Page 170 - 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

22 Share Capital

Ordinary
Number of Shares Total
Shares Thousand Thousand
Shares Baht Baht

At 1 January 2022 409,695,870 4,096,959 4,096,959
Issue of shares - - -

At 31 December 2022 409,695,870 4,096,959 4,096,959
Issue of shares - - -

At 31 December 2023 409,695,870 4,096,959 4,096,959

As at 31 December 2023, the total number of authorised ordinary shares is 409,695,870 shares with a
par value of Baht 10 per share. The total number of issued and fully paid shares is 409,695,870 shares
with a par value of Baht 10 per share.

23 Deficit from business combination

Deficit from business combination results from the different between the consideration paid and the
net asset received from former companies which require by the Guideline for Business Combination
under Common Control to separately presented in equity.

24 Legal reserve

Under the Public Limited Company Act., B.E. 2535, the Company is required to set aside as a legal
reserve at least 5 percent of its net profit after accumulated deficit brought forward (if any) until the
reserve is not less than 10 percent of the registered capital. The legal reserve is non-distributable.
As at 31 December 2023, the Company’s legal reserve is Baht 409,695,870 (2022 : Baht 409,695,870).

25 Operating expenses

2023 2022
Thousand Thousand
Baht Baht

Personnel expenses which do not relate with
the underwriting and loss adjustment 706,224 662,958
Premises and equipment expenses which do not relate
with underwriting and loss adjustment 332,018 317,890
Audit fee 4,223 4,060
Taxes and duties 38,532 4,465
Bad debt and doubtful accounts expenses (reversal) 50,454 (9,901)
Other operating expenses 219,568 197,576
Total operating expenses 1,351,019 1,177,048

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170 | รายงานประจำาปี 2566 | ANNUAL REPORT 2023