6.2. Deferred taxes

The calculation of deferred taxes is based on the specific tax rates of each country, which were between 9 and 33 per cent in the financial year (2024: between 9 and 33 per cent).

UNIQA is applying the exemption from recognising and disclosing deferred tax assets and deferred tax liabilities in connection with the global minimum tax.

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

Changes recognised in other comprehensive income relate essentially to measurements of financial instruments and insurance and reinsurance contracts as well as remeasurements 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:

The temporary differences in connection with shares in subsidiaries and associates for which no deferred tax liabilities were recognised amounted to €2,564,004 thousand (2024: €1,900,151 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 presented include €36,010 thousand (2024: €27,501 thousand) attributable to tax loss carryforwards. Deferred tax assets from loss carryforwards in the amount of €93,736 thousand (2024: €111,963 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 €603,597 thousand (2024: €640,729 thousand) are forfeited as follows, with “more than 5 years” also including tax loss carryforwards with no forfeit date of €510,120 thousand (2024: €538,210 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.

The tax loss carryforwards are broken down into the following countries: