Definitions & abbreviations
Below is a list of clarifications of commonly used terms and abbreviations.
Absence due to illness
This percentage is calculated by dividing the number of sick days by the number of workable days per year. It involves the period during which DELA is financially at risk for each country for which the absence due to illness is indicated. For the Netherlands this is two years, for Belgium one year.
Amortised cost price
The amount at which financial assets or obligations are valued in the initial recognition minus payments and plus or minus cumulative depreciation. This is realised by using the effective interest method for the difference between the original amount and the amount on the expiry date. The effective interest rate is the percentage which ensures that the discount of the expected cashflows is the same as the initial valuation of the receivable or debt.
Asset mix
The asset mix is the distribution of capital over shares, real estate, fixed-income securities, infrastructure, cash and cash equivalents. The asset mix is determined based on the ALM study and drawn up in the investment policy.
Average funeral costs
Every funeral costs money and these costs vary based on choices made by the bereaved and the place where the services are rendered. At DELA, the average funeral costs are based on the provision package of the DELA UitvaartPlan.
BIO
Our strategy of employee engagement, integrity and an entrepreneurial spirit.
BV
Private company
Call option
A call option is a tradable right to buy an underlying asset value at a specified price within a specific time period.
CFRO
Chief financial and risk officer
CO2 footprint
A CO2 footprint is an inventory of the total amount of emitted greenhouse gases, expressed in CO2 equivalents. CO2 emissions are caused by the combustion of fuels. Too much CO2 in the atmosphere leads to climate change. A CO2 footprint indicates the extent to which an organisation impacts climate change and where CO2 emissions can be reduced. A CO2 footprint is categorised in Scope 1, 2 and 3. Scope 1 involves direct CO2 emissions; scope 2 indirect CO2 emissions via the acquisition of electricity and gas; and scope 3 involves all other indirect CO2 emissions.
CSR
Corporate Social responsibility
DCG
DELA Crematorium Group
DCP
DELA Coöperatie SpaarPlan (savings insurance)
DECAVI
DECAVI (B) provides services for the insurance sector (estate agents, insurers, actuaries). In addition to organising events in the sector and publishing market studies, DECAVI has been awarding insurance trophies since 2000.
DLP
DELA LeefDoorPlan (life insurance)
DNB
De Nederlandsche Bank (Dutch central bank)
DUP
DELA UitvaartPlan (pre-arranged funeral insurance)
eNPS
The eNPS (employer Net Promotor Score) shows the extent to which employees of the cooperative would recommend DELA as an employer. The score is determined by the percentage of promotors minus the percentage of detractors.
Fixed-value
Inflation-proof
FSC
The Forest Stewardship Council (FSC) is an international organisation that promotes the preservation of forests and responsible forest management worldwide.
GreenLeave
GreenLeave is a consortium of funeral companies in the Netherlands who aim to realise sustainability in funeral options and designs in a practical way. They achieve this based on five key principles, a portfolio of products and services for aspects of the funeral, and collaboration with suppliers. See www.greenleave.nu for more information.
GRESB
The Global Real Estate Sustainability Benchmark (GRESB) is an independent scientific benchmark that assesses the sustainability policy of real estate funds and portfolios worldwide. Based on the GRESB score, fund managers can assess their sustainability policy and make improvements. See
https://gresb.com/
IMVO
IMVO is a partnership of government, trade unions, social organisations and many other insurance companies in which members commit to international standards in the field of human rights and good governance.
Intercompany position
Outstanding financial positions between various entities of a group.
Materiality analysis
A materiality analysis can help identify and prioritise the sustainability issues important to an organisation and its stakeholders. Prescribed by the Global Reporting Initiative (GRI) guidelines, the analysis includes the interests and opinions of internal and external stakeholders.
Net growth
The difference between the number of new policies and the number of terminated policies.
NPS
NPS stands for Net Promotor Score. Customers are asked in surveys the extent to which they would recommend a specific company, product or service to others. They can give a score between 0 and 10. The group of responders who give a mark of 0 to 6 are called detractors. The group marking a 9 or 10 are qualified as promoters, and the remainder (7 and 8) are considered passive-neutral. The NPS is determined by subtracting the percentage of detractors from the percentage of promotors. For example, if research shows that 30 percent of the responders is a promotor and 20 percent is a detractor, the NPS is +10.
NV
Public limited company
OR
Works council
ORSA
Solvency II regulations require insurers to perform an annual ORSA (Own Risk and Solvency Assessment). An ORSA is performed by or on behalf of the insurer to determine whether all financial risks that may occur have been mapped out and/or whether sufficient mitigating measures to minimise possible risks have been taken so that the insurer can continue to fulfil its insurance obligations in the future.
Premium income
Premium income is the total of premium paid to DELA by policyholders for purchased products.
Pulse score
The Pulse score measures the extent to which brands are able to maintain their client relations based on a number of emotional motivations.
RCSA
Risk Control Self Assessments map any substantial risks that may endanger the realisation of the goals and continuity of the company. The goal is to take mitigating measures after the assessment has been performed.
Risk appetite
The risk appetite of a company indicates the nature and scope of the risks a company is willing to take in order to realise its operational goals.
SA
Société anonyme (public limited company)
Solvency ratio
A solvency ratio indicates to what extent a company is able to fulfil its financial obligations. Under Solvency II, this figure is calculated by dividing the available capital by the required capital, taking into account the actual risks.
Solvency II
European regulations for solvency requirements for (re)insurers. Solvency II aims to promote an internal European market for insurance services and provide sufficient consumer protection. The starting point is an economic-risk-based approach, in which all assets and liabilities are valued at market value. In addition, the starting point is the link between the solvency requirements and the risk profile of insurers.
Solvency II is the name for the statutory regulations that are imposed on insurers by the supervising body. These regulations involve:
- Quantitative requirements for capital buffers and the valuation principles requirements for the setup of risk management and governance
- The performance of an ORSA (Own Risk Solvency Assessment)
- The establishment of a report (SFCR) and publication of this report in the framework of transparency
Stakeholder dialogue
A stakeholder dialogue involves discussions related to a specific theme. This could be any matter or problem which an organisation wishes to address that requires broad input. The usefulness of a stakeholder dialogue can therefore vary per organisation.
Stakeholder watch
Stakeholder watch is a research tool that measures on a daily basis the reputation of an organisation and the possible effect of publications in the media. Because the measurements are taken daily and explicitly ask respondents what effect publications in the media have had on how they perceive the organisation, there is a direct correlation between a publication and/or widely shared social media post and its reputational impact.
TCFD
Task Force on Climate-related Financial Disclosures, a framework for the financial sector to include the impact of climate change in their operational processes and decision-making.
Value creation model
The value creation model indicates which instruments (both financial and in areas like resources and people) are used by an organisation (input), how the organisation converts them into products and services (output) – the business model – and what value this adds and subtracts for stakeholders and society as a whole (outcome) in the short and long term.
Wta
Dutch Financial Supervision Act
GRI-table
| GRI Standard / disclosure | Location |
|---|---|
| Organisation | |
| 102-1 Name of the organisation | In brief, Profile |
| 102-2 Main brands, products and services | In brief, Profile Executive Board report, Our members, Funerals and cremations. Executive Board report, Our members, Insurances |
| 102-3 Location of headquarters | Eindhoven |
| 102-4 Locations van crematoriums and funeral homes | In brief, Profile https://www.dela.nl/service-en-contact/contact-met-ons-opnemen/vestiging-zoeken https://www.dela.be/nl/uitvaart-verzorgen/tijdens-de-uitvaart/vind-een-begrafenisondernemer |
| 102-5 Ownership structure and legal form | Governance & riskmanagement, Corporate governance Condensed financial statements Notes on the consolidated balance sheet and income statement |
| 102-6 Markets served | Executive Board report, Our members, Funerals and cremations. Executive Board report, Our members, Insurances |
| 102-7 Scale of the reporting organisation | In brief, Key figures |
| 102-8 Information on employees | Executive Board report, Our organisation, Our people |
| 102-9 Description of the organisation’s supply chain | Executive Board report, Our strategy, Our meaning |
| 102-10 Significant changes to the organisation and the supply chain | Condensed financial statements Notes on the consolidated balance sheet and income statement |
| 102-11 Externally developed economic, environmental and social charters, principles applied by the organisation | Executive Board report, Our strategy, Stakeholders https://www.dela.nl/verzekeringen/keurmerken |
| 102-12 Initiatives to compensate the environmental consequences of products and services and the scope of this compensation | Executive Board report, Our organisation, CSR |
| 102-13 Memberships of associations (including trade associations) and national and international interest groups | Executive Board report, Our strategy, Stakeholders https://www.dela.nl/verzekeringen/keurmerken |
| Strategy | |
| 102-14 Statement from the highest decision-maker of the organisation | Executive Board report, Our strategy |
| Ethics and integrity | |
| 102-16 Description of values, principles, standards and norms of behaviour, such as codes of conduct, as applied by the organisation | Executive Board report, Our strategy, Stakeholders Executive Board report, Our organization Governance & risk management, Corporate governance, Integrity |
| Governance | |
| 102-18 Governance structure of the organisation | Governance & risk management, Corporate governance |
| Stakeholder engagement | |
| 102-40 List of involved stakeholder groups | Executive Board report, Our strategy, Our environment |
| 102-41 Percentage of employees subject to the collective labour agreement | Not reported |
| 102-42 Principles for the inventory and selection of stakeholders | Executive Board report, Our strategy, Our environment |
| 102-43 Approach to stakeholder engagement | Executive Board report, Our strategy, Our environment |
| 102-44 Key topics and issues based on stakeholder meetings | Executive Board report, Our strategy, Our environment |
| Reporting profile | |
| 102-45 Overview of all companies included in the consolidated financial statements and not included in this report | Not reported |
| 102-46 Process for defining the content and specific framework of the report and the applied principles | Annex: About this report |
| 102-47 Material topics determined during the process to define the contents of the report Annex: About this report | Annex: About this report Executive Board report, Our strategy, Our environment, Materiality analysis |
| 102-48 Consequences of possible restatement of information provided in previous reports and reasons for these restatements | In brief, Key figures Notes on the consolidated balance sheet and income statement |
| 102-49 Significant changes compared to the previous reporting periods regarding scope and framework | Annex: About this report |
| 102-50 Reporting period | 2022 |
| 102-51 Date of the most recent report | 21-04-2023 |
| 102-52 Reporting cycle | Annual |
| 102-53 Contact information for questions related to the report | Annex: About this report |
| 102-54 GR applicability level | Core |
| 102-55 GRI Table | Annex: GRI Table |
| 102-56 Policy related to assurance | Statement from the independent accountant |
Definitions of material themes
| Nr | Theme | Description |
| 1 | Continuity of the cooperative | Members of the cooperative have been able to rely on DELA for over a century. Ensuring this continues to be the case requires sound business operations and a financial policy that is focused on the long-term. |
| 2 | Quality personalised services | Our service provision is of a high quality, personal and special to all. |
| 3 | Support related to saying goodbye and remembering | We help our members in areas related to saying goodbye and remembering in word and deed. In addition to arranging funerals, we provide services such as notarial activities, caregiver support and debt counselling. |
| 4 | Sustainable and responsible investments | DELA aims to have a positive impact on people, animals and the environment with our investments. We invest for the long term and choose a mix of engagement, voting rights, ESG integration, exclusion and impact investments in our investment strategy. |
| 5 | Fair business | We are reliable and conduct our business fairly with customers, suppliers and other partners. Transparency, chain accountability and honest advice are essential to us. |
| 6 | Good employership | Our people make all the difference. DELA invests in engaged, proud and healthy employees. We offer equal opportunities, the chance to develop, suitable work and transparent salaries. |
| 7 | Enhancing solidarity | DELA is for everyone. We believe in solidarity and being there for each other. Membership of our cooperative is open to all. We aim to be important to all our members based on the concept of standing strong together. We believe that carrying each other’s burden allows us to all to bear the fruit. This is why we integrate solidarity as widely as possible. |
| 8 | Cyber security and privacy | DELA handles the personal information of members and policyholders with the utmost care. Digital security and personal data protection are a constant focal point. |
| 9 | Inclusion | Everyone should feel welcome at DELA, regardless of their background. This applies to DELA as an employer and as a service provider. It is illustrated by our service for caregivers and financial self-sufficiency. DELA uses its cooperative strength to ensure everyone can be part of our society. |
| 10 | Sustainable procurement | DELA purchases products and services that have no harmful effects and preferably have a positive impact on people, animals and the environment. As a major player, we have a significant influence. Examples include sustainable transport, electric cremation furnaces and sustainable caskets. |
| 11 | Sustainable funerals | DELA makes sustainable choices so that we can pass on a clean and fair world to future generations. We are a driver and innovator in the sector when it comes to sustainable funerals, and offer sustainable alternatives for funerals and cremations. We also inspire suppliers, competitors and other stakeholders to make sustainable choices, and aim to provide our members with eco-friendly products and promote awareness among them. |
| 12 | Climate change | The climate is changing and this is having major consequences for people, animals, the environment. And for DELA’s operations. In this framework we are studying the effect of flood risks on our funeral locations. Our premises can contribute to climate adaptation via trees and water storage. On the other hand, DELA is combatting the causes of climate change by generating sustainable energy, using innovations such as the electric furnace and via our investments. |
| 13 | Circularity | The demand for resources is growing worldwide. As part of the fight against depleting our planet DELA is using resources in a more efficient and smarter way. We minimise waste streams and choose renewable resources where possible, for instance by opting for circular construction. |
| 14 | Innovation | DELA is helping make the funeral sector more sustainable and professional via innovations and pleased to play a leading role. We use our cooperative values and strength in solidarity to address social themes outside of the ‘saying goodbye’ domain too. New DELA services can help people who feel excluded as a result of factors such as individualisation and decreasing government support. |
| 15 | Digital transformation and new technologies | From big data and the internet of things to robotisation, the pace of external developments related to digitisation and technology is accelerating. DELA addresses the related risks and opportunities by providing new services that help people in the ’saying goodbye’ domain. |
| 16 | Improving biodiversity | Preserving nature is one of the major challenges of our time. DELA is improving biodiversity via nature development on its own premises, the procurement of sustainable products and our investment policy. |
| 17 | Demographic developments | Demographic developments such as the aging of the population are having an impact on DELA as people who grow older pay premiums for a longer period. We closely monitor these developments and change our premiums and services where appropriate. We keep in close contact with our members to ensure our services are relevant and accessible to all. |
NFRD
| Item | Section |
|---|---|
| Description of the company model | In brief, Profile Executive Board report, Our strategy |
| Description of policy related to environmental matters | Executive Board report, Our organisation, CSR |
| Description of policy related to social matters and treatment of employees | Executive Board report, In brief, Profile Executive Board report, Our strategy, Our significance Executive Board report, Our organisation, Our employees Executive Board report, Our organisation, CSR |
| Description of policy related to respect for human rights | Executive Board report, Our organisation, CSR Governance & risk management, Corporate governance, Integrity |
| Description of policy related to tackling corruption and bribery issues | Executive Board report, Our organisation, CSR Governance & risk management, Corporate governance, Integrity |
| Description of the primary risks related to environmental, social and employee matters, respect for human rights and tackling corruption and bribery issues, and how the company manages these risks; | Executive Board report, Our organisation, CSR Governance & risk management, Corporate governance, Integrity Governance & risk management, Risk management |
| Non-financial performance indicators and results for environmental, social and employee matters, respect for human rights and tackling corruption and bribery issues | Executive Board report, Our strategy, Our significance Executive Board report, Our organisation, Our employees Executive Board report, Our organisation, CSR No KPIs have been set for the respect of human rights and the fight against corruption and bribery. |
| Diversity of executive board, management and supervisory bodies (description of policies, goals, implementation and results) |
Executive Board report, Our organisation, Our employees |
EU Taxonomy
The Paris Climate Agreement is aimed at bringing an end to global warming. The European Union has set itself the target of being climate-neutral by 2050 at the latest and has introduced the European Green Deal growth strategy to support the European economy in reaching this goal. One of the crucial steps is the implementation of a uniform classification system for environmentally sustainable economic activities known as the EU Taxonomy.
The EU Taxonomy has been designed to guide investors, companies, issuers and providers of financial products and project promoters in the transition to a climate-neutral, climate-resilient and ecologically sustainable economy. Clear definitions based on strict screening criteria of exactly which economic activities are sustainable ensures greater transparency and comparability. The EU also aims to use the system to tackle greenwashing.
The Taxonomy Regulation establishes six environmental objectives. Two are related to the mitigation and adaption of climate change while the other four are environmental objectives including the transition to a circular economy and the prevention and control of pollution. The taxonomy describes which activities are making a substantial contribution to achieving one of the environmental goals. Based on Article 8, companies are required to report what proportion of their turnover and capital & operational expenditure is environmentally sustainable.
The first reporting obligations came into force on 1 January 2022. This means that all organisations to whom the EU Taxonomy regulations apply must publish the key indicators in their annual report. These indicators are related to the so-called ‘taxonomy-eligible economic activities’ and the ‘taxonomy-aligned economic activities’ which are set out in the screening criteria. Financial companies are required to disclose the share of their investments related to the financing of taxonomy-eligible and taxonomy-aligned activities. The reporting obligation initially applies to the two climate objectives – the mitigation and adaptation of climate change.
In our annual report we make a distinction between our core activities (business operations) and our investments at DELA Group level.
Business operations (insurance and funerals)
Our core activities, insurance and funeral care, do not contribute to the mitigation and adaptation of climate change. We therefore have a 0 percent eligible report score.
Investments
With regard to our investments about 40% of the investment portfolio is eligible based on the two climate goals. This is €3.0 billion of €7.4 billion. In accordance with the regulations, government bonds are not included in this calculation and derivatives (€65 million) are excluded from the numerator in this calculation.
About 5% or €352 million of the investment portfolio meets the technical screening criteria of the EU taxonomy and is therefore 'aligned'.
The calculation is structured as follows:
| Portefeuille | Eligible | Aligned | ||||
|---|---|---|---|---|---|---|
| x €1 million | % | x €1 million | % | x €1 million | % | |
| Shares | 1,826 | 25% | 237 | 13% | 18 | 1% |
| Fixed income | 2,003 | 27% | 300 | 15% | - | 0% |
| Property | 2,435 | 33% | 2,435 | 100% | 334 | 14% |
| Infrastructure | 1,018 | 13% | - | 0% | - | 0% |
| Agriculture and forestry | 104 | 1% | - | 0% | - | 0% |
| Other | 33 | 0% | - | 0% | - | 0% |
| Subtotal | 7,420 | 100% | 2,973 | 40% | 352 | 5% |
| Government bonds | 976 | |||||
| Total | 8,396 |
The percentages of shares are based on the percentage ‘eligible’ and ‘aligned’ of the turnover of the listed companies in our portfolio. This percentage is calculated on a 'best effort' basis, based on input from a specialist external party which continuously verifies the percentage of ‘eligible’ and ‘aligned’ turnover, operational expenses (opex) and investments (capex) at more than 40,000 companies. The input used from this external party was obtained at the beginning of February and is mostly based on annual reports 2021.
The ‘eligible’ and ‘aligned’ percentages of our fixed-interest securities are determined in the same way as the percentage estimate of the share portfolio.
Our real estate portfolio is considered to be 100 percent ‘eligible’. We do not expect all our real estate investments to meet the screening criteria in 2023. For this estimate, we used energy label information. Of the Dutch real estate fund (15 percent of the real estate portfolio), 73 percent has the energy label A. We don’t have information about the energy label (equivalent) or whether the energy label equivalent can be considered sustainable for other real estate funds. In addition, some of our crematoria have energy label A. The 'alignment' of our real estate portfolio is therefore 14%.
We have insufficient information to assess whether the infrastructure and agriculture & forestry portfolios are EU taxonomy eligible or aligned. We therefore apply a prudent approach and consider these investment as ‘non-eligible’.