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Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 2024Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202416The Company uses %u201cChain-Ladder method%u201d to estimate the cost of claims. The Chain-Ladder technique involves the analysis of historical claims development factors and the selection of estimated development factors based on this historical pattern. The selected development factors are then applied to cumulative claims data for each accident year. Chain-ladder techniques are appropriate for those accident years and classes of business that have reached a relatively stable development pattern.Process involved in determining assumptions of premium reservesThe unearned premium reserves are calculated on a uniform basis for all types of short-term insurance contracts.3 Material accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Exemption from consolidated financial statements The Company has not presented consolidated financial statements in accordance with the exemptionsin TFRS 10 Consolidated Financial Statements which state that a parent need not present consolidated financial statementsif it meets all criteria. Management believes that the Company meets all the required criteria, therefore the Company has not presented consolidated financial statements and presents only financial statement in which the equity method is applied and separate financial statements. The Company has informed all its common shareholders, and no objections were raised. Kasikornbank Public Company Limited, which is the ultimate parent of the Company and incorporated in Thailand,has produced consolidated financial statements that are available for public use and comply with TFRSs.The registered head office of Kasikornbank Public Company Limited is at 400/22 Phahon Yothin Road, Sam Sen NaiSub-district, Phaya Thai District, Bangkok.(b) Foreign currencies transactions Transactions in foreign currencies are translated to the functional currency at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates at the reporting date.Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at the exchange rates at the dates of the transactions.Non-monetary assets and liabilities measured at fair value in foreign currencies are translated to the functional currency at the exchange rates at the dates that fair value was determined.Foreign currency differences are generally recognised in profit or loss. However, foreign currency differences arising from the translation of available-for-sale equity investments are recognised in other comprehensive income (except on impairment in which case foreign currency differences that have been recognised in othercomprehensive income are reclassified to profit or loss).Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202416The Company uses %u201cChain-Ladder method%u201d to estimate the cost of claims. The Chain-Ladder technique involves the analysis of historical claims development factors and the selection of estimated development factors based on this historical pattern. The selected development factors are then applied to cumulative claims data for each accident year. Chain-ladder techniques are appropriate for those accident years and classes of business that have reached a relatively stable development pattern.Process involved in determining assumptions of premium reservesThe unearned premium reserves are calculated on a uniform basis for all types of short-term insurance contracts.3 Material accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Exemption from consolidated financial statements The Company has not presented consolidated financial statements in accordance with the exemptionsin TFRS 10 Consolidated Financial Statements which state that a parent need not present consolidated financial statementsif it meets all criteria. Management believes that the Company meets all the required criteria, therefore the Company has not presented consolidated financial statements and presents only financial statement in which the equity method is applied and separate financial statements. The Company has informed all its common shareholders, and no objections were raised. Kasikornbank Public Company Limited, which is the ultimate parent of the Company and incorporated in Thailand,has produced consolidated financial statements that are available for public use and comply with TFRSs.The registered head office of Kasikornbank Public Company Limited is at 400/22 Phahon Yothin Road, Sam Sen NaiSub-district, Phaya Thai District, Bangkok.(b) Foreign currencies transactions Transactions in foreign currencies are translated to the functional currency at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates at the reporting date.Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at the exchange rates at the dates of the transactions.Non-monetary assets and liabilities measured at fair value in foreign currencies are translated to the functional currency at the exchange rates at the dates that fair value was determined.Foreign currency differences are generally recognised in profit or loss. However, foreign currency differences arising from the translation of available-for-sale equity investments are recognised in other comprehensive income (except on impairment in which case foreign currency differences that have been recognised in othercomprehensive income are reclassified to profit or loss).3 Material accounting policies 152 %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)