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Tokio Marine Safety Insurance (Thailand) Public Company Limited
         Notes to the Financial Statements

                 Tokio Marine Safety Insurance (Thailand) Public Company Limited
         For the year ended 31 December 2023
                 Notes to the Financial Statements
                 For the year ended 31 December 2023


                 4.11  Impairment of assets

                      Assets that have an indefinite useful life are not subject to amortisation and are tested annually
                      for impairment. Assets that are subject to amortisation are reviewed for impairment whenever
                      events or changes in circumstances indicate that the carrying amount may not be recoverable.
                      An  impairment  loss is recognised  for the  amount  by which the carrying amount of the assets
                      exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
                      less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at
                      the  lowest level for  which there  are separately  identifiable cash  flows. Non-financial  assets that
                      suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

                 4.12  Leases - where the Company is the lessee
                      Leases are recognised as a right-of-use asset and a corresponding liability at the date at which
                      the leased asset is available for use by the Company. Each lease payment is allocated between
                      the liability and finance cost. The finance cost is charged to profit or loss over the lease period
                      so as to produce a constant periodic rate of interest on the remaining balance of the liability for
                      each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.

                      Contracts  may  contain  both  lease and non-lease components.  The Company allocates  the
                      consideration  in the contract to the  lease and non-lease components  based  on their  relative
                      stand-alone prices. However, for leases of real estate for which the Company is a lessee, it has
                      elected not to separate lease and non-lease components and instead accounts for these as a
                      single lease component

                      Assets and liabilities arising from a lease are initially measured on a present value basis. Lease
                      liabilities include the net present value of the following lease payments:

                        fixed payments (including in-substance fixed payments), less any lease incentives receivable,
                         and
                        payments of penalties for terminating the lease, if the lease term reflects the lessee exercising
                         that option.
                      Lease payments to be made under reasonably certain extension options are also included in the
                      measurement of the liability.
                      The  lease  payments  are  discounted  using the interest rate  implicit  in the  lease.  If that  rate
                      cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the
                      lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a
                      similar economic environment with similar terms and conditions.

                      Right-of-use assets are measured at cost comprising the following:

                        the amount of the initial measurement of lease liability
                        any lease payments made at or before the commencement date less any lease incentives
                         received
                        any initial direct costs, and

                      Payments associated with short-term leases and leases of low-value assets are recognised on a
                      straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of
                      12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.












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