Glossary

Commonly used terms and abbreviations are explained below.

Amortised cost
The amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the accumulated amortisation using the effective interest method of any difference between that initial amount and the maturity amount. The effective interest rate is the rate that discounts expected cash flows to the initial measurement of an asset or liability.

Asset mix
The asset mix is the distribution of capital over shares, real estate, fixed-income securities, infrastructure, and cash and cash equivalents. The asset mix is determined based on the ALM study and drawn up in the investment policy.

B.V.
Besloten vennootschap; private limited company.

Carbon emissions
Carbon emissions comprise the total greenhouse gas emissions caused by an organisation, expressed in carbon dioxide equivalents. Carbon emissions are divided into scope 1, 2, and 3. Scope 1 and 2 carbon emissions come from the use of fossil fuels and electricity, consumption over which companies have direct control. Scope 3 refers to indirect carbon emissions that occur earlier and later in the value chain.

CEO

Chief executive officer.

CFRO
Chief financial and risk officer.

CPBW
Belgian committee for prevention and protection at work.

CSR
Corporate Social Responsibility.

CSRD
Corporate Sustainability Reporting Directive. The CSRD prescribes that companies must provide more detailed reports on sustainability information and apply the European Sustainability Reporting Standards (ESRS).

CTO
Chief transformation officer.

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

DCF
Discounted Cash Flow.

DNB
De Nederlandsche Bank; Dutch central bank.

DORA
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 (prepaid funeral insurance).

eNPS
The eNPS (employee Net Promoter Score) shows the extent to which employees of Coöperatie DELA would recommend DELA as an employer. The score is determined by the percentage of promoters less the percentage of detractors.

ESG
Environmental, social, and governance.

ESRS
European Sustainability Reporting Standards. The reporting standards under the CSRD.

FSC
Forest Stewardship Council. This is an international organisation that promotes the preservation of forests and responsible forest management worldwide.

FSMA
Financial Services and Markets Authority in Belgium.

GDPR
General Data Protection Regulation.

GHG Protocol
Greenhouse Gas Protocol. Internationally recognised standard and tools to measure carbon footprints.

GreenLeave
GreenLeave is a consortium of funeral directors in the Netherlands. These funeral directors seek to put sustainability into practice in the choices made when arranging a funeral. They achieve this based on five key principles, a portfolio of products and services for different 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/

GVO
Guarantee of Origin.

Intercompany position
Outstanding financial positions between different entities of a group.

Materiality assessment
A materiality assessment helps companies identify the topics that are relevant (material) to the company. The CSRD requires a double materiality assessment in which financial materiality (how sustainability topics affect a company: outside-in perspective) and impact materiality (how the company affects people and the environment: inside-out) are combined. Reporting on these material topics is a requirement for the annual report.

Net growth
The difference between the number of new policies and the number of terminated policies.

NPS
NPS stands for Net Promoter 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 promoters. For example, if research shows that 30 per cent of responders are promoters and 20 per cent are detractors, the NPS is +10.

N.V.
Naamloze vennotschap; Public limited company.

OR
Ondernemingsraad; Works council.

ORSA
Under Solvency II, insurers are required to perform an annual own risk and solvency assessment (ORSA). An ORSA is performed by or on behalf of the insurer to determine whether all financial risks that may arise have been identified and/or whether sufficient mitigating actions to minimise possible risks have been taken so that the insurer can continue to fulfil its insurance obligations in the future.

PEFC
Programme for the Endorsement of Forest Certification. An international, independent certification system that guarantees that wood and paper products come from sustainably managed forests, with an emphasis on the environment, social aspects, and economic viability.

Premium income
Premium income is the total of premiums paid to DELA by policyholders for purchased products.

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

RCSA
Risk Control Self Assessments. A risk control self assessment identifies all substantial risks that may endanger the achievement of the objectives and continuity of the company.
The goal is to take mitigating actions after the assessment has been performed.

Risk appetite
The risk appetite of a company indicates the nature and size of the risks a company is willing to take in order to achieve the company objectives.

RWS
Responsible Wool Standard is a certification set up by Textile Exchange, a global non-profit organisation aiming to have a positive impact on the climate and environment within the fashion and textile industry. For a product to receive RWS certification, all parties in the supply chain from sheep farmers to clothing producers must be RWS-certified.

SA
Société anonyme; public limited company.

SFDR
Sustainable Finance Disclosure Regulation. A European regulation that requires transparency about sustainability in the financial sector. This forces asset managers and advisers to disclose ESG risks and impact with a view to making sustainable investments comparable. DELA is not required to comply with this regulation.

Solvency II
European regulations for solvency requirements for insurers and reinsurers. 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 measured at market value. The main principle is also to create a 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 regulatory body. These regulations concern:

• quantitative requirements for capital buffers and the valuation principles;
• requirements for the establishment of risk management and governance;
• the performance of an ORSA (own risk solvency assessment);
• preparation of a report (SFCR) and publication of this report in the framework of transparency.

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 eligible own funds by the capital requirement, taking into account the actual risks.

Value creation model
The value creation model indicates which instruments (both financial and in areas like raw materials 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 or subtracts for stakeholders and society as a whole (outcome) in the short and long term.

VUIST
Internal programme of steps to become a qualified funeral director in the Netherlands.

WFT
Wet op het financieel toezicht; Dutch Financial Supervision Act.

Wta
Wet toezicht accountantsorganisaties; Dutch Audit Firms (Supervision) Act.