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Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 202464and separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64and separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64and separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64and separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64and separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64measured at FVTOCI and debt securities measured at amortised cost, based on ratings.Financial statements in which the equity method is appliedand separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64measured at FVTOCI and debt securities measured at amortised cost, based on ratings.Financial statements in which the equity method is appliedand separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64measured at FVTOCI and debt securities measured at amortised cost, based on ratings.Financial statements in which the equity method is appliedand separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64measured at FVTOCI and debt securities measured at amortised cost, based on ratings.Financial statements in which the equity method is appliedand separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) 64measured at FVTOCI and debt securities measured at amortised cost, based on ratings.Financial statements in which the equity method is appliedand separate financial statements2024 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 1,401,268 - - 1,401,268Rated BBB and below - 1,988 - 1,988Credit risk free 3,806,464 - - 3,806,464Mutual fund classified as debt securities 5,000,000 - - 5,000,000Carrying amount 10,207,732 1,988 - 10,209,720 Allowance for expected credit loss (1,262) (396) - (1,658) Investments in debt securities measured at amortised cost Rated above BBB 196,043,160 - - 196,043,160Rated BBB and below 21,646,287 4,790,131 - 26,436,418Non-rated - - 15,571 15,571Credit risk free 251,013,357 - - 251,013,357Carrying amount 468,702,804 4,790,131 15,571 473,508,506 Less Allowance for expected credit loss (169,071) (1,228,004) (15,571) (1,412,646)Carrying amount - net 468,533,733 3,562,127 - 472,095,860 Financial statements in which the equity method is appliedand separate financial statements2023 (in thousand Baht) Stage 1 Stage 2 Stage 3 TotalInvestments in debt securities measured at fair value through other comprehensive income Rated above BBB 2,406,176 - - 2,406,176Rated BBB and below - 1,951 - 1,951Credit risk free 1,630,403 - - 1,630,403Mutual fund classified as debt securities 2,564,971 - - 2,564,971Carrying amount 6,601,550 1,951 - 6,603,501 Allowance for expected credit loss (1,992) (285) - (2,277) Financial statements in which the equity method is appliedand separate financial statementsFinancial statements in which the equity method is appliedand separate financial statements20242023Stage 1Stage 1TotalTotalStage 2Stage 2Stage 3Stage 3(in thousand Baht)(in thousand Baht)Annual Report 2024 I Muang Thai Life Assurance PCL 197