Definitions & abbreviations

Below is a list of clarifications of commonly used terms and abbreviations.

Amortised cost price
The amount at which financial assets or obligations are valued in the initial recognition minus payments and plus orminus 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 cashf lows 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.

BV
Private company

CEO
Chief executive officer

CFRO
Chief financial and risk officer

CTO
Chief transformation officer

CO₂ footprint
A carbon or CO₂ footprint is the total greenhouse gas emissions caused by an organisation, expressed in CO₂ equivalents. Excess greenhouse gases in the atmosphere cause climate change. A CO₂ footprint indicates the extent to which an organisation impacts climate change. A CO₂ footprint is divided into Scope 1, 2 and 3. Scope 1 and 2 emissions come from the use of fossil fuels and electricity, consumption over which companies have direct control. Scope 3 refers to indirect CO₂ emissions that occur earlier and later in the value chain.

CSRD
The Corporate Sustainability Reporting Directive (CSRD) prescribes that companies must provide more detailed reports on sustainability data from their 2024 annual report onwards and apply the European Sustainability Reporting Standards (ESRS). In addition, the accountant must provide a limited degree of assurance about this sustainability data.

DECAVI
DECAVI (B) provides services for the insurance sector (estate agents, insurers, actuaries). In addition to organizing events in the sector and publishing market studies, DECAVI has been awarding insurance trophies since 2000.

DNB
De Nederlandsche Bank (Dutch central bank)

DORA
The Digital Operations Resilience Act (DORA) is a European regulation aimed at stimulating financial organisations to better manage their IT risks and become better able to withstand cyber threats.  

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

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.

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

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.

Pulsescore
Measurement of the emotional value of a company based on the appreciation, positive association, trust and admiration attributed to the company by stakeholders.

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.

Rvc
Abbreviation for Supervisory Board in Dutch

SA
Société anonyme (public limited company)

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 establishment of a report (SFCR) and publication of this report in the framework of transparency
• The performance of an ORSA (Own Risk Solvency Assessment)

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.

Wta
Dutch Financial Supervision Act