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Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 2024These notes form an integral part of the financial statements.The financial statement were approved and authorised for issue by the Board of Directors on 28 March 2025.2 Basis of preparation of the financial statements1 General informationMuang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202414These notes form an integral part of the financial statements.The financial statement were approved and authorised for issue by the Board of Directors on 28 March 2025.1 General informationMuang Thai Life Assurance Public Company Limited, (the %u201cCompany%u201d), was incorporated in Thailand and has its registered head office at 250 Rachadaphisek Road, Huaykwang, Bangkok and has 112 branches as at 31 December2024 (2023: 113 branches).The ultimate parent company is Kasikornbank Public Company Limited and the intermediate parent is Muang Thai Group Holding Company Limited (75% shareholding).The principal business of the Company is the provision of life insurance business. Details of the Company%u2019s subsidiary and associates as at 31 December 2024 and 2023 are given in note 26.2 Basis of preparation of the financial statements (a) Statement of compliance The financial statements are prepared in accordance with Thai Financial Reporting Standards (%u201cTFRS%u201d) andguidelines promulgated by the Federation of Accounting Professions. In addition, the financial statements are prepared in accordance with the Notification of the Office of Insurance Commission regarding %u201cRules, Procedures,Conditions and Timing for the Preparation and Submission of the Financial Statements of Life Insurance Companies%u201dB.E. 2566, dated 8 February 2023.The Company has not early adopted a number of new and revised TFRS which are not yet effective for the current period in preparing these financial statements. Those new and revised TFRS that are relevant to the Company%u2019s operations are disclosed in note 31.(b) Basis of measurement The financial statements have been prepared on the historical cost basis except for the following items.Items Measurement bases Derivatives Fair value Trading securities measured at fair value through profit or loss and available-for-sale securitiesmeasured at fair value through othercomprehensive incomeFair valueLong-term technical reserves Present value of estimated future cash flows under its insurance contractsDefined benefit liability Present value of the defined benefit obligation (c) Functional and presentation currency The financial statements are presented in Thai Baht, which is the Company%u2019s functional currency. All financial information presented in Thai Baht has been rounded in the notes to the financial statements to the nearest thousand unless otherwise stated.Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202414These notes form an integral part of the financial statements.The financial statement were approved and authorised for issue by the Board of Directors on 28 March 2025.1 General informationMuang Thai Life Assurance Public Company Limited, (the %u201cCompany%u201d), was incorporated in Thailand and has its registered head office at 250 Rachadaphisek Road, Huaykwang, Bangkok and has 112 branches as at 31 December2024 (2023: 113 branches).The ultimate parent company is Kasikornbank Public Company Limited and the intermediate parent is Muang Thai Group Holding Company Limited (75% shareholding).The principal business of the Company is the provision of life insurance business. Details of the Company%u2019s subsidiary and associates as at 31 December 2024 and 2023 are given in note 26.2 Basis of preparation of the financial statements (a) Statement of compliance The financial statements are prepared in accordance with Thai Financial Reporting Standards (%u201cTFRS%u201d) andguidelines promulgated by the Federation of Accounting Professions. In addition, the financial statements are prepared in accordance with the Notification of the Office of Insurance Commission regarding %u201cRules, Procedures,Conditions and Timing for the Preparation and Submission of the Financial Statements of Life Insurance Companies%u201dB.E. 2566, dated 8 February 2023.The Company has not early adopted a number of new and revised TFRS which are not yet effective for the current period in preparing these financial statements. Those new and revised TFRS that are relevant to the Company%u2019s operations are disclosed in note 31.(b) Basis of measurement The financial statements have been prepared on the historical cost basis except for the following items.Items Measurement bases Derivatives Fair value Trading securities measured at fair value through profit or loss and available-for-sale securitiesmeasured at fair value through othercomprehensive incomeFair valueLong-term technical reserves Present value of estimated future cash flows under its insurance contractsDefined benefit liability Present value of the defined benefit obligation (c) Functional and presentation currency The financial statements are presented in Thai Baht, which is the Company%u2019s functional currency. All financial information presented in Thai Baht has been rounded in the notes to the financial statements to the nearest thousand unless otherwise stated.150 %u0e23%u0e32%u0e22%u0e07%u0e32%u0e19%u0e1b%u0e23%u0e30%u0e08%u0e33%u0e33%u0e1b%u0e35%u0e35 2567 I %u0e1a%u0e23%u0e34%u0e34%u0e29%u0e31%u0e31%u0e17 %u0e40%u0e21%u0e37%u0e37%u0e2d%u0e07%u0e44%u0e17%u0e22%u0e1b%u0e23%u0e30%u0e01%u0e31%u0e31%u0e19%u0e0a%u0e35%u0e35%u0e27%u0e34%u0e34%u0e15 %u0e08%u0e33%u0e33%u0e01%u0e31%u0e31%u0e14 (%u0e21%u0e2b%u0e32%u0e0a%u0e19)