Page 168 - รายงานประจำปี 2566

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

The retirement employee benefit expenses which are recognised in operating profit in the statement of
comprehensive income are determined as follows:

2023 2022
Thousand Thousand
Baht Baht
Current service cost 17,838 15,781
Past service cost - -
Interest expense 5,437 3,624

Total expenses 23,275 19,405

The retirement employee benefit expenses which are recognised in items that will not be reclassified
subsequently to profit or loss in statement of other comprehensive income are determined as follow:

2023 2022
Thousand Thousand
Baht Baht

Actuarial loss (gain) - financial assumptions 2,470 (2,370)
Actuarial loss - demographic assumptions 16,528 -
Losses from experiences 6,949 17,781
Total loss from remeasurements
of post-employment benefits obligations 25,947 15,411
The principal actuarial assumptions used were as follows:
2023 2022

Discount rate 2.8% 2.6%
Salary increase rate 4.8% 4.5%
Retirement age 60 years 60 years
Staff turnover rate 2 - 12% 2 - 12%
Sensitivity analysis for each significant assumptions

Impact on defined retirement benefit obligation
(Thousand Baht)
Increase in Decrease in
Change in assumption assumption assumption
2023 2022 2023 2022 2023 2022

Discount rate 1% 1% (24,408) (19,939) 28,491 23,139
Salary increase rate 1% 1% 27,620 22,455 (24,190) (19,778)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the
same method present value of the defined benefit obligation calculated with the projected unit credit
method at the end of the reporting period has been applied as when calculating the pension liability recognised
within the statement of financial position.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared
to the previous period.

The weighted average duration of the retirement benefit obligation as at 31 December 2023 is 10 years
(2022 : 9 years).

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168 | รายงานประจำาปี 2566 | ANNUAL REPORT 2023