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Order of 8 April 2019 from the Danish FSA 

The Danish Financial Supervisory Authority (“DFSA”) has ordered Gefion Insurance A/S (“Gefion Insurance”) to publish supplementary/corrective information for the annual report for 2017 and the half-year report for 2018, including that Gefion Insurance refrains from recognizing a minor deferred tax asset.

Please find the DFSA’s statement on the order here. An unofficial English translation of the statement can be found here.

Our comments to the DFSA’s order
Gefion Insurance does not agree with the decision, but since it has no direct consequences for the company’s policyholders or business partners, Gefion Insurance has chosen to take note of the order from the DFSA and publish the supplementary/corrective information. In accordance with the decision, Gefion Insurance has chosen to correct the matters regarding the annual report for 2017 in the annual report for 2018 and, accordingly, only supplementary/corrective information for the half-year report for 2018 will be published.

We continue to believe that Gefion Insurance has followed the current practice in relation to the recognition of deferred tax assets. We have been confirmed in this by our advisors who have advised their other insurance customers on the same principles. In the recently published decision, the DFSA has chosen a different interpretation of the rules.

The decision of the DFSA does not change the fact that Gefion Insurance is a healthy company. The company naturally had a deficit in the start-up years 2015-2016 when Gefion Insurance invested in creating the future sales that has ensured the development of the company.

We will continue to operate Gefion Insurance as a well-run and healthy company. A company that is a good business partner and a credible player in the insurance market of many European countries across borders. Thus, Gefion Insurance will continue to challenge the national markets and ensure a much-needed competition in the insurance market for the benefit of the consumers.