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APRIL GROUP: additional charge of 21.1 million linked to the tax authorities

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APRIL GROUP: additional charge of 21.1 million linked to the tax authorities
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(AOF) – April has reached an agreement with the French tax authorities on the proposal for rectification following investigations into the territoriality of the reinsurance business of its subsidiary Axeria Re, based in Malta. This agreement is final and leads the broker to enter in its accounts, in addition to the provision of 20 million euros already recognized, a non-current charge of 21.1 million for the 2019 financial year.

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Finance – Insurance

With low rates, many insurance companies are weakened and sell portfolios. The global private equity giants are taking the opportunity to strengthen their positions in the sector. The forerunner was the US Apollo fund, which took advantage of the financial crisis to buy back cheap assets. Now his compatriot Blackstone intends to double its assets to the tune of a hundred billion dollars in an area that could even become its main investment ground. In 2017, the acquisition of the US life insurance company FGL Holding had already allowed him to take back $ 25 billion of assets. Blackstone is also interested in the portfolio of Allstate Insurance Company and Lincoln Benefit Life.

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https://www.capital.fr/entreprises-marches/april-group-charge-supplementaire-de-21-1-millions-liee-au-fisc-1357372

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