16. Deferred taxes

The calculation of deferred tax is based on the specific tax rates of each country, which were between 9 and 25 per cent in the financial year (2018: between 5 and 25 per cent). Changes in tax rates in effect at 31 December 2019 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 2018

–287,403

Changes recognised in profit/(loss)

–27,324

Changes recognised in other comprehensive income

63,957

Reclassifications held for sale

1,088

Foreign exchange differences

441

At 31 December 2018

–249,241

At 1 January 2019

–249,241

Changes recognised in profit/(loss)

–14,180

Changes recognised in other comprehensive income

–106,170

Reclassifications held for sale

–1,088

Foreign exchange differences

186

At 31 December 2019

–370,492

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

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

In € thousand

31/12/2019

31/12/2018

Deferred tax assets (gross)

 

 

Technical items

57,568

54,249

Investments

22,349

26,678

Actuarial gains and losses on defined benefit obligations

61,891

45,316

Loss carried forward

12,471

14,043

Other items

22,212

12,773

Total

176,490

153,059

 

 

 

Deferred tax liabilities (gross)

 

 

Technical items

–311,477

–298,358

Investments

–211,903

–60,737

Actuarial gains and losses on defined benefit obligations

–1

–1

Other items

–23,600

–43,203

Total

–546,982

–402,300

Net deferred tax

–370,492

–249,241

The temporary differences in connection with shares in subsidiaries and for which no deferred tax liabilities were recognised amounted to €1,657,532 thousand (2018: €2,821,988 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 €12,471 thousand (2018: €14,043 thousand) attributable to tax loss carryforwards.

These tax assets from loss carryforwards are forfeited as follows:

In € thousand

31/12/2019

31/12/2018

Up to 1 year

11,187

4,784

2 to 5 years

19,604

13,275

More than 5 years

101,338

136,578

Total

132,128

154,637

Deferred tax assets from loss carryforwards in the amount of €10,577 thousand (2018: €11,922 thousand) were not recognised, as a realisation of these in the near future cannot be assumed, taking maturities into account.

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.