16. Deferred taxes

The calculation of deferred taxes is based on the specific tax rates of each country, which were between 9 and 25 per cent in the financial year (2019: between 9 and 25 per cent). Changes in tax rates in effect at 31 December 2020 are taken into account.

The deferred tax assets and deferred tax liabilities stated in the consolidated statement of financial position performed as follows:

Net deferred tax

In € thousand

 

At 1 January 2019 adjusted

–236,488

Changes recognised in profit/(loss)

–11,961

Changes recognised in other comprehensive income

–102,951

Reclassifications held for sale

–1,088

Foreign exchange differences

186

At 31 December 2019 adjusted

–352,302

At 1 January 2020

–352,302

Changes recognised in profit/(loss)

4,867

Changes recognised in other comprehensive income

–50,057

Changes due to changes in basis of consolidation

–18,964

Foreign exchange differences

1,166

At 31 December 2020

–415,291

Changes recorded in other comprehensive income essentially relate to measurements of financial instruments available for sale and remeasurements of defined benefit obligations.

The differences between the tax carrying amounts and the carrying amounts in the consolidated statement of financial position have the following effect:

In € thousand

31/12/2020

31/12/2019
adjusted

Deferred tax assets

 

 

Technical items

54,528

57,568

Investments

54,482

22,349

Actuarial gains and losses on defined benefit obligations

73,309

61,891

Loss carried forward

17,046

12,471

Other items

89,675

22,212

Total

289,040

176,490

Netting effect

–280,447

–171,253

Total after netting

8,594

5,237

 

 

 

Deferred tax liabilities

 

 

Technical items

358,749

293,287

Investments

316,586

211,903

Actuarial gains and losses on defined benefit obligations

1

1

Other items

28,994

23,600

Total

704,331

528,792

Netting effect

–280,447

–171,253

Total after netting

423,884

357,539

Net deferred tax

–415,291

–352,302

The temporary differences in connection with shares in subsidiaries and for which no deferred tax liabilities were recognised amounted to €1,778,691 thousand (2019: €1,657,532 thousand).

An assessment of the ability to realise deferred tax assets for tax losses not yet used, tax credits not yet used and deductible temporary differences requires an estimate of the amount of future taxable profits. The resulting forecasts are based on business plans that are prepared, reviewed and approved using a uniform procedure throughout the company. Especially convincing evidence regarding the value and future chance of realisation of deferred tax assets is required under internal Group policies if the relevant Group company has suffered a loss in the current or a prior period.

The deferred tax assets stated include €17,046  thousand (2019: €12,471 thousand) attributable to tax loss carryforwards. Deferred tax assets from loss carryforwards in the amount of €11,023 thousand (2019: €10,577 thousand) were not recognised, as a realisation of these in the near future cannot be assumed, taking maturities into account.

The tax loss carryforwards of €139,365 thousand (2019: €132,128 thousand) are forfeited as follows, with “more than 5 years” also including tax loss carryforwards with no forfeit date of €112,986 thousand (2019: €87,247 thousand).

In € thousand

31/12/2020

31/12/2019

Up to 1 year1)

8,358

11,187

2 to 5 years2)

12,336

19,604

More than 5 years3)

118,671

101,338

Total

139,365

132,128

1)

Loss carryforwards for which no deferred tax assets have been recognised amount to 1,081 thousand at 31 December 2020 (31 December 2019: 4,560 thousand)

2)

Loss carryforwards for which no deferred tax assets have been recognised amount to 5,455 thousand at 31 December 2020 (31 December 2019: 3,664 thousand)

3)

Loss carryforwards for which no deferred tax assets have been recognised amount to 53,409 thousand at 31 December 2020 (31 December 2019: 54,048 thousand)

The tax loss carryforwards include both loss carryforwards on which deferred tax assets have been recognised and loss carryforwards on which no deferred tax assets have been recognised.

IFRSs
International Financial Reporting Standards. Since 2002 the term IFRSs has applied to the overall concept of standards adopted by the International Accounting Standards Board. Standards already adopted beforehand continue to be referred to as International Accounting Standards (IASs).
Associates
Associates are all the entities over which UNIQA has significant influence but does not exercise control or joint control over their financial and operating policies. This is generally the case as soon as there is a voting share of between 20 and 50 per cent or a comparable significant influence is guaranteed legally or in practice via other contractual regulations.