For tax purposes, these are the variations in the value of the taxpayer’s assets that occur as a result of an alteration in their composition and provided that the corresponding tax laws do not classify them as income from capital, real estate properties, etc.
For accounting purposes, profits and losses are reflected in the annual profit and loss accounts that must be drawn up by insurance companies and that comprise, appropriately separated, the income and expenses of the financial year, except when these are directly attributed to the equity in accordance with the provisions of the accounting recording and valuation rules.