35. Affiliated companies and associates
Subsidiaries are entities controlled by UNIQA. UNIQA is regarded as controlling an entity if:
- UNIQA is able to exercise power over the relevant entity,
- UNIQA is exposed to fluctuating returns from its participation and
- UNIQA is able to influence the amount of the returns as a result of the power it exercises.
The financial statements of subsidiaries are included in the consolidated financial statements from the date control begins until the date control ends.
Loss of control
If UNIQA loses control of a subsidiary, the subsidiary’s assets and liabilities and all associated non-controlling interests and other equity components are derecognised. Any resulting profit or loss is recognised in profit/(loss) for the period. Any retained interest in the former subsidiary is measured at fair value at the date of the loss of control.
Investment in 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.