We aim to be the most preferred non-life insurer in Thailand

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REPORT ON THE BOARD OF DIRECTORûS RESPONSIBILITY FOR FINANCIAL STATEMENTS The Bangkok Insurance Public Company Limited Board of Directors is responsible for the Company’s financial statements, as well as financial information technology, appearing in the annual financial statements. Such statements have been prepared in accordance with accounting principles and practices generally accepted in Thailand. In this regard, the Board of Directors has selected an appropriate accounting policy and constantly implemented it with cautious discretion. Furthermore, significant data is sufficiently disclosed in notes of the financial statements. The Board of Directors also provides and maintains an efficient internal control system to ensure that the recording of accounting data is accurate, complete and adequate for the protection of the Company’s assets and the prevention of fraud and malpractices, while disclosing interrelated items to avoid any conflict of interests, as well as complying with the laws and regulations concerned. In this connection, the Audit Committee is assigned by the Board of Directors to oversee, take responsibility for and continuously report the consequences to the Board. The Audit Committee’s opinions on these issues have already appeared in its report, which is displayed in the Company’s annual report. The Company’s Board of Directors is of the opinion that an overall internal control system of the Company is satisfactory and generates justified confidence in the reliability of the Company’s financial statements as at December 31, 2009. The Company’s independent auditor has also audited in accordance with generally accepted auditing standards and is of the opinion that the Company’s financial statements referred to above present fairly, in all material respects, its financial position and operational consequences in accordance with generally accepted accounting principles. (Mr. Chai Sophonpanich) Chairman and President 56
To the Shareholders of Bangkok Insurance Public Company Limited REPORT OF INDEPENDENT AUDITOR I have audited the accompanying balance sheets, in which the equity method is applied, of Bangkok Insurance Public Company Limited as at December 31, 2009, and the statements of income, changes in shareholders’ equity and cash flows for the year then ended and the separate financial statements, in which the cost method is applied, of Bangkok Insurance Public Company Limited for the same year. These financial statements are the responsibility of the Company’s management as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audit. The financial statements of Bangkok Insurance Public Company Limited for the year ended December 31, 2008, as presented herein for comparative purposes, were audited by another auditor of our firm who expressed an unqualified opinion on those statements, under his report dated February 18, 2009. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bangkok Insurance Public Company Limited as at December 31, 2009 and the results of its operations and its cash flows for the year then ended in accordance with generally accepted accounting principles. (Mrs. Nonglak Pumnoi) Certified Public Accountant (Thailand) No. 4172 Ernst & Young Office Limited Bangkok February 17, 2010 57
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Bangkok Insurance aims to be the mo
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CONTENTS VISION 2 FINANCIAL HIGHLIG
Page 5 and 6: We aim to be the most preferred non
Page 7 and 8: The year 2009 was, therefore, anoth
Page 9 and 10: In addition, the Company was still
Page 13 and 14: As a consequence, it is anticipated
Page 17 and 18: 6.2 Interest Rate Risk The Company
Page 19 and 20: Increase Convenience for Premium Pa
Page 21 and 22: REPORT OF THE COMPANYûS OPERATIONS
Page 23 and 24: The net investment income in 2009 w
Page 25 and 26: Goals of Business Transactions For
Page 29 and 30: INVESTMENTS IN SECURITIES Investmen
Page 31 and 32: FIVE YEARS REVIEW (Baht’000) 2009
Page 33 and 34: Mr. Chatri Sophonpanich Chairman Mr
Page 35 and 36: Miss Potjanee Thanavaranit Independ
Page 37 and 38: Mr. Witcha Damrongsinsak Director M
Page 39 and 40: 1. Mrs. Srichittra Pramojaney 2. Mr
Page 41 and 42: Miss Pagamas Charusathien Senior Vi
Page 43 and 44: Mr. Sontaya Chaichomlert Senior Vic
Page 45 and 46: Bangkok Insurance, Your Caring Part
Page 47 and 48: 1. Mr. Anant Pongpoon 2. Ms. Anchan
Page 49 and 50: 1. Mr. Alonggorn Gradtip 2. Mr. Ana
Page 51 and 52: Bangkok Insurance Public Company Li
Page 53 and 54: Public Health Relief of Public Disa
Page 55: 3. Checking to Prevent a Conflict o
Page 59 and 60: (Baht’000) Financial Statements i
Page 61 and 62: (Baht’000) Motor Miscellaneous 20
Page 63 and 64: (Baht’000) Motor Miscellaneous 20
Page 65 and 66: (Baht’000) Surplus (Deficit) on R
Page 67 and 68: (Baht’000) Surplus (Deficit) on R
Page 69 and 70: For the years ended December 31, 20
Page 71 and 72: 4.4 Related party transactions Rela
Page 73 and 74: 5. Significant Accounting Judgments
Page 75 and 76: Investments in debt securities as a
Page 77 and 78: The Company received the 2008 finan
Page 79 and 80: (Baht’000) 2009 2008 Investments
Page 81 and 82: 12. Premium Due and Uncollected The
Page 83 and 84: 20. Basic Earnings Per Share Basic
Page 85 and 86: Foreign Currency Risk The Company
Page 87 and 88: Debtors, overdue under 3 months, fo
Page 89 and 90: FINANCIAL RATIO Financial Ratio 200
Page 91 and 92: SHAREHOLDING IN OTHER COMPANIES Inv
Page 93 and 94: THE MANAGEMENT Management Structure
Page 95 and 96: 4. To consider a selection and prop
Page 97 and 98: The Appointment of the Company’s
Page 99 and 100: Name Position No. of Attendance/ An
Page 101 and 102: Name of the Management Committee Po
Page 103 and 104: 1. The Board of Directors shall com
Page 105 and 106: SHAREHOLDINGS STRUCTURE Breakdown o
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Dividend Payment Policy Since it is
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The Section on Consideration of Sta
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As for the consequence of an implem
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4.1 Policy on Corporate Governance
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5. The Section on the Board of Dire
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5.4 The Board of Directors’ Meeti
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GENERAL INFORMATION Name of Company
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Motor Claims Service Center Krabi B
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Bangkok Insurance Building 25 Satho
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