Page 170 - Demo

Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 202433performed 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233foreign 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,282For the year ended 31 December 202433Cash 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,28233The 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 risk by using dollar offset.Maturity of derivatives by notional amount designated in cash flow hedgingFinancial statements in which the equity method is applied and separate financial statements 31 December 2024Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchangerate risk from investmentsin a foreign currency- Cross currency swap contract 40,148,159 10,771,124 6,753,446 19,654,958 24,510,879 50,919,283Hedging instrument on reinvestment risk - Bond forward contract 663,663 366,287 1,029,950 - - 1,029,950Financial statements in which the equity method is applied and separate financial statements 31 December 2023Notional amount Maturity by notional amount Assets Liabilities 1 year 1 - 5 years Over 5 years Total(in thousand Baht)Hedging instrument on exchange rate risk from investments in a foreign currency- Cross currency swap contract 30,882,013 22,148,896 5,459,304 24,925,460 22,646,145 53,030,909Hedging instrument on reinvestment risk - Bond forward contract 921,856 568,426 1,490,282 - - 1,490,282Financial statements in which the equity method is appliedand separate financial statementsFinancial statements in which the equity method is appliedand separate financial statements31 December 202431 December 2023Maturity by notional amountMaturity by notional amountAssetsAssetsLiabilitiesLiabilities1 year1 year1 - 5 years1 - 5 yearsOver 5 yearsOver 5 yearsTotalTotalNotional amountNotional amount(in thousand Baht)(in thousand Baht)168 %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)