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Life insurance was first introduced in Thailand during the reign of King Rama the 5th by a foreign company which came to set up and operate an agency office providing life insurance, with Somdej Chao Phraya Barom Maha Sri Suriyawong, Chief of Minister as their first policyholder. At first, the life insurance was not very popular; however after the Insurance Division was established under The Ministry of Commerce and Communications in 1929, the life insurance industry became extensively known and several other foreign life insurance companies came to operate in Thailand. In 1942, during the Second World War, a group of Thai people established the first Thai-operated life insurance company.

Thai Life Insurance Company was established with a registered capital of 1,000,000 Baht. The first head office was located at 25-27 Yaowaratch Road in Bangkok and moved to 624 Saha Thanakarn Building in 1957 and moved to Building 8 on Ratchadumnern Road in 1959. In 1970, a new executive board of directors led by Mr. Vanich Chaiyawan changed and improved the overall organization structure and management and appointed Mr. Aniwat Kritayakrirana to establish a modern and effective operation strategy. Thai Life Insurance had gained the experience and efficiency to operate the organization with trust of the public. Thai Life Insurance was to be the leading Life Insurance Company of Thai people from then on.