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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 202422(i) Lease At inception of a contract, the Company assesses whether a contract is, or contains, a lease. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in TFRS 16. As a lesseeThe Company recognises a right-of-use asset and a lease liability at the lease commencement date.Right-of-use asset is measured at cost, less any accumulated depreciation and impairment loss, and adjusted for any remeasurements of lease liability. The cost of right-of-use asset includes the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. Depreciation is charged to profit or loss on a straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readilydetermined, the Company%u2019s incremental borrowing rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. The Company presents right-of-use assets in %u2018premises and equipment%u2019 and lease liabilities in %u2018other liabilities%u2019 in the statement of financial position. (j) Investment properties Investment properties are properties which are held to earn rental income, for capital appreciation or for both,but not for sale in the ordinary course of business, use in services or for administrative purposes. Investment properties are measured at cost less accumulated depreciation and impairment losses.Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each property.The estimated useful lives are as follows:Investment properties 30 - 50 yearsNo depreciation is provided on assets under construction.(k) Property foreclosed Property foreclosed is stated at cost less accumulated impairment losses and is measured at the lower of their carrying value and fair value less cost to sell.Losses on the impairment of property foreclosed are recognisedin the profit or loss. Gains or losses on the disposal of an item of property foreclosed are recognised net within other income in profit or loss. 158 %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)