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MISSION
VALUES
To strive for product and service quality through skills and ethics development and throughoperational excellence, in order to achieve customer satisfaction and sustain financial strength.
Customer Satisfaction Achievement
HISTORY
was established
company should be established in order to keep money in the country and help the Thai’s during distress in claim situation. The company
company, and was awarded a garuda emblem and was designated
and Ayudhaya
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Annual Report 2016
CONTENTS
Structure of the Board of Directors
Corporate Secretary
Board of Directors’ Meeting
Leadership and vision
The Nomination of the Directors and Executive Officers
Management Remuneration
Remuneration for Audit
Corporate Governance Policy
Shareholders rights and shareholder’s Meeting
Inside Information Management
Internal Control and Risk Management
Connected Transaction
Business Ethic
Nature of Business
Income Structure
Risk Factors
Description and analysis of financial position and results from operations
Progress of The Business Plan
Notes to Financial Statements
8
www.sec.or.th www.thaiins.com
www.sec.or.th Or www.thaiins.com
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2015
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2016
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2014
Annual Report 2016
Annual Report 2016
t
customers.
trusted insurance company.
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Annual Report 2016
performance, the economic trends and the adequacy of the capital required by related laws and the capital for company’s further expansion.
%*
Annual Report 2016
Nomination and
Recovery
Annual Report 2016
has resolved to increase the registered capital by issuing new preferred shares. The company has allotted shares to raise capital to existing
www.thaiins.com
Annual Report 2016
’ signatures accompanied by an official company seal allows the directors to engage in legally binding agreement on behalf of the company
financial disclosures, compliance with accepted accounting standards, prevention of potential conflict of interests within the scope of www.thaiins.com
to nominate qualified persons to be directors
has given the advices in policy, target and strategic determination, direction of business operation, monitoring and evaluation throughout
policy, considering the investment regulations and procedure and considering investment approval as well as monitoring the status of its
has given the advices in policy, target and strategic determination, direction of business operation and annual budget for approval.
business operation and annual budget.
The board of director has had the resolution to appoint as the
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management.
(
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Name
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Note
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Corporate Governance
• • • • •
Shareholders Rights and Shareholders’ Meeting
Investor relations
Rights of various interest groups
Management and Corporate Governance
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•
% % % %
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c
-
the director.
Marine and
Motor
% % % %
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4.
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A
T
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Marine and Motor
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Business Operation
Personal accident and health insurance
Miscellaneous insurance
Analysis of Financial Position.Asset Asset Component
Asset Quality Premium receivables (Uncollected premium)
Loans
Investments in securities
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Annual Report 2016
on the other hand.
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1.
4.
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4.
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Statements of financial positionAnnual Report 2016
69
Assets
Total assets
2016
2015
2015Note
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71
Statements of financial position
Liabilities and equity
Liabilities
Total liabilities
2016
2015
2015Note
(
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Statements of financial position
Equity
Total equity
Total liabilities and equity
2016
2015
2015 Note
(
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Statements of comprehensive income
Income
Total income
Expenses
Total expenses
Profit before income tax
Profit for the year
2016
2015 Note
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Statements of comprehensive income
Total comprehensive income for the year
Earnings per share
2016
2015 Note
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79
Statements of changes in equity
Bala
nce
as a
t 1 J
anua
ry 2
015
Prof
it fo
r the
yea
r
Bala
nce
as a
t 1 J
anua
ry 2
016
Prof
it fo
r the
yea
r
Othe
r com
preh
ensiv
e in
com
e fo
r the
yea
r
Tota
l com
preh
ensiv
e in
com
e fo
r the
yea
r
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Notes to financial statementsAnnual Report 2016
83
1. General information
2. Basis for preparation of the financial statements
3. New financial reporting standards 3.1 Financial reporting standards that became effective in the current year accounting g
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Notes to financial statements
3.2 Financial reporting standard that will become effective in the future
Premium income consists of direct premium and reinsurance premium less premium of canceled policies and premiums refunded to
Interest income on loan
86
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87
Notes to financial statements
88
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Notes to financial statements
Premium receivables and allowance for doubtful accounts
l acc
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Notes to financial statements
92
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Notes to financial statements
shall
f
be
Short-term employee benefits
Others
94
Notes to financial statements
Post-employment benefits Defined contribution plans
Defined benefit plans
Provisions
rental
95
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Notes to financial statements
97
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Notes to financial statements
estimates
t of
to
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Annual Report 2016
101
Notes to financial statements
maturity
Cash on hand
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Notes to financial statements
Total
Total amounts due from reinsurers
Warrants Total
Total available-for-sale investments Held-to-maturity investments
Total held-to-maturity investments Other investments
Total other investments Total investments in securities
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Total
TotalHeld-to-maturity investments
TotalTotal investments in debt securities, net
Annual Report 2016
105
Total
TotalHeld-to-maturity investments
TotalTotal investments in debt securities, net
TotalPeriod to maturity
TotalPeriod to maturity
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Annual Report 2016
107
Notes to financial statements
Changes during the year
Interest income from debt securities
Total
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111
PrincipalOutstanding year Principal
Total loans
Disposals
Write - off
Depreciation for the year
Depreciation for the year
Depreciation on disposals
Depreciation for the year
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equipmentprogress Total
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Notes to financial statements
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Annual Report 2016
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Total
Total
- -
recognised in profit or loss for the years
Notes to financial statements
112
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113
Total
Notes to financial statements
114
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115
- Claims incurred and reported - Claims incurred but not reported
Total
Insurance
contract liabilitiesLiabilities
on reinsurance
Insurance contract liabilities
Liabilities on reinsurance
- Claims incurred and reported - Claims incurred but not reported
Total
Liabilitieson reinsurance
LiabilitiesInsurancecontract liabilities
Insurance
For the years ended 31 December
Notes to financial statements
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Annual Report 2016
117
Incu
rred
and
agre
ed c
laim
s pa
yabl
e
Tota
l
Notes to financial statements
118
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Incu
rred
and
agre
ed c
laim
s pa
yabl
e
Tota
l
Notes to financial statements
119
120
Annual Report 2016Notes to financial statements
For the years ended 31 December
Premium earned for the current year
Total due to reinsurers
121
122
Annual Report 2016
Interest cost
Demographic assumptions changes
Notes to financial statements
Discount rate
123
124
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125
Notes to financial statements
Discount rate
Discount rate
126
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127
Notes to financial statements
21. Provident fund
23. Dividend paid
Transactions with related companiesTransfer pricing policy
Balances with related party
128
- -
00
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129
Notes to financial statements
Directors and management’s benefits
Total
Deposits at financial institutions
Cost Cost
- -
For the years ended 31 December
Contribution during the year
130
•
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00131
Notes to financial statements
•
operating
to reinsurers
from prior year
Total underwriting income
from reinsurers
Other income
Profit from investments segment
transportation TotalPersonal accident
and health
132
Annual Report 2016
00133
Notes to financial statements
to reinsurers
from prior year
Total underwriting income
from reinsurers
Other income
Profit from investments segment
transportation TotalPersonal accident
and health
Geographic information
134
Annual Report 2016
00135
Notes to financial statements
systems
-
136
Annual Report 2016
00
Notes to financial statements
Personal accident and health
Total
Personal accident and health
Total
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change
Loss ratioLoss ratio
in gross claim liabilities
in net claim liabilities
Increase
in equity
137
138
Annual Report 2016
00
Notes to financial statements
I
139
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140
Annual Report 2016
00
Financial assets
LoansFinancial liabilitiesInsurance contract liabilities
and outstanding claimsDue to reinsurers
The repricing period or maturity date
Withininterest rate bearingyears
TotalInterest rate
Financial assets
LoansFinancial liabilitiesInsurance contract liabilities
outstanding claimsDue to reinsurers
--
--
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--
The repricing period or maturity date
Withinyears
TotalInterest rate
Notes to financial statements
interest rate bearing
141
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00143
Annual Report 2016Notes to financial statements
Financial assets
LoansFinancial liabilitiesInsurance contract
and outstanding claimsDue to reinsurers
Total
Financial assets
LoansFinancial liabilitiesInsurance contract
and outstanding claimsDue to reinsurers
Total
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00145
Annual Report 2016Notes to financial statements
Debt instruments
Debt instruments
LoansFinancial liabilities which fair value are disclosedInsurance contract liabilities - claims
Due to reinsurers
-
---
-
--
--
Total
-
---
--
----
--
--
Debt instruments
Debt instruments
LoansFinancial liabilities which fair value are disclosedInsurance contract liabilities - claims
Due to reinsurers
-
---
-
--
--
Total
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--
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146
00147
Annual Report 2016Notes to financial statements
announced
31. Reclassification
148
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00149
Annual Report 2016Notes to financial statements
Statements of financial position
Other assets - others
Other liabilities - others
Statements of comprehensive income
Revenues
Premium ceded to reinsurers
Contribution to the Office of Insurance Commission
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