This is the very definition of elastic collision.
By definition, elastic collision means the collision in which there are no dissipations due to heat, plastic deformation, sound waves, etc.
So, by conservation of energy, we mean that the initial kinetic energy before the collision is equal to the kinetic energy after the collision, because it is not converted to any other type of energy.
If two particles with kinetic energies E1 and E2 and momentum P1 and P2 collide, then their energies and momentum after the collision would follow the
report :-
E1*+E2*=E1+E2 . . . (1)
P1*+P2*=P1+P2 . . . (2)
Equation 1 does not hold if the collision is an inelastic collision while Relation 2 holds whether the collision is an elastic collision or not, but the question is why?