136 (Unit: Million Baht) Overall Performance For the Year 2021 2020 Gross Premium Written 8,334 8,682 Net Premium Written 7,688 7,750 Net Earned Premium 7,775 7,271 Underwriting Expenses 6,046 5,604 Underwriting Profit 1,729 1,667 Operating Expenses 918 855 Operating Profit 811 812 Net Gain on Investments 144 103 Other Income 8 20 Profit before Income Tax 963 935 Income Tax 195 190 Net Profit 768 745 (Unit: Percent) Key Financial Ratios 31 December 2021 31 December 2020 Loss Ratio 52.28 51.84 Expense Ratio 37.29 33.88 Combine Ratio 89.57 85.72 Liquidity Ratio 649.89 690.51 Capital Adequacy Ratio 1,318.16 1,458.03 ROE 13.68 13.64 As for its performance, net profit of TNI in 2021 amounted to 768 million baht, representing an increase of 23 million baht or 3.09 percent when compared to the prior year. This was mainly due to the net premiums received, which increased by 504 million baht as a result of the previously booked premium liability being reversed as revenue for the year. As well, net gains from investment increased by 41 million baht. This was due to the fact that a larger amount was set aside as provision for impairment of debt instruments in the previous year than in the current year. However, underwriting expenses and operational expenses also increased. baht or 2.23 percent, most of which were attributable to the decrease in liabilities from assurance policies. Shareholders’ equity amounted to 5,497 million baht, representing a decrease of 233 million baht or 4.07 percent. This was mainly because TNI made interim dividend payments during the year.
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