Page 191 - Demo

Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Income not subject to tax, net (107,235) (122,553)Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Income not subject to tax, net (107,235) (122,553)Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Income not subject to tax, net (107,235) (122,553)Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Income not subject to tax, net (107,235) (122,553)Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,62356and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Included in benefit payments and insurance claims 182,611 157,578Included in other underwriting expenses 162,799 161,134Included in operating expenses 2,936,468 2,810,121Total 3,281,878 3,128,833 21 Expected credit loss and impairment losses on investments (reversal) Financial statements in which the equity method is applied and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Debt securities measured at amortised cost 211,061 303,316Debt securities measured at FVTOCI (619) (1,376)Equity securities measured at FVTOCI 44,618 18,759Loans and accrued interest 2,200 (32,468)Other assets 6,425 8,492Total 263,685 296,723 56and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Included in benefit payments and insurance claims 182,611 157,578Included in other underwriting expenses 162,799 161,134Included in operating expenses 2,936,468 2,810,121Total 3,281,878 3,128,833 21 Expected credit loss and impairment losses on investments (reversal) Financial statements in which the equity method is applied and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Debt securities measured at amortised cost 211,061 303,316Debt securities measured at FVTOCI (619) (1,376)Equity securities measured at FVTOCI 44,618 18,759Loans and accrued interest 2,200 (32,468)Other assets 6,425 8,492Total 263,685 296,723 Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 202456and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Included in benefit payments and insurance claims 182,611 157,578Included in other underwriting expenses 162,799 161,134Included in operating expenses 2,936,468 2,810,121Total 3,281,878 3,128,833 21 Expected credit loss and impairment losses on investments (reversal) Financial statements in which the equity method is applied and separate financial statements For the year ended 31 December 2024 2023 (in thousand Baht)Debt securities measured at amortised cost 211,061 303,316Debt securities measured at FVTOCI (619) (1,376)Equity securities measured at FVTOCI 44,618 18,759Loans and accrued interest 2,200 (32,468)Other assets 6,425 8,492Total 263,685 296,723 21 Expected credit loss and impairment losses on investments (reversal)22 Income tax Financial statements in which the equity methodis applied and separate financial statementsFinancial statements in which the equity methodis applied and separate financial statements2024202420232023(in thousand Baht)(in thousand Baht)For the year ended 31 December Income tax recognised in profit or loss NoteMuang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporation tax rate 20 1,361,303 20 1,387,623Income not subject to tax, net (107,235) (122,553)Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202422 Income tax For the years ended 31 December 2024 and 2023, income tax consisted of the following: Financial statements in which the equity method is applied and separate financial statements Income tax recognised in profit or loss Note 2024 2023 (in thousand Baht)Current tax expense Current year 394,763 571,625(Over) under provided in prior year (5,896) 1,309Deferred tax expense Movements in temporary differences 12 865,201 692,136Total 1,254,068 1,265,070 Reconciliation of effective tax rate Financial statements in which the equity method is applied 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,860,520 6,999,119Income tax using the Thai corporation tax rate 20 1,372,104 20 1,399,824Income not subject to tax, net (118,036) (134,754)Total 18 1,254,068 18 1,265,070 Separate financial statements 2024 2023 (in (in Rate thousand Rate thousand (%) Baht) (%) Baht)Profit before income tax 6,806,513 6,938,115Income tax using the Thai corporationtaxrate201361303201387623Financial statements in which the equity method is applied2024 2023Rate (%) (in thousand Baht) Rate (%) (in thousand Baht)Annual Report 2024 I Muang Thai Life Assurance PCL 189