Bangkok Life Assurance Public Company Limited

BLA.BK

Insurance - Life · Financial Services

Price

26.00 THB

+0.25 (+0.97%)

Market Cap

44.40B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Bangkok Life Assurance Public Company Limited is a Thai life insurance company that sells life insurance policies, health coverage, and savings-linked insurance products to individual customers and groups across Thailand. It serves everyday people looking to protect their families financially, as well as corporate clients seeking employee benefits packages. The company is one of the largest life insurers in Thailand by assets and has operated for decades in the Thai financial services market.

Bangkok Life Assurance earns money primarily through insurance premiums paid by policyholders, along with investment income from managing the large pool of funds it holds to pay future claims. It operates almost entirely within Thailand, giving it deep local brand recognition and an established distribution network of agents and bancassurance partnerships with banks. A key growth driver is Thailand's aging population and rising middle class, which are increasing demand for life and health insurance products, though the company faces competition from both domestic insurers and large international players entering the Thai market.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+93.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+34.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

49.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$294.1B cash & investments at current burn rate

Revenue accelerating

Bangkok Life Assurance Public Company Limited grew revenue 93% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.71B (2021) → 1.71B (2025)

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

29.2%

Excellent — 29.2% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.5%

Nearly flat sales (1.5% YoY)

EPS YoY

+106.2%

Earnings growing fast (106.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

-34%

Weak — only -34% of profit becomes cash

FCF Margin

-10.4%

Burning cash (-10.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

618.18x

Comfortably covers interest (618.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.0x

Attractive valuation — P/E 6.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.31%

Moderate income — 3.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+42.6%

Dividend growing fast (42.6% YoY)

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