AA1000 (AccountAbility1000): a standard developed by the Institute of Social and Ethical Accountability (ISEA) to promote the adoption of CSR principles, thus providing stakeholders with quality assurance in accounting, auditing and social and ethical reporting.

ANIA: Italian Association of Insurances Companies (Associazione Nazionale fra le Imprese Assicuratrici).

Asset Management: the business of managing third party (and other) financial investments.

Benchmark: an objective reference parameter used to evaluate company performance in relation to analogous companies.

Best practice: the most significant experiences or those achieving the best results which are adopted in similar contexts.

Broker: an insurance or reinsurance broker whose profession entails creating direct contacts between an insurance or reinsurance company, with whom he has no binding commitments, and people who intend to draw on his services to obtain risk coverage. He helps determine the content of contracts and where necessary participate in their management and execution.

Captive company: company which provides its products and services to companies in its group.

Collision damage waiver: policy that covers accidental damage to the insured vehicle.

Combined ratio: overall costs for claims and expenses expressed as a percentage of the value of earned premiums for the financial year. The combined ratio is equal to the sum of the expense ratio and loss ratio.

CONFINDUSTRIA: Confederation of Italian Industry representing Italian companies.

Consolidated Financial Statements: a document that shows the financial and asset status, economic results and variations in the shareholders’ equity of a group of companies considered as a single economic body. It derives from combining the financial statements of the companies belonging to a group, net of amounts relating to internal group operations.

Consolidation Area: a group of companies brought together by means of the “integral consolidation” method and included in the Consolidated Financial Statements.

Core business: the main area of business for a company operating in many fields.

Core competence: competence critical to the development and success of a company.

Corporate Centre: The body of the Group that is responsible for managing, coordinating and controlling activities within the scope of the general guidelines defined by the Parent Company Board of Directors.

Corporate Governance: a governance system encompassing various bodies (levels, composition, competence, etc.) and the rules that govern the relations between them (right to vote, delegation of powers, etc.).

Credit rating: credit evaluation by quantifying the likelihood of a person’s/company’s insolvency.

CSR (Corporate Social Responsibility): "Companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. […] Being socially responsible means not only fulfilling legal expectations, but also going beyond compliance and investing ‘more’ into human capital, the environment and the relations with stakeholders". (Source: “Promoting a European framework for Corporate Social Responsibility” - the European Commission’s Green Paper).

Customer satisfaction: a process of knowing clients’ perceptions and expectations concerning a service or product. It is used to compare in relative terms the value of a particular service offered to the public.

Customer service: a group of services provided to the client.

Direct business: Premiums from insurance contracts.

Disputes: disputes pending before the judicial authorities.

Dow Jones EuroStoxx 50: this euro-area index represents 50 leading European companies in their fields, listed on the Dow Jones EuroStoxx Index.

Dow Jones EuroStoxx Insurance: a weighted index based on capitalization measuring the performance of the insurance sector in European Monetary Union member countries.

E-learning: activities that exploit the potential of the Internet to provide users with education and training.

Eco-Committee: a decision-making body that considers issues relating to environmental policies.

Ecology of supply : attention to environmental issues in the supply chain.

EMAS (Eco Management and Audit Scheme): a management and environmental control system compliant with European Community Regulation no. 761/01, which establishes the rules governing the voluntary adoption of environmental management systems and the drawing up of Environmental Statements.

Embedded value: represents the intrinsic value of an insurance company and equals the sum of adjusted shareholders’ equity and portfolio value.

Engagement: the process of involving stakeholders.

Ergonomics: a scientific study of the relationship between man, machine and workplace with a view to meeting the worker’s psychological and physical needs and increasing efficiency.

Expense ratio: supply and administration expenses expressed as a percentage of the value of earned premiums for the financial year.

Fair value: evaluation of what could be defined as equitable “market” value in compliance with international accounting principles IAS/IFRS.

Focus group: type of quality survey where a group of people is questioned on the personal attitudes to a particular subject.

GBS (study group for social reporting): a Group set up in 1998 with the objective of contributing to defining the contents and characteristics of the social report.

GRI (Global Reporting Initiative): an institution created in 1997 by UNEP (see paragraph) and CERES (Coalition for Environmentally Responsible Economies) whose objective is to develop and disseminate the guidelines for drawing up a voluntary report on economic, environmental and business performance of company activities.

IAS/IFRS principles: international accounting principles.

Index-Linked (contracts, products): Stock Market index-linked policies.

Information technology: technology used to gather, preserve, update and convey information needed by any operating body.

Institutional investors: bodies whose purpose is to carry out and manage investments for themselves or third parties (banks, insurance companies, trustees, pension funds, etc.).

Intranet: Internet network accessible only to company staff.

Investor relations: relations between the company and its investors.

ISO (International Organization for Standardization): international network of technical standard-setting bodies. The major standards include ISO 14001 (referring to environmental management systems) and ISO 9000 (relative to quality systems).

ISO 14001: a standard relating to environmental management systems issued by the ISO international standards body. The standard outlines the requirements for environmental management systems, thus enabling companies to plan a policy and establish objectives, with consideration to legislation and information regarding major environmental issues.

ISVAP: Italian Supervisory Authority for the Private Insurance Sector.

Joint venture: association of two or more companies, sometimes of different nationalities, working together on a single project.

Life insurance policies: insurance contracts that award payment of a lump sum or an annuity if a life-related event occurs.

Loss ratio: the cost of paid and outstanding claims during the financial year as a percentage of the value of earned premiums for the financial year.

Media relations: relations between the company and the media.

MIB30: a weighted index of the 30 top Italian companies traded on the Milan Stock Exchange.

Mibtel: a capitalization-weighted index of all stocks traded on the Milan Stock Exchange computerized trading system.

Mission: the corporate mission and basic objectives pursued.

Mobility manager: person responsible for optimising the mobility of employees in their commuting to work and during work-related trips.

Multi-brand: a commercial approach based on the use of multiple brands.

Multi-channel: a range of products and services provided through multiple sales channels. The definition considers the type of distribution channel used to provide the products and services, as well as the methods by which clients can access them.

Multi-client (survey): a survey carried out for more than one client which is therefore more in-depth and takes into account a wider sample.

Multi-local: marketing approach that aims to act as a local operator on all the markets in which the company is active.

Nanotechnology: branch of science studying individual atoms and molecules to create electronic components thousands of times smaller than existing ones.

Newsletter: information newsletter.

Non-life insurance policies: insurance contracts that cover damage to people and things caused by external and uncertain events (injury, sickness, fire, theft, etc.).

OECD: Organisation for Economic Co-operation and Development, grouping 30 countries that share a commitment to democratic government and market economy.

Performance indicators: specific indicators selected to meet corporate information needs and used to monitor the company. They can be of a financial, productive, commercial, environmental and social nature, or concern more than one aspect.

Policy: insurance contract.

Preda Code: a self-enforced code of conduct for listed companies.

Premium: is the sum the policyholder must pay the insurer; it is effectively the "price" of the insurance policy.

Retirement products: life insurance products that cater for supplementary retirements needs.

Product ecology: a policy aimed at minimizing the environmental impact of a product’s life cycle.

Property risks: they include: fire, technological risks, theft, misconduct, suspension of business, hail, etc..

Protected categories: the disabled, orphans and widows of men who died in the workplace or performing their duties or in war, refugees, victims of terrorism, etc..

Reinsurance: flow of risks ceded by a company to one or more insurers, in order to share the risk.

Reinsurance business: premiums from reinsurance contracts.

Renewable energy: energy generated from sources, whether direct or indirect, connected to the sun. Renewable energy sources therefore are: sun, wind, water, biomass, geothermal energy and tides.

Retail: segment of the market which primarily includes individuals, professionals, shopkeepers and craftsmen.

Risk Management: systematic application of management policies, procedures and practices aiming to identify, analyse and monitor risks.

Road show: a series of meetings between companies and institutional investors (or agents, etc.) which take place in different locations.

Shareholders’ agreement: agreements among shareholders concerning the company management, i.e. the existence over time of the same shareholders as a "group".

Speed of claims settlement: the percentage of claims reported in a financial year and settled in the same year.

Stakeholders: individuals and groups who can influence the success of a company, or who have an interest in the decisions made by the company: shareholders, employees, clients, suppliers, public institutions, competitors, local communities, lobbies, mass media, etc.

Stock Exchange capitalization: when referring to a company, it is the value obtained by multiplying the market price of a share by the number of shares outstanding.

Stock option : option contracts for purchasing the shares of a company – issued with an increase of capital for this express purpose – which grant the right to purchase the shares at a set price within an established period of time. They are used as a means to supplement salaries and as a loyalty tool for individual employees, special categories, or all staff members.

Subsidiary agency: an agency depending directly on the Company and managed by a salaried member of staff (agent), employing internal members of staff, who are also company employees.

Supplementary retirement scheme : a form of retirement savings, designed to create income to supplement pensions paid by the public pension system during retirement.

Sustainability Report Area : all the companies included in the Sustainability Report (SR). These companies are from: Austria, France, Germany, Israel, Italy, Spain and Switzerland.

Sustainable development: "Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs" (Source: Brundtland Report, World Commission on Environment and Development, 1987).

Turnover: an index indicating staff turnover due to resignations, retirement, death or other reasons which make it necessary to hire a new employee to replace a person who is no longer employed.

UN Global Compact: a voluntary initiative launched and sponsored by the United Nations, promoting and disseminating the principles of sustainable development.

UNEP: the United Nations Environmental Programme that promotes sustainable development among companies and the general public.

Union density: the percentage of workers who are members of the Trade Union.

Unit-linked (contracts, products) : policies that require paid up premiums and benefits to be expressed as units of an investment fund they are linked to.

Webconferencing : company meetings held via Internet.