	25.37M	27.36M	21.95M	32.86M	34.66M
Total Depreciation, Depletion & Amortization	25.37M	27.36M	21.95M	32.86M	34.66M
Other Operating Activities	625M	216M	-585M	-193M	128M
Cash from Operations	294M	49.84M	-353M	67.13M	160M
Capital Expenditure	-46.63M	-43.43M	-187M	-118M	-41.57M
Sale of Property, Plant, and Equipment	168K	584K	2.61M	109M	417K
Divestitures	-	-	252M	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	-87.48K
Cash from Investing	-46.46M	-42.85M	66.99M	-9.22M	-41.24M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-2.84M	-3.33M	-4.35M	-6.49M	-8.28M
Total Debt Repaid	-2.84M	-3.33M	-4.35M	-6.49M	-8.28M
Common Dividends Paid	-169M	-	-	-	-
Common & Preferred Stock Dividends Paid	-169M	-	-	-	-
Other Financing Activities, Total	-	-	326M	-13.07M	-12.76M
Cash from Financing	-171M	-3.33M	321M	-19.56M	-21.04M
Miscellaneous Cash Flow Adjustments	-49.32K	-8.68K	-24.15K	-9.24K	4.97K
Net Change in Cash	75.79M	3.65M	34.97M	38.34M	97.56M
Supplemental Items
Cash Income Tax Paid (Refund)	31.21M	12.42M	7.49M	24.91M	-4.95M
Net Debt Issued / Repaid	-2.84M	-3.33M	-4.35M	-6.49M	-8.28M
Levered Free Cash Flow	-41.14M	-335M	246M	-378M	-976M
Unlevered Free Cash Flow	-40.9M	-335M	246M	-378M	-975M
Change In Net Working Capital	-253M	178M	-232M	481M	986M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	-3.86	-2.04	2.47	2.37	0.29
Return on Total Capital	-7.86	-4.43	5.17	4.84	0.45
Return On Equity %	-10.29	-6.09	6.69	6.32	0.47
Return on Common Equity	-10.29	-6.09	6.3	6.27	-0.07
Margin Analysis
Gross Profit Margin %	1.9	7.82	19.55	17.85	21.33
SG&A Margin	3.99	4.5	5.13	4.23	4.84
EBITDA Margin %	-8.89	-4.51	6.09	5.89	1.64
EBITA Margin %	-9.39	-5.07	5.72	5.41	0.83
EBIT Margin %	-9.39	-5.07	5.72	5.41	0.83
Income From Continuing Operations Margin %	-7.67	-4.35	4.61	4.4	0.55
Net Income Margin %	-7.67	-4.35	4.18	4.07	-0.08
Net Avail. For Common Margin %	-7.67	-4.35	4.18	4.07	-0.08
Normalized Net Income Margin	-5.87	-3.17	3.13	3.04	-0.28
Levered Free Cash Flow Margin	-0.89	-7.53	4.9	-6.78	-28.44
Unlevered Free Cash Flow Margin	-0.88	-7.52	4.91	-6.76	-28.42
Asset Turnover
Asset Turnover	0.66	0.64	0.69	0.7	0.55
Fixed Assets Turnover	19.56	19.54	22.14	21.29	12.29
Receivables Turnover (Average Receivables)	-	-	-	-	24.02
Short Term Liquidity
Current Ratio	0.63	0.66	0.63	0.78	54.51
Quick Ratio	0.13	0.13	0.12	0.26	25.57
Operating Cash Flow to Current Liabilities	0.08	0.02	-0.1	0.02	3.6
Days Sales Outstanding (Average Receivables)	-	-	-	-	15.2
Average Days Payable Outstanding	141.42	165.21	161.24	140.74	5.46
Long Term Solvency
Total Debt/Equity	0.2	0.12	0.27	0.44	0.35
Total Debt / Total Capital	0.2	0.12	0.27	0.44	0.35
LT Debt/Equity	0.11	0.05	0.19	0.28	0.16
Long-Term Debt / Total Capital	0.11	0.05	0.19	0.28	0.16
Total Liabilities / Total Assets	54.38	53.53	51.35	51.29	40.73
EBIT / Interest Expense	-1.12K	-779.16	298.56	202.62	21.26
EBITDA / Interest Expense	-1.05K	-684.69	321.42	224.66	46.97
(EBITDA - Capex) / Interest Expense	-1.17K	-834.65	126.52	145.2	16.13
Total Debt / EBITDA	-0.02	-0.02	0.03	0.05	0.22
Net Debt / EBITDA	0.68	1.44	-1.02	-1.03	-7.05
Total Debt / (EBITDA - Capex)	-0.01	-0.02	0.09	0.08	0.64
Net Debt / (EBITDA - Capex)	0.61	1.18	-2.58	-1.59	-20.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.93	-4.15	12.66	11.34	-1.41
Gross Profit, 1 Yr. Growth %	-88.39	294.34	181.82	1.65	-28.5
EBITDA, 1 Yr. Growth %	-247.71	-51.32	-251.18	7.63	-85.88
EBITA, 1 Yr. Growth %	-271.08	-48.26	-227.05	5.38	-92.31
EBIT, 1 Yr. Growth %	-271.08	-48.26	-227.05	5.38	-92.31
Earnings From Cont. Operations, 1 Yr. Growth %	-260.57	-45.67	-219.47	6.08	-93.52
Net Income, 1 Yr. Growth %	-260.57	-45.67	-208.21	8.37	-101
Normalized Net Income, 1 Yr. Growth %	-271.51	-48.24	-211.02	8.15	-104.69
Diluted EPS Before Extra, 1 Yr. Growth %	-260	-37.5	-200	8.37	-101
Net Property, Plant and Equip., 1 Yr. Growth %	-1.92	-6.23	5.44	25.62	-8.69
Accounts Receivable, 1 Yr. Growth %	-	-	-	-	-6.14
Total Assets, 1 Yr. Growth %	1.52	-5.81	16.62	4.27	16.34
Common Equity, 1 Yr. Growth %	-11.86	-4.05	13.78	4.6	-0.53
Tangible Book Value, 1 Yr. Growth %	-12.59	-4.63	13.27	3.96	-0.87
Cash From Operations, 1 Yr. Growth %	360.96	-83.03	-808.64	-119.48	138.08
Capital Expenditures, 1 Yr. Growth %	27.75	-6.86	330.91	-36.7	-64.91
Levered Free Cash Flow, 1 Yr. Growth %	-129.03	723.85	-173.06	-253.97	-60.2
Unlevered Free Cash Flow, 1 Yr. Growth %	-128.8	728.37	-173.28	-253.21	-60.22
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.48	0.29	3.92	12	-17.27
Gross Profit, 2 Yr. CAGR %	-63.13	-32.34	233.37	69.26	-13.59
EBITDA, 2 Yr. CAGR %	48.88	-15.25	-13.94	27.55	-57.02
EBITA, 2 Yr. CAGR %	63.21	-5.91	-18.92	15.7	-68.38
EBIT, 2 Yr. CAGR %	63.21	-5.91	-18.92	15.7	-68.38
Earnings From Cont. Operations, 2 Yr. CAGR %	69.01	-6.6	-19.43	12.58	-71.32
Net Income, 2 Yr. CAGR %	68.78	-6.6	-23.32	8.29	-88.57
Normalized Net Income, 2 Yr. CAGR %	63.11	-5.78	-24.2	9.56	-75.09
Diluted EPS Before Extra, 2 Yr. CAGR %	63.3	0	-20.94	3.81	-88.57
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.77	-4.1	-0.56	15.09	7.1
Total Assets, 2 Yr. CAGR %	-4.58	-2.22	4.8	10.27	-7.04
Common Equity, 2 Yr. CAGR %	-4.38	-8.04	4.49	9.1	2.62
Tangible Book Value, 2 Yr. CAGR %	-4.76	-8.7	3.93	8.51	2.16
Cash From Operations, 2 Yr. CAGR %	13.05	-11.56	9.66	16.06	-31.89
Capital Expenditures, 2 Yr. CAGR %	23.94	9.08	100.34	65.16	-52.87
Levered Free Cash Flow, 2 Yr. CAGR %	-81.14	53.78	145.81	6.05	99.3
Unlevered Free Cash Flow, 2 Yr. CAGR %	-81.19	53.6	146.85	5.95	98.97
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.73	-1.72	4.25	6.33	-8.3
Gross Profit, 3 Yr. CAGR %	-25.48	-18.77	8.86	124.38	28.15
EBITDA, 3 Yr. CAGR %	-14.66	2.53	3.01	-7.28	-34.64
EBITA, 3 Yr. CAGR %	-14.08	11.28	3.99	-11.52	-49.74
EBIT, 3 Yr. CAGR %	-14.08	11.28	3.99	-11.52	-49.74
Earnings From Cont. Operations, 3 Yr. CAGR %	-29.37	15.78	1.39	-11.69	-53.85
Net Income, 3 Yr. CAGR %	-29.37	15.67	-1.9	-13.95	-75.81
Normalized Net Income, 3 Yr. CAGR %	-14.07	11.25	-0.48	-14.67	-59.01
Diluted EPS Before Extra, 3 Yr. CAGR %	-30.66	18.56	0	-12.34	-76.49
Net Property, Plant and Equip., 3 Yr. CAGR %	-2.26	-3.94	-1.02	7.49	6.55
Total Assets, 3 Yr. CAGR %	-10.26	-4.99	3.7	4.63	0.26
Common Equity, 3 Yr. CAGR %	-3.58	-4.27	-1.27	4.53	6.21
Tangible Book Value, 3 Yr. CAGR %	-3.85	-4.72	-1.9	3.94	5.74
Cash From Operations, 3 Yr. CAGR %	0.6	-39.92	76.97	-38.86	47.46
Capital Expenditures, 3 Yr. CAGR %	27.88	12.68	72.44	36.45	-1.45
Levered Free Cash Flow, 3 Yr. CAGR %	-48.49	-33.81	20.15	110.31	42.63
Unlevered Free Cash Flow, 3 Yr. CAGR %	-48.58	-33.82	20.17	110.56	42.61
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.66	0.65	6.19	3.55	-4.96
Gross Profit, 5 Yr. CAGR %	-35.38	-13.72	35.69	8.96	-0.74
EBITDA, 5 Yr. CAGR %	1.1	-7.68	-14.39	12.03	-27.39
EBITA, 5 Yr. CAGR %	3.16	-3.75	-16.05	13.03	-35.41
EBIT, 5 Yr. CAGR %	3.16	-3.75	-16.05	13.03	-35.41
Earnings From Cont. Operations, 5 Yr. CAGR %	3.32	15.09	-25.55	14.49	-38.82
Net Income, 5 Yr. CAGR %	5.12	11.75	-27.01	12.66	-58.48
Normalized Net Income, 5 Yr. CAGR %	5.63	-1.84	-18.27	10.57	-42.82
Diluted EPS Before Extra, 5 Yr. CAGR %	2.71	10.76	-26.93	12.43	-58.04
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.51	-3.55	-1.59	3.26	2.15
Total Assets, 5 Yr. CAGR %	-13.18	-11.58	-4.51	0.84	-0.74
Common Equity, 5 Yr. CAGR %	-9.42	-8.54	-0.43	0.87	0.27
Tangible Book Value, 5 Yr. CAGR %	-9.73	-8.91	-0.81	0.37	-0.29
Cash From Operations, 5 Yr. CAGR %	-13.68	1.42	4.13	-21.82	20.19
Capital Expenditures, 5 Yr. CAGR %	-18.12	1.8	53.04	31.3	2.63
Levered Free Cash Flow, 5 Yr. CAGR %	-40.39	-33.3	-3.98	-20.02	47.1
Unlevered Free Cash Flow, 5 Yr. CAGR %	-40.44	-33.31	-3.91	-20.05	47.02
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-