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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 202426Reversal of impairmentImpairment losses recognised in prior periods in respect of other non-financial assets are assessed at eachreporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset%u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.(p) Other liabilities Other liabilities are stated at cost. (q) Measurement of fair values The Company has established a control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair value.When measuring the fair value of an asset or a liability, the Company uses observable market data as much as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. (r) Employee benefits Defined contribution plansObligations for contributions to defined contribution plans are expensed in profit or loss as the related service is provided. Defined benefit plansThe Company%u2019s obligation in respect of defined benefit plans is calculated for defined benefit pension plan based on the requirement of Thai Labour Protection Act B.E. 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of service by estimating the amount of future benefits that employees have earned in the current and prior periods, and discounting that amount. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. 162 %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)