One of Thailand’s insurance pioneers, billionaire Vanich Chaiyawan—chairman emeritus of Thai Life Insurance—passed away peacefully on Friday at the age of 92. His company confirmed his death.

With a net worth of $3.3 billion, Vanich was among the richest in Thailand. His biggest asset was a controlling stake in Thai Life, the country’s second-largest life insurer by total premiums. He also had a majority stake in Thai Credit Bank, which got listed in 2024, as well as interests in hotels and the beverage business via a small stake in Thai Beverage.

The self-made entrepreneur started his career at a young age as an agricultural trader, before shifting to property and construction. He entered the insurance business in 1968 with the acquisition of a non-life insurer. Two years later he acquired Thai Life, the country’s first homegrown insurer that was founded in 1942.

Known for its emotionally-charged television commercials, Thai Life has over 46,000 sales representatives accounting for more than a quarter of the country’s total. It has over four million active policies (as of end-March 2025) and around a 12 % share of total premiums. His U.K.-educated son Chai is CEO of the company, while his daughter Varang and another son, Winyou, are deputy CEOs.

Thai Life raised $1 billion from its IPO in 2022, one of the biggest public listings in Southeast Asia that year. Japan’s Meiji Yasuda Life Insurance, which bought a stake in Thai Life in 2013, continues to hold a 17% stake in the company.