Dear shareholders,
The modern-day business landscape is unprecedently evolving, driven by key factors such as demographic shift, environmental change, and technological advancement. These factors force many industries to redefine their strategies and operational approaches, with technological development serving as the center of transformation. Businesses must adapt to the increasingly diverse demands of consumers and the leverage of continual technological advancements to maintain their competitive edge. Dhipaya Group Holdings Public Company Limited (the “Company”), the leading Insurance and Financial Holding Company in Thailand, along with its affiliates, recognizes the importance of staying ahead of these changes. We are committed to integrating cutting-edge technologies into our operations to drive business growth and foster continual innovation. Additionally, we aim to create new opportunities for expansion while maximizing our value for all stakeholders.
Mr. Somchainuk Engtrakul
In 2024, the Company implemented strategic initiatives to strengthen the business operations within the group. Dhipaya Insurance Public Company Limited (“TIP”), the market leader in the non-motor insurance sector, has played a central role in establishing a comprehensive insurance and financial ecosystem. This ecosystem is built upon a robust and efficient business structure that will support future growth in various segments, including insurance, insurance support services, and other emerging high-potential business sectors aligned with Thailand’s New Mega Trends. Advanced technology serves as the backbone of this ecosystem, facilitating seamless connectivity and unlocking synergies across all business groups. Furthermore, the Company actively explores new investment opportunities to drive sustainable growth, reinforcing our long-term vision of becoming a leading insurance and financial group within the region and deliver sustainable returns to shareholders and all stakeholders.
The year 2024 also marks another significant milestone in the Company’s journey as leader in leveraging technology to gain a competitive advantage and in playing a part of the business operation enhancement across Thailand by advancing its technological capabilities. To support this vision, the Company established a joint venture company under the name HoriXon T8 Co., Ltd. (“HoriXon T8”), a technology consulting firm that specializes in digital product development and Software-as-a-Service (SaaS) solution. Our goal is to develop a leading technology and innovation hub which extends beyond the insurance sector. HoriXon T8 aims to build a comprehensive digital infrastructure, and seamlessly integrate all sectors within the insurance industry and beyond with AI-powered digital transformation.
In 2024, the Company had a total income of THB 15,241 million and total earnings of THB 1,538 million. TIP, as the core company of the Group, continued to earn exceptional trust from customers and delivered an outstanding financial performance. TIP had a total direct written premium of THB 32,827.34 million, with non-motor insurance premiums of THB 25,638.85 million. The Company maintained its leading position in the non-motor insurance sector, securing a 20% market share, this is the highest in the industry.
In terms of financial strength, the Company maintained its “AA” corporate credit rating with a “Stable” outlook from TRIS Rating for three consecutive years, being the highest rating among holding companies in Thailand. Likewise, TIP retained its “AAA” credit rating with a “Stable” outlook, this being the highest corporate rating in Thailand’s insurance industry, further reinforcing the Group’s financial stability and credibility.
By upholding a strong corporate governance and committing to sustainable development, the Company achieved outstanding recognition in 2024 (“5-Star Excellent”) corporate governance rating from the Thai Institute of Directors (IOD) for two consecutive years. Additionally, the Company received a perfect score (100 points) from the Thai Investors Association (TIA), making the Company the only insurance holding company ranked among the Top Quartile of listed companies, with a market capitalization exceeding THB 10 billion. This recognition reinforces the Company’s strong corporate governance and leadership in driving sustainable growth not only within the organization, but also for society as a whole.
The Company remains committed to its mission, driving continuous growth while becoming a leading sustainable company within Thailand. The Company’s focus extends beyond financial success, and encompasses strong corporate governance, business ethics, and key sustainability principles. These include social responsibility, environmental stewardship, and responsible investment strategies, all of which contribute to long-term growth based on ethical business practices. The company is dedicated to engaging stakeholders, both internal and external, and ensuring their active participation in shaping the Company’s sustainability journey. The Company also prioritizes adopting environmentally friendly technologies, supports social initiatives, and greatly emphasizes workforce development to build a resilient and ready for the future organization. Additionally, the company is committed to transparent and effective communication.
On behalf of the Board of Directors of Dhipaya Group Holdings Public Company Limited, I would like to express my heartfelt appreciation to our stakeholders, whether they be shareholders, customers, business partners, business alliances, or other relevant parties; for their support, confidence, and trust in Dhipaya Group Holdings Public Company Limited and the Group throughout the years. In particular, I must mention the executives and the employees of the Company and the Group, who have devoted themselves wholeheartedly to drive Dhipaya Group Holdings Public Company Limited on the road to becoming the leading insurance business group in the region, and creating added value for our shareholders and all stakeholders in a sustainable manner.