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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 method is applied and separate financial statements 2023 2024 Reinsurers%u2019 share of insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Insurance contract liabilities Insurance contract liabilities Net NetMuang Thai Life Assurance Public Company LimitedNotes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company Limited otes to the financial statements or the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company LimitedNotes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company LimitedNotes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company LimitedNotes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company LimitedNotes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Muang Thai Life Assurance Public Company Limited Notes to the financial statements For the year ended 31 December 202452 Financial statements in which the equity method is applied and separate financial statements 2024 2023 Insurance contract liabilitiesReinsurers%u2019 share of insurance contract liabilities Net Insurance contract liabilities Reinsurers%u2019 share of insurance contract liabilities Net (in thousand Baht)Long-term technical reservesAt 1 January 522,476,548 - 522,476,548 507,152,138 - 507,152,138Reserves increase from new and inforce policies in the year 46,092,059 - 46,092,059 47,413,229 - 47,413,229Reserves released for benefit payments, lapse and cancellation in the year (49,098,332) - (49,098,332) (32,088,819) - (32,088,819)At 31 December 519,470,275 - 519,470,275 522,476,548 - 522,476,548 Loss reserves and outstanding claimsAt 1 January 1,251,368 311,438 939,930 972,415 235,070 737,345Insurance claims during the year 14,744,479 3,269,350 11,475,129 12,490,223 2,585,861 9,904,362Insurance claims paid during the year (14,582,850) (3,178,653) (11,404,197) (12,211,270) (2,509,493) (9,701,777)At 31 December 1,412,997 402,135 1,010,862 1,251,368 311,438 939,930 Unearned premium reservesAt 1 January 4,136,761 939,048 3,197,713 4,085,964 844,249 3,241,715Premiums written during the year 14,017,695 3,156,020 10,861,675 12,190,835 2,609,086 9,581,749Earned premiums in the year (13,542,878) (2,941,084) (10,601,794) (12,140,038) (2,514,287) (9,625,751)At 31 December 4,611,578 1,153,984 3,457,594 4,136,761 939,048 3,197,713 Annual Report 2024 I Muang Thai Life Assurance PCL 185