Thai Life Insurance PCL

SET Opportunity Day Presentation

(Year End 2022 Updates)

1 March 2023 | Strictly Private & Confidential

 Agenda

1 Thailand Overview in 2022

2 Company Performance in 2022

3 Outlook & Strategic Initiatives for 2023

4 Q&A

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 2
 Key Presenters from Management Team

Mrs. Varang Chaiyawan Mr. Winyou Chaiyawan Mr. Kean Hin Lim Mr. Michael Heang Ly
Deputy CEO Deputy CEO President Chief Financial Officer

Mr. Nitipong Pruchyanimit Mr. Hsi-Ling Yang Mr. Chor Ee Tan Mr. Sarangsri Limparangsri
Chief Marketing Officer Chief Actuary Chief Digital Senior Vice President, Investment
Transformation Officer

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 3
Thailand Overview
in 2022
 Thailand Economy Overview in 2022

Headline inflation rate(1) rising above the target range since Jan 2022 Rising risk of entering economy recession pushed foreign equities into a

Thailand Overview
downward trend, while domestic equities are relatively stable.
1,750 3,450
9.0%
7.7% 7.6% 7.9%
8.0% 7.1% 1,650 3,250
7.0% 6.4%
5.7% 6.0% 5.9%
6.0% 5.3% 5.6% 1,550 3,050
4.7%
5.0% 1,450 2,850
4.0% 3.2%
3.0% 2.4% 2.7% 2.2% 1,350 2,650
3.0% 1.7%
2.0%

Performance
1,250 2,450

Company
1.0%
1.0%
0.0% 1,150 2,250
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

SET Index MSCI Index

High inflation pushed long-term interest rates up, while the uncertainty caused COVID-19 new cases(2) increased rapidly in 1H 2022 since Omicron variant

Outlook & Strategic

short- and mid-term interest rates fluctuated throughout the year invaded Thailand, and sales activities were restricted. However, the situation was
eased in 2H 2022.

Initiatives
5.00%
No. of New Cases

4.00% 30,000

25,000
3.00%
20,000

Appendices
2.00% 15,000

10,000
1.00% Disclosed on weekly basis
5,000

0.00% Q1 Q2 Q3 Q4 -
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
TH Policy Interest Rate TH 10Y Gov't Bond Yield TH 20Y Gov't Bond Yield TH 45Y Gov't Bond Yield

Note: (1) Information is extracted from Office of Policy and Strategic Trade, Ministry of Commerce (2) Data is extracted from WHO
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 5
 Thailand Life Insurance Industry Overview in 2022

New Business Premiums New Business by Channel

Thailand Overview
(First Year Premium + 10% Single Premium) (THB million) (First Year Premium + 10% Single Premium)

92,364 1.4% 1.0%

3.5% 0.2% 2.9% 0.2%
84,463 +9% 5.4% 6.6% Others
43.5% 42.5% Digital
Broker
DMTM

Performance
Company
46.0% 46.8% Bancassurance
Agency

11M 2021 11M 2022 11M 2021 11M 2022

Outlook & Strategic

Initiatives
Total Premiums New Business by Product
(THB million) (First Year Premium + 10% Single Premium)

545,039 539,435
-1% 19.1% 19.1%
Others
17.9% 15.9%
Riders

Appendices
12.2% 9.7%
12.3% 0.8% Investment-Linked
12.5% 0.7%
Term life

37.6% 42.2% Whole Life

Endowment

11M 2021 11M 2022 11M 2021 11M 2022

Source: TLAA data as of November 2022.

Note: (1) The product group refers to TLAA industry disclosures, which may not match with the grouping used by the Company. (2) Others include credit life, group riders, group life and medical, industrial, personal accident.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 6
Company Performance
in 2022
 All Key Financials Achieved Admirable Growth

Thailand Overview
APE VONB VONB Margin

12,819 m 7,325 m 57.1%

+12.8% +31.2% +8.0pps

Performance
Company
Outlook & Strategic
Market Share EV Net Profit

Initiatives
14.1% 145,170 m 9,265 m
+0.3pps +2.0% +10.4%

Appendices
Source : TLAA as of Sep 2022

Note: The changes are comparing the performance in 2022 to the last year.

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 8
 All Channels Delivered Double-Digit APE and VONB Growths
APE by Channels

Thailand Overview
(THB million)
• Agency channel continue to
Agency Partnerships Alternatives
grow in both APE and VONB
APE 69.5% 68.5% 25.0% 25.6% 5.5% 5.9%
through achieving a higher Share

efficiency and focus on products 8,784

7,902
with sustainable profits. +11%
3,284
2,845

Performance
+15%

Company
• Partnership channel remain 620 751
+21%
strong as businesses are
recovering strongly and partners 2021 2022 2021 2022 2021 2022

can benefit from the comeback.

Outlook & Strategic

VONB by Channels

Initiatives
(THB million)
• ​Alternative channel growth was
Agency Partnerships Alternatives
mainly driven by group employee
VONB 40.0%
benefits as a result of 51.7% 59.5% 44.4% 54.8% 38.3%
Margin
businesses' recovery and new
5,224

Appendices
marketing strategy.​ 4,083
+28%
1,801
1,263 +43%
238
300
+26%

2021 2022 2021 2022 2021 2022

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 9
 Leading Agency Force
Unrivalled agency network covering all provinces in Thailand

Thailand Overview
High-quality Production with Strong Growth
enables TLI to tap into vast under-served Thai population
APE VONB
(THB million) (THB million)
Number of branches and customer
VONB
service centers as of Dec 31, 2022 51.7% 59.5%
Margin
8,784
22 7,902 +11% 5,224

Performance
4,083 +28%

Company
264
branches

2021 2022 2021 2022

Outlook & Strategic

242

Initiatives
Upcountry
Bangkok and vicinity areas
17% 57% 63%
Agency market share Rider attachment rate Total agency GWP in 2022
in 9M 2022 APE in 2022 contributed from upcountry
(vs 16% in 9M 2021 APE) (vs 60% in 2021) (vs 63% in 2021)

Established Distribution Scale Powered by Digitalization Continued to develop Health and Participating products

Appendices
Health Rider Participating Product
24,819 94% Launched series of Launched long-termed
Agents are unit managers Policy submitted via TL Pro Plus health riders to cover participating products to
or above as of Dec 2022 (e-application) in Dec 2022 various target customer offer more choices and
(vs 25,446 as of Dec 2021) (vs 81% in Dec 2021) segments under the create better experience
theme called “Health Fit” Health Fit Health Fit 99 Health Fit for customers
Money Fit
Firm 30/15
Money Fit
Firm 30/25
Money Fit
Firm 20/10
Bao Bao & Health Fit 99 VIP Deduct
Refund Plus

Note: Upcountry refers to provinces other than Bangkok and vicinities areas
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 10
 Comprehensive Partnership Networks
Our independency allows to partner with multiple institutions and

Thailand Overview
Impressive Recovery with Sustainable Profitability
provide comprehensive insurance solutions across income groups
APE VONB
(THB million) (THB million)

High VONB
Income Low 44.4% 54.8% Margin
3,284
2,845 1,801
+15%
1,263 +43%

Performance
Company
Commercial Banks

2021 2022 2021 2022

Outlook & Strategic

Initiatives
Commercial Banks Improved Digitalization
Government Banks
and Organizations
• Increase sales by collaborating with
strategic partners 57%
• Continuously increase digital sales tool Policies submitted via
usage (Digital For Life) to grow sales digital sales tool in Dec 2022
volume and fasten operational process (vs 8% in Dec 2021)

Appendices
Leasing and
Hire Purchase
Leasing and Hire Purchase
• Outperform sales especially from growing MRTA products and intensive sales
campaigns and branch visiting to build strong relationship with strategic partners
• Tap new markets by building new partnerships: OHO Leasing and Genie Fintech

Consumer Finance

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 11
 Customer Centric Product Offering with Clear Strategies
Our strong customer insights and product innovation enable Shifting toward Less Interest-sensitive Products to Sustain Profitability

Thailand Overview
us to continuously address the evolving customers’ needs
APE by Product

7.6% 9.6% 9.7%

8.6%
13.6% 12.6%
Enhancing Develop new participating and investment- 3.1%
Investment 2020 2021 2022
linked products in response to customers’ THB 3.2% THB
Yield THB
need for yield enhancement 7.3%
17.4b 11.4b 12.8b

Performance
Company
14.4%
7.6%
80.7% 60.0%
61.8%

Raising Health
Launch several health riders under “Health
Awareness Fit” suite and continue promoting Life Fit
program Ordinary Life (Traditional) Ordinary Life (New Participating) Investment-Linked Riders Others

Outlook & Strategic

VONB Margin by Product

Initiatives
Aging Design product for senior segment. Partner
with Eisai to build ecosystem covering all 133%
Society
140%
Reprice/ 123%
stages of Alzheimer’s disease Withdrawal
120%
117%
unprofitable
100%

products
80%
70%
60%
Launch insurance product with smaller ticket 49% 48% 49%
57%
Social 60%

size to expand life and health protection to

Appendices
37% 34%
Responsibility 40%
27% 29%
32%
every household in Thailand 19% 17%
20%

2%
0%

Ordinary Life Ordinary Life Investment-Linked Riders Others Total

(Traditional) (New Participating)

2020 2021 2022

Note: (1) Ordinary Life Traditional products consist of endowment, whole life, and annuity. Investment-Linked products consist of universal life and unit-linked. Riders are add-on benefits that are in addition to the life insurance benefits under the basic policy
and cannot be purchased as a standalone policy under the OIC regulation; rider offerings include health, hospital benefit, accidental death/dismemberment/total permanent disability, critical illness and payer benefit. Others include industrial life, group life
and personal accident. (2) The new participating product refers to the new suite of participating products launched from July 2021
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 12
 Investment Portfolio Optimised to Deliver Sustainable Returns

Thailand Overview
Sustainable Investment Returns 0.1%

11.9%

Fixed Financial
17.2 b Income (1) 48.7%
81.8% Investment Asset
11.3%
45.8%
Equity
Net Investment Income 440.2 538.4 61.1

Performance
54.2%

Company
(16.1% of total revenue in 2022) billion
39.3% billion billion
5.5%
1.4%

3.8%

Outlook & Strategic

Government Bonds Equity Securities and Local Unit Trusts

Gross Return on Foreign Unit Trusts

Initiatives
Corporate Bonds
Fixed Income Securities and Deposits
Average Investment in 2022
State Enterprise Bonds
Equities and Unit Trusts
Deposits
Loan and Accrued Interest

Cash and Cash Equivalents

4.1%

Appendices
Credit Rating
Gross Return on
Average Investment in 2012-2022 BBB A- to A+ AA- to AA+ AAA
10.8% 52.1% 16.8% 20.2%

(0.1% in short-term credit rating of F1+(tha) is not visible in the above graphic due to insignificant)

Note: (1) Include fixed income securities, fixed term deposits; (2) Gross return on average investments is calculated as sum of net investment income and gain (or loss) on investment, divided by the average of net financial investment assets.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 13
 Successfully Delivered Impressive Financials in 2022
APE VONB & VONB Margin Net Profit

Thailand Overview
(THB million) (THB million) (THB million)
12,0 00 80. 0% 12,0 00

57.1%
10,0 00
49.1% 60. 0% 10,0 00

+10%
17,396 8,00 0 40. 0% 8,00 0
9,265
+13% 17.3% +31% 8,394
12,819 6,00 0
7,325 20. 0% 6,00 0
7,692
11,367
4,00 0
5,585 0.0 % 4,00 0

Performance
Company
2,00 0

3,012 -20.0% 2,00 0

- -40.0% -

2020 2021 2022 2020 2021 2022 2020 2021 2022

Embedded Value (1) Capital Adequacy Ratio

Outlook & Strategic

(THB million)

Initiatives
+2.0%
420%
As of Dec 2022
(1,274) (vs regulatory minimum 140%)
7,746 145,170
142,277 (738) 7,325
(20,855) 10,689

Appendices
+9.7% Rating
Operating RoEV

EV
Dec 2021
Model
Enhancement
VONB Expected
Return on EV
Operating
Variance
Economic
Variance
Capital
Movements
EV
Dec 2022
A- / AAA
(International) (Domestic)
and Assumption and Assumption
Fitch Rating in Apr 2022
Changes Changes

Note: (1) Embedded Value was calculated by using Risk Discount Rate of 8.0%.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 14
 Shareholder Dividend

Thailand Overview
(3)
9,262 million 37.1% 3,435 million 0.30
Net Profit(1) in 2022 Pay-out Ratio Dividend Paid in 2023 Dividend per share

Performance
Historical Dividend Payment Dividend per Share

Company
(THB million) (THB per share)

6,000 50.0%

37.1%
30.0% 30.0%
40.0%

5,000

30.0%

Outlook & Strategic

20.0%

4,000

Initiatives
10.0%

3,000
3,435 0.0%

0.30
-10.0%

2,000
2,650 0.25
2,258 -20.0%
0.213
-30.0%

1,000

-40.0%

Appendices
- -50.0%

(2)
2020 2021 2022 2020 2021 2022

Note:
(1) Net Profit under separated financial statements.
(2) On 17 September 2021, the Extraordinary General Meeting of the Company's shareholders approved the following resolutions:
1) A change in the par value of the shares from Baht 100 to Baht 1 per share, resulting in an increase in number of the ordinary shares from 106,000,000 ordinary shares to 10,600,000,000 ordinary shares.
2) An increase in registered shares capital from Baht 10,600,000,000 to Baht 11,600,000,000 by issuing newly 1,000,000,000 ordinary shares. The Company registered shares capital with the Ministry of Commerce on 14 October 2021.
The dividend per share for 2020 is recalculated based on 10,600,000,000 ordinary shares.
(3) At the Board of Director’s meeting held on 23 February 2023, the Board of Directors approved the appropriation of a dividend of Baht 0.30 per share on 11,450 million shares, amounting to Baht 3,435 million. The dividend payment is
subject to the approval of the Shareholders at the Annual General Meeting and the Office of Insurance Commission.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 15
Outlook & Strategic
Initiatives for 2023
 Outlook for 2023

Thailand Overview
Foreign
Tourists x2
Foreign tourist arrivals forecast to reach 22.0 million
GDP
Growth to 3.7%
GDP growth forecast to increase to 3.7% in 2023,
Headline
Inflation to 3.0%
Headline inflation forecast to reduce to 3.0% by end

persons in 2023, from 10.5 million persons in 2022.
Most of foreign tourist come from Asia.
Performance
Company
from 3.2% in 2022, mainly supported by tourism and of 2023 due to the declining global crude oil and
private consumption. Private consumption is expected commodity prices as a result of slowdown in global
to grow on the back of resuming in economic activities demand and resolving cost pressure from labor
and recovery in the labor market. shortage.

Outlook & Strategic

Initiatives
Protection Aging Health
Gap 71% Society Awareness
Aged 65+ Population Old Age Dependency Health Rider First Year Premium

Appendices
(% of total population) (% of working-age) (THB billion)

~30 trillion
Additional mortality protection needs (in THB) 15%
26%
21%
50%
9.5 10.0
14.0
11.9

2021 2040 2021 2040 2019 2020 2021 11M2022

Source: Foreign Tourists, GDP Growth, and Headline Inflation data are extracted from the Bank of Thailand Monetary Policy Report – November 2022; Protection gap statistics are referring to Swiss Re (July 2020) Closing Asia’s Mortality protection Gap;
Population statistics are extracted from The World Bank Data; Population forecasts are extracted from Bank of Thailand (2017) Aging Population: Global Perspectives; Life insurance industry premiums are downloaded from TLAA.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 17
 Strategic Initiatives for 2023

Thailand Overview
Tied Agency Channel
Partnership Channel
• Drive sales with profitable products such as
participating, investment-linked, and riders.
• Build up Agency Team with new Unit Managers, and Commercial Bank Alternative Channel

Performance
encourage agent to increase productivity through • Drive sales of existing products for each strategic

Company
competition, online recruitment, and training program partner to build up production with optimizing VONB
• Enhance Agent Quality in order to increase Life Solution • Enhance back-end operation and adding feature in
Direct Marketing /Tele Marketing
Agent, MBRT/MDRT agent, and encourage agent to be partners’ digital sales tools to improve customer • Run successful multiple-sales operation model
Brand Ambassador experience (Virtual Sales Office Project)
• Build agent’s mindset to become Digital Agent with Heart Government Bank • Enhance TSR skill and backend operation

Outlook & Strategic

Tech by enhancing digital sales tools and learning process
• Offer exclusive product with specific partner to E-Commerce
• Pilot branch business model and up-skill / re-skill

Initiatives
penetrated untapped segments
branch staff to have digital skill and data mindset • Offer products for online market segment
Hire Purchase / Leasing
• Expand 2nd policy market by having new engagement • Expand online selling channels with marketplace or
features in TLI Application together with supporting • Cooperate with strategic partners to conduct digital digital broker to reach more customers
campaign and privilege program initiatives to drive sales volume
Group EB
Consumer Finance
• Boost sales from brokers
• Explore other sales models with existing partners

Appendices
• Enhance customer experience by implementing
to maintain sales growth
Telemedicine and E-claim on mobile application

Grow
Sustainably

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 18
 ESG Framework

Thailand Overview
Environmental Social Governance

Goal Goal Goal

Protect the environment for a sustainable society Create a sustainable society

Performance
Generate sustainable returns

Company
…………………………………………………………………………………. …………………………………………………………………………………. ………………………………………………………………………………….

To reduce the impact on climate change To create a better quality of life, prosperity, To be a responsible
and better health for all stakeholders and accountable company

Outlook & Strategic

Sustainability Materiality Topics Sustainability Materiality Topics Sustainability Materiality Topics

Initiatives
• Environmental management • Inclusion and Literacy • Corporate governance
• Climate change • Human management and development • Customer relations

• Human rights and Non-discrimination • ESG products and services

• Corporate social responsibility • Information Technology and Digital Innovation

Appendices
• ESG risk and crisis management
• Supplier management

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 19
 ESG Activities

Thailand Overview
Performance
Company
Outlook & Strategic
Initiatives
Appendices
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 20
Appendix:
 Statement of Profit and Loss

Thailand Overview
(THB million) For the year ended December 31,
2020 2021 2022
Gross premium written 91,269.12 90,451.49 88,081.57
Less Premium ceded (254.21) (278.60) (394.36)
Net premiums written 91,014.91 90,172.89 87,687.21
Add (less) Unearned premium reserved decrease (increase) from previous year 201.50 (69.08) (170.76)
(Less) add Reinsurers' share of (decrease) increase in unearned premium reserve from previous
(2.76) 0.38 119.05
year

Performance
Net premiums earned 91,213.65 90,104.19 87,635.50

Company
Fee and commission income 23.63 34.89 35.96
Net investment income 15,749.41 16,015.75 17,201.69
Gain on investment 66.78 3,324.88 2,823.21
Gain (loss) on fair value change 153.91 (652.18) (1,006.08)
Share of profit of associate 164.31 12.04 5.80

Outlook & Strategic

Other income 270.57 406.45 456.51

Initiatives
Total revenues 107,642.26 109,246.02 107,152.59
Long-term technical reserve increase from previous year 30,422.99 28,224.84 14,913.39
Benefits payments and insurance claims expenses 50,120.82 53,608.00 65,202.52
Less Benefits payments and insurance claims expenses recovered from reinsurers (157.18) (149.72) (210.87)
Net benefits payments and insurance claims expenses 49,963.64 53,458.28 64,991.65
Commissions and brokerage expenses 10,421.50 8,677.65 8,672.16

Appendices
Other underwriting expenses 1,840.68 1,726.40 1,880.29
Operating expenses 5,051.46 5,073.32 5,466.89
Expected credit loss (reversal) 262.94 1,057.68 (360.86)
Other expenses 94.14 226.27 166.91
Total expenses 98,057.35 98,444.44 95,730.43
Profit before income tax expense 9,584.91 10,801.58 11,422.16
Income tax expense 1,892.59 2,408.06 2,157.10
Profit for the year 7,692.32 8,393.52 9,265.06

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 22
 Statement of Financial Position

Thailand Overview
(THB million) As of December 31, (THB million) As of December 31,
2020 2021 2022 2020 2021 2022
Assets Liabilities
Cash and cash equivalents 10,497.72 7,326.48 7,685.90 Insurance contract liabilities 404,854.91 433,492.29 447,115.52
Investment contract liabilities 47.43 150.41 140.27
Premiums due and uncollected, net 4,876.39 4,354.56 4,730.62
Reinsurance payable 156.18 183.36 351.52
Accrued investment income 3,559.54 4,063.42 4,659.78 Derivative liabilities 344.23 3,055.33 2,012.94
Reinsurers’ share of insurance contract Income tax payable 985.88 1,451.26 720.88

Performance
liabilities 6.07 6.57 125.81

Company
Deferred tax liabilities, net 1,559.79 2,027.41 24.53
Reinsurance receivables, net 133.39 126.66 186.53
Employee benefit obligations 1,810.04 1,593.28 1,616.16
Derivative assets 3,822.00 900.54 3,174.42 Other liabilities 6,501.29 5,321.72 5,991.81
Total liabilities 416,259.75 447,275.06 457,973.63
Investment assets

Outlook & Strategic

Investments in securities 434,331.97 480,690.51 501,281.38 Equity
Share capital

Initiatives
Loans and accrued interest 30,550.95 29,936.27 29,403.06
Authorized share capital 10,600.00 11,600.00 11,600.00
Investments in associates, net 1,691.57 470.93 406.17 Issued and paid-up share capital 10,600.00 10,600.00 11,450.00
Investments held to cover linked liabilities 47.43 150.41 140.95 Premium on ordinary shares 7,293.04 7,293.04 19,782.03
Retained earnings
Property foreclosed, net 865.35 308.57 24.88
Appropriated

Appendices
Land, premises and equipment, net 2,719.46 2,533.93 2,501.39 Legal reserve 1,060.00 1,160.00 1,160.00
Intangible assets, net 472.53 1,291.94 1,165.05 Unappropriated 50,651.80 56,746.67 63,384.52
Other components of equity 8,180.61 10,631.52 2,291.63
Other assets 470.83 1,545.50 555.87
Total equity 77,785.45 86,431.24 98,068.18

Total assets 494,045.20 533,706.29 556,041.81 Total liabilities and equity 494,045.20 533,706.29 556,041.81

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 23
 Income Statement and Key Financial Ratios

Thailand Overview
Thai Life weathered through the COVID-19 period delivering sustainable profitability
GWP Breakdown Total Revenues
(THB million) (THB million, %)

84.7% 82.5% 81.8%

Investment returns (3)
91,269 90,452 88,082 15.0% 17.1% 17.8%
-0.9% First year premiums
10,271 -2.6%
15,416 11,632 Net premiums earned (2)
4,889 7,431 7,267 109,246 107,153

Performance
Single premiums
107,642 -1.9%
+1.5%

Company
16,134 18,700 19,025 Other components of total
Renewal premiums revenues (4)
70,961 72,748 69,179 % of net premiums earned to
Inward premiums from 91,214 90,104 87,636 total revenues
retrocession (1)
% of investment returns to

Outlook & Strategic

total revenues
2020 2021 2022 2020 2021 2022

Initiatives
Total Expenses Net Profit
(THB million) (THB million, %)
Operating expenses CAGR 2020-2022 : 9.7%
98,057 98,444 95,731
5,051 +0.4% 5,073 11.9% 13.0%
-2.8% 5,467 10.5%
12,262 10,404 10,552 Commissions, brokerage
and other underwriting
14,913 expenses 7.2% 7.7% 8.7%
28,225 Net profit

Appendices
30,423 Change in long-term
technical reserve +10.4% (6)
+9.1% Operating profit margin
9,265
Net benefits payments 7,692 8,394
64,992 Net profit margin(7)
49,964 53,458 and insurance claims
expenses
Other components of total
expenses (Reversal) (5)
2020 2021 2022 2020 2021 2022

Note: (1) Inward premiums from retrocession for 2020-2022 are 3 Baht mn, 2 Baht mn and 4 Baht mn, respectively.; (2) Net premiums earned include gross premium written, premium ceded and unearned premium reserve.; (3) Investment returns include net investment income, gain (loss) on
investments, gain (loss) on fair value change and share of profit (loss) of associate.; (4) Other components of total revenues for 2020-2022 are 294 Baht mn, 442 Baht mn and 492 Baht mn respectively, which comprise fee and commission income and other income.; (5) Other components of
total expenses for 2020-2022 are 357 Baht mn, 1,284 Baht mn and (193) Baht mn respectively, which comprise expected credit losses (reversal) and other expenses.; (6) Operating profit margin is calculated as profit before income tax expense divided by gross written premiums for the period.;
(7) Net profit margin is calculated as net profit divided by total revenues for the period.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 24
 Balance Sheet and Key Financial Ratios

Thailand Overview
Well-diversified investment portfolio with sustainable return

Financial Investment Assets and RoAI Total Assets and RoAA

(THB million, %) (THB million, %)

3.5% 3.9% 3.8% 1.6% 1.6% 1.7%

0.0%
Cash and cash 700,000

equivalents (1)
517,953 538,370 600,000

533,706 556,042
+3.9% +4.2%
-10.0%
0.0%

475,381 +9.0% 29,403

Loans and accrued 494,046 +8.0% Financial
29,936 61,066
-20.0%

interest 500,000

investment assets
30,551

Performance
71,755
-2.0%

51,616

Company
-30.0%

Equity securities 400,000

-40.0%
-4.0%

Assets other than

538,370 the mentioned (2)
300,000

475,381 517,953
Fixed income securities
-50.0%

408,936 440,215 -6.0%

382,716 -60.0%
200,000

-8.0%
Return on average
-70.0%

Gross return on
100,000

assets (RoAA) (5)

-80.0%
average investment -
18,665 15,753 17,672 -10.0%

(RoAI) (4)
2020 2021 2022 2020 2021 2022

Outlook & Strategic

Initiatives
Total Liabilities Shareholders’ Equity and RoAE
(THB million) (THB million, %)

447,275 457,974 10.4% 10.2% 10.0%

416,260 +2.4%
+7.5%
Total insurance contract
+13.5% Shareholders'
liabilities
+11.1% 98,068 equity

Appendices
Liabilities other than the 86,431
433,492 447,116 mentioned (3) 77,785
404,855
Return on average
shareholders’
equity (RoAE) (6)

11,405 13,783 10,858

2020 2021 2022 2020 2021 2022
Note: (1) Cash and cash equivalent as of 2020-2022 are 10,498 Baht mn, 7,326 Baht mn and 7,686 Baht mn respectively; (2) Assets other than the mentioned consist of accrued investment income, derivative assets, net investments in associated companies, investments held to cover linked
liabilities, net premiums due and uncollected, net land, premises and equipment, reinsurers’ share of insurance contract liabilities, net reinsurance receivables, net intangible assets, net property foreclosed, net deferred tax assets and other assets.; (3) Liabilities other than the mentioned consists of
investment contract liabilities, reinsurance payable, derivative liabilities, income tax payable, deferred tax liabilities, net, employee benefit obligations and other liabilities.; (4) RoAI is calculated as sum of net investment income and gain (loss) on investment in the latest 12 months divided by an
average of the sum of net financial investment assets at the beginning and the end of the period.; (5) RoAA is calculated as net profit in the latest 12 months divided by average total assets at the beginning and the end of the period.; (6) RoAE is calculated as net profit in the latest 12 months
divided by average total shareholders’ equity at the beginning and the end of the period.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 25
 Investment Portfolio With Diversified Asset Allocation

Thailand Overview
as of Dec 31, 2021 State Enterprises Bonds and Corporate bonds by rating*
(as of December 31, 2022)
Loans Deposits, Cash and Cash
5.8% equivalents
1.5%

Equity and Unit Trust

13.9%
BBB
State Enterprises bonds
10.8% AAA
Investment portfolio 9.1%
Government

Performance
bonds 20.2%

Company
38.8%
THB 517.9 bn Corporate bonds
31.0%
AA- to AA+
A- to A+ 16.8%
52.1%

Outlook & Strategic

as of Dec 31, 2022

Initiatives
Loans Deposits, Cash and Cash
5.5% equivalents
1.5% State Enterprises Bond and Corporate bonds:
THB 216.1 bn

Investment portfolio
Equity and Unit Trust
11.3%
*Short-term credit rating of F1+(tha) 0.1% is not visible in the above graphic as they are insignificant.

Appendices
State Enterprises bonds
Government
THB 538.4 bn 9.8%
bonds
39.8%

Corporate bonds
32.1%

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 26
 Product Mix of Life Insurance Industry in Thailand
Product mix for 11M2022 is largely same as 2021 with an increase on Endowment and decreases on Investment-Linked and Health Riders

Thailand Overview
Life insurance new business product mix (by APE)(1)
2020 2021 11M 2022
Industrial Personal Accident Industrial Personal Accident Industrial Personal Accident
Group Life and Medical Group Life and Medical Group Life and Medical
Group Riders 3.5% Group Riders 3.4%
Group Riders 4.6% 4.2%
0.3% Credit Life 5.3% 0.3% Credit Life 5.6% 0.2%
5.5% 4.1% 3.9%
Credit Life
Others 3.9% Group Others 4.3%
Others 3.5% Group Other Riders
Endowment
Other Riders Group

Performance
0.3% 2.1% 37.6% 0.3%
Other Riders 0.4% 2.6% 1.7% Endowment

Company
42.2%
45.5% Endowment
Health Riders 9.3% Ordinary Health Riders 13.6% Health Riders 12.2%
1.9% Life(2)
Ordinary 2.0%
1.9% 2.0% Ordinary
Critical Illness Riders Life(2) 1.5%
0.5% 1.7% Critical Illness Riders 0.8% Life(2)
Accidental Riders Critical Illness Riders 0.7%
5.4% Accidental Riders
Other Term Life Accidental Riders Other Term Life 9.7%

Outlook & Strategic

Investment-Linked Other Term Life 12.2% 12.6%
14.3% 12.3%
Investment-Linked
Investment-Linked Whole Life Whole Life

Initiatives
Whole Life

Product mix (by APE)(1) for the largest four life insurers in THB billion
2020 2021 11M 2022

22.5 19.9 16.1 10.8 23.5 14.4 11.1 12.3 21.4 14.7 11.0 14.1
5%
10% 9% 14% 14% 11%
7% 11% 15% 16%
12% 17%

Appendices
29% 12% 11% 14%
23% 29% 10%
27% 23%
20% 18%
19% 69% 65% 60%
58% 56% 56% 58%
40% 14% 39% 14%
22%

AIA FWD MTL AIA FWD MTL AIA FWD MTL

Endowment Whole Life Investment-Linked Other Term Life Individual Riders Others Credit Life Group Riders Group Life and Group Medical Personal Accident
Source: TLAA. Note: (1) APE is calculated as 100% of first year regular premiums plus 10% of single premiums. The product group refers to TLAA industry disclosures, which may not match with the grouping used by the Company.
(2) Ordinary Life includes investment-linked insurance (universal life and unit-linked insurance).
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 27
 Distribution Mix of Life Insurance Industry in Thailand
Distributions are still dominated by Agency and Bancassurance channels

Thailand Overview
Life insurance new business distribution mix (by APE) (1)
2020 2021 11M 2022
(3) (3) (3)
Others (2) Others (2) Others
(2)
DMTM DMTM
DMTM
7.3%
3.6% 3.4% 6.9% 2.9% 7.8%

Performance
APE APE

Company
44.3% Agency APE
47.5% Agency 46.8% Agency
THB THB THB
107.5bn 102.8bn 98.2bn
42.2% 42.5%
44.8%
Bancassurance

Outlook & Strategic

Bancassurance Bancassurance

Initiatives
Distribution mix (by APE)(1) for the largest four life insurers in THB billion
2020 2021 11M 2022

22.5 19.9 16.1 10.8 23.5 14.4 11.1 12.3 21.4 14.7 11.0 14.1
16% 17% 18%
19% 22%
34%

Appendices
59% 54%
59%
87% 80% 78%
81% 79% 72% 78% 70%
58%
32% 31% 39%
13% 14%
AIA FWD MTL AIA FWD MTL AIA FWD MTL

(2) (3)
Agency Bancassurance DMTM Others
Source: TLAA. Note: (1) APE is calculated as 100% of first year regular premiums plus 10% of single premiums. The distribution group refer to TLAA industry disclosures, which may not match with the grouping used by the Company. (2) DMTM refers
to direct marketing and telemarketing. (3) Other channels include digital, independent financial advisors and worksite marketing. Independent financial advisors are financial advisors who advise customers on multiple aspects on investment (including
insurance) and which are not tied to any particular insurer, worksite marketing refers to the selling of insurance products at the workplace.
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 28
 Thai Life Insurance Historical Net Profits

Thailand Overview
TLI’s net profits has grown at a CAGR of 12% over the past 15 years, and the company has not suffered a single loss-making year.

YoY
(53%) 281% (17%) 22% 30% (4%) 31% 4% 15% 20% (6%) 1% 14% 9% 10%
Growth

Performance
Company
Historical Net Profit
(THB million) 9,265

8,394
2007-2022 7,692

Outlook & Strategic

CAGR 7,107
6,709 6,777

Initiatives
+12%
5,932

5,142
4,938

3,938 3,767

Appendices
2,975 3,031
2,483

1,646

781

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Company Filings available on the OIC Statistics website for 2006-2014 and Thai Life Insurance’s Financial Statements available on Thai Life’s website for 2015-2017 figures. URL: 2006 – 2010: OIC website; 2011 – 2014: OIC website; 2015 –
2016: Thai Life website; 2017: Thai Life website
Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 29
 Medical Claims
YTD Medical Claim Medical Claim from COVID-19

Thailand Overview
(THB million) (THB million)

6,075 Overall, the medical claim from COVID-19 has cooled down since 2H 2022.
4,654 1,427
900 4,648
3,754 207
169 176 161
138 144 138 153
123 135
113 119 116 118
80

Performance
64 65
47

Company
40
2021 2022 1 1 3 16
0

Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22

Others COVID-19 Total

Outlook & Strategic

• Medical claim from other diseases in the Historical Medical Claims
second half of 2021 was extremely low as (THB million)

Initiatives
people avoided visiting hospitals during
the severe COVID-19 outbreak

• Despite the medical claim from other 1,263

1,357
diseases in 2022 was higher than last 1,055 1,061 991 966
year, it remained lower than the 909
799

Appendices
experience before pandemic (e.g. 2019)

• Before pandemic, the medical claim in the

second half was normally the highest 1Q 2Q 3Q 4Q
during a year due to the seasonality of
claims in rainy season. 2019 2020 2021 (excluding COVID-19) 2022 (excluding COVID-19) COVID-19

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 30
 APE 2022 vs 2021

Thailand Overview
YoY
Annualized Premium Equivalent +25% +22% +30% -14%
Growth
(THB million)

3,690
3,324 3,228 3,178
3,089
2,667 2,537 2,474

Performance
Company
1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022

Outlook & Strategic

COVID-19 New Cases

Initiatives
No. of New Cases

30,000

25,000

20,000

Appendices
15,000

10,000
Disclosed on weekly basis
5,000

-
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 31
Thank you
investor.relations@thailife.com
Business Hours
Monday – Friday investor.thailife.com
8.30 – 5.00 p.m.
+662-354-2424-5
 Disclaimer

The information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or warrant that the
information is complete or accurate, in particular with respect to data provided by or regarding third parties. Certain financial and statistical information contained in this
document is subject to rounding adjustments. Accordingly any discrepancies between the totals and the sums of the amounts listed may be due to rounding. The
information in the presentation does not purpose to be comprehensive or to contain all the information that a prospective investor may desire or require to decide
whether or not to purchase securities of the Company.

Certain forward-looking statements may be made during the presentation. Statements included or incorporated in these materials that use the words or phases
“believe”, “anticipate”, “expect”, “estimate”, “intend”, “foresee”, “hope”, “plan”, “target”, or that otherwise relate to objectives, strategies, plans, intentions, beliefs or
expectations or that have been constructed as statements as to future performance or events, are “forward-looking statements” within the meaning are not guarantees
of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the
forward-looking statements are made. The information contained in this presentation may be modified or amended and is subject to change without notice and the
Company does not undertake any duty to publicly update or revise any forward-looking statements, and the estimates and assumptions associated with them, whether
as a result of new information, future events or otherwise, except to the extent required by applicable laws and regulations. The Company makes no representation and
assume no liabilities against whatsoever about the opinions or statements of any analysts or other third party. The Company does not monitor or control the content of
third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinions or statements.

Our presentation is intended solely for your personal reference only. 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. In addition, such information contains projections and forward-looking statements that reflect our
current views with respect to future events, financial performance and result of TLI’s activities. These views are based on assumptions subject to various risks and
uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ
materially from those projected.

This presentation does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of any offer to
purchase , acquire, subscribe for, sell or dispose of, any securities in any jurisdiction nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be
relied on in connection with, any contract therefore.

Thai Life Insurance PCL. | Year End 2022 SET Opportunity Day Presentation | 1 March 2023 | Strictly Private & Confidential 33