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 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.

BV
Private company

CEO
Chief executive officer

CFRO
Chief financial and risk 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.

CPBW
Belgian Health and Safety at Work committee

CSDDD
The Corporate Sustainability Due Diligence Directive (CSDDD) requires companies to conduct thorough due diligence on the impact on human rights and the environment throughout their entire value chain, both upstream and downstream.

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.

CTO
Chief transformation officer

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

FSC
Forest Stewardship Council: an international organisation that promotes the preservation of forests and responsible forestry.

GDPR
General Data Protection Regulation (GDPR)

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

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/

GVO
Guarantee of Origin

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

Materiality analysis
A materiality analyses helps companies identify the themes that are relevant (material) to the company. The CSRD requires a double materiality assessment in which the financial materiality (how sustainability themes 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 themes 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 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.

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)

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.

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.

WFT
Dutch Financial Supervision Act

Wta
Dutch Financial Supervision Act