Glossary

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C

Cash flow: A key figure used in the analysis of shares and companies. It represents the inflow and outflow of liquid assets during a specific accounting period. Cash flow is essentially calculated by adding together the profit for the year, depreciation, changes in long-term provisions, and income taxes.
Cash flow statement: The cash flow statement presents the changes in cash and cash equivalents during a financial year, broken down into the three areas of ordinary activities, investing activities, and financing activities. The aim is to provide information on the financial strength of the company. Indirect cash flow is calculated using the profit for the year adjusted by non-cash income and expenses, such as depreciation and changes in long-term provisions.
Ceded reinsurance business: Deposits on assumed reinsurance business are underwriting claims of the reinsurance company against the direct insurer. When business is ceded, the direct insurer retains a portion of the reinsurer’s share of premiums and claims as security. This security portion is shown as a deposit on assumed reinsurance business in the reinsurer’s balance sheet. The direct insurer recognises a deposit on ceded reinsurance business in the same amount.
Ceded reinsurance premiums: Share of the premiums to which the reinsurer is entitled in return for covering certain risks.
CEE: The VIG 25 strategic programme distinguishes between CEE markets and special markets in the country portfolio. The 20 CEE markets include: Albania, Austria, Croatia, Bosnia-Herzegovina, Bulgaria, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine. Note that differences may exist between this definition and the definition of CEE used by other companies, financial institutions (e.g. IMF, OECD, WIFO, IHS), etc.

There are branch offices in some countries that are managed by companies assigned to other reportable segments.
CEE markets: The VIG 25 strategic programme distinguishes between CEE markets and special markets in the country portfolio. The 20 CEE markets include: Albania, Austria, Croatia, Bosnia-Herzegovina, Bulgaria, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine. Note that differences may exist between this definition and the definition of CEE used by other companies, financial institutions (e.g. IMF, OECD, WIFO, IHS), etc.

There are branch offices in some countries that are managed by companies assigned to other reportable segments.
Central and Eastern Europe: The VIG 25 strategic programme distinguishes between CEE markets and special markets in the country portfolio. The 20 CEE markets include: Albania, Austria, Croatia, Bosnia-Herzegovina, Bulgaria, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine. Note that differences may exist between this definition and the definition of CEE used by other companies, financial institutions (e.g. IMF, OECD, WIFO, IHS), etc.

There are branch offices in some countries that are managed by companies assigned to other reportable segments.
Claims incurred but not reported: Losses that are reported in the current financial year but occurred in the previous year. A reserve is formed for these losses each year as at the balance sheet date (= Incurred But Not Reported (IBNR) reserve).
Combined Ratio: The combined ratio is calculated as the sum of all underwriting income and expenses, and net payments for claims and insurance benefits, including the net change in underwriting provisions, divided by net earned premiums in the property and casualty balance sheet unit.
Compliance: (derived from „to comply with“) has to come mean conducting business in accordance with applicable law. This relates to compliance with legal and regulatory requirements on the one hand and with internal and external obligations on a voluntary basis on the other. The term today also refers to the responsibility of the management of a company to take adequate und effective organizational measures, in order to ensure the lawful conduct of the entity and its employees as well as to swiftly detect any breaches of the law and enforce sanctions accordingly. To this extent, Compliance encompasses all organizational measures which ensure that the company acts in accordance with all applicable rules and regulations.
Consolidation: The financial statements of the parent company and those of the subsidiaries are combined when the consolidated financial statements are prepared by the parent company. During this process, intragroup equity interests, interim results, receivables and payables and income and expenses are eliminated.