Glossary

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S&P: S&P is an internationally recognised rating agency. It analyses and evaluates companies, countries and bonds, among other things. It uses its own rating scale, which ranges from AAA for the highest category to CC for the lowest when rating the financial strength of insurance companies. The ratings can be modified by adding a plus or minus sign.
Segment reporting: Presentation of the consolidated financial statements using segments defined in accordance with IFRS 8. For VIG, these are countries.
Single premium: A single premium is a special type of premium payment for life insurance in which a certain amount is paid as a single premium at the beginning of the policy.
Solvency II: Solvency II is a legal directive applicable in Europe for the capital adequacy of insurance companies. It concerns methods for risk-based management of the overall solvency of insurance companies and also includes qualitative elements (e.g. internal risk management).
Solvency Ratio: The solvency ratio shows whether an insurer has sufficient own funds to meet its obligations towards insured persons and other beneficiaries in an extreme scenario. This ratio must be at least 100% and is used by the supervisory authorities to assess the financial stability. See also Solvency II.
Special markets: VIG distinguishes between special markets that are reportable segments under IFRS 8 and special markets according to the country portfolio for the VIG 25 strategic programme. The ten special markets according to the country portfolio include: Denmark, Germany, Liechtenstein, Italy, Norway, Türkiye, Georgia, Belarus, France and Sweden. The Special Markets reportable segment includes Germany, Georgia, Liechtenstein and Turkey.

There are branch offices in some countries that are managed by companies assigned to other reportable segments.
Stakeholders: A stakeholder is a person, group or institution that has interest or concern in a company and its behaviour. This includes particularly customers, employees, shareholders and investors, distribution and business partners and the public.
Standard & Poor's: S&P is an internationally recognised rating agency. It analyses and evaluates companies, countries and bonds, among other things. It uses its own rating scale, which ranges from AAA for the highest category to CC for the lowest when rating the financial strength of insurance companies. The ratings can be modified by adding a plus or minus sign.
Stock Market Value: This equals the value of a stock corporation calculated by multiplying the current stock exchange price by the total number of shares issued.
Stress test: Stress tests are a special form of scenario analysis. The objective is to arrive at a quantitative assessment of the potential losses incurred by portfolios in the event of extreme market fluctuations.