Page 205 - Demo

Muang Thai Life Assurance Public Company LimitedNotes to the financial statements for the year ended 31 December 2024Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202470 Commitments with related parties Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht)(a) Operating lease commitments Within one year - 389 Included only operating lease contracts which are not required to record as lease liabilities.(b) Bancassurance agreement On 2 July 2021, the Company entered into the Bancassurance Agreement with Kasikornbank PCL (%u201cKBANK%u201d) for the exclusive offering and/or distribution of life insurance products of the Company via distribution channels of KBANK, its five subsidiaries, and other wholly owned subsidiaries that may be established in the future, for an initial period of 10 years. The duration of the contract may be amended, depending upon the achievement of certain target business performance metrics. The Agreement is come into effect from 1 January 2022. The Company paid the Exclusivity Fee of Baht 12,700 million plus other performance-related fees and expenses as set out in the agreement.(c) The sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors The Office of Insurance Commission requires the Company to disclose the sale or transfer of real estate or movable property from the Company directors or related persons of the Company directors or the purchase of assets from the Company directors or related persons of the Company directors, according to the Registrar's announcement on the request for approval of the sale or transfer of real estate or movable property, or the purchase of assets from the Company directors and related persons of the Company directors B.E. 2567 on 31 January 2024, in the financial statements and the Company's financial and operating reports. This announcement is effective from1 February 2024 onwards. From 1 February 2024 to 31 December 2024, the Company has the sale or transfer of real estate or movable property amounting to Baht 421.8 million and the purchase of assets amounting to Baht 1,843.8 million.27 Securities and assets pledged with registrar 27.1 As at 31 December 2024 and 2023, the Company has pledged investments in debt securities with the Registrar in accordance with Section 20 of the Life Assurance Act B.E. 2535 as follows:Financial statements in which the equity method is applied and separate financial statements2024 2023(in thousand Baht) Government bonds 19,620 19,598 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)27 Securities and assets pledged with registrarAnnual Report 2024 I Muang Thai Life Assurance PCL 203