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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

32 Contribution to non-life guarantee fund

2023 2022
Thousand Thousand
Baht Baht

Accumulated Contribution at the beginning of the year 520,537 468,762
Contribution during the year 64,359 51,775

Accumulated Contribution at the end of the year 584,896 520,537

33 Commitments

The Company entered into service agreement. The Company’s obligation for future payments as at
31 December 2023 and 2022 are as follows:
2023 2022
Thousand Thousand
Baht Baht

Within 1 year 32,265 26,748
Within 2 - 5 years 50,807 44,632

Total 83,072 71,380

34 Contingent liabilities

As at 31 December 2023, lawsuits have been brought against the Company, in relation to insurance
claims in the normal course of business, approximately in amount of Baht 576 million (2022 : Baht 590 million).
The Company’s management cannot assess potential losses since there is uncertainty with respect to the
outcome of the cases. Thus, the provision was not set up as at 31 December 2023.

As at 31 December 2023, the Company had letters of guarantee with a bank amounted to Baht 1 million
(2022 : Baht 1.6 million).

35 Dividends

The Annual Shareholders meeting for the year 2022 held on 26 April 2023 approved dividend payment
for the year 2022 with a dividend of Baht 4.77 per share which was totalling amounting to Baht 1,954 million.
The dividend was paid to shareholders in May 2023.

The Annual Shareholders meeting for the year 2021 held on 27 April 2022 approved dividend payment for
the year 2021 with a dividend of Baht 6 per share which was totalling amounting to Baht 2,458 million.
The dividend was paid to shareholders in May 2022.

36 Subsequent events

On 26 March 2024, the Board of Directors Meeting of the Company approved the resolution regarding
the payment of dividend for the year of 2023 at the rate of Baht 4.82 per share which have total
amount of Baht 1,975 million. However, it will be further proposed for the shareholders’ approval in the
Annual General Meeting of the shareholders for fiscal year 2023 that will be held on 25 April 2024.

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รายงานประจำาปี 2566 | ANNUAL REPORT 2023 | 179