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 and Trafalgar Insurance Public Limited Company which are all regulated by the Prudential Regulatory Authority.

AGF Holdings (UK) Ltd and AGF Pension Trustees Ltd 2018 strategy

Financial year ended 31 December 2018

This strategy applies to AGF Holdings (UK) Ltd and AGF Pension Trustees Ltd.

Allianz SE 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 performance 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 SE 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 is monitored and challenged regularly through internal governance controls.

Allianz SE 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 spirit of co-operative 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 pro-active and transparent discussion and negotiation.

This strategy is aligned with our Code of Conduct and is approved, owned and overseen by the Boards of AGF Holdings (UK) Ltd and AGF Pension Trustees Ltd.

Allianz (UK) Ltd and Allianz Holdings plc 2018 strategy

Financial year ended 31 December 2018

This strategy applies to Allianz (UK) Ltd, Allianz Holdings plc and all its subsidiary companies as listed below.

Allianz SE 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 performance 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 SE 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 is monitored and challenged regularly through internal governance controls.

Allianz SE 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 spirit of co-operative 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 pro-active and transparent discussion and negotiation.

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

Allianz Holdings plc subsidiaries:

  • Allianz Insurance plc
  • Allianz Business Services Ltd
  • Allianz Management Services Ltd
  • Allianz International Ltd
  • Allianz Engineering Inspection Services Ltd
  • The M.I. Group Ltd
  • Three Pillars Business Solutions Ltd
  • Home and Legacy Insurance Services Ltd
  • Trafalgar Insurance plc
  • Petplan Ltd
  • Allianz Properties Ltd
  • Allianz Pension Fund Trustees Ltd
  • British Reserve Insurance Company Ltd
  • Allianz Equity Investments Ltd
  • Vet Envoy Ltd
Allianz Technology SE UK 2018 strategy

Notice regarding tax strategy for Allianz Technology SE UK

Concerning financial year ending 31 December 2018

Tax Strategy Notice
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 performance 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 optimization 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 co-operative 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.