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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

Balances with the related parties as at 31 December 2023 and 2022 consist of:

2023 2023
Thousand Thousand
Baht Baht

Liabilities
Insurance liabilities
Affiliated company of the Group 47 542

Amount due to reinsurance
Parent company 668,292 784,516
Affiliated company of the Group 608,524 555,052

Total 1,276,816 1,339,568

Commission and brokerage payables
Affiliated company of the Group 79,615 114,930

Other liabilities
Parent company
Affiliated company of the Group 15,374 41,339

Commitments with related parties

Service agreements
(a) The Company entered into an agreement with a related company whereby the related company will
provide the service related to management of health insurance claims. The Company was charged a
service fee at 4% - 5% of total premium received under the insurance policies of policyholders. The term
of the agreements is for 1 year from 1 April 2021 to 31 March 2022 and from 1 April 2022 to 31 March
2023. The Company has renewed the agreement for 1 year from 1 April 2023 to 31 March 2024.
Either party may terminate this agreement at any time by giving not less than 30 days prior written
notice to another party.
(b) The Company entered into an agreement with a related company whereby the related company will
provide the necessary human resource for risk engineering services. The Company was charged a
service fee of Japanese Yens 10.4 million for the agreement period from 1 April 2021 to 31 March 2022
and 11.2 million for the agreement period from 1 April 2022 to 31 March 2023. The Company has
renewed the agreement which was charged a service fee of Japanese Yens 11 million from
1 April 2023 to 31 March 2024.

(c) The Company entered into an agreement with a related company whereby the related company
will provide the necessary human resource for risk management services. The Company was
charged a service fee of Japanese Yens 5.4 million. The term of the agreement is from 1 July 2021 to
30 June 2022 and from 1 July 2022 to 30 June 2023. The Company has renewed the agreement for the
period from 1 July 2023 to 30 June 2024. The agreement will be automatically renewed.

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176 | รายงานประจำาปี 2566 | ANNUAL REPORT 2023