Financial results

2018 Annual Report

2018 was a year of transition with strong progress in the development of the strategic joint venture partnership with LV=. Operating profit before quota share to the Allianz Group increased from £122m to £171m, with premiums reducing by 3.3% after business transfers to the joint venture.

Publication of a Solvency & Financial Condition Report is a mandatory requirement of the Solvency II Directive for all insurance companies domiciled in the EU.

Solvency II, which entered into force on 1 January 2016, is a comprehensive updating of the way in which insurance companies in the EU are supervised by their local regulators.

Solvency & Financial Condition Reports have been developed for the following insurance company subsidiaries of Allianz Holdings plc: Allianz Insurance plc, British Reserve Insurance Co. Ltd, Fairmead Insurance Limited and Trafalgar Insurance Public Limited Company which are all regulated by the Prudential Regulatory Authority.

AGF Holdings (UK) Ltd 2019 strategy

Financial year ending 31 December 2019

This strategy applies to AGF Holdings (UK) Ltd and all subsidiaries1 2.

The Allianz Group has a global reach operating in more than 70 countries including the UK.  Being a tax collector as well as a taxpayer, tax is an integral part of our overall Group business principles and codes.    

The Allianz Group acts transparently and responsibly in all tax matters and works closely with experts, auditors and tax authorities, including HMRC, to ensure that we pay our fair share of taxes. 

The Allianz Group tax strategy includes the following key rules and principles:

  • Full compliance with tax regulations, accurate and timely reporting and effective tax risk management.
  • Safeguarding of the Group’s reputation as a responsible taxpayer.
  • Existence of a sound organisational set up for appropriate tax management.
  • Full compliance of tax planning and optimisation activities with tax laws, supported by solid business reasons to sustain a credible longterm reputation with tax authorities.

These principles provide the basis for our Allianz Standard for Tax Management which represents the framework and minimum requirements for all tax relevant processes, methods and structures within the Allianz Group.  All Group entities including those situated in the UK have to adhere to the standard when conducting their tax activities.  With this standard, we are committed to a transparent compliance and disclosure policy, seeking to maintin good relationships with tax authorities, acting as a trusted partner, paying accurate amounts of taxes in a timely manner.  In order to achieve consistent and full implementation of our tax strategy, the Group operates local tax functions in its major operations including the UK.   

Allianz’s appetite for tax risk is low.  We therefore seek to minimise tax risks by actively and continuously identifying, asessing, monitoring and managing them.  We constantly aim for certainty in our tax positions and obtain internal or exteral advice and validate our position where appropriate.  If we seek rulings from tax authorities to confirm an applicable tax treatment, we do so based on full disclosure of all relevant facts and circumstances. 

We seek efficiency in tax matters, including the prevention of double taxation and pay only the tax due following reasonable interpretation and application of tax rules.  We do not engage in aggressive tax planning or artificial structuring that lacks business purpose or economic substance.  Our tax activities are conducted with the clear understanding that all facts and circumstances must be disclosed to tax authorities.

This strategy is aligned with our Code of Conduct and is approved, owned and overseen by the Allianz Holdings plc Board.

1 The purpose of this statement is to satisfy the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax strategy insofar as it affects our UK Group. This covers the period ending December 2019 and we review and refresh our tax strategy annually.

2 Defined as entities in which AGF Holdings (UK) Ltd has a controlling stake (either directly or indirectly).

Allianz (UK) Ltd and Allianz Holdings plc 2019 strategy

Financial year ending 31 December 2019

This strategy applies to Allianz (UK) Ltd, Allianz Holdings plc and all subsidiaries1 2.

The Allianz Group has a global reach operating in more than 70 countries including the UK.  Being a tax collector as well as a taxpayer, tax is an integral part of our overall Group business principles and codes.    

The Allianz Group acts transparently and responsibly in all tax matters and works closely with experts, auditors and tax authorities, including HMRC, to ensure that we pay our fair share of taxes. 

The Allianz Group tax strategy includes the following key rules and principles:

  • Full compliance with tax regulations, accurate and timely reporting and effective tax risk management.
  • Safeguarding of the Group’s reputation as a responsible taxpayer.
  • Existence of a sound organisational set up for appropriate tax management.
  • Full compliance of tax planning and optimisation activities with tax laws, supported by solid business reasons to sustain a credible longterm reputation with tax authorities.

These principles provide the basis for our Allianz Standard for Tax Management which represents the framework and minimum requirements for all tax relevant processes, methods and structures within the Allianz Group.  All Group entities including those situated in the UK have to adhere to the standard when conducting their tax activities.  With this standard, we are committed to a transparent compliance and disclosure policy, seeking to maintin good relationships with tax authorities, acting as a trusted partner, paying accurate amounts of taxes in a timely manner.  In order to achieve consistent and full implementation of our tax strategy, the Group operates local tax functions in its major operations including the UK.   

Allianz’s appetite for tax risk is low.  We therefore seek to minimise tax risks by actively and continuously identifying, asessing, monitoring and managing them.  We constantly aim for certainty in our tax positions and obtain internal or exteral advice and validate our position where appropriate.  If we seek rulings from tax authorities to confirm an applicable tax treatment, we do so based on full disclosure of all relevant facts and circumstances. 

We seek efficiency in tax matters, including the prevention of double taxation and pay only the tax due following reasonable interpretation and application of tax rules.  We do not engage in aggressive tax planning or artificial structuring that lacks business purpose or economic substance.  Our tax activities are conducted with the clear understanding that all facts and circumstances must be disclosed to tax authorities.

This strategy is aligned with our Code of Conduct and is approved, owned and overseen by the Allianz Holdings plc Board.

1 The purpose of this statement is to satisfy the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax strategy insofar as it affects our UK Group. This covers the period ending December 2019 and we review and refresh our tax strategy annually.

2 Defined as entities in which Allianz Holdings plc has a controlling stake (either directly or indirectly).

Allianz Technology SE UK 2019 strategy

Notice regarding tax strategy for Allianz Technology SE UK

Concerning financial year ending 31 December 2019

Tax Strategy Notice 1

This strategy applies to the Allianz Technology SE UK Branch. The Allianz Technology SE UK Branch is part of Allianz Technology SE, which is part of Allianz Group. 

Allianz operates in more than 70 countries including the UK. Tax is embedded in almost every aspect of doing business and heavily impacts the key financial data and perfor-mance of the Group. The Group’s key objective is to ensure full compliance with the tax regulations of all the countries in which it operates. 

Allianz operates as a responsible tax payer and collector to ensure that the reputation of the Group is protected. 

This includes accurate and timely reporting, and effective tax risk management. In order to achieve consistent and full implementation of this target, the Group operates local tax functions in its major operations including the UK. 

Standards for tax management across the Group are set out in the Allianz Standard for Tax Management. 

Compliance with this internal standard and related implementation guidelines are monitored and challenged regularly through internal governance controls. 

Allianz only accepts unavoidable tax risks at Group level as well as for the UK. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought. 

Any tax planning and optimisation activities undertaken are compliant with tax laws and supported by solid business reasons to sustain a credible long-term reputation with tax authorities. 

The Group engages with tax authorities, including HMRC, with honesty, integrity, respect and fairness and in a spirt of cooperative compliance. The Group is prepared to litigate where it disagrees with a ruling or decision of a tax authority but will first seek to resolve any disputed matters through proactive and transparent discussion and negotiation.

1 The purpose of this statement is to staisfy the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax strategy insofar a it affects our UK group. This covers the period ending December 2019 and we review and refresh our tax strategy annually.