Page 207 - 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 202472(c) Commitment for letter of guarantee contracts As at 31 December 2024, the Company has infrastructure commitments for letter of guarantee contracts amounting to Baht 101.7 million (2023: Baht 117.9 million). (d) Commitment for investment in unquoted equity securities As at 31 December 2024, the Company has commitments for investment in unquoted equity securities amounting to USD 28.7 million or equivalent to Baht 1,058.3 million (2023: USD 36.5 million or equivalent to Baht 1,433.5 million). 30 Contingent liabilities As at 31 December 2024, the Company has been sued as insurer for approximately Baht 47.7 million (2023: Baht100.8 million). Judgement has yet to be handed down in these cases; however, the Company expects the verdict to be favorable. Therefore, no provision for potential losses has been made in the financial statements.31 Thai Financial Reporting Standards (TFRS) not yet adopted A number of new and revised TFRSs, which are relevant to the Company%u2019s principal business, are expected to have significant impact on the Company%u2019s financial statements on the date of adoption, and will become effective for the financial statements in annual reporting periods beginning on or after 1 January 2025, are as follows: TFRS Topic TFRS 7* Financial Instruments: DisclosuresTFRS 9* Financial InstrumentsTFRS 17 Insurance Contracts* TFRS - Financial instruments standards(a) TFRS - Financial instruments standardsTFRS 9 and TFRS 7 are effective for annual periods beginning on or after 1 January 2020. However, the Company has met the relevant criteria under TFRS 4 and has applied the temporary exemption from both standards adoption for annual periods before 1 January 2025 or early adoption of TFRS 17.TFRS 9 establishes classification, recognition, measurement, impairment, derecognition of financial instruments,including accounting for derivatives and hedge accounting. TFRS 7 specifies extensive disclosures relevant to financial instruments. TFRS 9 classifies financial assets into three categories: financial assets subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI) and fair value through profit or loss (FVTPL). The standard eliminates the existing classification of held-to-maturity debt securities, available-for-salesecurities, trading securities, receivables, and loan. The classification under TFRS 9 will be based on the cash flow characteristics of the financial assets and the business model in which they are managed.(b) TFRS 17 - Insurance ContractsTFRS 17 replaces TFRS 4 Insurance Contracts and is become effective for annual periods beginning on or after1 January 2025, with early adoption permitted.Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202472(c) Commitment for letter of guarantee contracts As at 31 December 2024, the Company has infrastructure commitments for letter of guarantee contracts amounting to Baht 101.7 million (2023: Baht 117.9 million). (d) Commitment for investment in unquoted equity securities As at 31 December 2024, the Company has commitments for investment in unquoted equity securities amounting to USD 28.7 million or equivalent to Baht 1,058.3 million (2023: USD 36.5 million or equivalent to Baht 1,433.5 million). 30 Contingent liabilities As at 31 December 2024, the Company has been sued as insurer for approximately Baht 47.7 million (2023: Baht100.8 million). Judgement has yet to be handed down in these cases; however, the Company expects the verdict to be favorable. Therefore, no provision for potential losses has been made in the financial statements.31 Thai Financial Reporting Standards (TFRS) not yet adopted A number of new and revised TFRSs, which are relevant to the Company%u2019s principal business, are expected to have significant impact on the Company%u2019s financial statements on the date of adoption, and will become effective for the financial statements in annual reporting periods beginning on or after 1 January 2025, are as follows: TFRS Topic TFRS 7* Financial Instruments: DisclosuresTFRS 9* Financial InstrumentsTFRS 17 Insurance Contracts* TFRS - Financial instruments standards(a) TFRS - Financial instruments standardsTFRS 9 and TFRS 7 are effective for annual periods beginning on or after 1 January 2020. However, the Company has met the relevant criteria under TFRS 4 and has applied the temporary exemption from both standards adoption for annual periods before 1 January 2025 or early adoption of TFRS 17.TFRS 9 establishes classification, recognition, measurement, impairment, derecognition of financial instruments,including accounting for derivatives and hedge accounting. TFRS 7 specifies extensive disclosures relevant to financial instruments. TFRS 9 classifies financial assets into three categories: financial assets subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI) and fair value through profit or loss (FVTPL). The standard eliminates the existing classification of held-to-maturity debt securities, available-for-salesecurities, trading securities, receivables, and loan. The classification under TFRS 9 will be based on the cash flow characteristics of the financial assets and the business model in which they are managed.(b) TFRS 17 - Insurance ContractsTFRS 17 replaces TFRS 4 Insurance Contracts and is become effective for annual periods beginning on or after1 January 2025, with early adoption permitted.Muang Thai Life Assurance Public Company LimitedNotes to the financial statementsFor the year ended 31 December 202472(c) Commitment for letter of guarantee contracts As at 31 December 2024, the Company has infrastructure commitments for letter of guarantee contracts amounting to Baht 101.7 million (2023: Baht 117.9 million). (d) Commitment for investment in unquoted equity securities As at 31 December 2024, the Company has commitments for investment in unquoted equity securities amounting to USD 28.7 million or equivalent to Baht 1,058.3 million (2023: USD 36.5 million or equivalent to Baht 1,433.5 million). 30 Contingent liabilities As at 31 December 2024, the Company has been sued as insurer for approximately Baht 47.7 million (2023: Baht100.8 million). Judgement has yet to be handed down in these cases; however, the Company expects the verdict to be favorable. Therefore, no provision for potential losses has been made in the financial statements.31 Thai Financial Reporting Standards (TFRS) not yet adopted A number of new and revised TFRSs, which are relevant to the Company%u2019s principal business, are expected to have significant impact on the Company%u2019s financial statements on the date of adoption, and will become effective for the financial statements in annual reporting periods beginning on or after 1 January 2025, are as follows: TFRS Topic TFRS 7* Financial Instruments: DisclosuresTFRS 9* Financial InstrumentsTFRS 17 Insurance Contracts* TFRS - Financial instruments standards(a) TFRS - Financial instruments standardsTFRS 9 and TFRS 7 are effective for annual periods beginning on or after 1 January 2020. However, the Company has met the relevant criteria under TFRS 4 and has applied the temporary exemption from both standards adoption for annual periods before 1 January 2025 or early adoption of TFRS 17.TFRS 9 establishes classification, recognition, measurement, impairment, derecognition of financial instruments,including accounting for derivatives and hedge accounting. TFRS 7 specifies extensive disclosures relevant to financial instruments. TFRS 9 classifies financial assets into three categories: financial assets subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI) and fair value through profit or loss (FVTPL). The standard eliminates the existing classification of held-to-maturity debt securities, available-for-salesecurities, trading securities, receivables, and loan. The classification under TFRS 9 will be based on the cash flow characteristics of the financial assets and the business model in which they are managed.(b) TFRS 17 - Insurance ContractsTFRS 17 replaces TFRS 4 Insurance Contracts and is become effective for annual periods beginning on or after1 January 2025, with early adoption permitted.30 Contingent liabilities31 Thai Financial Reporting Standards (TFRS) not yet adoptedAnnual Report 2024 I Muang Thai Life Assurance PCL 205