Deferred tax (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Net Deferred Tax Assets and Liabilities has been Recognized



	2025		2024

Deferred tax assets		1,894		2,439

Deferred tax liabilities		13		64

On December 31		1,882		2,375



Deferred tax assets comprise temporary differences on	2025			2024

Financial assets		458			1,067

Insurance and investment contracts		(344	)		(1,124	)

Deferred expenses and other intangible assets		459			580

Defined benefit plans		203			237

Tax losses and credits carried forward		1,113			1,448

Other		6			231

On December 31		1,894			2,439



Deferred tax liabilities comprise temporary differences on	2025			2024

Financial assets		(9	)		1

Insurance and investment contracts		(1	)		56

Deferred expenses and other intangible assets		-			4

Other		22			3

On December 31		13			64

Summary of Deferred Tax

The following table provides a movement schedule of net deferred tax broken-down by the items for which a deferred tax asset or liability has been recognized.



	Financial assets			Insurance and investment contracts			Deferred expenses and other intangible assets			Defined benefit plans			Tax losses and credits carried forward			Other			Total

On January 1, 2025		1,066			(1,180	)		576			237			1,448			228			2,375

Acquisitions / Additions		-			-			(1	)		-			-			-			(1	)

Charged to income statement		(141	)		574			(50	)		(9	)		(189	)		(207	)		(22	)

Charged to OCI		(358	)		152			-			2			2			-			(201	)

Net exchange differences		(108	)		110			(67	)		(28	)		(148	)		(30	)		(270	)

Transfer to/from other headings		8			-			-			-			-			(8	)		-

On December 31, 2025		467			(344	)		459			203			1,113			(17	)		1,882

On January 1, 2024		808			(661	)		537			214			1,112			284			2,293

Acquisitions / Additions		-			-			(10	)		-			-			-			(10	)

Charged to income statement		(76	)		(109	)		12			12			259			(83	)		15

Charged to OCI		278			(354	)		-			(3	)		(4	)		8			(75	)

Net exchange differences		63			(63	)		36			15			81			19			151

Disposal of a business		(7	)		7			-			-			-			-			1

On December 31, 2024		1,066			(1,180	)		576			237			1,448			228			2,375

Schedule of Loss Carryforward period and Deferred Corporate Income Tax Assets Not Recognized

For the following amounts, arranged by loss carry forward periods, the deferred tax asset is not recognized:



		< 5 years		> 5 – 10 years		> 10 – 15 years		Indefinitely		On December 31

Gross amounts 1	2025		18		1		-		1,153		1,172

	2024		41		1		-		976		1,018

Unrecognized deferred tax assets	2025		11		-		70		307		388
Unrecognized deferred tax assets	2024		15		1		79		269		364

1	The gross value of state tax loss carry forward is not summarized in the disclosure, due to the fact that the United States files in different state jurisdictions with various applicable tax rates and apportionment rules.

Summary of Deferred Corporate Income Tax Asset



	Gross amounts				Deferred tax assets

	2025		2024		2025		2024

Deferred tax asset recoverable through retention of investments until recovery or maturity		3,823		6,013		803		1,263

Deferred tax asset dependent on future taxable profits		822		141		173		30

On December 31		4,645		6,154		976		1,293

Deferred taxes are

non-current

by nature, and the majority of the deferred tax assets and liabilities will therefore reverse after more than one year after the balance sheet date.