Glossary

IAS

International Accounting Standards

IDD

Directive (EU) 2016/97 on insurance distribution has been applicable within the European Union since 1 October 2018. The IDD affects all aspects of the insurance business, including the recruiting of insurance distributors entailing training and advanced training, product development, the advisory process including wide-ranging duties to provide information, the distribution of standardised information sheets, the handling of conflicts of interest and remuneration.

IFRS

The IFRS are international financial reporting standards. Since 2002, the designation IFRS has stood for the overall framework of all standards adopted by the International Accounting Standards Board (IASB). Standards that were previously adopted, however, are still cited as IAS.

Income from investments and interest income

Income from investments and interest income is comprised of income from participations (of which affiliated companies), income from land and buildings, income from other investments, income from write-ups, gains from the disposal of investments, and other income from investments and interest income.

Indirect business

Insurance business where the company acts as a reinsurer.

Inside information

Inside information is precise information that has not been publicly disclosed, which directly or indirectly affects one or several issuers of financial instruments or one or several financial instruments, which would be suitable for considerably influencing the price of these financial instruments, as a savvy investor would probably use this information as part of the basis for his/her investment decisions.

Insurance density

Annual per capita insurance premiums, used as an indicator for the state of development of a country’s insurance sector.

Insurance Distribution Directive

Directive (EU) 2016/97 on insurance distribution has been applicable within the European Union since 1 October 2018. The IDD affects all aspects of the insurance business, including the recruiting of insurance distributors entailing training and advanced training, product development, the advisory process including wide-ranging duties to provide information, the distribution of standardised information sheets, the handling of conflicts of interest and remuneration.

Insurance payments

(Net) insurance payments are expenses for claims and insurance benefits (after deducting reinsurance).

Insurance supervisory authority

The Austrian insurance supervisory authority is a part of the Austrian Financial Market Authority (FMA) that was established as an independent authority in April 2002. Its supervision extends to private-sector insurance companies with registered offices in Austria.

International Financial Reporting Standards

The IFRS are international financial reporting standards. Since 2002, the designation IFRS has stood for the overall framework of all standards adopted by the International Accounting Standards Board (IASB). Standards that were previously adopted, however, are still cited as IAS.