Allianz Partners UK - Tax Strategy

AWP P&C UK branch and AWP Assistance UK Ltd – Our UK Tax Strategy 2023

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 organizational set up for appropriate tax management.
  • Full compliance of tax planning and optimization activities with tax laws, supported by solid business reasons to sustain a credible long term 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 maintain 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 minimize tax risks by actively and continuously identifying, assessing, monitoring and managing them. We constantly aim for certainty in our tax positions and obtain internal or external 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 Partners Board which manages the UK business.

The purpose of this statement is to satisfy the UK legislative requirements of paragraph 19(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 2023 and we review and refresh our tax strategy annually.