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Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 2024(in thousand Baht)Financial statements in which the equity methodis applied and separate financial statements31 December 2023Fair valueAssets LiabilitiesNotionalType of contract Objectives valueLoss on remeasurementof derivativesat fair value32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32underlying index 3,776,128 195,406 - (51,033)Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) 32Warrants To invest 64,868 3,105 - (8,975)Foreign exchange forwardTo hedge against exchange rate risk from investmentsin a foreign currency 1,843,021 59,547 309 (66,361)Total derivatives for which hedge accounting has not been applied 5,684,017 258,058 309 (126,369) Derivatives for which hedge accounting has been applied: Financial statements in which the equity method is applied and separate financial statements31 December 2023Loss on remeasurementNotional Fair value of derivativesType of contract Objectives value Assets Liabilities at fair value(in thousand Baht)Cash flow hedgeCross currency swap contractTo hedge against exchange rate risk from investments and debts issued in a foreign currency 53,030,909 3,176,485 854,035 (1,305,081)Bond forwardcontractTo hedge against reinvestment risk 1,490,282 20,893 1,789 (17,146)Total cash flow hedge 54,521,191 3,197,378 855,824 (1,322,227) Fair value hedge Foreign exchange forwardTo hedge against exchange rate risk from investments in a foreign currency 6,906,687 103,975 5,688 (48,115)Total fair value hedge 6,906,687 103,975 5,688 (48,115) Total derivatives for which hedge accounting has been applied 61,427,878 3,301,353 861,512 (1,370,342) Total derivatives 67,111,895 3,559,411 861,821 (1,496,711) Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 2024Cash flows hedge accounting The Company%u2019s cash flow hedges mainly consist of cross-currency swaps, interest rate swaps and bond forward contracts, that are used to protect against the exposure to variability in future cash flows on non-trading assets and liabilities that bear interest at variable rates or are expected to be reinvested in the future. The amounts and timing of future cash flows, representing both principal and interest flows, are projected for financial assets and liabilities. These projected cash flows form the basis for identifying the notional amount subject to interest rate risk or foreign currency exchange rate risk that is designated under cash flow hedge accounting.The Company%u2019s approach to manage market risk, including interest rate risk and foreign currency exchange rate risk, is discussed in %u201cFinancial and insurance risk management%u2019. The Company determines the amount of the exposures to which it applies hedge accounting by assessing the potential impact of changes in interest rates and foreign currency exchange rates on the future cash flows of floating-rate assets and liabilities. This assessment is performed using analytical techniques.Gains and losses on the effective portions of derivatives designated under cash flow hedge accounting are recognised in Other Comprehensive Income. Interest cash flows or effect from foreign exchange currency on these derivatives are recognised in the statement of profit or loss in %u201cNet investment income%u201d or %u201cGain (loss) on fair value changes%u201d, respectively, consistent with the manner in which the forecasted cash flows affect net result. The gains and losses on ineffective portions of such derivatives are recognised immediately in the statement of profit or loss in %u201cgain (loss) on hedge%u201d.The Company determines economic relationship between the cash flows of the hedged item and the hedging instrument based on an evaluation of the quantitative characteristics of these items and the hedged risk that is supported by quantitative analysis. The Company considers whether the critical items of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Companyevaluates whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged Annual Report 2024 I Muang Thai Life Assurance PCL 167