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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 202418(5) Premium written and premium earnedShort-term insurance contractsPremium written is recognised on the inception date and presented gross of premium ceded and commissionsand brokerage expenses.Premium earned comprises of premium written and change in unearned premium reserves and is recognised as revenue proportionally over the period of coverage.Long-term insurance contractsFirst year premium written is recognised as revenue when premium is received and insurance policy is approved. Renewal premium income is recognised as revenue when premium is due and is estimated taking into account the historical lapse experience of the Company. First year premium written and renewal premium income are presented gross of premium ceded and commissions and brokerage expenses.Premium received in advance is not recognised as revenue until the due date.(6) Commissions and brokerage expensesCommissions and brokerage expenses are recognised as expenses when incurred. (7) Benefit payments and insurance claimsBenefit payments and insurance claims consist of benefits, claims and loss adjustment expenses during the year, net of subrogation recoveries and changes in provision for short-term insurance claims. They are recognised as expenses when incurred or approved. (8) ReinsuranceAssets, liabilities, income and expense arising from reinsurance contracts are presented separately from the items related to insurance contracts because the reinsurance arrangements do not relieve the Company from its direct obligations to its policyholders. Premium ceded, change in reinsurers%u2019 share of unearned premium reserves, commission and brokerage income, and benefit payments and insurance claims recovered from reinsurers are recognised as expense or revenue when incurred in accordance with the pattern of reinsurance service received. An asset or liability from reinsurance is presented as reinsurers%u2019 share of insurance contract liabilities, due from reinsurers anddue to reinsurers in the statement of financial position. The net amount is presented in the statement of financial position only when the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The measurement of reinsurance assets is consistent with the measurement of the underlying insurance contracts.Amounts recoverable under reinsurance contracts are assessed for impairment at reporting date. Such assets are deemed impaired if there is objective evidence, as a result of an event that occurred after its initial recognition, that the Company may not recover all amounts due and that the event has a reliably measurable impact on the amounts that the Company will receive from the reinsurer.154 %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)