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.

CEO
Chief executive officer.

CFRO
Chief financial and risk officer.

CSRD
The Corporate Sustainability Reporting Directive (CSRD) prescribes that companies must provide more detailed reports on sustainability information as from their 2024 annual report and apply the European Sustainability Reporting Standards (ESRS).

CTO
Chief transformation officer

DCF
Discounted Cash Flow.

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.

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.

Intercompany position
Outstanding financial positions between different 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 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 vennootschap; 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.

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

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.

SA
Société anonyme; public limited company.

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.

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