47 2025 年度报告 ANNUAL REPORT 2025 9. INCOME TAX Corporate income tax is accounted for using the balance sheet liability approach. 10. RECOGNITION AND MEASUREMENT OF PREMIUM INCOME IN THE ORIGINAL INSURANCE CONTRACT Premium income of the original insurance contract is recognized when all the following conditions are satisfied: (1) The original insurance contract has come into existence and the corresponding liability has commenced; (2) The economic benefits associated with the original insurance contract will flow to the Company; (3) The revenue associated with the original insurance contract can be measured reliably. Measurement of premium income is based on the amount receivable from the policyholder as per the original insurance contract. 11. PROVISION FOR INSURANCE LIABILITIES (1) Unearned premium reserves Unearned premium reserves are determined by using actuarial methods such as the 1/365 method. (2) Outstanding claims reserves Outstanding claims reserves include incurred and reported outstanding claims reserves, incurred but not reported outstanding claims reserves and claim expense reserves. Incurred and reported outstanding claims reserves and incurred but not reported outstanding claims reserves are determined by actuarial approach or case estimate approach. Claim expense reserves are measured on reasonable estimate of prospective claim expense. 12. REINSURANCE Accounting of reinsurance is on the basis of estimation, reinsurance share of unearned premium reserves and reinsurance share of outstanding claims reserves are recognized and determined in accordance with matching principle and actuarial results. 13. LEASING The lease is a contract whereby the lessor transfers the right to use the asset to the lessee for consideration within a certain period of time. The Company as the lessee On the commencement date of the lease term, the Company recognizes the right-of-use asset and lease liability for the lease. The Company uses the straight-line method to depreciate right-of-use assets. On the balance sheet date, the Company assesses whether the right-of-use asset is impaired and accounts for the identified impairment loss. The Company has chosen not to recognize right-of-use assets and lease liabilities for short-term leases (leases with a lease term of not more than 12 months) and low-value asset leases, and the related lease payments are recorded on a straightline basis over each period of the lease term. Current profit and loss or related asset cost.
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