ACHMEA increases provision for PZU tax case after Dutch court ruling

The Dutch insurer ACHMEA said it has increased its provision for the fiscal settlement in The Netherlands regarding the compensation received for the divestment of its shareholding in the Polish insurer PZU by EUR 35 million to a total of EUR 233 million.

The increase follows a ruling by the Dutch court Arnhem-Leeuwarden, whereby ACHMEA's views have been partially taken into account. On the basis of the ruling, a larger amount of the PZU settlement is subject to Dutch corporate tax than cautiously anticipated in building up the provision in previous years.

ACHMEA disagrees with the Dutch tax authority on the fiscal treatment in The Netherlands of the compensation received for the divestment of its shareholding in PZU, in the years 2009 en 2010. The agreement with the Polish government at the time resulted in total proceeds for ACHMEA of EUR 4.2 billion. The disagreement with the Dutch tax authority is regarding the tax treatment on the amount received of 1.2 billion euros. ACHMEA is of the opinion that this amount should be exempted from Dutch corporate tax. The court has ruled that of the amount received of approximately EUR 1.2 billion, an amount of EUR 248 million is exempted from corporate tax.

ACHMEA is in the process of analysing the ruling by the Court en will decide at a later moment whether it will file an appeal with the Dutch Supreme Court. The impact of the increase of the provision will be accounted for in the results over the first half of this year.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

2019-03-21

FITCH: rising claims costs are challenging UK motor insurers

UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.

2019-03-21

Book your seat at IFRS 17 Nordics Conference!

IFRS 17 Nordics, taking place on the 9th of May in Stockholm, is a unique chance to gain actionable insights that will help professionals make their IFRS 17 implementation project succeed.

2019-03-14

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

2019-03-14

AON's NVG further advances Intellectual Property Solutions

AON's New Ventures Group (NVG) will be sponsoring the firm's Intellectual Property Solutions (IPS). IPS aims to help firms identify and manage risks surrounding proprietary data. To accomplish this objective, NVG recently appointed Brian COCHRANE as Chief Commercial Officer.

2019-03-14

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

2019-03-14

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all