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

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STATEMENTS OF CASH FLOWS For the years ended December 31, 2009 and 2008 (Baht’000) Financial Statements in which the equity method is applied Separate Financial Statements in which the cost method is applied 2009 2008 2009 2008 Cash Flows from (used in) Operating Activities Direct Premium Written 7,853,497 6,997,575 7,853,497 6,997,575 Cash Paid for Reinsurance (1,723,413) (1,675,886) (1,723,413) (1,675,886) Losses Incurred on Direct Insurance (2,131,640) (2,115,246) (2,131,640) (2,115,246) Commissions and Brokerages on Direct Insurance (1,098,012) (992,440) (1,098,012) (992,440) Other Underwriting Expenses (963,811) (858,534) (963,811) (858,534) Net Investment Income 577,216 574,404 577,216 574,404 Other Income 103,933 109,104 103,933 109,104 Operating Expenses (411,552) (514,483) (411,552) (514,483) Corporate Income Tax (227,282) (198,660) (227,282) (198,660) Net Cash from Operating Activities 1,978,936 1,325,834 1,978,936 1,325,834 Cash Flows from (used in) Investing Activities Cash Flows from Investments in Securities 2,958,325 4,907,958 2,958,325 4,907,958 Loans 465,714 665,186 465,714 665,186 Investments in Associates 1,969 2,370 1,969 2,370 Deposits at Financial Institutions 150,151 45,962 150,151 45,962 Property, Buildings and Equipment 9,509 1,818 9,509 1,818 Net Cash from Investing Activities 3,585,668 5,623,294 3,585,668 5,623,294 Cash Flows used in Investments in Securities (3,781,081) (5,076,842) (3,781,081) (5,076,842) Loans (269,887) (861,138) (269,887) (861,138) Deposits at Financial Institutions (365,132) (157,285) (365,132) (157,285) Property, Buildings and Equipment (62,478) (84,600) (62,478) (84,600) Net Cash used in Investing Activities (4,478,578) (6,179,865) (4,478,578) (6,179,865) Net Cash used in Investing Activities (892,910) (556,571) (892,910) (556,571) Cash Flows from (used in) Financing Activities Dividend Paid to Shareholders (608,400) (608,400) (608,400) (608,400) Net Cash used in Financing Activities (608,400) (608,400) (608,400) (608,400) Net Increase in Cash and Cash Equivalents 477,626 160,863 477,626 160,863 Cash and Cash Equivalents at Beginning of Year 283,125 122,262 283,125 122,262 Cash and Cash Equivalents at End of Year (Note 10) 760,751 283,125 760,751 283,125 Supplemental Cash Flows Information Non-Cash Item Surplus on Changes in Values of Investments 6,925,870 2,867,955 6,925,870 2,867,955 The accompanying notes are an integral part of the financial statements. 68
For the years ended December 31, 2009 and 2008 NOTES TO FINANCIAL STATEMENTS 1. General Information Bangkok Insurance Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand. The Company is principally engaged in the provision of non-life insurance. The Company’s registered office is located at 25 Bangkok Insurance Building, Sathon Tai Road, Bangkok. 2. Basis of Preparation The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E. 2547 and in accordance with Thai accounting practices related to insurance, and the accounting and reporting guidelines prescribed by the Office of Insurance Commission. The presentation of the financial statements has been made in compliance with the order of the Registrar dated 6 March 2002, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. 3. Adoption of New Accounting Standards In June 2009, the Federation of Accounting Professions issued Notification No. 12/2552, assigning new numbers to Thai Accounting Standards that match the corresponding International Accounting Standards. The numbers of Thai Accounting Standards as referred to in these financial statements reflect such change. The Federation of Accounting Professions has issued Notifications No. 86/2551 and 16/2552, mandating the use of new accounting standards, financial reporting standard and accounting treatment guidance as follows: (a) Accounting standards, financial reporting standard and accounting treatment guidance which are effective for the current year Framework for Preparation and Presentation of Financial Statements (revised 2007) TAS 36 (revised 2007) TFRS 5 (revised 2007) Impairment of Assets Non-current Assets Held for Sale and Discontinued Operations Accounting Treatment Guidance for Leasehold Right Accounting Treatment Guidance for Business Combination under Common Control These accounting standards, financial reporting standard and accounting treatment guidance became effective for the financial statements for fiscal years beginning on or after January 1, 2009. The management has assessed the effect of these standards and believes that TFRS 5 (revised 2007) and Accounting Treatment Guidance for Business Combination under Common Control are not relevant to the business of the Company, while Framework for Preparation and Presentation of Financial Statements (revised 2007), TAS 36 (revised 2007) and Accounting Treatment Guidance for leasehold Right do not have any significant impact on the financial statements for the current year. 69
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Bangkok Insurance aims to be the mo
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CONTENTS VISION 2 FINANCIAL HIGHLIG
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We aim to be the most preferred non
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The year 2009 was, therefore, anoth
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In addition, the Company was still
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As a consequence, it is anticipated
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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 27 and 28: We aim to be the most preferred non
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 and 56: 3. Checking to Prevent a Conflict o
Page 57 and 58: To the Shareholders of Bangkok Insu
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: (Baht’000) Surplus (Deficit) on R
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
Page 107 and 108: Dividend Payment Policy Since it is
Page 109 and 110: The Section on Consideration of Sta
Page 111 and 112: As for the consequence of an implem
Page 113 and 114: 4.1 Policy on Corporate Governance
Page 115 and 116: 5. The Section on the Board of Dire
Page 117 and 118: 5.4 The Board of Directors’ Meeti
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GENERAL INFORMATION Name of Company
Page 121 and 122:
Motor Claims Service Center Krabi B
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Bangkok Insurance Building 25 Satho
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We aim to be the most preferred non-life insurer in Thailand

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