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Achmea increases tax provision for PZU stake sale after court ruling

Following a Dutch court judgment, insurer Achmea BV increased its tax provisions on earnings from its divestment of a stake in Polish insurer PZU SA by €35 million to €233 million.

Achmea had disputed the Dutch Tax Authority's tax claims on €1.2 billion of the overall €4.2 billion that it earned from the stake sales in 2009 and 2010. Achmea believes that the €1.2 billion should be exempt from Dutch corporate tax, but the court ruled that just €248 million qualified for such treatment.

The insurer will examine the judgment before deciding whether to file an appeal in the Dutch Supreme Court, and will account for the increased provisions in its first-half results.