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   "value": "<div class=\"t m3 h1b ff45 fse fce sc0 ls6 ws0 gs4\">GENERAL INFORMA<span class=\"_ _5\"></span>TION <span class=\"_ _3\"></span>AND PRINCIPLES OF SIGNIF<span class=\"_ _3\"></span>ICANT <span class=\"_ _3\"></span>ACCO<span class=\"_ _379\"> </span></div><div class=\"t m3 h1b ff45 fse fce sc0 ls6 ws0 gs5\">UNTING POLICIES<span class=\"_ _3\"></span> </div><div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gs6\">GENERAL IN<span class=\"_ _3\"></span>FORMA<span class=\"_ _3\"></span>TION </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7\">VI<span class=\"_ _3\"></span>ENNA<span class=\"_ _5\"></span> IN<span class=\"_ _3\"></span>SU<span class=\"_ _3\"></span>RANC<span class=\"_ _3\"></span>E <span class=\"_ _3\"></span>GR<span class=\"_ _3\"></span>OUP<span class=\"_ _3\"></span> A<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>Wie<span class=\"_ _3\"></span>ner <span class=\"_ _3\"></span>V<span class=\"_ _5\"></span>ersi<span class=\"_ _5\"></span>che<span class=\"_ _3\"></span>rung<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>rup<span class=\"_ _3\"></span>pe i<span class=\"_ _5\"></span>s a<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>ubli<span class=\"_ _5\"></span>c lim<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d o<span class=\"_ _5\"></span>ne o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> l<span class=\"_ _3\"></span>eadi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>an<span class=\"_ _5\"></span>ce </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8\">gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ps <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Centr<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>Easte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Europ<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>its register<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>offi<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>locat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>Scho<span class=\"_ _3\"></span>ttenring <span class=\"_ _1\"></span>30, <span class=\"_ _1\"></span>1010 <span class=\"_ _1\"></span>Vienna, Au<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tria. <span class=\"_ _4\"></span>Wien<span class=\"_ _3\"></span>er </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9\">St\u00e4dtisch<span class=\"_ _3\"></span>e V<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>sic<span class=\"_ _3\"></span>heru<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gsv<span class=\"_ _3\"></span>erein<span class=\"_ _379\"> </span>, w<span class=\"_ _3\"></span>hich also <span class=\"_ _3\"></span>has its regi<span class=\"_ _3\"></span>stere<span class=\"_ _3\"></span>d of<span class=\"_ _3\"></span>fice in Vienn<span class=\"_ _3\"></span>a, is the majorit<span class=\"_ _3\"></span>y share<span class=\"_ _3\"></span>holder of<span class=\"_ _3\"></span> VIG Holding<span class=\"_ _3\"></span>. It </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsa\">is <span class=\"_ _4\"></span>also <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>ultimate <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>comp<span class=\"_ _3\"></span>any <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>therefor<span class=\"_ _5\"></span>e <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>ude<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>its <span class=\"_ _a\"></span>subsi<span class=\"_ _3\"></span>diaries <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>its<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>al </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsb\">stateme<span class=\"_ _3\"></span>nts. Th<span class=\"_ _3\"></span>e ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>pension <span class=\"_ _3\"></span>funds o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>IG I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>off<span class=\"_ _3\"></span>er ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>services <span class=\"_ _5\"></span>in the <span class=\"_ _3\"></span>life, <span class=\"_ _3\"></span>healt<span class=\"_ _3\"></span>h </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsc\">and pro<span class=\"_ _3\"></span>perty <span class=\"_ _3\"></span>and casual<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>areas to <span class=\"_ _5\"></span>roughly 28 mi<span class=\"_ _3\"></span>llio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sto<span class=\"_ _3\"></span>mers in 30 <span class=\"_ _3\"></span>countries.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gsd\">PRINCIPLES O<span class=\"_ _3\"></span>F <span class=\"_ _1\"></span>SI<span class=\"_ _3\"></span>GNIF<span class=\"_ _1\"></span>IC<span class=\"_ _3\"></span>AN<span class=\"_ _1\"></span>T <span class=\"_ _5\"></span>ACCOU<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>TIN<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>P<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>LICIES<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gse\">The <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>pre<span class=\"_ _3\"></span>pared </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsf\">in <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>dance <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>International <span class=\"_ _1\"></span>Financi<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>Reporting <span class=\"_ _1\"></span>Standar<span class=\"_ _3\"></span>ds </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs10\">(IFRS) <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>adopted <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Europ<span class=\"_ _3\"></span>ean <span class=\"_ _4\"></span>Unio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>ap<span class=\"_ _3\"></span>plicabl<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>provis<span class=\"_ _3\"></span>ions <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>\u00a7 245a <span class=\"_ _1\"></span>(1) <span class=\"_ _4\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>Com<span class=\"_ _3\"></span>mer<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>Code </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs11\">(Unte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nehme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sges<span class=\"_ _3\"></span>etzb<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>\u2013 <span class=\"_ _3\"></span>UGB)<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>Chapte<span class=\"_ _3\"></span>r 7 o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Aus<span class=\"_ _3\"></span>trian <span class=\"_ _3\"></span>Insuran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>Super<span class=\"_ _3\"></span>vision <span class=\"_ _3\"></span>Act <span class=\"_ _5\"></span>(V<span class=\"_ _3\"></span>ersich<span class=\"_ _3\"></span>erungsaufs<span class=\"_ _3\"></span>ichtsges<span class=\"_ _3\"></span>etz </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs12\">\u2013 V<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>G)<span class=\"_ _1\"></span>.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs13\">The <span class=\"_ _4\"></span>sig<span class=\"_ _3\"></span>nificant <span class=\"_ _4\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cies <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>eparatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>consolida<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _1\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>prese<span class=\"_ _3\"></span>nted <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs14\">Accounti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _a\"></span>policies <span class=\"_ _4\"></span>sectio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>sta<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>on <span class=\"_ _a\"></span>page <span class=\"_ _a\"></span>47. <span class=\"_ _a\"></span>U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>less <span class=\"_ _4\"></span>otherwis<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>sta<span class=\"_ _3\"></span>ted <span class=\"_ _a\"></span>under <span class=\"_ _c\"></span>\u201cC<span class=\"_ _3\"></span>hanges <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>unting <span class=\"_ _a\"></span>policies\u201d, <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs15\">polici<span class=\"_ _3\"></span>es des<span class=\"_ _3\"></span>cribed <span class=\"_ _5\"></span>were<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>pplied <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsistently <span class=\"_ _5\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>epor<span class=\"_ _3\"></span>ting p<span class=\"_ _3\"></span>eriods<span class=\"_ _3\"></span> pr<span class=\"_ _5\"></span>esented <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>these <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ents. P<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eparing </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs16\">consolida<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>accord<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>IFRS <span class=\"_ _1\"></span>req<span class=\"_ _3\"></span>uires <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>mak<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>estimat<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>as-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs17\">sumptio<span class=\"_ _3\"></span>ns <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>connectio<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>with <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _5\"></span>policies. <span class=\"_ _5\"></span>Ar<span class=\"_ _3\"></span>eas <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>gr<span class=\"_ _3\"></span>eater <span class=\"_ _5\"></span>scope <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>discr<span class=\"_ _3\"></span>etion, <span class=\"_ _d\"></span>highly <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ompl<span class=\"_ _3\"></span>ex <span class=\"_ _5\"></span>areas, <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>as </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs18\">involving <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>umptions <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>esti<span class=\"_ _3\"></span>mates <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>itic<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>importance <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>financial statemen<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>lis<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>on </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs19\">page 44.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1a\">Amou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts were commer<span class=\"_ _3\"></span>cially rounded<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>im<span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>read<span class=\"_ _3\"></span>ability and, <span class=\"_ _1\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>indicate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>other<span class=\"_ _3\"></span>wise, <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sho<span class=\"_ _3\"></span>wn <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tho<span class=\"_ _3\"></span>usands </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1b\">of euro <span class=\"_ _3\"></span>(EUR '0<span class=\"_ _3\"></span>00). Cal<span class=\"_ _3\"></span>culations, <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, ar<span class=\"_ _3\"></span>e done <span class=\"_ _3\"></span>using e<span class=\"_ _3\"></span>xact amou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts, <span class=\"_ _3\"></span>whic<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> ma<span class=\"_ _3\"></span>y lead to r<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>es.<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1c\">Going con<span class=\"_ _3\"></span>cern </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1d\">The <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>statements<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>were pre<span class=\"_ _3\"></span>pare<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>going<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ncern <span class=\"_ _1\"></span>basis in <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>dance with <span class=\"_ _1\"></span>IAS 1<span class=\"_ _3\"></span>.25 <span class=\"_ _1\"></span>and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e\">IAS 1.26<span class=\"_ _3\"></span>. The Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g Bo<span class=\"_ _3\"></span>ard m<span class=\"_ _3\"></span>ade this <span class=\"_ _3\"></span>assessm<span class=\"_ _3\"></span>ent primaril<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>ased on <span class=\"_ _3\"></span>the soli<span class=\"_ _3\"></span>d capital r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sour<span class=\"_ _3\"></span>ces, po<span class=\"_ _3\"></span>sitive r<span class=\"_ _3\"></span>esult b<span class=\"_ _3\"></span>efore<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f\">taxes an<span class=\"_ _3\"></span>d risk-a<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>rs<span class=\"_ _3\"></span>e investme<span class=\"_ _3\"></span>nt. </div><div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gs20\">CHANGES IN <span class=\"_ _5\"></span>ACCOUNTING P<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>LICIES<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs21\">Unless other<span class=\"_ _3\"></span>wise indicated,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e stand<span class=\"_ _3\"></span>ards that ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs22\">ppl<span class=\"_ _3\"></span>icable for the first time, if relev<span class=\"_ _3\"></span>ant, have no or n<span class=\"_ _1\"></span>o mat<span class=\"_ _3\"></span>erial eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> on<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs23\">the fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>nts. </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs24\">Standards<span class=\"_ _1\"></span> applicable <span class=\"_ _1\"></span>that a<span class=\"_ _1\"></span>re used fo<span class=\"_ _1\"></span>r the first<span class=\"_ _1\"></span> time in t<span class=\"_ _1\"></span>he Group<span class=\"_ _1\"></span> Annual Repo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs25\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>Amen<span class=\"_ _1\"></span>dments <span class=\"_ _1\"></span>to References to the Con<span class=\"_ _1\"></span>ceptual Framewo<span class=\"_ _1\"></span>rk in IFRS S<span class=\"_ _1\"></span>tandards<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs26\">IAS <span class=\"_ _1\"></span>37<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Onerous con<span class=\"_ _1\"></span>tracts: costs of <span class=\"_ _1\"></span>contract perfo<span class=\"_ _1\"></span>rmance<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs27\">all <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Ann<span class=\"_ _1\"></span>ual Improvements<span class=\"_ _1\"></span> to IFRS Stand<span class=\"_ _1\"></span>ards 2018\u2013<span class=\"_ _1\"></span>2020 </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs28\">IAS <span class=\"_ _1\"></span>16<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Income before quali<span class=\"_ _1\"></span>fied u<span class=\"_ _1\"></span>se<span class=\"_ _379\"> </span> </div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2a\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2b\">V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span></div><div class=\"c w14 h16 gs2c\"><div class=\"t m1 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs2d\">New sta<span class=\"_ _1\"></span>ndards and <span class=\"_ _1\"></span>change<span class=\"_ _1\"></span>s to current<span class=\"_ _1\"></span> repo<span class=\"_ _1\"></span>rting standar<span class=\"_ _1\"></span>ds <span class=\"_ _86\"> </span><span class=\"fsc\">Applicable<span class=\"_ _1\"></span> as of<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs2e\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2f\">Tho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> alre<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>dy<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>dopte<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>y t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>EU<span class=\"_ _1\"></span> </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs30\">IFR<span class=\"_ _1\"></span>S 9<span class=\"_ _1\"></span> <span class=\"_ _e9\"> </span>Financial Assets<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>1.1.2<span class=\"_ _1\"></span>018<span class=\"_ _379\"> </span></div><div class=\"t m1 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs31\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs32\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _ea\"> </span>Prepayment featu<span class=\"_ _1\"></span>res with neg<span class=\"_ _1\"></span>ative compen<span class=\"_ _1\"></span>sation<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>1.1.2019<span class=\"_ _379\"> </span></div><div class=\"t m1 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs33\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs34\">IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _ec\"> </span>Insurance Contra<span class=\"_ _1\"></span>cts <span class=\"_ _ed\"> </span>1.1.2023<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs35\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IAS<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>ce S<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t 2<span class=\"_ _1\"></span> <span class=\"_ _ee\"> </span>Disclosure of A<span class=\"_ _1\"></span>ccounting Poli<span class=\"_ _1\"></span>cies<span class=\"_ _1\"></span> <span class=\"_ _ef\"> </span>1.1.2023<span class=\"_ _379\"> </span></div><div class=\"t m1 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs36\">3<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs37\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IAS<span class=\"_ _1\"></span> 8<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>Definition of A<span class=\"_ _1\"></span>ccountin<span class=\"_ _1\"></span>g Estimates<span class=\"_ _1\"></span>  <span class=\"_ _f1\"> </span>1.1.2023<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs38\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IAS<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Deferred Tax r<span class=\"_ _1\"></span>elated to Assets<span class=\"_ _1\"></span> and Liabil<span class=\"_ _1\"></span>ities aris<span class=\"_ _1\"></span>ing from a Sin<span class=\"_ _1\"></span>gle Transac<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span> <span class=\"_ _3e\"> </span>1.1.2<span class=\"_ _1\"></span>023<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs39\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>17<span class=\"_ _1\"></span> <span class=\"_ _f3\"> </span>Initial App<span class=\"_ _1\"></span>lication of IFR<span class=\"_ _1\"></span>S 9 and IFR<span class=\"_ _1\"></span>S 17 \u2013 <span class=\"_ _1\"></span>Comparative Inform<span class=\"_ _1\"></span>ation <span class=\"_ _f4\"> </span>1.1.2023<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs3a\">Tho<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> wh<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>h ar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> not<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>not<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>yet a<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>pt<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>y the<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>U </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs3b\">IFR<span class=\"_ _1\"></span>S 1<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _ec\"> </span>Regu<span class=\"_ _1\"></span>latory Deferral Ac<span class=\"_ _1\"></span>counts </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs3c\">EU d<span class=\"_ _1\"></span>ecided this stan<span class=\"_ _1\"></span>dard shall </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs3d\">not be trans<span class=\"_ _1\"></span>ferred into EU law<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs3e\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>28<span class=\"_ _1\"></span> </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs3f\">Sale or contribu<span class=\"_ _1\"></span>tion of assets b<span class=\"_ _1\"></span>etween an in<span class=\"_ _1\"></span>vestor and<span class=\"_ _1\"></span> its asso<span class=\"_ _1\"></span>ciate or joint </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs40\">venture<span class=\"_ _1\"></span> </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41\">First-time appli<span class=\"_ _1\"></span>cation defer<span class=\"_ _1\"></span>red </div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42\">for an indefin<span class=\"_ _1\"></span>ite period<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs43\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IAS<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>Classification of liab<span class=\"_ _1\"></span>ilities as <span class=\"_ _1\"></span>current o<span class=\"_ _1\"></span>r non-current<span class=\"_ _1\"></span> <span class=\"_ _f5\"> </span>1.1.2024<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs44\">Amen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>16<span class=\"_ _1\"></span> <span class=\"_ _f3\"> </span>Lease liabilities <span class=\"_ _1\"></span>for sale and<span class=\"_ _1\"></span> leaseba<span class=\"_ _1\"></span>ck<span class=\"_ _3\"></span> <span class=\"_ _f6\"> </span>1.1.2024<span class=\"_ _379\"> </span></div><div class=\"t m1 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs45\">1</div><div class=\"t m1 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs46\"> <span class=\"_ _6\"> </span>Unless otherw<span class=\"_ _3\"></span>ise specified, the VIG Insu<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>nce Group is <span class=\"_ _3\"></span>not planning early adoption of the provision<span class=\"_ _3\"></span>s<span class=\"_ _1\"></span> listed in <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> table. </div><div class=\"t m1 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs47\">2</div><div class=\"t m1 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs48\"> <span class=\"_ _6\"> </span>First-time app<span class=\"_ _3\"></span>lication for insurance compani<span class=\"_ _3\"></span>es<span class=\"_ _1\"></span> can b<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>delayed to 1 Januar<span class=\"_ _3\"></span>y 202<span class=\"_ _1\"></span>3. </div><div class=\"t m1 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs49\">3</div><div class=\"t m1 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs4a\"> <span class=\"_ _6\"> </span>Please see Estimates and <span class=\"_ _3\"></span>discretionary decis<span class=\"_ _3\"></span>ions<span class=\"_ _1\"></span> section <span class=\"_ _3\"></span>on the topic of materiality. </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4b\">Unless <span class=\"_ _d\"></span>indicated <span class=\"_ _d\"></span>otherwis<span class=\"_ _3\"></span>e, <span class=\"_ _5\"></span>either <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>material <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>standar<span class=\"_ _3\"></span>ds <span class=\"_ _5\"></span>listed <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>table <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>expected, <span class=\"_ _d\"></span>or <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>amend<span class=\"_ _3\"></span>ments<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4c\">are <span class=\"_ _3\"></span>not rele<span class=\"_ _3\"></span>vant. </div><div class=\"t m1 h22 ff49 fsf fc3 sc0 ls6 ws0 gs4d\">IFRS 9 <span class=\"_ _3\"></span>Fi<span class=\"_ _1\"></span>nan<span class=\"_ _3\"></span>cial Instrum<span class=\"_ _3\"></span>ents: g<span class=\"_ _3\"></span>eneral infor<span class=\"_ _3\"></span>mation </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e\">The I<span class=\"_ _3\"></span>ntern<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>onal Ac<span class=\"_ _3\"></span>counting S<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>and<span class=\"_ _3\"></span>ards <span class=\"_ _3\"></span>Board <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>IAS<span class=\"_ _3\"></span>B) issu<span class=\"_ _3\"></span>ed the f<span class=\"_ _3\"></span>inal <span class=\"_ _3\"></span>version <span class=\"_ _3\"></span>of IFRS<span class=\"_ _3\"></span> 9 <span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ancial Inst<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span> (IFRS 9<span class=\"_ _5\"></span>)<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>ack </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f\">in 2014.<span class=\"_ _3\"></span> The<span class=\"_ _1\"></span> st<span class=\"_ _3\"></span>andar<span class=\"_ _3\"></span>d supersed<span class=\"_ _3\"></span>es the pr<span class=\"_ _3\"></span>evio<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sly ap<span class=\"_ _3\"></span>plicable IA<span class=\"_ _3\"></span>S 39 \"Financial <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>truments: r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cog<span class=\"_ _3\"></span>nition and m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ement\"<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs50\">(IAS <span class=\"_ _1\"></span>39), <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>ef<span class=\"_ _3\"></span>fect <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>January <span class=\"_ _1\"></span>2018. <span class=\"_ _1\"></span>Ho<span class=\"_ _3\"></span>wever<span class=\"_ _5\"></span>, companies <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>appl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>4 <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>ntracts, <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>opt <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>efer </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs51\">the <span class=\"_ _5\"></span>IFRS <span class=\"_ _d\"></span>9 <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ective <span class=\"_ _5\"></span>date <span class=\"_ _d\"></span>(<span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>deferral <span class=\"_ _d\"></span>appro<span class=\"_ _3\"></span>ach). <span class=\"_ _5\"></span>Accor<span class=\"_ _5\"></span>dingly<span class=\"_ _d\"></span>, <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>whose <span class=\"_ _5\"></span>activiti<span class=\"_ _3\"></span>es <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _d\"></span>pr<span class=\"_ _3\"></span>edomi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>antl<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>insur<span class=\"_ _3\"></span>ance </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs52\">business <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>ermitted<span class=\"_ _3\"></span> to <span class=\"_ _5\"></span>postpo<span class=\"_ _3\"></span>ne th<span class=\"_ _3\"></span>eir initi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>applicati<span class=\"_ _3\"></span>on of <span class=\"_ _d\"></span>I<span class=\"_ _1\"></span>FRS <span class=\"_ _3\"></span>9 <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ntil<span class=\"_ _3\"></span> IF<span class=\"_ _3\"></span>RS 17 <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts (I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>17) <span class=\"_ _3\"></span>comes <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>o </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs53\">ef<span class=\"_ _3\"></span>fect. IFRS <span class=\"_ _1\"></span>17<span class=\"_ _3\"></span> was adopted<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>into EU<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>w <span class=\"_ _1\"></span>in Novemb<span class=\"_ _3\"></span>er 2021<span class=\"_ _3\"></span>, <span class=\"_ _1\"></span>with ef<span class=\"_ _3\"></span>fective dat<span class=\"_ _3\"></span>e as <span class=\"_ _1\"></span>of 1 Jan<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>2023 as th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>dat<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>itial<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs54\">applicati<span class=\"_ _3\"></span>on. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>ord<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>to pr<span class=\"_ _5\"></span>event <span class=\"_ _3\"></span>potenti<span class=\"_ _3\"></span>al i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsisten<span class=\"_ _3\"></span>cies i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nts b<span class=\"_ _3\"></span>etween<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>asset <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>liabi<span class=\"_ _3\"></span>lities <span class=\"_ _3\"></span>side <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>cc<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>unting </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs55\">mism<span class=\"_ _3\"></span>atches), bot<span class=\"_ _3\"></span>h standar<span class=\"_ _3\"></span>ds will<span class=\"_ _3\"></span> be applied f<span class=\"_ _3\"></span>or the fi<span class=\"_ _3\"></span>rst time<span class=\"_ _3\"></span> on 1 Ja<span class=\"_ _3\"></span>nuary 202<span class=\"_ _3\"></span>3, if the defe<span class=\"_ _3\"></span>rral ap<span class=\"_ _3\"></span>proa<span class=\"_ _3\"></span>ch is used. <span class=\"_ _5\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs56\">A compa<span class=\"_ _3\"></span>ny is pre<span class=\"_ _3\"></span>domin<span class=\"_ _3\"></span>antly eng<span class=\"_ _3\"></span>aged in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nsurance b<span class=\"_ _3\"></span>usiness i<span class=\"_ _3\"></span>f </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs57\">\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>perce<span class=\"_ _3\"></span>ntage of t<span class=\"_ _3\"></span>he book <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>underwriti<span class=\"_ _3\"></span>ng liabil<span class=\"_ _3\"></span>ities and pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons compar<span class=\"_ _5\"></span>ed with total l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es includi<span class=\"_ _3\"></span>ng<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs58\">underwriti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions exc<span class=\"_ _3\"></span>eeds 90%, o<span class=\"_ _5\"></span>r<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs59\">\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>perc<span class=\"_ _3\"></span>entage i<span class=\"_ _3\"></span>s betwee<span class=\"_ _3\"></span>n 80% a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> 90<span class=\"_ _3\"></span>% and <span class=\"_ _3\"></span>no other sig<span class=\"_ _3\"></span>nifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>nt acti<span class=\"_ _3\"></span>vities ot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>han the ins<span class=\"_ _3\"></span>urance busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _3\"></span>are<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5a\">pursued.<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5b\">In <span class=\"_ _b\"> </span>D<span class=\"_ _3\"></span>ecember <span class=\"_ _c\"> </span>2021, <span class=\"_ _c\"></span>the <span class=\"_ _c\"> </span>IA<span class=\"_ _3\"></span>SB <span class=\"_ _c\"> </span>publishe<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>furthe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>ndme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _c\"></span>to <span class=\"_ _c\"> </span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>17 <span class=\"_ _c\"> </span>\u201cIniti<span class=\"_ _3\"></span>al <span class=\"_ _b\"> </span>appli<span class=\"_ _3\"></span>cation <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>IFRS <span class=\"_ _c\"> </span>17 <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>IFRS <span class=\"_ _c\"> </span>9<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>\u2013 </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5c\">Comparati<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>nformatio<span class=\"_ _3\"></span>n\u201d co<span class=\"_ _3\"></span>ncern<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng comp<span class=\"_ _3\"></span>arativ<span class=\"_ _3\"></span>e inform<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>This <span class=\"_ _3\"></span>adjustme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he fa<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at, <span class=\"_ _5\"></span>unlike i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>nitial </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5d\">applicati<span class=\"_ _3\"></span>on of IFRS 17, <span class=\"_ _3\"></span>retrosp<span class=\"_ _3\"></span>ectiv<span class=\"_ _3\"></span>e application is<span class=\"_ _3\"></span> not mandato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>when IFRS 9 i<span class=\"_ _3\"></span>s first applied. A<span class=\"_ _3\"></span>s a result, t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>e migh<span class=\"_ _3\"></span>t n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5e\">be any compar<span class=\"_ _3\"></span>ative data fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> the fi<span class=\"_ _3\"></span>nancial instrum<span class=\"_ _3\"></span>ents. T<span class=\"_ _11\"></span>o countera<span class=\"_ _3\"></span>ct this, the classifi<span class=\"_ _3\"></span>cation overla<span class=\"_ _3\"></span>y can be used. Ho<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs5f\">only <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>is no <span class=\"_ _1\"></span>restat<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> with <span class=\"_ _1\"></span>rega<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>to the <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>parati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>form<span class=\"_ _3\"></span>ation <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>to IFRS <span class=\"_ _4\"></span>9 <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>20<span class=\"_ _5\"></span>22<span class=\"_ _1\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs60\">when <span class=\"_ _b\"> </span>IFRS <span class=\"_ _c\"> </span>17 <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _c\"> </span>IFRS <span class=\"_ _b\"> </span>9 <span class=\"_ _b\"> </span>are <span class=\"_ _b\"> </span>initiall<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>applied <span class=\"_ _b\"> </span>togeth<span class=\"_ _3\"></span>er <span class=\"_ _b\"> </span>at <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>ame <span class=\"_ _6\"> </span>tim<span class=\"_ _3\"></span>e. <span class=\"_ _b\"> </span>Using <span class=\"_ _c\"> </span>the <span class=\"_ _6\"> </span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _b\"> </span>ove<span class=\"_ _3\"></span>rlay <span class=\"_ _b\"> </span>minimis<span class=\"_ _3\"></span>es </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs61\">accounti<span class=\"_ _3\"></span>ng mism<span class=\"_ _3\"></span>atches t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at <span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>e as a r<span class=\"_ _3\"></span>esult of<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>ferenc<span class=\"_ _3\"></span>es in the tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>siti<span class=\"_ _3\"></span>on re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ements of I<span class=\"_ _3\"></span>FRS 17 a<span class=\"_ _3\"></span>nd IFRS 9<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">A <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _b\"> </span>that <span class=\"_ _c\"> </span>u<span class=\"_ _1\"></span>ses <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _b\"> </span>ove<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>f<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs66\">inan<span class=\"_ _3\"></span>cial <span class=\"_ _b\"> </span>in<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>mu<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>ublish <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>parati<span class=\"_ _3\"></span>ve <span class=\"_ _b\"> </span>data <span class=\"_ _b\"> </span>as <span class=\"_ _b\"> </span>if <span class=\"_ _c\"> </span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">classif<span class=\"_ _3\"></span>ication <span class=\"_ _1\"></span>and meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>requir<span class=\"_ _5\"></span>ements <span class=\"_ _1\"></span>of IFRS 9 <span class=\"_ _1\"></span>appl<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>to th<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>fin<span class=\"_ _3\"></span>ancial instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>. The impairmen<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>req<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">are <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>mandator<span class=\"_ _3\"></span>y applic<span class=\"_ _3\"></span>able i<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>classifica<span class=\"_ _3\"></span>tion o<span class=\"_ _3\"></span>verlay <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>used. <span class=\"_ _3\"></span>Any dif<span class=\"_ _5\"></span>ference b<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>twe<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the pr<span class=\"_ _5\"></span>evious <span class=\"_ _3\"></span>carryi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>amount <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">financial <span class=\"_ _3\"></span>inst<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he amo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nt <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ulting fr<span class=\"_ _3\"></span>om <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>applic<span class=\"_ _3\"></span>ation of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>classi<span class=\"_ _3\"></span>fication <span class=\"_ _3\"></span>overla<span class=\"_ _3\"></span>y must <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nitial <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plicatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>rules <span class=\"_ _5\"></span>have <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>be <span class=\"_ _5\"></span>appli<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>1 <span class=\"_ _3\"></span>Jan<span class=\"_ _3\"></span>uary <span class=\"_ _5\"></span>2023 <span class=\"_ _5\"></span>if <span class=\"_ _3\"></span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _5\"></span>ov<span class=\"_ _3\"></span>erlay <span class=\"_ _3\"></span>is <span class=\"_ _d\"></span>used <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>compara<span class=\"_ _3\"></span>tive <span class=\"_ _5\"></span>period. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _3\"></span>primaril<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>concerns <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>classificatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>measur<span class=\"_ _3\"></span>ement <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>financ<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>instruments.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>These <span class=\"_ _5\"></span>will <span class=\"_ _5\"></span>be <span class=\"_ _3\"></span>classified <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>two <span class=\"_ _5\"></span>gro<span class=\"_ _5\"></span>ups </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">in the futu<span class=\"_ _3\"></span>re, <span class=\"_ _3\"></span>at amortise<span class=\"_ _3\"></span>d cost (AC) <span class=\"_ _3\"></span>and a<span class=\"_ _3\"></span>t fair val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">Classi<span class=\"_ _3\"></span>fication <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _a\"></span>assets <span class=\"_ _4\"></span>depends<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>mo<span class=\"_ _3\"></span>del <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _4\"></span>cash <span class=\"_ _a\"></span>flo<span class=\"_ _3\"></span>ws <span class=\"_ _c\"> </span>(S<span class=\"_ _3\"></span>olel<span class=\"_ _3\"></span>y </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">Payments<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>Princ<span class=\"_ _1\"></span>ip<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>Int<span class=\"_ _3\"></span>erest <span class=\"_ _4\"></span>criterio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>(SPPI <span class=\"_ _a\"></span>crite<span class=\"_ _3\"></span>rion)). <span class=\"_ _a\"></span>Furthermor<span class=\"_ _5\"></span>e, <span class=\"_ _a\"></span>incurre<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>losses <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>Incurr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>L<span class=\"_ _1\"></span>oss <span class=\"_ _4\"></span>Mod<span class=\"_ _3\"></span>el) <span class=\"_ _a\"></span>are <span class=\"_ _4\"></span>no </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">longer <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>only <span class=\"_ _1\"></span>los<span class=\"_ _3\"></span>ses <span class=\"_ _1\"></span>to be <span class=\"_ _1\"></span>taken into <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt, <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t rather expected losses (Expected Cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>Loss Model<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(ECL Model)) in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">the <span class=\"_ _1\"></span>form <span class=\"_ _1\"></span>of a <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>on. <span class=\"_ _1\"></span>Simplifi<span class=\"_ _3\"></span>cations <span class=\"_ _1\"></span>exist<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>rade <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>ceivables and <span class=\"_ _1\"></span>lease receiv<span class=\"_ _3\"></span>ables. <span class=\"_ _1\"></span>New <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements were <span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>so </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">provid<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>hedg<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>accounti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _1\"></span>Thei<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>obje<span class=\"_ _3\"></span>ctive <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>orient <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _1\"></span>mor<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>economi<span class=\"_ _3\"></span>c <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isk manageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">the entit<span class=\"_ _3\"></span>y in the fut<span class=\"_ _3\"></span>ure.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">In <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>rinciple, <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nstrum<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>derivati<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>(FVtP<span class=\"_ _3\"></span>L). <span class=\"_ _1\"></span>However<span class=\"_ _d\"></span>, u<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">initial <span class=\"_ _b\"> </span>recognitio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>equity <span class=\"_ _6\"> </span>inst<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents, <span class=\"_ _b\"> </span>there <span class=\"_ _b\"> </span>is <span class=\"_ _6\"> </span>an <span class=\"_ _6\"> </span>irr<span class=\"_ _3\"></span>evocable<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>optio<span class=\"_ _3\"></span>n <span class=\"_ _2\"> </span>to <span class=\"_ _b\"> </span>subseq<span class=\"_ _3\"></span>uently <span class=\"_ _6\"> </span>m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>them <span class=\"_ _b\"> </span>thro<span class=\"_ _3\"></span>ugh <span class=\"_ _6\"> </span>oth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">compre<span class=\"_ _3\"></span>hensi<span class=\"_ _3\"></span>ve incom<span class=\"_ _3\"></span>e (OCI) <span class=\"_ _3\"></span>(FVtOC<span class=\"_ _3\"></span>I optio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>), <span class=\"_ _3\"></span>which <span class=\"_ _3\"></span>also m<span class=\"_ _3\"></span>eans t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at t<span class=\"_ _3\"></span>hey ca<span class=\"_ _3\"></span>n no<span class=\"_ _3\"></span> longer <span class=\"_ _3\"></span>be re<span class=\"_ _3\"></span>cycled <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h pro<span class=\"_ _3\"></span>fit o<span class=\"_ _3\"></span>r los<span class=\"_ _3\"></span>s.<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">Consequ<span class=\"_ _3\"></span>ently<span class=\"_ _d\"></span>, o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ly di<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>e sta<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent. <span class=\"_ _3\"></span>The <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>VtOC<span class=\"_ _3\"></span>I opti<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>applies <span class=\"_ _5\"></span>for i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts t<span class=\"_ _3\"></span>hat </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">are not <span class=\"_ _1\"></span>held for trading. <span class=\"_ _1\"></span>Ex<span class=\"_ _3\"></span>ercis<span class=\"_ _3\"></span>ing <span class=\"_ _1\"></span>this option in <span class=\"_ _1\"></span>accord<span class=\"_ _5\"></span>ance <span class=\"_ _1\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> IFRS <span class=\"_ _1\"></span>9 makes <span class=\"_ _1\"></span>it possible to remove or further <span class=\"_ _1\"></span>minimi<span class=\"_ _5\"></span>se </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">the risk of<span class=\"_ _3\"></span> acco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nting m<span class=\"_ _3\"></span>isma<span class=\"_ _3\"></span>tches. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">The r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements of <span class=\"_ _5\"></span>IAS 39 for<span class=\"_ _3\"></span> the cl<span class=\"_ _3\"></span>assificatio<span class=\"_ _3\"></span>n and m<span class=\"_ _3\"></span>easur<span class=\"_ _5\"></span>ement of fi<span class=\"_ _3\"></span>nancial li<span class=\"_ _3\"></span>abilities <span class=\"_ _3\"></span>have no<span class=\"_ _3\"></span>t bee<span class=\"_ _3\"></span>n amende<span class=\"_ _3\"></span>d in I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> 9<span class=\"_ _3\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7a\">which <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>why <span class=\"_ _4\"></span>financial <span class=\"_ _1\"></span>liabiliti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>\u2013 <span class=\"_ _4\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>excl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>derivatives <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>espectiv<span class=\"_ _3\"></span>ely <span class=\"_ _4\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _4\"></span>held <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>trading <span class=\"_ _4\"></span>\u2013 <span class=\"_ _1\"></span>continue <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d at AC.<span class=\"_ _3\"></span> Derivati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>resp<span class=\"_ _3\"></span>ectivel<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> li<span class=\"_ _3\"></span>abilities held fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> trading <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>to be re<span class=\"_ _3\"></span>cognise<span class=\"_ _3\"></span>d at FVtP<span class=\"_ _3\"></span>L. </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs7c\">IFRS 17 Ins<span class=\"_ _3\"></span>urance Con<span class=\"_ _3\"></span>tracts:<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>eneral informat<span class=\"_ _3\"></span>ion </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7d\">IFRS 17 was <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>blis<span class=\"_ _3\"></span>hed <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the Of<span class=\"_ _3\"></span>ficial Journal <span class=\"_ _1\"></span>of the Europe<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ion (EU<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>on 23 Novemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2021. As a <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esult, IFRS 17 will </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7e\">supersede t<span class=\"_ _3\"></span>he pre<span class=\"_ _3\"></span>vious stan<span class=\"_ _3\"></span>dard, <span class=\"_ _3\"></span>IFRS 4, in the <span class=\"_ _3\"></span>EU eff<span class=\"_ _3\"></span>ective as of 1 Jan<span class=\"_ _3\"></span>uary<span class=\"_ _1\"></span> 202<span class=\"_ _3\"></span>3. IF<span class=\"_ _3\"></span>RS 4, which is sti<span class=\"_ _3\"></span>ll curre<span class=\"_ _3\"></span>ntly in pla<span class=\"_ _3\"></span>ce, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7f\">is <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>be applied <span class=\"_ _5\"></span>until <span class=\"_ _3\"></span>IFRS 1<span class=\"_ _3\"></span>7 e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>IFRS <span class=\"_ _5\"></span>4 allo<span class=\"_ _3\"></span>ws <span class=\"_ _3\"></span>local <span class=\"_ _3\"></span>accounting <span class=\"_ _5\"></span>practices <span class=\"_ _3\"></span>to b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed fo<span class=\"_ _3\"></span>r ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>contra<span class=\"_ _3\"></span>cts </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs80\">in the I<span class=\"_ _3\"></span>FRS consol<span class=\"_ _3\"></span>idated <span class=\"_ _3\"></span>balance s<span class=\"_ _3\"></span>heet. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>IASB impos<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>iform<span class=\"_ _3\"></span> acco<span class=\"_ _3\"></span>unting <span class=\"_ _3\"></span>policies fo<span class=\"_ _3\"></span>r insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e contracts f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> fi<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>st </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs81\">time in I<span class=\"_ _3\"></span>FRS 17.  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs82\">IFRS 17 pr<span class=\"_ _3\"></span>ovides t<span class=\"_ _3\"></span>hr<span class=\"_ _3\"></span>ee meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt models<span class=\"_ _3\"></span> for meas<span class=\"_ _3\"></span>uring <span class=\"_ _3\"></span>insurance co<span class=\"_ _3\"></span>ntracts:<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs83\">\u2022<span class=\"_ _f\"> </span>In principl<span class=\"_ _3\"></span>e, measur<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t is performe<span class=\"_ _3\"></span>d usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>he general<span class=\"_ _3\"></span> meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ent model<span class=\"_ _3\"></span> (G<span class=\"_ _1\"></span>M<span class=\"_ _3\"></span>M) based o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> a pr<span class=\"_ _3\"></span>osp<span class=\"_ _3\"></span>ective met<span class=\"_ _3\"></span>hod.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs84\">The mo<span class=\"_ _3\"></span>del is base<span class=\"_ _3\"></span>d on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _3\"></span>ncept of <span class=\"_ _3\"></span>contract f<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lfi<span class=\"_ _3\"></span>lment a<span class=\"_ _3\"></span>nd uses c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>nt assump<span class=\"_ _3\"></span>tions. W<span class=\"_ _3\"></span>hen GMM i<span class=\"_ _3\"></span>s used for<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs85\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent, fu<span class=\"_ _3\"></span>ture <span class=\"_ _3\"></span>cash inflows <span class=\"_ _3\"></span>and ou<span class=\"_ _3\"></span>tflows a<span class=\"_ _3\"></span>re disco<span class=\"_ _3\"></span>unted a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d s<span class=\"_ _3\"></span>uppleme<span class=\"_ _3\"></span>nted by a <span class=\"_ _3\"></span>risk adj<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>stm<span class=\"_ _3\"></span>ent (RA). <span class=\"_ _3\"></span>First-time<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs86\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent of <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>contracts r<span class=\"_ _3\"></span>esults i<span class=\"_ _3\"></span>n eit<span class=\"_ _3\"></span>her a contr<span class=\"_ _3\"></span>actual ser<span class=\"_ _3\"></span>vice margi<span class=\"_ _3\"></span>n (<span class=\"_ _1\"></span>CSM<span class=\"_ _5\"></span>)<span class=\"_ _1\"></span> tha<span class=\"_ _3\"></span>t is distrib<span class=\"_ _3\"></span>uted o<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>r t<span class=\"_ _3\"></span>he<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs87\">term of t<span class=\"_ _3\"></span>he cont<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ct, o<span class=\"_ _3\"></span>r a loss<span class=\"_ _3\"></span> compo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>that is re<span class=\"_ _3\"></span>cog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised<span class=\"_ _3\"></span> immedi<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y in the i<span class=\"_ _3\"></span>ncome st<span class=\"_ _3\"></span>atement. T<span class=\"_ _3\"></span>here a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>a number<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs88\">of excep<span class=\"_ _3\"></span>tions and <span class=\"_ _3\"></span>special pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons for th<span class=\"_ _3\"></span>e GMM th<span class=\"_ _3\"></span>at conc<span class=\"_ _3\"></span>ern<span class=\"_ _1\"></span> gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ps of <span class=\"_ _3\"></span>investme<span class=\"_ _3\"></span>nt co<span class=\"_ _3\"></span>ntracts wit<span class=\"_ _3\"></span>h discr<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>nary pr<span class=\"_ _3\"></span>ofit<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs89\">participatio<span class=\"_ _3\"></span>n and <span class=\"_ _3\"></span>reinsu<span class=\"_ _3\"></span>rance cess<span class=\"_ _3\"></span>ions as w<span class=\"_ _3\"></span>ell as the t<span class=\"_ _3\"></span>wo m<span class=\"_ _3\"></span>easurem<span class=\"_ _3\"></span>ent mod<span class=\"_ _3\"></span>els belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>A simpler me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ent model \u2013 <span class=\"_ _5\"></span>the premi<span class=\"_ _3\"></span>um all<span class=\"_ _3\"></span>ocation app<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>ach (P<span class=\"_ _5\"></span>AA) \u2013 m<span class=\"_ _3\"></span>ay be <span class=\"_ _3\"></span>used for s<span class=\"_ _3\"></span>hort-term co<span class=\"_ _3\"></span>ntracts <span class=\"_ _3\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8f\">low volatili<span class=\"_ _3\"></span>ty long-t<span class=\"_ _3\"></span>erm ins<span class=\"_ _3\"></span>urance co<span class=\"_ _3\"></span>ntracts. Th<span class=\"_ _3\"></span>e approa<span class=\"_ _3\"></span>ch is <span class=\"_ _3\"></span>simil<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> to the <span class=\"_ _3\"></span>unearned pr<span class=\"_ _3\"></span>emium mo<span class=\"_ _3\"></span>del c<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ently <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d for </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90\">accounti<span class=\"_ _3\"></span>ng in the pr<span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>erty and c<span class=\"_ _3\"></span>asualty li<span class=\"_ _3\"></span>ne of busin<span class=\"_ _3\"></span>ess. They <span class=\"_ _3\"></span>are di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>erent, how<span class=\"_ _3\"></span>ever<span class=\"_ _d\"></span>, in that t<span class=\"_ _3\"></span>he loss<span class=\"_ _3\"></span> reserve (<span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vision </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs91\">for outs<span class=\"_ _3\"></span>tanding claim<span class=\"_ _3\"></span>s/liabi<span class=\"_ _3\"></span>lity for inc<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed cl<span class=\"_ _3\"></span>aims (LIC)<span class=\"_ _3\"></span>) must <span class=\"_ _3\"></span>also be acco<span class=\"_ _3\"></span>unted fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>using an exp<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cted p<span class=\"_ _3\"></span>rese<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>value </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs92\">and a risk <span class=\"_ _3\"></span>adjustme<span class=\"_ _3\"></span>nt. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>e is a ma<span class=\"_ _3\"></span>ndatory <span class=\"_ _3\"></span>measur<span class=\"_ _3\"></span>ement mo<span class=\"_ _3\"></span>del for p<span class=\"_ _3\"></span>rof<span class=\"_ _3\"></span>it-particip<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>and co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s of<span class=\"_ _3\"></span> unit- a<span class=\"_ _3\"></span>nd index<span class=\"_ _3\"></span>-linked li<span class=\"_ _3\"></span>fe </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs94\">insuranc<span class=\"_ _3\"></span>e \u2013 the v<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>ble fee app<span class=\"_ _3\"></span>roa<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(VF<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>)<span class=\"_ _1\"></span>. Me<span class=\"_ _3\"></span>asurem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt i<span class=\"_ _3\"></span>s, as a rule, <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d accordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g to t<span class=\"_ _3\"></span>he GMM, <span class=\"_ _3\"></span>but the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs95\">contract<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l s<span class=\"_ _3\"></span>ervice m<span class=\"_ _3\"></span>argin (CSM<span class=\"_ _3\"></span>) is varia<span class=\"_ _3\"></span>ble in th<span class=\"_ _3\"></span>e VF<span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>due to <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e di<span class=\"_ _3\"></span>scr<span class=\"_ _3\"></span>etionary prof<span class=\"_ _3\"></span>it par<span class=\"_ _3\"></span>ticipatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">Meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>its <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>determine<span class=\"_ _3\"></span>d using t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowi<span class=\"_ _3\"></span>ng steps:  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Portfolio: i<span class=\"_ _3\"></span>nsurance co<span class=\"_ _3\"></span>ntracts tha<span class=\"_ _3\"></span>t are s<span class=\"_ _3\"></span>ubject to si<span class=\"_ _3\"></span>milar <span class=\"_ _3\"></span>risks and ma<span class=\"_ _3\"></span>naged tog<span class=\"_ _3\"></span>ether ar<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>bined into <span class=\"_ _3\"></span>portfoli<span class=\"_ _3\"></span>os </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p: ev<span class=\"_ _3\"></span>ery portfol<span class=\"_ _3\"></span>io is di<span class=\"_ _3\"></span>vided into t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowing g<span class=\"_ _3\"></span>roups<span class=\"_ _3\"></span>: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99\">\u2013<span class=\"ff4b\"> <span class=\"_ _a\"> </span></span>one<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>contracts;<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9a\">\u2013<span class=\"ff4b\"> <span class=\"_ _a\"> </span></span>con<span class=\"_ _1\"></span>tra<span class=\"_ _3\"></span>cts that <span class=\"_ _3\"></span>have no sig<span class=\"_ _3\"></span>nificant <span class=\"_ _3\"></span>possibil<span class=\"_ _3\"></span>ity of becom<span class=\"_ _3\"></span>ing on<span class=\"_ _3\"></span>erous; <span class=\"_ _3\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9b\">\u2013<span class=\"ff4b\"> <span class=\"_ _a\"> </span></span>oth<span class=\"_ _1\"></span>er co<span class=\"_ _3\"></span>ntracts.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Annual cohorts: g<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>ps ar<span class=\"_ _3\"></span>e divided <span class=\"_ _3\"></span>accor<span class=\"_ _3\"></span>ding to <span class=\"_ _3\"></span>underwriti<span class=\"_ _3\"></span>ng year <span class=\"_ _3\"></span>(annual co<span class=\"_ _3\"></span>hort<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>). Ho<span class=\"_ _3\"></span>wever<span class=\"_ _5\"></span>, th<span class=\"_ _3\"></span>e IFRS 17<span class=\"_ _3\"></span> adopte<span class=\"_ _3\"></span>d by </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9d\">the EU pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>es an ex<span class=\"_ _3\"></span>ception for <span class=\"_ _3\"></span>the form<span class=\"_ _3\"></span>ation of an<span class=\"_ _3\"></span>nual cohor<span class=\"_ _3\"></span>ts for inte<span class=\"_ _3\"></span>rgeneratio<span class=\"_ _3\"></span>nal, mut<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>lis<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d c<span class=\"_ _3\"></span>ash-flow </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9e\">matched i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce contrac<span class=\"_ _3\"></span>ts. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">The most sig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>cant chang<span class=\"_ _3\"></span>es from<span class=\"_ _3\"></span> IFRS 4 <span class=\"_ _3\"></span>to IFRS 17 i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> ter<span class=\"_ _3\"></span>ms of the <span class=\"_ _3\"></span>accounti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g of<span class=\"_ _3\"></span> insurance <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts ar<span class=\"_ _3\"></span>e: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e us<span class=\"_ _3\"></span>e of c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ent ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mp<span class=\"_ _3\"></span>tions for m<span class=\"_ _3\"></span>easuri<span class=\"_ _3\"></span>ng unde<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>writi<span class=\"_ _3\"></span>ng pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tro<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n of the co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l se<span class=\"_ _3\"></span>rvice m<span class=\"_ _3\"></span>argin (CSM<span class=\"_ _3\"></span>) for the <span class=\"_ _3\"></span>unreali<span class=\"_ _3\"></span>sed fut<span class=\"_ _3\"></span>ure pr<span class=\"_ _3\"></span>ofits of<span class=\"_ _3\"></span> a gro<span class=\"_ _3\"></span>up of ins<span class=\"_ _3\"></span>urance </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa2\">contracts t<span class=\"_ _3\"></span>hat is di<span class=\"_ _3\"></span>stributed o<span class=\"_ _3\"></span>ver the <span class=\"_ _3\"></span>term of th<span class=\"_ _3\"></span>e contra<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tro<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n of a risk <span class=\"_ _3\"></span>adjustme<span class=\"_ _3\"></span>nt (RA) to t<span class=\"_ _3\"></span>ake ac<span class=\"_ _3\"></span>count of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e u<span class=\"_ _3\"></span>ncertai<span class=\"_ _3\"></span>nty in the cas<span class=\"_ _3\"></span>h flows fr<span class=\"_ _3\"></span>om i<span class=\"_ _3\"></span>nsurance co<span class=\"_ _3\"></span>ntracts,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e eli<span class=\"_ _3\"></span>mination of<span class=\"_ _3\"></span> savings <span class=\"_ _3\"></span>compo<span class=\"_ _3\"></span>nents (in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>estm<span class=\"_ _3\"></span>ent com<span class=\"_ _3\"></span>ponent) as <span class=\"_ _3\"></span>reven<span class=\"_ _3\"></span>ue, and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tro<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n of the <span class=\"_ _3\"></span>OCI optio<span class=\"_ _3\"></span>n to enable <span class=\"_ _3\"></span>the of<span class=\"_ _3\"></span>fsetting of <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ccou<span class=\"_ _3\"></span>nting mis<span class=\"_ _3\"></span>matches, w<span class=\"_ _3\"></span>hich ca<span class=\"_ _3\"></span>n occur<span class=\"_ _d\"></span>, fo<span class=\"_ _3\"></span>r e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ample, i<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa6\">the case o<span class=\"_ _3\"></span>f life i<span class=\"_ _3\"></span>nsurance co<span class=\"_ _3\"></span>ntracts <span class=\"_ _3\"></span>with dire<span class=\"_ _3\"></span>ct profi<span class=\"_ _3\"></span>t partici<span class=\"_ _3\"></span>pation.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsa7\">Initial appl<span class=\"_ _3\"></span>ication of<span class=\"_ _3\"></span> IFRS 9<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and I<span class=\"_ _3\"></span>FRS 17 with<span class=\"_ _3\"></span>in the Grou<span class=\"_ _3\"></span>p </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsa8\">IFRS 4 D<span class=\"_ _3\"></span>EFERRAL <span class=\"_ _5\"></span>APPROACH </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">In <span class=\"_ _3\"></span>accord<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>deferral <span class=\"_ _5\"></span>appro<span class=\"_ _3\"></span>ach <span class=\"_ _3\"></span>req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents, <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>perform<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>calcula<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>basis<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>31 December </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">2015 <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>satisf<span class=\"_ _3\"></span>ies <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>criteria <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>deferral<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ccor<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _4\"></span>IFRS <span class=\"_ _4\"></span>4 <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>mor<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>than <span class=\"_ _4\"></span>90%. <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>FRS <span class=\"_ _4\"></span>9 <span class=\"_ _1\"></span>will <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>be </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">applied <span class=\"_ _5\"></span>at <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>same <span class=\"_ _5\"></span>time <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>IFRS <span class=\"_ _d\"></span>17. <span class=\"_ _3\"></span>For <span class=\"_ _5\"></span>associ<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>compan<span class=\"_ _3\"></span>ies <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>join<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>ventu<span class=\"_ _3\"></span>res <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>have <span class=\"_ _3\"></span>appl<span class=\"_ _3\"></span>ied <span class=\"_ _3\"></span>IFRS <span class=\"_ _5\"></span>9 <span class=\"_ _3\"></span>since <span class=\"_ _5\"></span>1 <span class=\"_ _5\"></span>Janua<span class=\"_ _3\"></span>ry </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">2018,<span class=\"_ _3\"></span> VIG <span class=\"_ _3\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>has <span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span>os<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>in a<span class=\"_ _3\"></span>ccor<span class=\"_ _3\"></span>dance <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>IFRS 4<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>to in<span class=\"_ _3\"></span>clude <span class=\"_ _3\"></span>them <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>cial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">without <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>dj<span class=\"_ _3\"></span>ustment. <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>4 <span class=\"_ _3\"></span>does <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _d\"></span>requir<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>regula<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>evaluatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>edomi<span class=\"_ _3\"></span>nant <span class=\"_ _3\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _5\"></span>activity <span class=\"_ _d\"></span>u<span class=\"_ _1\"></span>nless <span class=\"_ _d\"></span>there <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>chan<span class=\"_ _3\"></span>ge </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">in the entit<span class=\"_ _3\"></span>y\u2019<span class=\"_ _d\"></span>s busi<span class=\"_ _3\"></span>ness acti<span class=\"_ _3\"></span>vities. A <span class=\"_ _3\"></span>new eval<span class=\"_ _3\"></span>uation was <span class=\"_ _3\"></span>also not <span class=\"_ _3\"></span>necessar<span class=\"_ _3\"></span>y in the c<span class=\"_ _3\"></span>urrent fi<span class=\"_ _3\"></span>nancial y<span class=\"_ _3\"></span>ear<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">Any <span class=\"_ _4\"></span>informatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>must <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>publis<span class=\"_ _3\"></span>hed <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>line <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>def<span class=\"_ _3\"></span>erral <span class=\"_ _a\"></span>appr<span class=\"_ _3\"></span>oac<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>IFRS <span class=\"_ _4\"></span>4.39<span class=\"_ _3\"></span>B-.39J) <span class=\"_ _4\"></span>has <span class=\"_ _4\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>pr<span class=\"_ _3\"></span>esented <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">foll<span class=\"_ _3\"></span>owing tables. Fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> instrume<span class=\"_ _3\"></span>nts that sa<span class=\"_ _3\"></span>tisfy t<span class=\"_ _3\"></span>he SPPI <span class=\"_ _3\"></span>criteri<span class=\"_ _3\"></span>a (<span class=\"_ _1\"></span>SPP<span class=\"_ _3\"></span>I-pass<span class=\"_ _3\"></span>), but ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>ld fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>ng or ma<span class=\"_ _3\"></span>naged <span class=\"_ _3\"></span>based </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">on fair <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>report<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>r \u201cOther\u201d. T<span class=\"_ _3\"></span>his is prim<span class=\"_ _3\"></span>arily th<span class=\"_ _3\"></span>e case for bo<span class=\"_ _3\"></span>nds.<span class=\"_ _379\"> </span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Fair value<span class=\"_ _1\"></span><span class=\"fce\"> <span class=\"_ _b6\"> </span></span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22 <span class=\"_ _1f\"> </span><span class=\"fce\">3<span class=\"_ _1\"></span>1.12.2021 <span class=\"_ _1d\"> </span></span>F<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span> changes </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb4\">Financial as<span class=\"_ _1\"></span>sets <span class=\"_ _f7\"> </span><span class=\"fsc\">SPPI-<span class=\"_ _1\"></span>pass<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsb5\">Other<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsb6\">SPPI-<span class=\"_ _1\"></span>pass<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsb7\">Other<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsb8\">SPPI-<span class=\"_ _1\"></span>pass<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsb9\">Other<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsba\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsbb\">Loan<span class=\"_ _1\"></span>s <span class=\"_ _f8\"> </span>1,597,62<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsbc\">387,958<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsbd\">1,902,52<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsbe\">477,132<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsbf\">-83,152<span class=\"_ _1e\"> </span>-24,3<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsc0\">Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f9\"> </span>1,157,14<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsc1\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsc2\">783,730<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsc3\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsc4\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsc5\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsc6\">Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _fa\"> </span>21,765,2<span class=\"_ _1\"></span>29<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsc7\">3,550,96<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsc8\">23,887,0<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsc9\">4,865,15<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsca\">-3,850<span class=\"_ _1\"></span>,115<span class=\"_ _c5\"> </span>-587,811<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscb\">Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _fb\"> </span>21,765,2<span class=\"_ _1\"></span>29<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscc\">940,885<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gscd\">23,887,0<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsce\">1,207,42<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf\">-3,850,11<span class=\"_ _1\"></span>5<span class=\"_ _c5\"> </span>-166,436<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd0\">Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-fi<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>ed-in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd1\">se<span class=\"_ _1\"></span>curi<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span> <span class=\"_ _fc\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd2\">617,590<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd3\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd4\">777,601<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd5\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd6\">-96,135<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd7\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd8\">1,966,47<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd9\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsda\">2,850,06<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsdb\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsdc\">-325,067<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsdd\">De<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsde\">26,016<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsdf\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gse0\">30,066<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse1\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse2\">-173<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse3\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1e\"> </span>128,803<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse4\">7,035,32<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gse5\">178,694<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gse6\">8,346,63<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse7\">-177<span class=\"_ _c5\"> </span>-885<span class=\"_ _1\"></span>,227<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse8\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abl<span class=\"_ _1\"></span>es <span class=\"_ _ff\"> </span>745,570<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gse9\">3,585<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsea\">688,558<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gseb\">1,045<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsec\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsed\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsee\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>2,058,970<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsef\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsf0\">2,456,33<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsf1\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsf2\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsf3\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsf4\">Book<span class=\"_ _1\"></span> value <span class=\"_ _79\"> </span><span class=\"fsc\">31.12.2022 </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsf5\">SPPI-pass<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assets rat<span class=\"_ _1\"></span>ing catego<span class=\"_ _1\"></span>ries <span class=\"_ _100\"> </span><span class=\"fsc\">AAA<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsf6\">AA<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsf7\">A<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsf8\">BBB<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsf9\">BB and lower<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsfa\">No rat<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsfb\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsfc\"><div class=\"t m3 x6 h25 y385 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfd\">Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k d<span class=\"_ _1\"></span>epo<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>63,538<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfe\">362,319<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff\">1,175,32<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs100\">577,581<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs101\">442,319<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs102\">267,061<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs103\">2,888,14<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs104\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>2,238<span class=\"_ _1\"></span>,056<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs105\">6,164,99<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs106\">6,748,91<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs107\">5,233,24<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs108\">1,449,59<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs109\">159,467<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10a\">21,994,2<span class=\"_ _1\"></span>66<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10b\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10c\">insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e\">10,724<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f\">40,646<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs110\">42,393<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs111\">38,895<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs112\">-3,855<span class=\"_ _c3\"> </span>128<span class=\"_ _1\"></span>,803<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs113\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abl<span class=\"_ _1\"></span>es <span class=\"_ _7d\"> </span>257<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs114\">825<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs115\">18,857<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs116\">616<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs117\">13,923<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs118\">711,507<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs119\">745,985<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11a\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _102\"> </span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11b\">15,082<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11c\">1,599,84<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11d\">290,657<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11e\">125,731<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs11f\">27,656<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs120\">2,058,97<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fce sc0 ls6 ws0 gs121\">Book<span class=\"_ _1\"></span> value <span class=\"_ _79\"> </span><span class=\"fsc\">31.12.2021 </span></div><div class=\"t m3 h32 ff45 fs17 fce sc0 ls6 ws0 gs122\">SPPI-pass<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assets rat<span class=\"_ _1\"></span>ing catego<span class=\"_ _1\"></span>ries <span class=\"_ _100\"> </span><span class=\"fsc\">AAA<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs123\">AA<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs124\">A<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs125\">BBB<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs126\">BB and lower<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs127\">No rat<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs128\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs129\"><div class=\"t m3 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12a\">Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k d<span class=\"_ _1\"></span>epo<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>55,730<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12b\">344,211<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12c\">850,960<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12d\">669,786<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12e\">404,914<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs12f\">206,732<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs130\">2,532,33<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs131\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>2,192<span class=\"_ _1\"></span>,933<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs132\">7,265,99<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs133\">7,828,41<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs134\">5,275,24<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs135\">997,030<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs136\">231,576<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs137\">23,791,1<span class=\"_ _1\"></span>93<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs138\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs139\">insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce </div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13a\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13b\">47,629<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13c\">42,861<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13d\">60,143<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13e\">28,420<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs13f\">-359<span class=\"_ _c3\"> </span>178,6<span class=\"_ _1\"></span>94<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs140\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abl<span class=\"_ _1\"></span>es <span class=\"_ _7d\"> </span>331<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs141\">647<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs142\">17,128<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs143\">731<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs144\">19,435<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs145\">650,340<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs146\">688,612<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs147\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _103\"> </span>414<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs148\">19,741<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs149\">1,714,85<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs14a\">586,364<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs14b\">121,635<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs14c\">13,325<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs14d\">2,456,33<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2a\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2b\">V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span></div><div class=\"c w14 h16 gs2c\"><div class=\"t m1 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs2d\">SPPI-pass<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> assets wit<span class=\"_ _1\"></span>h a significa<span class=\"_ _1\"></span>nt risk<span class=\"_ _1\"></span> of defau<span class=\"_ _1\"></span>lt<span class=\"fce\"> <span class=\"_ _c4\"> </span></span><span class=\"fsc\">31.12.2022 <span class=\"_ _104\"> </span><span class=\"fce\">31.12.20<span class=\"_ _1\"></span>21 </span></span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs14e\">Book val<span class=\"_ _1\"></span>ue<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs14f\">Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fce sc0 ls6 ws0 gs150\">Book val<span class=\"_ _1\"></span>ue<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fce sc0 ls6 ws0 gs151\">Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs152\"><div class=\"t m1 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs153\">Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k d<span class=\"_ _1\"></span>epo<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _105\"> </span>463,796<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs154\">447,469<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs155\">422,691<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs156\">427,313<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs157\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _106\"> </span>1,514,67<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs158\">1,505,96<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs159\">1,062,88<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs15a\">1,073,18<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs15b\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>38,720<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs15c\">38,720<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs15d\">28,267<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs15e\">28,267<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs15f\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>abl<span class=\"_ _1\"></span>es <span class=\"_ _108\"> </span>62,035<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs160\">62,035<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs161\">57,570<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs162\">57,570<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs163\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _109\"> </span>126,913<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs164\">126,913<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs165\">122,686<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fce sc0 ls6 ws0 gs166\">122,686<span class=\"_ _379\"> </span></div><div class=\"t m1 h23 ff45 fsf fc3 sc0 ls6 ws0 gs167\">IMP<span class=\"_ _3\"></span>ACT ON<span class=\"_ _3\"></span> C<span class=\"_ _1\"></span>ONSO<span class=\"_ _3\"></span>LIDA<span class=\"_ _d\"></span>TED BALANC<span class=\"_ _3\"></span>E SHEET<span class=\"_ _3\"></span> AND<span class=\"_ _3\"></span> CONSOLID<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>ED S<span class=\"_ _3\"></span>HAREHO<span class=\"_ _3\"></span>LDERS\u2019 <span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>QUI<span class=\"_ _3\"></span>TY </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs168\">VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up will<span class=\"_ _3\"></span> apply I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 9<span class=\"_ _3\"></span> and I<span class=\"_ _3\"></span>FRS 17 fo<span class=\"_ _3\"></span>r the fi<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>st time<span class=\"_ _3\"></span> fro<span class=\"_ _3\"></span>m 1 J<span class=\"_ _3\"></span>anuary 202<span class=\"_ _3\"></span>3, with<span class=\"_ _3\"></span> IFRS 17<span class=\"_ _3\"></span> appli<span class=\"_ _3\"></span>ed retr<span class=\"_ _3\"></span>ospe<span class=\"_ _3\"></span>c-<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs169\">tively a<span class=\"_ _3\"></span>nd the Gro<span class=\"_ _3\"></span>up h<span class=\"_ _3\"></span>av<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng decide<span class=\"_ _3\"></span>d to apply <span class=\"_ _3\"></span>the classif<span class=\"_ _3\"></span>ication ov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ay wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>in t<span class=\"_ _3\"></span>he meani<span class=\"_ _3\"></span>ng of IFRS 9.<span class=\"_ _5\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs16a\">The <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nitial applicatio<span class=\"_ _3\"></span>n will result in <span class=\"_ _1\"></span>sig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>nt chang<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>erefor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> have a <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>aterial influe<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the consol<span class=\"_ _3\"></span>idated financial<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs16b\">stateme<span class=\"_ _3\"></span>nts. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>vation <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>adjust<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>openi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>was <span class=\"_ _4\"></span>performe<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>esulted <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>duction <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holders\u2019 </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs16c\">equity <span class=\"_ _3\"></span>at<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>nt impleme<span class=\"_ _3\"></span>ntatio<span class=\"_ _3\"></span>n status. This<span class=\"_ _3\"></span> is c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ently br<span class=\"_ _3\"></span>oken do<span class=\"_ _3\"></span>wn as fol<span class=\"_ _3\"></span>lows: </div><div class=\"t m1 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs16d\">Estimated i<span class=\"_ _1\"></span>mpacts on<span class=\"_ _1\"></span> shareholde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>\u2019 <span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>quity <span class=\"_ _10a\"> </span><span class=\"fsc\">1.1.2022<span class=\"_ _379\"> </span></span></div><div class=\"c w1f h24 gs16e\"><div class=\"t m1 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs16f\">Adju<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>-2,039,98<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs170\">Adju<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>1,674,53<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs171\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _10c\"> </span>-365,4<span class=\"_ _1\"></span>45<span class=\"_ _379\"> </span></div><div class=\"t m1 h25 ff4c fsc fc3 sc0 ls6 ws0 gs172\">Eff<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> <span class=\"_ _10d\"> </span>154,873<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs173\">Total <span class=\"_ _10e\"> </span>-210,5<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs174\">The effects on the openi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>bal<span class=\"_ _3\"></span>ance are also prese<span class=\"_ _3\"></span>nted belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>. These are still<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>prelim<span class=\"_ _3\"></span>inary<span class=\"_ _d\"></span>, so changes may occ<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span> until they </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs175\">are fin<span class=\"_ _3\"></span>alised. R<span class=\"_ _3\"></span>easons for <span class=\"_ _3\"></span>this inclu<span class=\"_ _3\"></span>de that: <span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs176\">\u2022<span class=\"_ _f\"> </span>fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>and i<span class=\"_ _5\"></span>nte<span class=\"_ _3\"></span>rnal <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>rol<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>till<span class=\"_ _3\"></span> bei<span class=\"_ _5\"></span>ng a<span class=\"_ _3\"></span>dap<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>con<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span>ly i<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>d;<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs177\">\u2022<span class=\"_ _f\"> </span>the <span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>w s<span class=\"_ _3\"></span>yst<span class=\"_ _3\"></span>ems<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e stil<span class=\"_ _5\"></span>l b<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> te<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>opti<span class=\"_ _5\"></span>mis<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>des<span class=\"_ _3\"></span>pi<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>act t<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>t IA<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>39/<span class=\"_ _3\"></span>IFR<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>4 a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>IF<span class=\"_ _3\"></span>RS 9/<span class=\"_ _3\"></span>17<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>run<span class=\"_ _3\"></span>ning<span class=\"_ _3\"></span> in<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs178\">pa<span class=\"_ _3\"></span>rall<span class=\"_ _3\"></span>el i<span class=\"_ _5\"></span>n 20<span class=\"_ _3\"></span>22;<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs179\">\u2022<span class=\"_ _f\"> </span>int<span class=\"_ _3\"></span>ernal<span class=\"_ _3\"></span> im<span class=\"_ _3\"></span>pl<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>k in<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ert<span class=\"_ _3\"></span>ain <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>b-<span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>as <span class=\"_ _5\"></span>\u2013 pa<span class=\"_ _3\"></span>rtic<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>rly<span class=\"_ _3\"></span> ali<span class=\"_ _3\"></span>gn<span class=\"_ _3\"></span>men<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>wor<span class=\"_ _3\"></span>k fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ernal<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>ein<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>\u2013 i<span class=\"_ _3\"></span>s n<span class=\"_ _3\"></span>ot <span class=\"_ _3\"></span>ye<span class=\"_ _3\"></span>t<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs17a\">com<span class=\"_ _3\"></span>ple<span class=\"_ _3\"></span>te;<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs17b\">\u2022<span class=\"_ _f\"> </span>whe<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>class<span class=\"_ _3\"></span>if<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng fi<span class=\"_ _5\"></span>nanci<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nst<span class=\"_ _3\"></span>rume<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>wit<span class=\"_ _3\"></span>h I<span class=\"_ _3\"></span>FR<span class=\"_ _3\"></span>S 9<span class=\"_ _3\"></span>, i<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span> adj<span class=\"_ _5\"></span>ustm<span class=\"_ _5\"></span>ents<span class=\"_ _3\"></span> ca<span class=\"_ _3\"></span>n s<span class=\"_ _3\"></span>till<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span> m<span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>r t<span class=\"_ _3\"></span>o<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs17c\">en<span class=\"_ _3\"></span>abl<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>n a<span class=\"_ _3\"></span>sse<span class=\"_ _3\"></span>t-li<span class=\"_ _5\"></span>abili<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>tc<span class=\"_ _3\"></span>h in<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he s<span class=\"_ _3\"></span>har<span class=\"_ _5\"></span>ehol<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>rs\u2019 <span class=\"_ _3\"></span>eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t t<span class=\"_ _3\"></span>hat i<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>effi<span class=\"_ _5\"></span>cie<span class=\"_ _3\"></span>nt a<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>sibl<span class=\"_ _5\"></span>e.<span class=\"_ _379\"> </span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Effects on t<span class=\"_ _1\"></span>he asse<span class=\"_ _1\"></span>ts <span class=\"_ _10f\"> </span><span class=\"fsc\">Balance S<span class=\"_ _1\"></span>heet </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs17e\">as of </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs17f\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs180\">IFRS <span class=\"_ _1\"></span>17 </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs181\">adjustment<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs182\">IFRS <span class=\"_ _1\"></span>9 </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs183\">adjustment<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs184\">Adjustments/<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs185\">recla<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>if<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ons<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs186\">Balance sheet<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs187\">as of</div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs188\"> 1.1.2022<span class=\"_ _379\"> </span></div><div class=\"c w24 h24 gs189\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in </div></div><div class=\"c w25 h24 gs18a\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">EUR<span class=\"_ _1\"></span> '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs18b\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _110\"> </span>2,456,33<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs18c\">271,074<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs18d\">2,727,40<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs18e\">Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>40,207,6<span class=\"_ _1\"></span>20<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs18f\">-1,557<span class=\"_ _1\"></span>,445<span class=\"_ _1c\"> </span>1,679,252<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs190\">67,592<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs191\">40,397,0<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs192\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> IA<span class=\"_ _1\"></span>S 3<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>31,682,2<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs193\">-1,557,44<span class=\"_ _1\"></span>5<span class=\"_ _113\"> </span>-30,032,8<span class=\"_ _1\"></span>23<span class=\"_ _8a\"> </span>-92,021<span class=\"_ _50\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs194\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ccor<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>FRS<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>8,<span class=\"_ _1\"></span>346,278<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs195\">31,712,0<span class=\"_ _1\"></span>75<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs196\">338,666<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs197\">40,397,0<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs198\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>8,5<span class=\"_ _1\"></span>25,331<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs199\">-8,346,27<span class=\"_ _1\"></span>8<span class=\"_ _114\"> </span>-179,053<span class=\"_ _50\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs19a\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vable<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d5\"> </span>2,067,188<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs19b\">-1,378<span class=\"_ _1\"></span>,020<span class=\"_ _ca\"> </span>-3,194<span class=\"_ _9c\"> </span>-336,042<span class=\"_ _115\"> </span>349,932<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19c\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>1,377,53<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19d\">-1,377,53<span class=\"_ _1\"></span>1<span class=\"_ _f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19e\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>689,657<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19f\">-489<span class=\"_ _114\"> </span>-336<span class=\"_ _1\"></span>,042<span class=\"_ _115\"> </span>353,126<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a0\">Ris<span class=\"_ _1\"></span>k p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> <span class=\"_ _be\"> </span>-3,194<span class=\"_ _117\"> </span>-3,194<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a1\">Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _118\"> </span>135,053<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a2\">135,053<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a3\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>es an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> jo<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span> <span class=\"_ _119\"> </span>276,913<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a4\">276,913<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1a5\">Ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s <span class=\"_ _11a\"> </span>1,564,60<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1a6\">201,804<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1a7\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1a8\">1,766,40<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a9\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>rs' <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>FR<span class=\"_ _1\"></span>S 4<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>1,564,60<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa\">-1,564,60<span class=\"_ _1\"></span>5<span class=\"_ _f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab\">Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>cts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets i<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>FRS<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>114,156<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac\">114,156<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ad\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>cts <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>held<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>FRS<span class=\"_ _1\"></span> 17<span class=\"_ _1\"></span> <span class=\"_ _11d\"> </span>1,652,25<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ae\">1,652,25<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1af\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>l. <span class=\"_ _1\"></span>bui<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>igh<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>) <span class=\"_ _ff\"> </span>2,3<span class=\"_ _1\"></span>78,285<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b0\">-878<span class=\"_ _11e\"> </span>2,377,40<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b1\">Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>472,303<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b2\">114,433<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b3\">586,736<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b4\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> <span class=\"_ _120\"> </span>390,893<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b5\">-176,654<span class=\"_ _121\"> </span>-113,934<span class=\"_ _115\"> </span>100,30<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b6\">Go<span class=\"_ _1\"></span>odwi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l <span class=\"_ _122\"> </span>1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b7\">1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b8\">Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _d1\"> </span>483,943<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b9\">-14,607<span class=\"_ _123\"> </span>-48<span class=\"_ _115\"> </span>469,288<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>311,447<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb\">273,720<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc\">585,167<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd\">Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>173,348<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1be\">173,348<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1bf\">Total<span class=\"_ _1\"></span> assets <span class=\"_ _125\"> </span>52,178,1<span class=\"_ _1\"></span>57<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c0\">-2,924<span class=\"_ _1\"></span>,922<span class=\"_ _1c\"> </span>1,675,180<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c1\">276,795<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c2\">51,205,2<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs1c3\">Effects on t<span class=\"_ _1\"></span>he liabilit<span class=\"_ _1\"></span>ies </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c4\">Balance S<span class=\"_ _1\"></span>heet </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c5\">as of </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c6\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c7\">IFRS <span class=\"_ _1\"></span>17 </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c8\">adjustment<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1c9\">IFRS <span class=\"_ _1\"></span>9 </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1ca\">adjustment<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1cb\">Adjustments/<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1cc\">recla<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>if<span class=\"_ _1\"></span>icati<span class=\"_ _1\"></span>ons<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1cd\">Balance sheet<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1ce\">as of</div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1cf\"> 1.1.2022<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1d0\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1d1\">Liab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _5c\"> </span>1,738,513<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1d2\">-1,002<span class=\"_ _1\"></span>,395<span class=\"_ _126\"> </span>3,075<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1d3\">739,193<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d4\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>1,166,27<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d5\">-1,166,27<span class=\"_ _1\"></span>0<span class=\"_ _f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d6\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>572,243<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d7\">163,875<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d8\">3,075<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1d9\">739,193<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1da\">Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span>2<span class=\"_ _1\"></span>43,382<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1db\">243,382<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1dc\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>2,623<span class=\"_ _1\"></span>,053<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1dd\">747<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1de\">643<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1df\">2,624,44<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e0\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>131,168<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e1\">-70,852<span class=\"_ _128\"> </span>60,316<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1e2\">Ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>ntr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>s <span class=\"_ _ab\"> </span>40,735,020<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1e3\">219,867<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1e4\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1e5\">40,954,8<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e6\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>4 <span class=\"_ _129\"> </span>32,546,2<span class=\"_ _1\"></span>27<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e7\">-32,546,2<span class=\"_ _1\"></span>27<span class=\"_ _f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e8\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>x-li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> lif<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>IFR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>4 <span class=\"_ _31\"> </span>8,188,7<span class=\"_ _1\"></span>93<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1e9\">-8,188,79<span class=\"_ _1\"></span>3<span class=\"_ _f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ea\">Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>cts<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es i<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>FRS <span class=\"_ _1\"></span>17<span class=\"_ _1\"></span> <span class=\"_ _f7\"> </span>40,905,3<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1eb\">40,905,3<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ec\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>cts <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>FRS <span class=\"_ _1\"></span>17<span class=\"_ _1\"></span> <span class=\"_ _10f\"> </span>49,5<span class=\"_ _1\"></span>85<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ed\">49,585<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ee\">Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _12a\"> </span>890,189<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ef\">-32,307<span class=\"_ _e8\"> </span>857<span class=\"_ _1\"></span>,882<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f0\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es <span class=\"_ _f8\"> </span>218,884<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f1\">118,847<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f2\">337,731<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f3\">Con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs'<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _96\"> </span>5,597<span class=\"_ _1\"></span>,948<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f4\">-2,039,98<span class=\"_ _1\"></span>2<span class=\"_ _1c\"> </span>1,674,537<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f5\">154,873<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1f6\">5,387,37<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1f7\">Total<span class=\"_ _1\"></span> assets <span class=\"_ _125\"> </span>52,178,1<span class=\"_ _1\"></span>57<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1f8\">-2,924<span class=\"_ _1\"></span>,922<span class=\"_ _1c\"> </span>1,675,180<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1f9\">276,795<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1fa\">51,205,2<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fb\">The contr<span class=\"_ _3\"></span>actual s<span class=\"_ _3\"></span>ervice ma<span class=\"_ _3\"></span>rgin (CSM) of<span class=\"_ _3\"></span> appro<span class=\"_ _3\"></span>xima<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>ly <span class=\"_ _3\"></span>EUR 5.1<span class=\"_ _3\"></span> billi<span class=\"_ _3\"></span>on is included in I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance co<span class=\"_ _3\"></span>ntracts l<span class=\"_ _3\"></span>iabilities <span class=\"_ _3\"></span>issued.<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">3<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs8e\">IFRS 9 <span class=\"_ _5\"></span>APPLICA<span class=\"_ _d\"></span>T<span class=\"_ _1\"></span>ION D<span class=\"_ _3\"></span>ET<span class=\"_ _3\"></span>AILS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">VIG u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>a central s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ble<span class=\"_ _3\"></span>dger for the <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ent of <span class=\"_ _1\"></span>fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> Th<span class=\"_ _1\"></span>is all<span class=\"_ _3\"></span>ows <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e proc<span class=\"_ _3\"></span>esses associa<span class=\"_ _3\"></span>ted with the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">recog<span class=\"_ _3\"></span>nition <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span>ment <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>financial <span class=\"_ _b\"> </span>instrume<span class=\"_ _3\"></span>nts <span class=\"_ _6\"> </span>to <span class=\"_ _c\"> </span>be <span class=\"_ _6\"> </span>optimis<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>and <span class=\"_ _b\"> </span>str<span class=\"_ _3\"></span>eamlined. <span class=\"_ _b\"> </span>Mor<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>than <span class=\"_ _b\"> </span>95% <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>financi<span class=\"_ _3\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>elevant <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _a\"></span>9 <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>c<span class=\"_ _3\"></span>urrentl<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>ma<span class=\"_ _3\"></span>naged <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _a\"></span>sy<span class=\"_ _1\"></span>stem<span class=\"_ _3\"></span>. <span class=\"_ _a\"></span>I<span class=\"_ _1\"></span>n <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>f<span class=\"_ _3\"></span>uture, <span class=\"_ _a\"></span>this <span class=\"_ _a\"></span>makes <span class=\"_ _a\"></span>it <span class=\"_ _a\"></span>signifi<span class=\"_ _3\"></span>cantly <span class=\"_ _c\"> </span>e<span class=\"_ _3\"></span>asier <span class=\"_ _a\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">consist<span class=\"_ _3\"></span>ently apply <span class=\"_ _3\"></span>IFRS 9, i<span class=\"_ _3\"></span>ncluding <span class=\"_ _3\"></span>calculati<span class=\"_ _3\"></span>on of ECL. T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>classifi<span class=\"_ _3\"></span>cation of fin<span class=\"_ _3\"></span>ancial ass<span class=\"_ _3\"></span>ets based<span class=\"_ _3\"></span> on the SP<span class=\"_ _3\"></span>PI crit<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span> has </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">alrea<span class=\"_ _3\"></span>dy been impl<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nted.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">The <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>9 <span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>uidelines <span class=\"_ _1\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>finali<span class=\"_ _3\"></span>sed <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>roll<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>out <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>Insuran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>part <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>IFRS <span class=\"_ _1\"></span>9/17 <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>gramm<span class=\"_ _3\"></span>e. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>hese </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">guidelin<span class=\"_ _3\"></span>es include t<span class=\"_ _3\"></span>he met<span class=\"_ _3\"></span>hods used fo<span class=\"_ _3\"></span>r uniform i<span class=\"_ _3\"></span>mplem<span class=\"_ _3\"></span>entation of <span class=\"_ _3\"></span>IFRS 9.<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">In <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fut<span class=\"_ _3\"></span>ure, <span class=\"_ _4\"></span>illi<span class=\"_ _3\"></span>quid <span class=\"_ _4\"></span>portfol<span class=\"_ _3\"></span>ios <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>which <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>\u201chol<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>strategy<span class=\"_ _3\"></span>\u201d <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>used<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>will<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>classi<span class=\"_ _3\"></span>fied <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>asured <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>AC. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>applies <span class=\"_ _1\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">particul<span class=\"_ _3\"></span>ar <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>ans.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>that both <span class=\"_ _1\"></span>satisfy<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>SP<span class=\"_ _3\"></span>PI <span class=\"_ _1\"></span>criterion<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>(SPPI<span class=\"_ _3\"></span>-pass) and a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>subje<span class=\"_ _3\"></span>ct <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>\u201chold<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>colle<span class=\"_ _3\"></span>ct </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">and sell<span class=\"_ _3\"></span>\u201d busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss m<span class=\"_ _3\"></span>odel a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>catego<span class=\"_ _3\"></span>rised as m<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d at <span class=\"_ _3\"></span>FVtOCI. <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al assets <span class=\"_ _3\"></span>that <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>not compl<span class=\"_ _3\"></span>iant <span class=\"_ _3\"></span>with SPPI <span class=\"_ _3\"></span>(SPP<span class=\"_ _3\"></span>I- </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">fail) or do <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot me<span class=\"_ _3\"></span>et any of t<span class=\"_ _3\"></span>he abo<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e-m<span class=\"_ _3\"></span>entioned b<span class=\"_ _3\"></span>usiness m<span class=\"_ _5\"></span>odels ar<span class=\"_ _3\"></span>e recognis<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d as m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed at F<span class=\"_ _3\"></span>Vt<span class=\"_ _1\"></span>P<span class=\"_ _3\"></span>L. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">As part of the initi<span class=\"_ _3\"></span>al applicatio<span class=\"_ _3\"></span>n of IFR<span class=\"_ _1\"></span>S 9, <span class=\"_ _3\"></span>the repr<span class=\"_ _3\"></span>esentatio<span class=\"_ _5\"></span>n of financial instrum<span class=\"_ _3\"></span>ents of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e unit-lin<span class=\"_ _3\"></span>ked and index-li<span class=\"_ _3\"></span>nked life </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">insuranc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nised <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>pres<span class=\"_ _3\"></span>entation <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>rwriting <span class=\"_ _5\"></span>positio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _5\"></span>side <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>balance <span class=\"_ _5\"></span>she<span class=\"_ _3\"></span>et. <span class=\"_ _3\"></span>Agai<span class=\"_ _3\"></span>nst </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">this <span class=\"_ _4\"></span>backgr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>nd, <span class=\"_ _4\"></span>these <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>longe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>sted <span class=\"_ _4\"></span>separately<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>but <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>included <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>fin<span class=\"_ _3\"></span>ancial <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>trumen<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">within <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>definitio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>f IF<span class=\"_ _3\"></span>RS 9, <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>t F<span class=\"_ _3\"></span>VtPL o<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>at A<span class=\"_ _3\"></span>C. <span class=\"_ _5\"></span>Among ot<span class=\"_ _3\"></span>her t<span class=\"_ _3\"></span>hings, <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nfluences <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>cognitio<span class=\"_ _3\"></span>n of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">cash eq<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>alents of f<span class=\"_ _3\"></span>inancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _3\"></span>r unit- a<span class=\"_ _3\"></span>nd index-<span class=\"_ _3\"></span>linked lif<span class=\"_ _3\"></span>e insura<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>rul<span class=\"_ _3\"></span>e, <span class=\"_ _c\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _a\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _c\"> </span>wit<span class=\"_ _3\"></span>hin <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>me<span class=\"_ _3\"></span>aning <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>IFRS <span class=\"_ _c\"></span>9 <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>be <span class=\"_ _a\"></span>disti<span class=\"_ _3\"></span>nguished <span class=\"_ _4\"></span>be<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ween <span class=\"_ _a\"></span>debt <span class=\"_ _a\"></span>instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e fol<span class=\"_ _3\"></span>lowi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>able sho<span class=\"_ _3\"></span>ws th<span class=\"_ _3\"></span>e classifica<span class=\"_ _3\"></span>tion of <span class=\"_ _3\"></span>debt inst<span class=\"_ _3\"></span>ruments <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>equity inst<span class=\"_ _3\"></span>ruments <span class=\"_ _3\"></span>accordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g to<span class=\"_ _3\"></span> both <span class=\"_ _3\"></span>IAS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">39 and IF<span class=\"_ _3\"></span>RS 9 as o<span class=\"_ _3\"></span>f the t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>siti<span class=\"_ _3\"></span>on date 1 Ja<span class=\"_ _3\"></span>nuary 2022.<span class=\"_ _5\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs209\">Debt instr<span class=\"_ _1\"></span>uments<span class=\"_ _1\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs20a\">IAS 39 <span class=\"_ _12b\"> </span><span class=\"fs15\">IFRS <span class=\"_ _1\"></span>9 </span></div><div class=\"c w7 h24 gs20b\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">SPPI</div></div><div class=\"c we h24 gs20c\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">-</div></div><div class=\"c w27 h24 gs20d\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">pass<span class=\"_ _379\"> </span></div></div><div class=\"c w21 h63 gs20e\"><div class=\"t m1 x6 h38 y55a ff4c fs1a fcf sc0 ls6 ws0\">1<span class=\"_ _379\"> </span></div></div><div class=\"c w7 h24 gs20f\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">SPPI</div></div><div class=\"c we h24 gs210\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">-</div></div><div class=\"c w28 h24 gs211\"><div class=\"t m1 x6 h35 y558 ff4c fs15 fcf sc0 ls6 ws0\">fail</div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs212\"> <span class=\"_ _12c\"> </span>Business mo<span class=\"_ _1\"></span>del <span class=\"_ _12d\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs213\"> <span class=\"_ _e4\"> </span>Hold t<span class=\"_ _1\"></span>o coll<span class=\"_ _1\"></span>ect <span class=\"_ _b1\"> </span>H<span class=\"_ _1\"></span>old to co<span class=\"_ _1\"></span>llect<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>and sell <span class=\"_ _12e\"> </span>Neither <span class=\"_ _12f\"> </span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs214\">Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _b7\"> </span>measu<span class=\"_ _1\"></span>red at AC <span class=\"_ _31\"> </span>m<span class=\"_ _1\"></span>easured at FVt<span class=\"_ _1\"></span>OCI <span class=\"_ _21\"> </span>measured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>measured at FVtPL<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs215\">Held<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ity <span class=\"_ _1\"></span>(in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _130\"> </span>measured at A<span class=\"_ _1\"></span>C <span class=\"_ _31\"> </span>measured <span class=\"_ _1\"></span>at FVtOCI <span class=\"_ _21\"> </span>measu<span class=\"_ _1\"></span>red at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>measured at FVtPL </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs216\">Ava<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le <span class=\"_ _131\"> </span>measured at A<span class=\"_ _1\"></span>C <span class=\"_ _31\"> </span>measured <span class=\"_ _1\"></span>at FVtOCI <span class=\"_ _21\"> </span>measu<span class=\"_ _1\"></span>red at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>measured at FVtPL </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs217\">Re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>measured at A<span class=\"_ _1\"></span>C <span class=\"_ _31\"> </span>measured <span class=\"_ _1\"></span>at FVtOCI <span class=\"_ _21\"> </span>measu<span class=\"_ _1\"></span>red at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _30\"> </span>measured at FVtPL </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs218\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs219\"> Expected credi<span class=\"_ _3\"></span>t loss (ECL) must be calculated <span class=\"_ _3\"></span>for SP<span class=\"_ _1\"></span>PI-pass debt ins<span class=\"_ _3\"></span>truments. </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs21a\">Equity instr<span class=\"_ _1\"></span>uments<span class=\"_ _1\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs21b\">IAS 39 <span class=\"_ _12b\"> </span><span class=\"fs15\">I<span class=\"_ _1\"></span>FRS 9 </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs21c\"> <span class=\"_ _133\"> </span>Held f<span class=\"_ _1\"></span>or tr<span class=\"_ _1\"></span>ading <span class=\"_ _ff\"> </span>FVtOCI optio<span class=\"_ _1\"></span>n </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs21d\">Ava<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le <span class=\"_ _134\"> </span>measured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>measured at FVt<span class=\"_ _1\"></span>OCI </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs21e\">Re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>measured at FVtPL<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>measured at FVt<span class=\"_ _1\"></span>OCI<span class=\"_ _379\"> </span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">4<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">The <span class=\"_ _3\"></span>two <span class=\"_ _3\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _3\"></span>diag<span class=\"_ _3\"></span>rams <span class=\"_ _3\"></span>show<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>distrib<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n of<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs220\">the <span class=\"_ _5\"></span>classif<span class=\"_ _3\"></span>ication of<span class=\"_ _3\"></span> fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>assets <span class=\"_ _5\"></span>(as <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>centage<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>accordi<span class=\"_ _3\"></span>ng to<span class=\"_ _5\"></span> bo<span class=\"_ _3\"></span>th </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">IFRS 9 a<span class=\"_ _3\"></span>nd IAS 39 <span class=\"_ _3\"></span>as of 1 Ja<span class=\"_ _3\"></span>nuary 2022:<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs69\">IFRS 9<span class=\"_ _3\"></span> <span class=\"_ _136\"> </span>IAS 39<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs221\">Included i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ego<span class=\"_ _3\"></span>ry meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d at AC accor<span class=\"_ _3\"></span>ding to IF<span class=\"_ _3\"></span>RS 9 ar<span class=\"_ _3\"></span>e cash and cash eq<span class=\"_ _3\"></span>uivalents, de<span class=\"_ _3\"></span>bt instrume<span class=\"_ _3\"></span>nts subject <span class=\"_ _3\"></span>to </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs222\">SPPI-p<span class=\"_ _3\"></span>ass <span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>well<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>as the \u201chold<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to collect<span class=\"_ _3\"></span>\u201d business model<span class=\"_ _3\"></span>, an<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>whic<span class=\"_ _3\"></span>h the E<span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>L <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>del applies. Acco<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs223\">the curr<span class=\"_ _3\"></span>ent impl<span class=\"_ _3\"></span>ementatio<span class=\"_ _3\"></span>n stat<span class=\"_ _3\"></span>us of IFRS 9, <span class=\"_ _3\"></span>the sh<span class=\"_ _3\"></span>are of a<span class=\"_ _3\"></span>ny finan<span class=\"_ _3\"></span>cial instrum<span class=\"_ _3\"></span>ents measu<span class=\"_ _3\"></span>red <span class=\"_ _3\"></span>at AC is r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>ed. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs224\">Mor<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>than<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>ha<span class=\"_ _1\"></span>lf <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>tal <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>classifi<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>at <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>VtOCI<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>under <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _3\"></span>9.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>This<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>debt<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs225\">that ar<span class=\"_ _3\"></span>e assig<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>to both SPP<span class=\"_ _3\"></span>I-pass<span class=\"_ _3\"></span> and to <span class=\"_ _3\"></span>the \u201chold to <span class=\"_ _3\"></span>collect <span class=\"_ _3\"></span>and sell\u201d b<span class=\"_ _3\"></span>usiness m<span class=\"_ _3\"></span>odel. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs226\">Financial assets that are classifi<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed a<span class=\"_ _1\"></span>t FVtPL accordi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to IFRS <span class=\"_ _1\"></span>9 account <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>seco<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d-larges<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>his </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs227\">categor<span class=\"_ _3\"></span>y is pre<span class=\"_ _3\"></span>dominan<span class=\"_ _3\"></span>tly made <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p of <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> instr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s f<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span> unit- <span class=\"_ _3\"></span>and index-l<span class=\"_ _3\"></span>inked lif<span class=\"_ _3\"></span>e insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce a<span class=\"_ _3\"></span>nd investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt fu<span class=\"_ _3\"></span>nds.  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs228\">Thus, <span class=\"_ _1\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>85% <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _1\"></span>value und<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>eans <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sha<span class=\"_ _3\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>finan<span class=\"_ _3\"></span>cial </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs229\">assets m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span>d at fair <span class=\"_ _3\"></span>value incr<span class=\"_ _5\"></span>ea<span class=\"_ _1\"></span>ses <span class=\"_ _3\"></span>after t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>nitial appl<span class=\"_ _3\"></span>ication of I<span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>RS<span class=\"_ _3\"></span> 9. </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs22a\">CHANGE <span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>OM<span class=\"_ _3\"></span> CLEAN<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>VAL<span class=\"_ _3\"></span>UE <span class=\"_ _3\"></span>TO DIR<span class=\"_ _3\"></span>TY <span class=\"_ _5\"></span>VALUE<span class=\"_ _3\"></span> A<span class=\"_ _3\"></span>CCOUNTIN<span class=\"_ _3\"></span>G </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs22b\">As <span class=\"_ _5\"></span>part <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>initial <span class=\"_ _5\"></span>applicatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>9, <span class=\"_ _5\"></span>financial <span class=\"_ _5\"></span>instr<span class=\"_ _3\"></span>uments <span class=\"_ _5\"></span>will <span class=\"_ _5\"></span>subsequ<span class=\"_ _3\"></span>ently <span class=\"_ _3\"></span>be <span class=\"_ _5\"></span>acco<span class=\"_ _3\"></span>unted <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>dirty <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>e. <span class=\"_ _3\"></span>This <span class=\"_ _d\"></span>means </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs22c\">that <span class=\"_ _1\"></span>\u2013 <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>contrast <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 <span class=\"_ _1\"></span>accounti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>\u2013 <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>accrued <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>longer <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>separa<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>item <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>alance </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs22d\">sheet b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t is l<span class=\"_ _3\"></span>isted as <span class=\"_ _3\"></span>part of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>book <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>alue.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs22e\">30.8%<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs22f\">measured at FVt<span class=\"_ _1\"></span>PL<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs230\">15.4%<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs231\">measu<span class=\"_ _1\"></span>red at AC </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs232\">53.8%<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs233\">measured at FVt<span class=\"_ _1\"></span>OCI<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs234\">Recognised<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs235\">at fair va<span class=\"_ _1\"></span>lue </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs236\">through </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs237\">profit and </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs238\">loss<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs239\">Held to ma<span class=\"_ _1\"></span>turity </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs23a\">incl. loans and </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs23b\">non-underwritin<span class=\"_ _1\"></span>g </div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs23c\">receivab<span class=\"_ _1\"></span>les<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs23d\">60.2% Ava<span class=\"_ _1\"></span>ilable<span class=\"_ _c\"> </span>for s<span class=\"_ _1\"></span>ale<span class=\"_ _379\"> </span></div><div class=\"t m15 h65 ff45 fs30 fc3 sc0 ls6 ws0 gs23e\">19.8%<span class=\"_ _137\"></span>20.0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2a\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h18 ff45 fsc fc3 sc0 ls6 ws0 gs2b\">V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span></div><div class=\"c w14 h16 gs2c\"><div class=\"t m1 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">4<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h23 ff45 fsf fc3 sc0 ls6 ws0 gs23f\">IFRS 17<span class=\"_ _3\"></span> APPLIC<span class=\"_ _3\"></span>A<span class=\"_ _5\"></span>TION DET<span class=\"_ _d\"></span>AIL<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs240\">As of<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>transitio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> da<span class=\"_ _3\"></span>te 1 Ja<span class=\"_ _3\"></span>nuary 2022, t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up has:<span class=\"_ _5\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs241\">\u2022<span class=\"_ _f\"> </span>defined, r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>nised and m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed ever<span class=\"_ _3\"></span>y gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p of <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce cont<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>and all ac<span class=\"_ _3\"></span>quisition <span class=\"_ _3\"></span>costs r<span class=\"_ _3\"></span>ecognised <span class=\"_ _3\"></span>as ass<span class=\"_ _3\"></span>ets as<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs242\">if IFRS 17 <span class=\"_ _3\"></span>had alw<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>been appli<span class=\"_ _3\"></span>cable, <span class=\"_ _3\"></span>unless t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e appro<span class=\"_ _3\"></span>ach <span class=\"_ _3\"></span>wa<span class=\"_ _1\"></span>s a<span class=\"_ _3\"></span>pplied <span class=\"_ _3\"></span>as of the t<span class=\"_ _3\"></span>ransition d<span class=\"_ _3\"></span>ate;<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs243\">\u2022<span class=\"_ _f\"> </span>derecog<span class=\"_ _3\"></span>nised all b<span class=\"_ _3\"></span>alances <span class=\"_ _3\"></span>that ar<span class=\"_ _3\"></span>e not to <span class=\"_ _3\"></span>be re<span class=\"_ _3\"></span>cognised u<span class=\"_ _3\"></span>nder IF<span class=\"_ _3\"></span>RS 17; and<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs244\">\u2022<span class=\"_ _f\"> </span>recor<span class=\"_ _3\"></span>ded a<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lting <span class=\"_ _3\"></span>net dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces und<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated s<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>rs\u2019 equity<span class=\"_ _d\"></span>.<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs245\">Under IFRS 17, ther<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>is a choice <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span>ments<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>during the year for <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>im r<span class=\"_ _3\"></span>eporting. In the case of chang<span class=\"_ _3\"></span>es </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs246\">to <span class=\"_ _c\"> </span>estimates,<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>IFRS <span class=\"_ _c\"> </span>17 <span class=\"_ _c\"> </span>req<span class=\"_ _3\"></span>uires <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>rac<span class=\"_ _3\"></span>tual <span class=\"_ _c\"> </span>service <span class=\"_ _c\"> </span>margi<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>(CSM<span class=\"_ _3\"></span>) <span class=\"_ _b\"> </span>effec<span class=\"_ _3\"></span>ts <span class=\"_ _b\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>be <span class=\"_ _c\"> </span>immedia<span class=\"_ _3\"></span>tely <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>inco<span class=\"_ _3\"></span>me </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs247\">stateme<span class=\"_ _3\"></span>nt. <span class=\"_ _4\"></span>U<span class=\"_ _3\"></span>nder <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>34, however<span class=\"_ _d\"></span>, t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>fre<span class=\"_ _3\"></span>que<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nfluence the <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>stated <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> the </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs248\">year<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>So<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>that <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>res<span class=\"_ _3\"></span>ult <span class=\"_ _c\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>year <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>not <span class=\"_ _c\"> </span>infl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>nced, <span class=\"_ _c\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ents <span class=\"_ _a\"></span>made <span class=\"_ _a\"></span>during <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>year <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>ust <span class=\"_ _c\"></span>be <span class=\"_ _a\"></span>carried <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>ut <span class=\"_ _c\"> </span>on<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>a </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs249\">cumulati<span class=\"_ _3\"></span>ve basis f<span class=\"_ _3\"></span>rom<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> start o<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> year <span class=\"_ _3\"></span>to the r<span class=\"_ _5\"></span>elevant r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ting<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>during t<span class=\"_ _3\"></span>he yea<span class=\"_ _3\"></span>r (year<span class=\"_ _5\"></span>-to-d<span class=\"_ _3\"></span>ate acco<span class=\"_ _3\"></span>untin<span class=\"_ _3\"></span>g). </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24a\">Consequ<span class=\"_ _3\"></span>ently<span class=\"_ _d\"></span>, the year<span class=\"_ _5\"></span>-to-d<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>cc<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>unting do<span class=\"_ _3\"></span>es not take int<span class=\"_ _3\"></span>o account the c<span class=\"_ _3\"></span>hanges to estim<span class=\"_ _3\"></span>ates r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>or<span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>d d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng the year </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24b\">in <span class=\"_ _4\"></span>pre<span class=\"_ _3\"></span>vious <span class=\"_ _4\"></span>periods. <span class=\"_ _1\"></span>In <span class=\"_ _4\"></span>cont<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t, <span class=\"_ _4\"></span>these <span class=\"_ _1\"></span>changes <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>estimate<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>recor<span class=\"_ _3\"></span>ded <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>uring <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>prior <span class=\"_ _1\"></span>periods <span class=\"_ _4\"></span>wo<span class=\"_ _3\"></span>uld <span class=\"_ _4\"></span>have <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24c\">included<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in the calculatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> for period-to<span class=\"_ _3\"></span>-period<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unting. VIG has <span class=\"_ _1\"></span>op<span class=\"_ _3\"></span>ted for year<span class=\"_ _5\"></span>-t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>-date acco<span class=\"_ _3\"></span>unting <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n accorda<span class=\"_ _3\"></span>nce with<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24d\">IFRS 17.B13<span class=\"_ _3\"></span>7. </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24e\">Additionally<span class=\"_ _11\"></span>, the <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up exer<span class=\"_ _3\"></span>cises t<span class=\"_ _3\"></span>he optio<span class=\"_ _3\"></span>nal exemp<span class=\"_ _3\"></span>tion fro<span class=\"_ _5\"></span>m grou<span class=\"_ _3\"></span>ping by <span class=\"_ _3\"></span>annual <span class=\"_ _3\"></span>cohorts t<span class=\"_ _3\"></span>hat is ap<span class=\"_ _3\"></span>plicable i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e E<span class=\"_ _1\"></span>U. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs24f\">exemptio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>prim<span class=\"_ _3\"></span>arily <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ncerns <span class=\"_ _1\"></span>long-term <span class=\"_ _1\"></span>life <span class=\"_ _1\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntracts <span class=\"_ _1\"></span>and h<span class=\"_ _1\"></span>ealth <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>contracts t<span class=\"_ _1\"></span>hat <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>elig<span class=\"_ _3\"></span>ible <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs250\">participatio<span class=\"_ _3\"></span>n. <span class=\"_ _c\"> </span>Ho<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>to <span class=\"_ _c\"> </span>cost-be<span class=\"_ _3\"></span>nefit <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsideratio<span class=\"_ _3\"></span>ns <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>materiali<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>aspects, <span class=\"_ _c\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>panies <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _a\"></span>non-EU </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs251\">membe<span class=\"_ _3\"></span>r sta<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>es that apply I<span class=\"_ _3\"></span>FRS 17 at a local l<span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>el a<span class=\"_ _3\"></span>re not ob<span class=\"_ _3\"></span>lig<span class=\"_ _3\"></span>ed to apply this optional EU ex<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mptio<span class=\"_ _3\"></span>n for the co<span class=\"_ _3\"></span>nsolidated </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs252\">financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts.  </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs253\">Primary ins<span class=\"_ _3\"></span>urance a<span class=\"_ _3\"></span>nd fac<span class=\"_ _3\"></span>ultat<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ve rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e gro<span class=\"_ _3\"></span>uped i<span class=\"_ _3\"></span>n t<span class=\"_ _1\"></span>he I<span class=\"_ _3\"></span>FRS 17 po<span class=\"_ _3\"></span>rtfoli<span class=\"_ _3\"></span>o as foll<span class=\"_ _3\"></span>ows: </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs254\">\u2022<span class=\"_ _f\"> </span>Life insura<span class=\"_ _3\"></span>nce and <span class=\"_ _3\"></span>health insu<span class=\"_ _3\"></span>rance:<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs255\">\u2013<span class=\"_ _49\"> </span>With<span class=\"_ _1\"></span> prof<span class=\"_ _3\"></span>it par<span class=\"_ _3\"></span>ticipatio<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs256\">\u2013<span class=\"_ _49\"> </span>Unit-linked a<span class=\"_ _3\"></span>nd ind<span class=\"_ _3\"></span>ex-linked<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs257\">\u2013<span class=\"_ _49\"> </span>Others<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs258\">\u2013<span class=\"_ _49\"> </span>Issued a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>ld T<span class=\"_ _11\"></span>r<span class=\"_ _3\"></span>eaty r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs259\">\u2013<span class=\"_ _49\"> </span>Facultative i<span class=\"_ _3\"></span>ssued r<span class=\"_ _3\"></span>eins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25a\">\u2013<span class=\"_ _49\"> </span>Facultative <span class=\"_ _3\"></span>held r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25b\">\u2013<span class=\"_ _49\"> </span>Lon<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>-term <span class=\"_ _3\"></span>health ins<span class=\"_ _3\"></span>urance (SL<span class=\"_ _d\"></span>T<span class=\"_ _3\"></span>)<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25c\">\u2022<span class=\"_ _f\"> </span>Prope<span class=\"_ _3\"></span>rty and cas<span class=\"_ _3\"></span>ualty ins<span class=\"_ _3\"></span>urance:<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25d\">\u2013<span class=\"_ _49\"> </span>Medical <span class=\"_ _3\"></span>expense i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25e\">\u2013<span class=\"_ _49\"> </span>Inc<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>e pro<span class=\"_ _3\"></span>tection i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs25f\">\u2013<span class=\"_ _49\"> </span>Wo<span class=\"_ _3\"></span>rkers\u2018 comp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ation ins<span class=\"_ _3\"></span>urance<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs260\">\u2013<span class=\"_ _49\"> </span>Motor <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ehicl<span class=\"_ _3\"></span>e liability i<span class=\"_ _3\"></span>nsurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs261\">\u2013<span class=\"_ _49\"> </span>Other moto<span class=\"_ _3\"></span>r insuran<span class=\"_ _3\"></span>ce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs262\">\u2013<span class=\"_ _49\"> </span>Marine, aviatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> and <span class=\"_ _3\"></span>transport i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs263\">\u2013<span class=\"_ _49\"> </span>Fire <span class=\"_ _3\"></span>and other dam<span class=\"_ _3\"></span>age to <span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>erty ins<span class=\"_ _3\"></span>urance<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs264\">\u2013<span class=\"_ _49\"> </span>General liabi<span class=\"_ _3\"></span>lity i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs265\">\u2013<span class=\"_ _49\"> </span>Credit <span class=\"_ _3\"></span>and sur<span class=\"_ _3\"></span>etys<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ip i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs266\">\u2013<span class=\"_ _49\"> </span>Le<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>al exp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es insura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">4<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs268\">\u2013<span class=\"_ _49\"> </span>A<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs269\">ssis<span class=\"_ _3\"></span>tance<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26a\">\u2013<span class=\"_ _49\"> </span>Miscellan<span class=\"_ _3\"></span>eous fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ancial l<span class=\"_ _3\"></span>osses<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26b\">\u2013<span class=\"_ _49\"> </span>Issued a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>ld T<span class=\"_ _11\"></span>r<span class=\"_ _3\"></span>eaty r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26c\">\u2013<span class=\"_ _49\"> </span>Facultative i<span class=\"_ _3\"></span>ssued r<span class=\"_ _3\"></span>eins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26d\">\u2013<span class=\"_ _49\"> </span>Facultative <span class=\"_ _3\"></span>held r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">In <span class=\"_ _4\"></span>primary <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>P<span class=\"_ _5\"></span>AA <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>applied<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>non-lif<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>line <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>shor<span class=\"_ _3\"></span>t-term <span class=\"_ _4\"></span>cont<span class=\"_ _3\"></span>racts <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>as <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">prefe<span class=\"_ _3\"></span>rred m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt model. This i<span class=\"_ _3\"></span>s also the case for m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>i-year insura<span class=\"_ _3\"></span>nce contracts i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>non-life i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce, insofar as th<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>mod<span class=\"_ _3\"></span>els <span class=\"_ _a\"></span>do <span class=\"_ _c\"> </span>not <span class=\"_ _a\"></span>lead <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>any <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>terial <span class=\"_ _4\"></span>diff<span class=\"_ _3\"></span>eren<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s. <span class=\"_ _a\"></span>In <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>case <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lti-<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _a\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _a\"></span>contra<span class=\"_ _3\"></span>cts <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>prim<span class=\"_ _3\"></span>ary </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26f\">insuranc<span class=\"_ _3\"></span>e, the GMM is appli<span class=\"_ _3\"></span>ed, and in the pr<span class=\"_ _3\"></span>esence of<span class=\"_ _3\"></span> a substa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tial pr<span class=\"_ _3\"></span>ofit pa<span class=\"_ _3\"></span>rticipation, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> V<span class=\"_ _3\"></span>FA<span class=\"_ _3\"></span> is applied in li<span class=\"_ _3\"></span>fe insuran<span class=\"_ _3\"></span>ce </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">and healt<span class=\"_ _3\"></span>h insura<span class=\"_ _3\"></span>nce. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">Under IFRS 17,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the determi<span class=\"_ _3\"></span>nation of the risk adjustm<span class=\"_ _3\"></span>ent is requir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r non-fin<span class=\"_ _3\"></span>ancial r<span class=\"_ _1\"></span>isks<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>(Risk adjustm<span class=\"_ _3\"></span>ent). The sta<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>rd </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">does <span class=\"_ _3\"></span>not set<span class=\"_ _3\"></span> out <span class=\"_ _3\"></span>any specifi<span class=\"_ _3\"></span>c req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ements i<span class=\"_ _3\"></span>n this <span class=\"_ _3\"></span>contex<span class=\"_ _3\"></span>t. VI<span class=\"_ _3\"></span>G has t<span class=\"_ _3\"></span>herefo<span class=\"_ _3\"></span>re de<span class=\"_ _3\"></span>cided to<span class=\"_ _3\"></span> fol<span class=\"_ _3\"></span>low the <span class=\"_ _3\"></span>cost of<span class=\"_ _3\"></span> capit<span class=\"_ _3\"></span>al appr<span class=\"_ _3\"></span>oach </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">methodol<span class=\"_ _3\"></span>ogy <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Solven<span class=\"_ _3\"></span>cy II <span class=\"_ _5\"></span>when <span class=\"_ _5\"></span>determining <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>risk <span class=\"_ _d\"></span>adju<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>under <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>17. <span class=\"_ _5\"></span>Th<span class=\"_ _1\"></span>is <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rrespo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>opport<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>costs </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">for allo<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed capital<span class=\"_ _3\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">The health <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>busin<span class=\"_ _3\"></span>ess in<span class=\"_ _1\"></span> Austri<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>compris<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntracts with <span class=\"_ _1\"></span>dir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ct prof<span class=\"_ _3\"></span>it <span class=\"_ _1\"></span>particip<span class=\"_ _3\"></span>ation in a<span class=\"_ _1\"></span>ccor<span class=\"_ _3\"></span>dance wi<span class=\"_ _3\"></span>th </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">IFRS <span class=\"_ _1\"></span>17.B101. The <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>17.B101 a) <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>c)<span class=\"_ _1\"></span> cr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>andatory <span class=\"_ _1\"></span>appl<span class=\"_ _3\"></span>ication <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the V<span class=\"_ _1\"></span>F<span class=\"_ _5\"></span>A <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>met pr<span class=\"_ _1\"></span>ima<span class=\"_ _3\"></span>rily <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>remi<span class=\"_ _3\"></span>um </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">adjustme<span class=\"_ _3\"></span>nt mec<span class=\"_ _3\"></span>hanism t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>ensures l<span class=\"_ _3\"></span>ife-long <span class=\"_ _3\"></span>coverage of<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ured risks<span class=\"_ _3\"></span>.<span class=\"ff45 fce\">Fully retr<span class=\"_ _3\"></span>ospectiv<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ap<span class=\"_ _3\"></span>proach<span class=\"_ _3\"></span> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">The G<span class=\"_ _3\"></span>roup <span class=\"_ _3\"></span>has a<span class=\"_ _3\"></span>dopted <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>full <span class=\"_ _3\"></span>retros<span class=\"_ _3\"></span>pectiv<span class=\"_ _3\"></span>e appro<span class=\"_ _3\"></span>ac<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs270\">h w<span class=\"_ _3\"></span>her<span class=\"_ _3\"></span>e applica<span class=\"_ _3\"></span>ble. <span class=\"_ _3\"></span>This was <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>us applied <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>non-lif<span class=\"_ _3\"></span>e business <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs271\">well <span class=\"_ _c\"> </span>as <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>assum<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>cede<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>reins<span class=\"_ _3\"></span>urance, <span class=\"_ _c\"> </span>which <span class=\"_ _b\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>measure<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>accordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _c\"> </span>to <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>P<span class=\"_ _5\"></span>AA. <span class=\"_ _c\"> </span>In <span class=\"_ _b\"> </span>orde<span class=\"_ _3\"></span>r <span class=\"_ _b\"> </span>to <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>pply <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>fu<span class=\"_ _3\"></span>lly </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs272\">retros<span class=\"_ _3\"></span>pecti<span class=\"_ _3\"></span>ve  appro<span class=\"_ _3\"></span>ach  a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>  far  a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>possi<span class=\"_ _3\"></span>ble,  all  available  and  reli<span class=\"_ _3\"></span>able  info<span class=\"_ _3\"></span>rmation  was<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>take<span class=\"_ _3\"></span>n <span class=\"_ _10\"> </span>from<span class=\"_ _3\"></span>  existing<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>system<span class=\"_ _5\"></span>s. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs273\">Neverth<span class=\"_ _3\"></span>eless, it <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ecisel<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>ited <span class=\"_ _1\"></span>availa<span class=\"_ _3\"></span>bility of da<span class=\"_ _1\"></span>ta that <span class=\"_ _1\"></span>was the decisive reaso<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>that the fair <span class=\"_ _1\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>appro<span class=\"_ _3\"></span>ach was </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs274\">applied <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r the <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ng-term <span class=\"_ _3\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span> as <span class=\"_ _5\"></span>of t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>transitio<span class=\"_ _3\"></span>n d<span class=\"_ _3\"></span>ate. <span class=\"_ _3\"></span>For <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>mos<span class=\"_ _3\"></span>t pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ng-term <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>ess com<span class=\"_ _3\"></span>prises <span class=\"_ _3\"></span>lif<span class=\"_ _3\"></span>e ins<span class=\"_ _3\"></span>urance, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs275\">health i<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>(SL<span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>)<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ny pro<span class=\"_ _3\"></span>perty a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>casualty ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e contracts t<span class=\"_ _3\"></span>hat fall<span class=\"_ _3\"></span> under the <span class=\"_ _3\"></span>GMM. </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs276\">Fair v<span class=\"_ _3\"></span>alue approac<span class=\"_ _3\"></span>h </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs277\">The <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ence <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>etwee<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>fair valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>gr<span class=\"_ _3\"></span>oups </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs278\">of insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> contr<span class=\"_ _3\"></span>acts and <span class=\"_ _1\"></span>the fulfi<span class=\"_ _3\"></span>lment cash <span class=\"_ _1\"></span>flo<span class=\"_ _3\"></span>w <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of the tra<span class=\"_ _3\"></span>nsition </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs279\">date <span class=\"_ _5\"></span>results <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>contract<span class=\"_ _3\"></span>ual <span class=\"_ _5\"></span>service <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>(CSM) <span class=\"_ _d\"></span>or <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>loss <span class=\"_ _d\"></span>componen<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>mathem<span class=\"_ _3\"></span>atical <span class=\"_ _d\"></span>reserve <span class=\"_ _d\"></span>(liability <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>rem<span class=\"_ _3\"></span>aining </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27a\">coverage <span class=\"_ _4\"></span>(LRC)). <span class=\"_ _4\"></span>When <span class=\"_ _4\"></span>determining <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>fair <span class=\"_ _4\"></span>value, <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>prin<span class=\"_ _3\"></span>ciples <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>IFRS <span class=\"_ _a\"></span>13 <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>applied <span class=\"_ _4\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>this <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>permitt<span class=\"_ _3\"></span>ed. <span class=\"_ _4\"></span>In<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27b\">addition,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>made <span class=\"_ _1\"></span>extensive <span class=\"_ _1\"></span>use <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>rule <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>gr<span class=\"_ _5\"></span>ou<span class=\"_ _1\"></span>ps <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>contracts <span class=\"_ _1\"></span>can <span class=\"_ _4\"></span>also be<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>aggreg<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ver <span class=\"_ _4\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27c\">annual co<span class=\"_ _3\"></span>horts in <span class=\"_ _3\"></span>the fair val<span class=\"_ _3\"></span>ue appro<span class=\"_ _3\"></span>ach <span class=\"_ _3\"></span>as of the t<span class=\"_ _3\"></span>ransition<span class=\"_ _3\"></span> date<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27d\">All <span class=\"_ _3\"></span>av<span class=\"_ _1\"></span>ailable <span class=\"_ _3\"></span>and reli<span class=\"_ _3\"></span>able info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n was gath<span class=\"_ _3\"></span>ered i<span class=\"_ _3\"></span>n or<span class=\"_ _3\"></span>der to </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27e\">\u2022<span class=\"_ _f\"> </span>identify t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> gr<span class=\"_ _3\"></span>oups of<span class=\"_ _3\"></span> insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce co<span class=\"_ _3\"></span>ntracts,<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27f\">\u2022<span class=\"_ _f\"> </span>determine <span class=\"_ _3\"></span>whether pol<span class=\"_ _3\"></span>icies <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dire<span class=\"_ _3\"></span>ct profit p<span class=\"_ _3\"></span>articipatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> exi<span class=\"_ _3\"></span>sted,<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs280\">\u2022<span class=\"_ _f\"> </span>identify pol<span class=\"_ _3\"></span>icies tha<span class=\"_ _3\"></span>t contain disc<span class=\"_ _3\"></span>retio<span class=\"_ _3\"></span>nary cas<span class=\"_ _3\"></span>h flows t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e not subj<span class=\"_ _3\"></span>ect to di<span class=\"_ _3\"></span>rect p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t participati<span class=\"_ _3\"></span>on, and<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs281\">\u2022<span class=\"_ _f\"> </span>determine <span class=\"_ _3\"></span>whether in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>contracts <span class=\"_ _3\"></span>exist tha<span class=\"_ _3\"></span>t satisfy th<span class=\"_ _3\"></span>e cr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>a for in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tment con<span class=\"_ _3\"></span>tracts wit<span class=\"_ _3\"></span>h dire<span class=\"_ _3\"></span>ct pro<span class=\"_ _3\"></span>fit<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs282\">participatio<span class=\"_ _3\"></span>n in ac<span class=\"_ _3\"></span>cord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 17.<span class=\"_ _379\"> </span></div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>4<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>When <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>arr<span class=\"_ _3\"></span>yin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>out <span class=\"_ _5\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>accor<span class=\"_ _3\"></span>ding <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>ppro<span class=\"_ _3\"></span>ach, <span class=\"_ _d\"></span>VIG <span class=\"_ _3\"></span>dete<span class=\"_ _3\"></span>rmined <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _5\"></span>rates <span class=\"_ _d\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>for <span class=\"_ _d\"></span>discounts for th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gr<span class=\"_ _3\"></span>oups of insurance contracts <span class=\"_ _1\"></span>as of t<span class=\"_ _1\"></span>he transition date. The <span class=\"_ _1\"></span>determi<span class=\"_ _3\"></span>ned <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>est <span class=\"_ _1\"></span>rates c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rrespo<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>to th<span class=\"_ _1\"></span>e weighte<span class=\"_ _3\"></span>d average in<span class=\"_ _3\"></span>terest <span class=\"_ _3\"></span>rates t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e applied fo<span class=\"_ _3\"></span>r the und<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ying con<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s as o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e date of initial<span class=\"_ _3\"></span> applica<span class=\"_ _3\"></span>tion.  The <span class=\"_ _a\"></span>disco<span class=\"_ _3\"></span>unt <span class=\"_ _a\"></span>rate <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>for <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>periodic <span class=\"_ _4\"></span>compo<span class=\"_ _3\"></span>unding <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>contract<span class=\"_ _3\"></span>ual <span class=\"_ _a\"></span>servi<span class=\"_ _3\"></span>ce <span class=\"_ _a\"></span>margin <span class=\"_ _4\"></span>(CSM) <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>de<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _3\"></span>ned <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span>the bottom-<span class=\"_ _3\"></span>up<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>ach. Furthermor<span class=\"_ _5\"></span>e, <span class=\"_ _1\"></span>VIG has <span class=\"_ _1\"></span>decided, fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e transitio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>date, to <span class=\"_ _1\"></span>brea<span class=\"_ _3\"></span>k <span class=\"_ _1\"></span>down the <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance finance res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>into amounts that are<span class=\"_ _3\"></span> included i<span class=\"_ _3\"></span>n the i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e statem<span class=\"_ _3\"></span>ent and <span class=\"_ _3\"></span>amounts <span class=\"_ _3\"></span>that are i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ded i<span class=\"_ _3\"></span>n the sta<span class=\"_ _3\"></span>tement of<span class=\"_ _3\"></span> compr<span class=\"_ _3\"></span>ehensiv<span class=\"_ _3\"></span>e income.<span class=\"_ _3\"></span> In or<span class=\"_ _3\"></span>der to<span class=\"_ _3\"></span> determi<span class=\"_ _3\"></span>ne th<span class=\"_ _3\"></span>e liabiliti<span class=\"_ _3\"></span>es for i<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span> contra<span class=\"_ _3\"></span>cts as<span class=\"_ _3\"></span> of the <span class=\"_ _3\"></span>transitio<span class=\"_ _3\"></span>n dat<span class=\"_ _3\"></span>e, the costs<span class=\"_ _5\"></span> of capital <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>oach <span class=\"_ _3\"></span>was <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed for the risk <span class=\"_ _3\"></span>adjustm<span class=\"_ _3\"></span>ent (RA<span class=\"_ _3\"></span>) to calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>e the fai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> val<span class=\"_ _3\"></span>ue.<span class=\"_ _379\"> </span> FOREIGN CURRE<span class=\"_ _3\"></span>NCY T<span class=\"_ _3\"></span>RANSLA<span class=\"_ _5\"></span>TION Foreign<span class=\"_ _3\"></span> c<span class=\"_ _1\"></span>urr<span class=\"_ _3\"></span>ency tran<span class=\"_ _3\"></span>saction<span class=\"_ _3\"></span>s The <span class=\"_ _4\"></span>sep<span class=\"_ _3\"></span>arate <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>eac<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>ubsidia<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>epared<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _4\"></span>gen<span class=\"_ _3\"></span>erally <span class=\"_ _1\"></span>prevails <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>or<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>ry business <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>ivities of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compan<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>(f<span class=\"_ _3\"></span>unctional <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>ency). <span class=\"_ _1\"></span>Within <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>functio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>ncy <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>general<span class=\"_ _3\"></span>ly the local curr<span class=\"_ _3\"></span>ency<span class=\"_ _d\"></span>. T<span class=\"_ _d\"></span>ransactio<span class=\"_ _3\"></span>ns not conclude<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in the func<span class=\"_ _3\"></span>tional curr<span class=\"_ _3\"></span>ency are re<span class=\"_ _3\"></span>cognise<span class=\"_ _3\"></span>d u<span class=\"_ _1\"></span>sing<span class=\"_ _3\"></span> the <span class=\"_ _1\"></span>mea<span class=\"_ _3\"></span>n r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>te of <span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>chang<span class=\"_ _3\"></span>e on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>dat<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>transaction. <span class=\"_ _1\"></span>Mon<span class=\"_ _3\"></span>etary <span class=\"_ _4\"></span>assets<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>for<span class=\"_ _3\"></span>eign <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>ncy <span class=\"_ _4\"></span>existi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>eet <span class=\"_ _4\"></span>date <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> translated <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>euro using <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of e<span class=\"_ _1\"></span>xcha<span class=\"_ _3\"></span>nge <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>balance <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>heet <span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span>Any <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ulting <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>rei<span class=\"_ _3\"></span>gn <span class=\"_ _4\"></span>cur<span class=\"_ _3\"></span>rency <span class=\"_ _1\"></span>gains and loss<span class=\"_ _3\"></span>es are r<span class=\"_ _3\"></span>ecognised <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h pr<span class=\"_ _3\"></span>ofit or los<span class=\"_ _3\"></span>s.<span class=\"_ _379\"> </span>T<span class=\"_ _d\"></span>ranslation of <span class=\"_ _3\"></span>se<span class=\"_ _1\"></span>parat<span class=\"_ _3\"></span>e finan<span class=\"_ _3\"></span>cial stat<span class=\"_ _3\"></span>ements in for<span class=\"_ _3\"></span>eign curre<span class=\"_ _3\"></span>ncies Assets, l<span class=\"_ _3\"></span>iabilities,<span class=\"_ _3\"></span> income a<span class=\"_ _3\"></span>nd expenses <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e pr<span class=\"_ _3\"></span>esented in <span class=\"_ _3\"></span>eur<span class=\"_ _3\"></span>o, the repo<span class=\"_ _3\"></span>rting c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>ncy of VIG Hol<span class=\"_ _3\"></span>ding.<span class=\"_ _3\"></span> All <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ssets <span class=\"_ _5\"></span>and l<span class=\"_ _3\"></span>iabiliti<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the s<span class=\"_ _3\"></span>eparate<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>inancial <span class=\"_ _5\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>ranslated<span class=\"_ _3\"></span> to <span class=\"_ _5\"></span>euro <span class=\"_ _d\"></span>u<span class=\"_ _1\"></span>sing<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>mean <span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>exchan<span class=\"_ _3\"></span>ge on <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>balance <span class=\"_ _c\"> </span>sh<span class=\"_ _3\"></span>eet <span class=\"_ _c\"> </span>date. <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>tems <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>income <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>are <span class=\"_ _a\"></span>translate<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>using <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>average <span class=\"_ _a\"></span>month-<span class=\"_ _3\"></span>end <span class=\"_ _c\"> </span>mea<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>rate <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> exchange.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>stat<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cash<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>flows, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ean <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xc<span class=\"_ _3\"></span>hange <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>balanc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>sheet <span class=\"_ _1\"></span>date <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>us<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>changes<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in balanc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sheet <span class=\"_ _3\"></span>items <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>mean <span class=\"_ _5\"></span>rate <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>exchang<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>end <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>period <span class=\"_ _d\"></span>is <span class=\"_ _3\"></span>used <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sta<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ement <span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ems.  Curre<span class=\"_ _3\"></span>ncy <span class=\"_ _5\"></span>transl<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ion <span class=\"_ _d\"></span>dif<span class=\"_ _3\"></span>feren<span class=\"_ _3\"></span>ces, <span class=\"_ _5\"></span>includi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>those <span class=\"_ _d\"></span>that <span class=\"_ _5\"></span>result <span class=\"_ _d\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _d\"></span>acc<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>unting <span class=\"_ _d\"></span>using <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>method, <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>recog<span class=\"_ _3\"></span>nised <span class=\"_ _d\"></span>direc<span class=\"_ _3\"></span>tly in equity<span class=\"_ _d\"></span>.<span class=\"_ _379\"> </span> 4<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Currency<span class=\"_ _1\"></span> <span class=\"_ _138\"> </span><span class=\"fsc\">End-of-peri<span class=\"_ _1\"></span>od exchange r<span class=\"_ _1\"></span>ate <span class=\"_ _cd\"> </span>A<span class=\"_ _1\"></span>verage e<span class=\"_ _1\"></span>xch<span class=\"_ _3\"></span>ange r<span class=\"_ _1\"></span>ate </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>1 EU<span class=\"_ _1\"></span>R \u2259<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span> <span class=\"_ _139\"> </span>ALL <span class=\"_ _13a\"> </span>114.2300<span class=\"_ _379\"> </span>120.7600<span class=\"_ _379\"> </span>118.9211<span class=\"_ _379\"> </span>122.4423<span class=\"_ _379\"> </span>Bosn<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rtib<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span> <span class=\"_ _13b\"> </span>BAM <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>an le<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>BGN <span class=\"_ _13c\"> </span>1.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>1.9558<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>orgi<span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span> <span class=\"_ _fb\"> </span>GEL <span class=\"_ _71\"> </span>2.884<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>3.5040<span class=\"_ _379\"> </span>3.0686<span class=\"_ _379\"> </span>3.8056<span class=\"_ _379\"> </span>Cro<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span> kun<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _51\"> </span>HRK <span class=\"_ _13c\"> </span>7<span class=\"_ _1\"></span>.5365<span class=\"_ _379\"> </span>7.5156<span class=\"_ _379\"> </span>7.5349<span class=\"_ _379\"> </span>7.5284<span class=\"_ _379\"> </span>Ma<span class=\"_ _1\"></span>cedo<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r <span class=\"_ _13d\"> </span>MKD <span class=\"_ _13e\"> </span>61.4932<span class=\"_ _379\"> </span>61.6270<span class=\"_ _379\"> </span>61.6219<span class=\"_ _379\"> </span>61.6276<span class=\"_ _379\"> </span>Mol<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>van <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span> <span class=\"_ _13f\"> </span>MDL <span class=\"_ _13e\"> </span>20<span class=\"_ _1\"></span>.3792<span class=\"_ _379\"> </span>20.0938<span class=\"_ _379\"> </span>19.8982<span class=\"_ _379\"> </span>20.9256<span class=\"_ _379\"> </span>New <span class=\"_ _1\"></span>Tu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>kish<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a <span class=\"_ _140\"> </span>TRY <span class=\"_ _61\"> </span>19.9649<span class=\"_ _379\"> </span>15.2335<span class=\"_ _379\"> </span>17.4088<span class=\"_ _379\"> </span>10.5124<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>lish<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>lot<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _141\"> </span>PLN <span class=\"_ _71\"> </span>4.6808<span class=\"_ _379\"> </span>4.5969<span class=\"_ _379\"> </span>4.6861<span class=\"_ _379\"> </span>4.5652<span class=\"_ _379\"> </span>Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span> <span class=\"_ _51\"> </span>RON <span class=\"_ _13c\"> </span>4.9495<span class=\"_ _379\"> </span>4.9490<span class=\"_ _379\"> </span>4.9313<span class=\"_ _379\"> </span>4.9215<span class=\"_ _379\"> </span>Swis<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span> <span class=\"_ _142\"> </span>CHF <span class=\"_ _71\"> </span>0.9847<span class=\"_ _379\"> </span>1.0331<span class=\"_ _379\"> </span>1.0047<span class=\"_ _379\"> </span>1.0812<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>rbian<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _143\"> </span>RSD <span class=\"_ _3d\"> </span>117.32<span class=\"_ _1\"></span>24<span class=\"_ _379\"> </span>117.5821<span class=\"_ _379\"> </span>117.4641<span class=\"_ _379\"> </span>117.5736<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch <span class=\"_ _1\"></span>kor<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>a <span class=\"_ _13f\"> </span>CZK<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>24.11<span class=\"_ _1\"></span>60<span class=\"_ _379\"> </span>24.8580<span class=\"_ _379\"> </span>24.5659<span class=\"_ _379\"> </span>25.6405<span class=\"_ _379\"> </span>Uk<span class=\"_ _1\"></span>rain<span class=\"_ _1\"></span>e h<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>yvni<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _144\"> </span>UAH <span class=\"_ _63\"> </span>38.951<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>30.9226<span class=\"_ _379\"> </span>33.9954<span class=\"_ _379\"> </span>32.3009<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rian<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span> <span class=\"_ _140\"> </span>HUF <span class=\"_ _3d\"> </span>400<span class=\"_ _1\"></span>.8700<span class=\"_ _379\"> </span>369.1900<span class=\"_ _379\"> </span>391.2865<span class=\"_ _379\"> </span>358.5161<span class=\"_ _379\"> </span>US D<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ar <span class=\"_ _145\"> </span>USD <span class=\"_ _100\"> </span>1.<span class=\"_ _1\"></span>0666<span class=\"_ _379\"> </span>1.1326<span class=\"_ _379\"> </span>1.0531<span class=\"_ _379\"> </span>1.1827<span class=\"_ _379\"> </span>New T<span class=\"_ _d\"></span>urkish lira<span class=\"_ _3\"></span> (TRY)<span class=\"_ _3\"></span> A <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>three-<span class=\"_ _3\"></span>year <span class=\"_ _4\"></span>cu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ulative <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>nflation <span class=\"_ _4\"></span>above <span class=\"_ _4\"></span>100% <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>consider<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>indica<span class=\"_ _3\"></span>tors <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plicatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>IAS <span class=\"_ _4\"></span>29 Financial <span class=\"_ _b\"> </span>Reporting <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>Hyperinflatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>y <span class=\"_ _2\"> </span>E<span class=\"_ _3\"></span>conomies; <span class=\"_ _b\"> </span>this <span class=\"_ _6\"> </span>is <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>cas<span class=\"_ _3\"></span>e <span class=\"_ _2\"> </span>in <span class=\"_ _6\"> </span>T<span class=\"_ _4a\"></span>\u00fc<span class=\"_ _1\"></span>rkiye. <span class=\"_ _b\"> </span>In<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _6\"> </span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial stateme<span class=\"_ _3\"></span>nts, <span class=\"_ _5\"></span>VIG <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fully <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dates <span class=\"_ _d\"></span>tw<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>T<span class=\"_ _11\"></span>urkish <span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>panies <span class=\"_ _d\"></span>that <span class=\"_ _5\"></span>compile <span class=\"_ _5\"></span>thei<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts in t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span>unctional <span class=\"_ _5\"></span>curre<span class=\"_ _3\"></span>ncy TR<span class=\"_ _3\"></span>Y<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>Thes<span class=\"_ _3\"></span>e comp<span class=\"_ _3\"></span>anies <span class=\"_ _3\"></span>do <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>av<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>erial l<span class=\"_ _3\"></span>ong-term <span class=\"_ _5\"></span>non-mo<span class=\"_ _3\"></span>netary <span class=\"_ _3\"></span>assets<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>have a <span class=\"_ _1\"></span>material<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>ccounti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>impact by <span class=\"_ _1\"></span>virtue <span class=\"_ _1\"></span>of I<span class=\"_ _1\"></span>AS<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>29, which <span class=\"_ _1\"></span>is w<span class=\"_ _1\"></span>hy<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>AS <span class=\"_ _1\"></span>29<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>is n<span class=\"_ _1\"></span>ot ap<span class=\"_ _1\"></span>pli<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial stateme<span class=\"_ _3\"></span>nts. ESTIMA<span class=\"_ _5\"></span>TES <span class=\"_ _5\"></span>AND<span class=\"_ _1\"></span> DISC<span class=\"_ _3\"></span>RETIONARY<span class=\"_ _3\"></span> DECISIONS<span class=\"_ _3\"></span> Prep<span class=\"_ _3\"></span>aration <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _4\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ake <span class=\"_ _4\"></span>discr<span class=\"_ _3\"></span>etionar<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>assessm<span class=\"_ _3\"></span>ents and <span class=\"_ _4\"></span>specify <span class=\"_ _4\"></span>assu<span class=\"_ _3\"></span>mptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>reg<span class=\"_ _3\"></span>ardi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>develo<span class=\"_ _3\"></span>pments <span class=\"_ _4\"></span>(estim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>). <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>estim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>discr<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>ion<span class=\"_ _3\"></span>ary <span class=\"_ _4\"></span>decisio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>cou<span class=\"_ _3\"></span>ld have <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ial <span class=\"_ _4\"></span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nition <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>assets <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>liabilities,<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>the <span class=\"_ _a\"></span>dis<span class=\"_ _3\"></span>closur<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>ther <span class=\"_ _a\"></span>obliga<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>the repo<span class=\"_ _3\"></span>rting of in<span class=\"_ _3\"></span>come a<span class=\"_ _3\"></span>nd e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>penses. <span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>book va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ues <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>items on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>balan<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>heet <span class=\"_ _1\"></span>date are <span class=\"_ _1\"></span>sho<span class=\"_ _3\"></span>wn <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>bala<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>age <span class=\"_ _1\"></span>28 <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> corr<span class=\"_ _3\"></span>esponding<span class=\"_ _3\"></span> disclos<span class=\"_ _3\"></span>ures<span class=\"_ _3\"></span> in t<span class=\"_ _3\"></span>he notes. <span class=\"_ _3\"></span>Se<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>siti<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y analys<span class=\"_ _3\"></span>es f<span class=\"_ _3\"></span>or assets<span class=\"_ _3\"></span> and li<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ties ar<span class=\"_ _3\"></span>e pr<span class=\"_ _3\"></span>esented<span class=\"_ _3\"></span> in t<span class=\"_ _3\"></span>he risk <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rt starti<span class=\"_ _3\"></span>ng on page 90<span class=\"_ _3\"></span>. Estimates an<span class=\"_ _1\"></span>d disc<span class=\"_ _1\"></span>retionary <span class=\"_ _1\"></span>decisions<span class=\"_ _1\"></span> Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _9b\"> </span>Deta<span class=\"_ _1\"></span>ils<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e 56<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>(Le<span class=\"_ _1\"></span>vel <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>) <span class=\"_ _146\"> </span>Details<span class=\"_ _3\"></span> on <span class=\"_ _3\"></span>page <span class=\"_ _3\"></span>45 and <span class=\"_ _3\"></span>starti<span class=\"_ _3\"></span>ng page<span class=\"_ _3\"></span> 133<span class=\"_ _3\"></span> Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>go<span class=\"_ _1\"></span>odw<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>l <span class=\"_ _147\"> </span>Det<span class=\"_ _1\"></span>ails<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>on p<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>45<span class=\"_ _1\"></span> Valu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>allo<span class=\"_ _1\"></span>wan<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ables<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>(a<span class=\"_ _1\"></span>ccumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>) imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>losse<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>Details on pag<span class=\"_ _1\"></span>e 45 and <span class=\"_ _1\"></span>page 53<span class=\"_ _379\"> </span>Valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>efer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ed t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> <span class=\"_ _149\"> </span>Details on pag<span class=\"_ _1\"></span>e 45<span class=\"_ _1\"></span> Met<span class=\"_ _1\"></span>hod<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span>Details on pag<span class=\"_ _1\"></span>e 46 and <span class=\"_ _1\"></span>61ff Mat<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> <span class=\"_ _14b\"> </span>Details on pag<span class=\"_ _1\"></span>e 46<span class=\"_ _379\"> </span><span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>4<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Financial<span class=\"_ _3\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _3\"></span>strument<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>gnised at<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alue (<span class=\"_ _3\"></span>Level 3)<span class=\"_ _3\"></span> Suitable <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>alculate <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue o<span class=\"_ _3\"></span>f f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>instrume<span class=\"_ _3\"></span>nts t<span class=\"_ _3\"></span>hat a<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _3\"></span>traded <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n activ<span class=\"_ _3\"></span>e ma<span class=\"_ _3\"></span>rket<span class=\"_ _3\"></span>s.<span class=\"_ _1\"></span> The assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sed a<span class=\"_ _3\"></span>re based o<span class=\"_ _3\"></span>n marke<span class=\"_ _3\"></span>t data available <span class=\"_ _3\"></span>on the bal<span class=\"_ _3\"></span>ance sheet da<span class=\"_ _3\"></span>te. T<span class=\"_ _d\"></span>o dete<span class=\"_ _3\"></span>rmine the fair <span class=\"_ _3\"></span>value of ma<span class=\"_ _3\"></span>ny financial assets that are not traded in active markets, VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p uses <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>value methods based on appr<span class=\"_ _3\"></span>o-<span class=\"_ _379\"> </span>priate <span class=\"_ _5\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _5\"></span>rate <span class=\"_ _5\"></span>models. <span class=\"_ _d\"></span>No<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ume<span class=\"_ _3\"></span>nts <span class=\"_ _d\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>fai<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>mea<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>rem<span class=\"_ _5\"></span>ent <span class=\"_ _d\"></span>hier<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>chy <span class=\"_ _d\"></span>st<span class=\"_ _3\"></span>artin<span class=\"_ _3\"></span>g <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>13<span class=\"_ _3\"></span>3 <span class=\"_ _d\"></span>pro<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r i<span class=\"_ _3\"></span>nfo<span class=\"_ _3\"></span>rm<span class=\"_ _3\"></span>atio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>uatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _5\"></span>roc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span>. I<span class=\"_ _3\"></span>nfo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e im<span class=\"_ _5\"></span>pairm<span class=\"_ _5\"></span>ent o<span class=\"_ _3\"></span>f fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> as<span class=\"_ _3\"></span>sets<span class=\"_ _5\"></span> is <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>d o<span class=\"_ _3\"></span>n p<span class=\"_ _3\"></span>age<span class=\"_ _3\"></span> <span class=\"fs32\">52<span class=\"_ _3\"></span><span class=\"fsf\">.<span class=\"_ _379\"> </span></span></span><span class=\"fs32\"><span class=\"fsf\"><span class=\"_ _3\"></span> </span></span>Impairm<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _3\"></span> of goodw<span class=\"_ _3\"></span>ill Good<span class=\"_ _3\"></span>will is t<span class=\"_ _1\"></span>ested for impai<span class=\"_ _3\"></span>rment at least once a year in accor<span class=\"_ _3\"></span>dance with the met<span class=\"_ _3\"></span>hod explained o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>page 47 in the Impai<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>ment of n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial assets sectio<span class=\"_ _3\"></span>n. <span class=\"_ _1\"></span>Es<span class=\"_ _3\"></span>timates in <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is ar<span class=\"_ _3\"></span>ea prima<span class=\"_ _3\"></span>rily <span class=\"_ _1\"></span>conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>n the proj<span class=\"_ _3\"></span>ected earnings <span class=\"_ _1\"></span>of the CGUs that the calculatio<span class=\"_ _3\"></span>ns ar<span class=\"_ _3\"></span>e based o<span class=\"_ _3\"></span>n, and spe<span class=\"_ _3\"></span>cific par<span class=\"_ _3\"></span>ameters, i<span class=\"_ _3\"></span>n partic<span class=\"_ _3\"></span>ular the gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>ates and disco<span class=\"_ _3\"></span>unt <span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tes.<span class=\"_ _5\"></span> Sensitivitie<span class=\"_ _1\"></span>s Additional<span class=\"_ _1\"></span> impairme<span class=\"_ _1\"></span>nt needed<span class=\"_ _1\"></span> Cash flows<span class=\"_ _379\"> </span>Growth ra<span class=\"_ _1\"></span>te<span class=\"_ _379\"> </span>Discount ra<span class=\"_ _1\"></span>te<span class=\"_ _379\"> </span>Cash flows a<span class=\"_ _1\"></span>nd discount r<span class=\"_ _1\"></span>ate<span class=\"_ _379\"> </span>-10%<span class=\"_ _379\"> </span>-1%p<span class=\"_ _379\"> </span>+1%p<span class=\"_ _1e\"> </span>-10% and +1%p<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R millions<span class=\"_ _379\"> </span>Bal<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>33.1<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _14d\"> </span>5.2<span class=\"_ _379\"> </span>Valuat<span class=\"_ _3\"></span>ion allowa<span class=\"_ _3\"></span>nces for<span class=\"_ _3\"></span> receivab<span class=\"_ _3\"></span>les The <span class=\"_ _4\"></span>colle<span class=\"_ _3\"></span>ctability <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>receivabl<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ased <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>experienc<span class=\"_ _3\"></span>e. <span class=\"_ _4\"></span>In<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>ormatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecogniti<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>potenti<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>impairme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>losses <span class=\"_ _1\"></span>is provid<span class=\"_ _3\"></span>ed on pag<span class=\"_ _3\"></span>e 53.<span class=\"_ _3\"></span> Valu<span class=\"_ _3\"></span>e of deferr<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> tax ass<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ts Income <span class=\"_ _3\"></span>taxes m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span> be estim<span class=\"_ _3\"></span>ated fo<span class=\"_ _3\"></span>r eac<span class=\"_ _3\"></span>h tax<span class=\"_ _3\"></span> jurisdictio<span class=\"_ _3\"></span>n in <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>hi<span class=\"_ _3\"></span>ch VIG o<span class=\"_ _3\"></span>perates.<span class=\"_ _3\"></span> The <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ent i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e tax <span class=\"_ _3\"></span>expect<span class=\"_ _3\"></span>ed fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>each taxable e<span class=\"_ _3\"></span>ntity must be c<span class=\"_ _3\"></span>alculate<span class=\"_ _3\"></span>d and the tempo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ary dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e to dif<span class=\"_ _5\"></span>feren<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s b<span class=\"_ _3\"></span>etween the t<span class=\"_ _3\"></span>ax and IF<span class=\"_ _3\"></span>RS treatm<span class=\"_ _3\"></span>ent of certai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>bala<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>sheet <span class=\"_ _a\"></span>items <span class=\"_ _4\"></span>must <span class=\"_ _4\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>assessed. <span class=\"_ _a\"></span>If<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>tem<span class=\"_ _3\"></span>pora<span class=\"_ _3\"></span>ry <span class=\"_ _a\"></span>diff<span class=\"_ _3\"></span>erences <span class=\"_ _a\"></span>exist,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>as <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>ru<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hey <span class=\"_ _c\"></span>l<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ad <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>recog<span class=\"_ _3\"></span>nition <span class=\"_ _4\"></span>of deferred<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>ets <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>liabiliti<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _4\"></span>statemen<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>based <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>rate <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>each <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>untr<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>unt <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the expecte<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>curr<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>ta<span class=\"_ _1\"></span>x <span class=\"_ _4\"></span>liabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>asset <span class=\"_ _4\"></span>reflects<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>b<span class=\"_ _3\"></span>est <span class=\"_ _a\"></span>estimat<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>taking <span class=\"_ _4\"></span>into <span class=\"_ _4\"></span>account <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>uncertai<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>and, conseq<span class=\"_ _3\"></span>uently<span class=\"_ _d\"></span>, unde<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>pplicatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> of<span class=\"_ _3\"></span> IFRIC 23<span class=\"_ _3\"></span>. The <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Board <span class=\"_ _1\"></span>must <span class=\"_ _4\"></span>make <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd, <span class=\"_ _4\"></span>taking <span class=\"_ _1\"></span>into <span class=\"_ _4\"></span>acc<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ncert<span class=\"_ _3\"></span>ainties, <span class=\"_ _4\"></span>judgem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>calcula<span class=\"_ _3\"></span>ting curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and latent tax<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>Defe<span class=\"_ _3\"></span>rred tax assets ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>cognised to the exten<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>that it is probable th<span class=\"_ _3\"></span>ey <span class=\"_ _1\"></span>can<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be utilised. The utilisation of<span class=\"_ _3\"></span> defe<span class=\"_ _3\"></span>rred t<span class=\"_ _3\"></span>ax ass<span class=\"_ _3\"></span>ets dep<span class=\"_ _3\"></span>ends o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he likeli<span class=\"_ _3\"></span>hood of<span class=\"_ _3\"></span> achieving s<span class=\"_ _3\"></span>uff<span class=\"_ _3\"></span>icient tax<span class=\"_ _3\"></span>able incom<span class=\"_ _3\"></span>e of a<span class=\"_ _3\"></span> particula<span class=\"_ _3\"></span>r tax t<span class=\"_ _3\"></span>ype for<span class=\"_ _3\"></span> a <span class=\"_ _a\"></span>particular <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _a\"></span>jurisdiction, <span class=\"_ _4\"></span>while <span class=\"_ _a\"></span>taking <span class=\"_ _a\"></span>into <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ccou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>any <span class=\"_ _a\"></span>statutory <span class=\"_ _a\"></span>rest<span class=\"_ _3\"></span>rictions <span class=\"_ _a\"></span>concerning <span class=\"_ _a\"></span>maxi<span class=\"_ _3\"></span>mum <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>oss <span class=\"_ _a\"></span>carryforwa<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span> periods. <span class=\"_ _3\"></span> The fo<span class=\"_ _3\"></span>llowing <span class=\"_ _3\"></span>facto<span class=\"_ _3\"></span>rs a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>consid<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>d w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>en <span class=\"_ _5\"></span>assessing <span class=\"_ _5\"></span>the pr<span class=\"_ _3\"></span>obabil<span class=\"_ _3\"></span>ity of <span class=\"_ _3\"></span>bei<span class=\"_ _3\"></span>ng a<span class=\"_ _3\"></span>ble to <span class=\"_ _5\"></span>utilise <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>ax <span class=\"_ _3\"></span>assets <span class=\"_ _3\"></span>in t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>futur<span class=\"_ _3\"></span>e: \u2022<span class=\"_ _f\"> </span>past r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lts o<span class=\"_ _3\"></span>f op<span class=\"_ _3\"></span>erations,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>operating pl<span class=\"_ _3\"></span>ans,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>loss carryfo<span class=\"_ _3\"></span>rward p<span class=\"_ _3\"></span>eriods,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>tax plan<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ing st<span class=\"_ _3\"></span>rategies <span class=\"_ _3\"></span>and<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>existing d<span class=\"_ _3\"></span>eferred <span class=\"_ _3\"></span>tax liabil<span class=\"_ _3\"></span>ities.<span class=\"_ _379\"> </span>4<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Informatio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>n the existi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g gr<span class=\"_ _3\"></span>oup<span class=\"_ _3\"></span> agr<span class=\"_ _3\"></span>eeme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t fo<span class=\"_ _3\"></span>r Aust<span class=\"_ _379\"> </span>rian co<span class=\"_ _3\"></span>mpanies <span class=\"_ _3\"></span>and som<span class=\"_ _3\"></span>e for<span class=\"_ _3\"></span>eig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>companies<span class=\"_ _3\"></span> is pr<span class=\"_ _3\"></span>ovide<span class=\"_ _3\"></span>d on p<span class=\"_ _3\"></span>age <span class=\"_ _3\"></span>55. If actual <span class=\"_ _3\"></span>events di<span class=\"_ _3\"></span>verge fr<span class=\"_ _3\"></span>om th<span class=\"_ _3\"></span>e estim<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>es o<span class=\"_ _3\"></span>r the esti<span class=\"_ _3\"></span>mates <span class=\"_ _3\"></span>must be a<span class=\"_ _3\"></span>djusted i<span class=\"_ _3\"></span>n futur<span class=\"_ _3\"></span>e periods, <span class=\"_ _3\"></span>this <span class=\"_ _3\"></span>could hav<span class=\"_ _3\"></span>e an adver<span class=\"_ _3\"></span>se ef<span class=\"_ _3\"></span>fect <span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>net <span class=\"_ _5\"></span>assets, <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _5\"></span>positio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>results <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>operatio<span class=\"_ _3\"></span>ns. <span class=\"_ _3\"></span>If <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>assessm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecovera<span class=\"_ _3\"></span>bility <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>efe<span class=\"_ _3\"></span>rred <span class=\"_ _5\"></span>tax <span class=\"_ _5\"></span>assets<span class=\"_ _3\"></span> changes, <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>book <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>must be <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>educed <span class=\"_ _3\"></span>or i<span class=\"_ _3\"></span>ncre<span class=\"_ _3\"></span>ased a<span class=\"_ _3\"></span>nd the <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>hang<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed in <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>tatement <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>charged <span class=\"_ _5\"></span>or credit<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>equity<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>depending<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>on <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>tr<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent <span class=\"_ _b\"> </span>used <span class=\"_ _c\"> </span>when<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>the <span class=\"_ _c\"> </span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>tax <span class=\"_ _b\"> </span>asset <span class=\"_ _c\"> </span>was <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>riginal<span class=\"_ _3\"></span>ly <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed. <span class=\"_ _b\"> </span>Furthe<span class=\"_ _3\"></span>r informatio<span class=\"_ _3\"></span>n can <span class=\"_ _3\"></span>be f<span class=\"_ _3\"></span>ound u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>er T<span class=\"_ _11\"></span>axes i<span class=\"_ _3\"></span>n the A<span class=\"_ _3\"></span>ccou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> policies <span class=\"_ _3\"></span>sectio<span class=\"_ _3\"></span>n starti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g o<span class=\"_ _3\"></span>n pag<span class=\"_ _3\"></span>e 53<span class=\"_ _3\"></span> and <span class=\"_ _3\"></span>in Note<span class=\"_ _3\"></span> 6. Def<span class=\"_ _3\"></span>erred<span class=\"_ _3\"></span> taxes<span class=\"_ _3\"></span> on page 11<span class=\"_ _3\"></span>0.<span class=\"_ _379\"> </span>Method<span class=\"_ _3\"></span> of consolidat<span class=\"_ _3\"></span>ion Discr<span class=\"_ _3\"></span>etionary de<span class=\"_ _3\"></span>cisions by the Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng Board p<span class=\"_ _3\"></span>rimarily concern determi<span class=\"_ _3\"></span>ning the scope of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>for consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> companies. <span class=\"_ _5\"></span> Compa<span class=\"_ _3\"></span>nies t<span class=\"_ _3\"></span>hat w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> mat<span class=\"_ _3\"></span>erial <span class=\"_ _3\"></span>import<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the ti<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>first <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idation <span class=\"_ _3\"></span>gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>lly <span class=\"_ _5\"></span>continue <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>uded i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>sco<span class=\"_ _3\"></span>pe of <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dation. <span class=\"_ _1\"></span>Circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ld <span class=\"_ _1\"></span>arise, <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Boa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>using <span class=\"_ _4\"></span>its <span class=\"_ _1\"></span>discr<span class=\"_ _3\"></span>etion <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perform<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a reass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>entire<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>scope <span class=\"_ _1\"></span>of con<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>is cou<span class=\"_ _3\"></span>ld <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>non-ma<span class=\"_ _3\"></span>terial <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _1\"></span>that were<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n the <span class=\"_ _a\"></span>past <span class=\"_ _a\"></span>being <span class=\"_ _a\"></span>remo<span class=\"_ _3\"></span>ved <span class=\"_ _a\"></span>from <span class=\"_ _4\"></span>the <span class=\"_ _c\"> </span>sco<span class=\"_ _3\"></span>pe <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>again. <span class=\"_ _a\"></span>Compa<span class=\"_ _3\"></span>nies <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat, <span class=\"_ _a\"></span>due <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>their <span class=\"_ _a\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ctivities, <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>ave reve<span class=\"_ _3\"></span>nues that<span class=\"_ _1\"></span> are prima<span class=\"_ _3\"></span>rily generated and charged wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>in the Group and do n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>te an<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> significa<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>or losses<span class=\"_ _3\"></span>, are <span class=\"_ _3\"></span>not incl<span class=\"_ _3\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d in the scop<span class=\"_ _3\"></span>e of co<span class=\"_ _3\"></span>nsolidation <span class=\"_ _3\"></span>unless t<span class=\"_ _3\"></span>hey hav<span class=\"_ _3\"></span>e cross<span class=\"_ _3\"></span>-bord<span class=\"_ _3\"></span>er ope<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>ns. Thres<span class=\"_ _3\"></span>holds cal<span class=\"_ _3\"></span>culated<span class=\"_ _3\"></span> based<span class=\"_ _3\"></span> on pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>vio<span class=\"_ _3\"></span>us quart<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _5\"></span>sta<span class=\"_ _1\"></span>tem<span class=\"_ _3\"></span>ents a<span class=\"_ _3\"></span>nd the lat<span class=\"_ _3\"></span>est a<span class=\"_ _3\"></span>nnual fi<span class=\"_ _3\"></span>nancial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts are<span class=\"_ _3\"></span> used<span class=\"_ _3\"></span> to determi<span class=\"_ _3\"></span>ne the c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t s<span class=\"_ _3\"></span>cope of <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>tion.<span class=\"_ _379\"> </span>Materialit<span class=\"_ _3\"></span>y Under <span class=\"_ _4\"></span>IAS <span class=\"_ _1\"></span>1.31, <span class=\"_ _4\"></span>only <span class=\"_ _4\"></span>mate<span class=\"_ _3\"></span>rial <span class=\"_ _4\"></span>informa<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pres<span class=\"_ _3\"></span>ented <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>fin<span class=\"_ _3\"></span>ancial <span class=\"_ _4\"></span>stateme<span class=\"_ _3\"></span>nts. <span class=\"_ _4\"></span>This<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>applies <span class=\"_ _4\"></span>eve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>if<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>stan<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ard specifies c<span class=\"_ _3\"></span>ertai<span class=\"_ _3\"></span>n requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> or mi<span class=\"_ _3\"></span>nimum r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. T<span class=\"_ _5\"></span>he IASB\u2019<span class=\"_ _11\"></span>s aim<span class=\"_ _3\"></span> with r<span class=\"_ _3\"></span>egar<span class=\"_ _3\"></span>d to t<span class=\"_ _3\"></span>his parag<span class=\"_ _3\"></span>raph, i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>conjunctio<span class=\"_ _3\"></span>n with a <span class=\"_ _1\"></span>Practice <span class=\"_ _1\"></span>Stat<span class=\"_ _3\"></span>ement published <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>eo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>to create <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e foundation <span class=\"_ _1\"></span>for c<span class=\"_ _1\"></span>lear<span class=\"_ _d\"></span>, understa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>able <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting based<span class=\"_ _3\"></span> on the mos<span class=\"_ _3\"></span>t import<span class=\"_ _3\"></span>ant info<span class=\"_ _3\"></span>rmation. <span class=\"_ _3\"></span> A <span class=\"_ _3\"></span>scope <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>discr<span class=\"_ _3\"></span>etion <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>xists<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>when <span class=\"_ _3\"></span>deciding <span class=\"_ _5\"></span>whether <span class=\"_ _3\"></span>inform<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on co<span class=\"_ _3\"></span>ncerns m<span class=\"_ _3\"></span>aterial<span class=\"_ _3\"></span> or <span class=\"_ _3\"></span>imma<span class=\"_ _3\"></span>terial <span class=\"_ _3\"></span>disclos<span class=\"_ _3\"></span>ures. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he M<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding <span class=\"_ _c\"> </span>intr<span class=\"_ _3\"></span>oduced <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>use <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>a <span class=\"_ _b\"> </span>thres<span class=\"_ _3\"></span>hold <span class=\"_ _c\"> </span>for <span class=\"_ _c\"> </span>det<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rmining <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>mate<span class=\"_ _3\"></span>riality <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>notes <span class=\"_ _c\"> </span>disclosu<span class=\"_ _3\"></span>res <span class=\"_ _c\"> </span>and associat<span class=\"_ _3\"></span>ed ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>unting policies in this Annual Repor<span class=\"_ _3\"></span>t. <span class=\"_ _1\"></span>If the thres<span class=\"_ _3\"></span>hold <span class=\"_ _1\"></span>is not exce<span class=\"_ _3\"></span>eded, informatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>is only publishe<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> Annual <span class=\"_ _4\"></span>Repo<span class=\"_ _3\"></span>rt <span class=\"_ _a\"></span>if <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>form<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>judged <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>materi<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>stat<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>ader <span class=\"_ _4\"></span>during <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>oval <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>cess based on q<span class=\"_ _3\"></span>ualitativ<span class=\"_ _3\"></span>e criteria.<span class=\"_ _3\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>4<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>ACCOUNTING POLICIES<span class=\"ff49\"> </span>INT<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>GIBLE <span class=\"_ _5\"></span>ASSETS (A)<span class=\"_ _3\"></span> Goodwill<span class=\"_ _3\"></span> Good<span class=\"_ _3\"></span>will <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>acc<span class=\"_ _1\"></span>ounted <span class=\"_ _c\"> </span>for <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>fun<span class=\"_ _3\"></span>ctional <span class=\"_ _b\"> </span>curr<span class=\"_ _3\"></span>ency <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>each <span class=\"_ _6\"> </span>entity<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>G<span class=\"_ _1\"></span>ood<span class=\"_ _3\"></span>will <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>measured <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>t <span class=\"_ _b\"> </span>cost <span class=\"_ _6\"> </span>less <span class=\"_ _c\"> </span>accum<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed impairme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>loss<span class=\"_ _3\"></span>es. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>case <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>equity <span class=\"_ _1\"></span>conso<span class=\"_ _3\"></span>lidated <span class=\"_ _1\"></span>companies,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>good<span class=\"_ _3\"></span>will <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>included <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>adjusted <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>ok<span class=\"_ _1\"></span> value of t<span class=\"_ _3\"></span>he participa<span class=\"_ _3\"></span>tion.<span class=\"_ _379\"> </span>Other inta<span class=\"_ _3\"></span>ngible ass<span class=\"_ _3\"></span>ets Pur<span class=\"_ _3\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>recog<span class=\"_ _3\"></span>nised <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _1\"></span>sheet a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>acc<span class=\"_ _3\"></span>umulat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>rtisatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>impairme<span class=\"_ _3\"></span>nt loss<span class=\"_ _3\"></span>es. No noteworth<span class=\"_ _3\"></span>y intangibl<span class=\"_ _3\"></span>e assets wer<span class=\"_ _3\"></span>e creat<span class=\"_ _3\"></span>ed by the compa<span class=\"_ _3\"></span>nies in the scope o<span class=\"_ _3\"></span>f consolid<span class=\"_ _3\"></span>ation. With the excepti<span class=\"_ _3\"></span>on of <span class=\"_ _1\"></span>tradem<span class=\"_ _3\"></span>arks, <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>assets have a <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nite u<span class=\"_ _1\"></span>sef<span class=\"_ _3\"></span>ul <span class=\"_ _1\"></span>life. Th<span class=\"_ _1\"></span>e intangibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>efore<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>amortised<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>thei<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>eriod of use.<span class=\"_ _3\"></span> Average<span class=\"_ _1\"></span> us<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ful life i<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>rs <span class=\"_ _14e\"> </span><span class=\"fs15\">from<span class=\"_ _379\"> </span></span>to<span class=\"_ _379\"> </span>Sof<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>3<span class=\"_ _379\"> </span>13<span class=\"_ _379\"> </span>Softwar<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>s amo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ised <span class=\"_ _5\"></span>using t<span class=\"_ _3\"></span>he straig<span class=\"_ _3\"></span>ht-line m<span class=\"_ _3\"></span>ethod. <span class=\"_ _3\"></span>Softw<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e compo<span class=\"_ _3\"></span>nents ar<span class=\"_ _5\"></span>e also <span class=\"_ _3\"></span>examin<span class=\"_ _3\"></span>ed on <span class=\"_ _3\"></span>an e<span class=\"_ _3\"></span>vent-dri<span class=\"_ _3\"></span>ven basis <span class=\"_ _5\"></span>to see <span class=\"_ _3\"></span>wheth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>they <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>an <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>till <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>used. <span class=\"_ _3\"></span>If <span class=\"_ _5\"></span>there <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>high <span class=\"_ _3\"></span>prob<span class=\"_ _3\"></span>ability <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>certain <span class=\"_ _5\"></span>IT s<span class=\"_ _3\"></span>ystems<span class=\"_ _3\"></span> or<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>og<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>amm<span class=\"_ _3\"></span>e s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ctio<span class=\"_ _3\"></span>ns <span class=\"_ _3\"></span>can <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>er be used or <span class=\"_ _3\"></span>no longer be f<span class=\"_ _3\"></span>ully used, a <span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>e-dow<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> must <span class=\"_ _3\"></span>be made. If a c<span class=\"_ _3\"></span>hange in <span class=\"_ _3\"></span>useful life i<span class=\"_ _3\"></span>s determined d<span class=\"_ _3\"></span>uring full <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se, t<span class=\"_ _3\"></span>he amortisa<span class=\"_ _3\"></span>tion period is<span class=\"_ _3\"></span> chang<span class=\"_ _3\"></span>ed to the <span class=\"_ _3\"></span>new <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>seful li<span class=\"_ _3\"></span>fe.<span class=\"_ _379\"> </span>In <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>evio<span class=\"_ _3\"></span>us <span class=\"_ _c\"></span>years <span class=\"_ _a\"></span>tradema<span class=\"_ _3\"></span>rks <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>unlim<span class=\"_ _3\"></span>ited <span class=\"_ _c\"></span>usef<span class=\"_ _3\"></span>ul <span class=\"_ _a\"></span>lives <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>ere <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>dentified <span class=\"_ _a\"></span>as <span class=\"_ _c\"></span>pa<span class=\"_ _3\"></span>rt <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>urch<span class=\"_ _3\"></span>ase <span class=\"_ _c\"></span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _c\"></span>allo<span class=\"_ _3\"></span>cation <span class=\"_ _a\"></span>during acquisiti<span class=\"_ _3\"></span>on of the <span class=\"_ _3\"></span>companies Asi<span class=\"_ _3\"></span>rom, <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>A Baltic a<span class=\"_ _3\"></span>nd Se<span class=\"_ _3\"></span>esam. The <span class=\"_ _3\"></span>unlimi<span class=\"_ _3\"></span>ted useful l<span class=\"_ _3\"></span>ife results f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>the fa<span class=\"_ _3\"></span>ct that t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e is <span class=\"_ _3\"></span>no for<span class=\"_ _3\"></span>eseeable <span class=\"_ _5\"></span>end <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>their <span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomic <span class=\"_ _5\"></span>life. <span class=\"_ _3\"></span>The f<span class=\"_ _5\"></span>air <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ademarks<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>was <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>ned d<span class=\"_ _5\"></span>urin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>irst-time <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng the <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>elief-fr<span class=\"_ _3\"></span>om-ro<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>alty <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ethod.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>A <span class=\"_ _4\"></span>\u201ctax<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>rtisatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>enefit\u201d<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>was<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>taken <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _1\"></span>account <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>relief-fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>-ro<span class=\"_ _3\"></span>ya<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>met<span class=\"_ _3\"></span>hod. <span class=\"_ _4\"></span>The Asir<span class=\"_ _3\"></span>om <span class=\"_ _1\"></span>trademar<span class=\"_ _3\"></span>k <span class=\"_ _1\"></span>had <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>book va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _4\"></span>of EUR 9,661,000 (EUR <span class=\"_ _1\"></span>13,64<span class=\"_ _3\"></span>8,000),<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> BT<span class=\"_ _5\"></span>A <span class=\"_ _1\"></span>Baltic t<span class=\"_ _1\"></span>rade<span class=\"_ _3\"></span>mark h<span class=\"_ _1\"></span>ad a <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>value<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>37,0<span class=\"_ _3\"></span>00,000 (EUR 37,000,0<span class=\"_ _3\"></span>00) and <span class=\"_ _1\"></span>the Seesam trade<span class=\"_ _3\"></span>mark had a<span class=\"_ _1\"></span> book value <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>7,70<span class=\"_ _3\"></span>0,000 (EUR 7,700,000<span class=\"_ _5\"></span>) <span class=\"_ _1\"></span>on 31 Decem<span class=\"_ _3\"></span>ber 2022<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span>Impairm<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ies <span class=\"_ _d\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>combine<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>into <span class=\"_ _5\"></span>cash-ge<span class=\"_ _3\"></span>nerating <span class=\"_ _d\"></span>units <span class=\"_ _d\"></span>(<span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>GU <span class=\"_ _5\"></span>groups<span class=\"_ _3\"></span>) <span class=\"_ _5\"></span>at <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>geograp<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>al <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>ount<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>level <span class=\"_ _5\"></span>for <span class=\"_ _d\"></span>te<span class=\"_ _1\"></span>sti<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>good<span class=\"_ _3\"></span>will. The C<span class=\"_ _3\"></span>GU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ups <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>testing <span class=\"_ _3\"></span>corr<span class=\"_ _3\"></span>espond <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egments. <span class=\"_ _3\"></span>The<span class=\"_ _3\"></span> trad<span class=\"_ _3\"></span>emarks <span class=\"_ _5\"></span>were <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndividuall<span class=\"_ _3\"></span>y tested <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>impai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>elief-fr<span class=\"_ _3\"></span>om-ro<span class=\"_ _3\"></span>yalty <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>ethod.<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>Intangibl<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>assets <span class=\"_ _a\"></span>with <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>ndefi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ite <span class=\"_ _a\"></span>useful <span class=\"_ _c\"> </span>li<span class=\"_ _3\"></span>fe <span class=\"_ _c\"> </span>(goo<span class=\"_ _3\"></span>dwill <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>nd tradem<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ks <span class=\"_ _1\"></span>carried <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>eet) <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>tested <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>trigge<span class=\"_ _3\"></span>ring <span class=\"_ _4\"></span>eve<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>occ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rs, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>uring <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>year<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a minimum a<span class=\"_ _3\"></span>t the en<span class=\"_ _3\"></span>d of the fi<span class=\"_ _3\"></span>nancial y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>. As <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ule, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>use <span class=\"_ _1\"></span>calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>using <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>discou<span class=\"_ _3\"></span>nted <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>flow <span class=\"_ _1\"></span>method <span class=\"_ _1\"></span>is u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>coverable <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>the CGU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>up. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>cases <span class=\"_ _5\"></span>where <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>alue i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>use <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>than <span class=\"_ _5\"></span>book <span class=\"_ _3\"></span>value, <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>selling <span class=\"_ _5\"></span>costs <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> calc<span class=\"_ _3\"></span>ulated. <span class=\"_ _3\"></span>Fair <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue less cost o<span class=\"_ _3\"></span>f dispos<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l i<span class=\"_ _3\"></span>s calculated <span class=\"_ _3\"></span>using tr<span class=\"_ _3\"></span>ailing stoc<span class=\"_ _3\"></span>k exch<span class=\"_ _3\"></span>ange m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ltipl<span class=\"_ _3\"></span>iers fo<span class=\"_ _3\"></span>r the pro<span class=\"_ _3\"></span>perty <span class=\"_ _3\"></span>and cas<span class=\"_ _3\"></span>ualty and<span class=\"_ _3\"></span> health li<span class=\"_ _3\"></span>nes <span class=\"_ _3\"></span>of business <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>all <span class=\"_ _4\"></span>cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tri<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>life <span class=\"_ _4\"></span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss <span class=\"_ _4\"></span>outsid<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Austria. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>life <span class=\"_ _4\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>Aust<span class=\"_ _3\"></span>ria <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>Ma<span class=\"_ _3\"></span>rket <span class=\"_ _a\"></span>Co<span class=\"_ _3\"></span>nsistent Embedde<span class=\"_ _3\"></span>d V<span class=\"_ _5\"></span>alue is use<span class=\"_ _3\"></span>d.<span class=\"_ _379\"> </span> 4<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> T<span class=\"_ _11\"></span>o calculat<span class=\"_ _3\"></span>e val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>use, t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h fl<span class=\"_ _3\"></span>ows avai<span class=\"_ _3\"></span>lable to <span class=\"_ _3\"></span>share<span class=\"_ _3\"></span>holders <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>five pl<span class=\"_ _3\"></span>anning <span class=\"_ _3\"></span>years a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span>ollowing <span class=\"_ _3\"></span>perpetu<span class=\"_ _3\"></span>al ann<span class=\"_ _3\"></span>uity are discou<span class=\"_ _3\"></span>nted. <span class=\"_ _1\"></span>Du<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>geo<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>to IFRS <span class=\"_ _1\"></span>17 from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>1 J<span class=\"_ _3\"></span>anuary 2023, the <span class=\"_ _1\"></span>proj<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>will also be <span class=\"_ _1\"></span>adapt<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to the IFRS 17 str<span class=\"_ _3\"></span>uc<span class=\"_ _1\"></span>tur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>. Si<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ce t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e proj<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not finalis<span class=\"_ _3\"></span>ed until t<span class=\"_ _3\"></span>he co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>nts for 2<span class=\"_ _3\"></span>022 ar<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>piled, <span class=\"_ _3\"></span>an IFRS 4 pr<span class=\"_ _3\"></span>ojectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>ne pla<span class=\"_ _3\"></span>n year was p<span class=\"_ _3\"></span>ut toget<span class=\"_ _3\"></span>her for the <span class=\"_ _3\"></span>purpose of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>test. The s<span class=\"_ _3\"></span>ubsidiaries t<span class=\"_ _3\"></span>hus pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>e a <span class=\"_ _4\"></span>detailed <span class=\"_ _1\"></span>plan<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>curre<span class=\"_ _3\"></span>ncy <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>one <span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>ear <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>submi<span class=\"_ _3\"></span>tted <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>super<span class=\"_ _3\"></span>visory <span class=\"_ _4\"></span>boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>meeti<span class=\"_ _3\"></span>ngs <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cent<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ally <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hecked <span class=\"_ _4\"></span>for plausibili<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>part of t<span class=\"_ _1\"></span>he planni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g and <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>pro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ess. Extr<span class=\"_ _3\"></span>apolation of th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>detail<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>pla<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s for <span class=\"_ _1\"></span>a further four y<span class=\"_ _1\"></span>ears and <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e perpetu<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>nnuity <span class=\"_ _3\"></span>is<span class=\"_ _3\"></span> pe<span class=\"_ _3\"></span>rformed <span class=\"_ _5\"></span>using <span class=\"_ _3\"></span>key <span class=\"_ _5\"></span>paramet<span class=\"_ _3\"></span>er pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>ctions <span class=\"_ _5\"></span>(c<span class=\"_ _1\"></span>ombi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _5\"></span>ratios, <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>um g<span class=\"_ _3\"></span>rowt<span class=\"_ _3\"></span>h, <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>cial i<span class=\"_ _3\"></span>ncome) <span class=\"_ _3\"></span>base<span class=\"_ _3\"></span>d on th<span class=\"_ _3\"></span>eir past <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ues a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expected f<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ture<span class=\"_ _3\"></span> ma<span class=\"_ _3\"></span>rket ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es. The <span class=\"_ _3\"></span>predi<span class=\"_ _3\"></span>cted cas<span class=\"_ _3\"></span>h flows fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> perpet<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>annuit<span class=\"_ _3\"></span>y are <span class=\"_ _3\"></span>assumed<span class=\"_ _3\"></span> to continue <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span>ever<span class=\"_ _11\"></span>. <span class=\"_ _1\"></span>Curr<span class=\"_ _3\"></span>encies are translate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to euro using the exchang<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the 31 <span class=\"_ _1\"></span>Decembe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>porting date for <span class=\"_ _1\"></span>the financial y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>. All <span class=\"_ _5\"></span>of the unde<span class=\"_ _3\"></span>rwriting <span class=\"_ _3\"></span>busin<span class=\"_ _3\"></span>ess asse<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>assigne<span class=\"_ _3\"></span>d to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ups. <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>additio<span class=\"_ _3\"></span>n to <span class=\"_ _3\"></span>good<span class=\"_ _3\"></span>will <span class=\"_ _3\"></span>and trad<span class=\"_ _3\"></span>emarks, <span class=\"_ _3\"></span>thes<span class=\"_ _3\"></span>e al<span class=\"_ _3\"></span>so include <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>insurance <span class=\"_ _4\"></span>portfol<span class=\"_ _3\"></span>ios <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>custom<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>bases, <span class=\"_ _1\"></span>investments, <span class=\"_ _1\"></span>receivabl<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>other <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>ets. <span class=\"_ _4\"></span>Underw<span class=\"_ _3\"></span>riting <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> and curr<span class=\"_ _3\"></span>ent liabi<span class=\"_ _3\"></span>lities are ded<span class=\"_ _3\"></span>ucted f<span class=\"_ _3\"></span>rom the boo<span class=\"_ _3\"></span>k values. <span class=\"_ _3\"></span>Assets ar<span class=\"_ _3\"></span>e allocated to t<span class=\"_ _3\"></span>he CGU gr<span class=\"_ _3\"></span>oups in the f<span class=\"_ _3\"></span>orm of corpo<span class=\"_ _3\"></span>rate assets <span class=\"_ _4\"></span>insof<span class=\"_ _3\"></span>ar <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>they<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>accounted <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>but <span class=\"_ _1\"></span>used <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>erating <span class=\"_ _1\"></span>companies. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>flows <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>CGU gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ps <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>accordi<span class=\"_ _3\"></span>ngly adjust<span class=\"_ _3\"></span>ed fo<span class=\"_ _3\"></span>r amortisatio<span class=\"_ _3\"></span>n of the all<span class=\"_ _3\"></span>ocated cor<span class=\"_ _3\"></span>porate <span class=\"_ _3\"></span>assets.<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>o ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulate the disco<span class=\"_ _3\"></span>unt rates, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>apital asset prici<span class=\"_ _3\"></span>ng mo<span class=\"_ _3\"></span>del (CAPM) is use<span class=\"_ _3\"></span>d to calculat<span class=\"_ _3\"></span>e a c<span class=\"_ _1\"></span>ost of<span class=\"_ _3\"></span> equity capit<span class=\"_ _3\"></span>al. This i<span class=\"_ _3\"></span>s<span class=\"_ _1\"></span> done b<span class=\"_ _3\"></span>y addi<span class=\"_ _3\"></span>ng cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ry-specifi<span class=\"_ _3\"></span>c inflatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ferential<span class=\"_ _3\"></span>s, risk<span class=\"_ _3\"></span> prem<span class=\"_ _3\"></span>iums an<span class=\"_ _3\"></span>d secto<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-spe<span class=\"_ _3\"></span>cific market<span class=\"_ _3\"></span> risk<span class=\"_ _3\"></span> to th<span class=\"_ _3\"></span>e risk-fr<span class=\"_ _3\"></span>ee in<span class=\"_ _3\"></span>terest<span class=\"_ _3\"></span> rate (<span class=\"_ _1\"></span>equ<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>to the <span class=\"_ _1\"></span>yield on German <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>vernment <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>nds <span class=\"_ _1\"></span>on the repo<span class=\"_ _3\"></span>rting <span class=\"_ _1\"></span>dat<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>calcula<span class=\"_ _3\"></span>ted u<span class=\"_ _1\"></span>sing the <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>vensson method<span class=\"_ _3\"></span>). <span class=\"_ _1\"></span>The base <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>befor<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>nflation<span class=\"_ _3\"></span> dif<span class=\"_ _5\"></span>ferentials <span class=\"_ _5\"></span>was 2.<span class=\"_ _3\"></span>36% <span class=\"_ _3\"></span>(0.12<span class=\"_ _3\"></span>%). <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>rket ris<span class=\"_ _3\"></span>k of<span class=\"_ _3\"></span> 7.1<span class=\"_ _3\"></span>4% <span class=\"_ _3\"></span>(7.38%<span class=\"_ _3\"></span>) w<span class=\"_ _3\"></span>as m<span class=\"_ _3\"></span>ultipli<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y a <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>fact<span class=\"_ _3\"></span>or of <span class=\"_ _1\"></span>0.87 (<span class=\"_ _1\"></span>1.19) <span class=\"_ _1\"></span>that was <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>culated <span class=\"_ _1\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>specif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>peer <span class=\"_ _1\"></span>gro<span class=\"_ _3\"></span>up. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>contrast <span class=\"_ _1\"></span>to the <span class=\"_ _1\"></span>previo<span class=\"_ _3\"></span>us <span class=\"_ _1\"></span>year<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>eta <span class=\"_ _1\"></span>factor was determin<span class=\"_ _3\"></span>ed as of <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>eporting dat<span class=\"_ _3\"></span>e. The <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g-<span class=\"_ _3\"></span>term <span class=\"_ _4\"></span>gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>rates<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>calcula<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _4\"></span>yea<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compou<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>annu<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>CA<span class=\"_ _3\"></span>GR) assumi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>pe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>etra<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>countries <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>ncerned <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>tarting <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>2013 <span class=\"_ _1\"></span>will<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nverge <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>50\u20137<span class=\"_ _3\"></span>0 <span class=\"_ _1\"></span>yea<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsistent<span class=\"_ _3\"></span> with t<span class=\"_ _3\"></span>he curr<span class=\"_ _3\"></span>ent sit<span class=\"_ _3\"></span>uation i<span class=\"_ _3\"></span>n Germa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>. A<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> infla<span class=\"_ _3\"></span>tion adjus<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>t equal to<span class=\"_ _3\"></span> half of<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>ation i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> cost of<span class=\"_ _3\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>was added to t<span class=\"_ _3\"></span>he CAG<span class=\"_ _3\"></span>R.<span class=\"_ _379\"> </span>Impairment<span class=\"_ _1\"></span> and recove<span class=\"_ _1\"></span>rable amo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>s for CGU <span class=\"_ _1\"></span>groups<span class=\"_ _1\"></span><span class=\"fce\"> <span class=\"_ _150\"> </span></span><span class=\"fsc\">2022 <span class=\"_ _151\"> </span><span class=\"fce\">2021 </span></span>Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span>Recoverable<span class=\"_ _1\"></span> amount<span class=\"_ _379\"> </span>Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span>Recoverable<span class=\"_ _1\"></span> amount<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R millions<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>sov<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _152\"> </span>13.6<span class=\"_ _379\"> </span>22.1<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _153\"> </span>12.6<span class=\"_ _379\"> </span>27.1<span class=\"_ _379\"> </span>Additionally<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial year<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>impairme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>cquire<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>insurance portfoli<span class=\"_ _3\"></span>os <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR 19,510,<span class=\"_ _3\"></span>000 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>angi<span class=\"_ _3\"></span>ble assets <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>UR 21,7<span class=\"_ _3\"></span>07,000<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>were<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>nised <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>income<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>statement.<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>Th<span class=\"_ _3\"></span>ese <span class=\"_ _a\"></span>values <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>due <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ewly<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed Aegon com<span class=\"_ _3\"></span>panies <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lting f<span class=\"_ _3\"></span>rom t<span class=\"_ _3\"></span>he addi<span class=\"_ _3\"></span>tional i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce ta<span class=\"_ _3\"></span>x determined <span class=\"_ _3\"></span>after closi<span class=\"_ _3\"></span>ng in H<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ary<span class=\"_ _d\"></span>, and th<span class=\"_ _3\"></span>e Asir<span class=\"_ _3\"></span>om bra<span class=\"_ _3\"></span>nd. Impairm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>angible <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eversals <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>impairm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tangibl<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>assets<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>included <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>se<span class=\"_ _3\"></span>parate <span class=\"_ _4\"></span>items<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> income s<span class=\"_ _3\"></span>tatement <span class=\"_ _3\"></span>betwee<span class=\"_ _3\"></span>n the Gro<span class=\"_ _3\"></span>up oper<span class=\"_ _3\"></span>ating res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt and <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>esult befor<span class=\"_ _5\"></span>e taxes.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>4<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Key calculatio<span class=\"_ _1\"></span>n para<span class=\"_ _1\"></span>meters<span class=\"_ _1\"></span> <span class=\"_ _154\"> </span><span class=\"fsc\">Discount ra<span class=\"_ _1\"></span>tes <span class=\"_ _12f\"> </span>Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry risk<span class=\"_ _1\"></span>s <span class=\"_ _14\"> </span>Long-term<span class=\"_ _1\"></span> growth rate </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _155\"> </span>9.25<span class=\"_ _379\"> </span>9.27<span class=\"_ _379\"> </span>0.69<span class=\"_ _379\"> </span>0.39<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _156\"> </span>9.11<span class=\"_ _379\"> </span>9.83<span class=\"_ _379\"> </span>1.03<span class=\"_ _379\"> </span>0.60<span class=\"_ _379\"> </span>3.60\u2013<span class=\"_ _1\"></span>5.46<span class=\"_ _379\"> </span>4.20\u2013<span class=\"_ _1\"></span>5.73<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _157\"> </span>11.22<span class=\"_ _379\"> </span>10.67<span class=\"_ _379\"> </span>1.46<span class=\"_ _379\"> </span>0.84<span class=\"_ _379\"> </span>5.79\u2013<span class=\"_ _1\"></span>7.29<span class=\"_ _379\"> </span>5.41\u2013<span class=\"_ _1\"></span>6.86<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>sov<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>16.02<span class=\"_ _379\"> </span>14.02<span class=\"_ _379\"> </span>7.77<span class=\"_ _379\"> </span>4.45<span class=\"_ _379\"> </span>6.41<span class=\"_ _379\"> </span>6.76<span class=\"_ _379\"> </span>Bal<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _158\"> </span>10.15<span class=\"_ _379\"> </span>9.79<span class=\"_ _379\"> </span>1.58<span class=\"_ _379\"> </span>0.91<span class=\"_ _379\"> </span>5.20\u2013<span class=\"_ _1\"></span>6.69<span class=\"_ _379\"> </span>4.94\u2013<span class=\"_ _1\"></span>6.39<span class=\"_ _379\"> </span>Bosn<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Herz<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ovin<span class=\"_ _1\"></span>a <span class=\"_ _159\"> </span>19.65<span class=\"_ _379\"> </span>16.62<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>5.55\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>6.00\u2013<span class=\"_ _1\"></span>8.12<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a <span class=\"_ _15a\"> </span>10.52<span class=\"_ _379\"> </span>10.65<span class=\"_ _379\"> </span>2.76<span class=\"_ _379\"> </span>1.58<span class=\"_ _379\"> </span>5.64\u2013<span class=\"_ _1\"></span>6.18<span class=\"_ _379\"> </span>5.97\u2013<span class=\"_ _1\"></span>6.83<span class=\"_ _379\"> </span>Cro<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ia <span class=\"_ _e9\"> </span>12<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>11.70<span class=\"_ _379\"> </span>3.29<span class=\"_ _379\"> </span>2.47<span class=\"_ _379\"> </span>5.12\u2013<span class=\"_ _1\"></span>7.54<span class=\"_ _379\"> </span>5.25\u2013<span class=\"_ _1\"></span>7.18<span class=\"_ _379\"> </span>Mol<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>22.50<span class=\"_ _379\"> </span>18.70<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>8.78<span class=\"_ _379\"> </span>9.01<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _15c\"> </span>14.28<span class=\"_ _379\"> </span>12.41<span class=\"_ _379\"> </span>6.21<span class=\"_ _379\"> </span>3.56<span class=\"_ _379\"> </span>5.75<span class=\"_ _379\"> </span>5.87<span class=\"_ _379\"> </span>Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>13.2<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>12.08<span class=\"_ _379\"> </span>3.79<span class=\"_ _379\"> </span>2.18<span class=\"_ _379\"> </span>5.60\u2013<span class=\"_ _1\"></span>7.91<span class=\"_ _379\"> </span>5.84\u2013<span class=\"_ _1\"></span>7.97<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>rbia<span class=\"_ _1\"></span> <span class=\"_ _6c\"> </span>14.75<span class=\"_ _379\"> </span>12.72<span class=\"_ _379\"> </span>5.19<span class=\"_ _379\"> </span>2.97<span class=\"_ _379\"> </span>5.78\u2013<span class=\"_ _1\"></span>7.57<span class=\"_ _379\"> </span>5.68\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _15a\"> </span>10.02<span class=\"_ _379\"> </span>9.72<span class=\"_ _379\"> </span>1.46<span class=\"_ _379\"> </span>0.84<span class=\"_ _379\"> </span>5.77\u2013<span class=\"_ _1\"></span>6.03<span class=\"_ _379\"> </span>5.32\u2013<span class=\"_ _1\"></span>5.53<span class=\"_ _379\"> </span>Uk<span class=\"_ _1\"></span>rain<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>40.82<span class=\"_ _379\"> </span>18.91<span class=\"_ _379\"> </span>17.26<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>15.03\u2013<span class=\"_ _1\"></span>18.36<span class=\"_ _379\"> </span>8.58\u2013<span class=\"_ _1\"></span>12.34<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _15a\"> </span>13.34<span class=\"_ _379\"> </span>12.23<span class=\"_ _379\"> </span>3.29<span class=\"_ _379\"> </span>1.88<span class=\"_ _379\"> </span>6.55\u2013<span class=\"_ _1\"></span>6.59<span class=\"_ _379\"> </span>6.25\u2013<span class=\"_ _1\"></span>6.59<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>rman<span class=\"_ _1\"></span>y <span class=\"_ _15d\"> </span>8.<span class=\"_ _1\"></span>56<span class=\"_ _379\"> </span>8.88<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>orgi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>14.00<span class=\"_ _379\"> </span>13.21<span class=\"_ _379\"> </span>5.19<span class=\"_ _379\"> </span>2.97<span class=\"_ _379\"> </span>6.12<span class=\"_ _379\"> </span>6.67<span class=\"_ _379\"> </span>Lie<span class=\"_ _1\"></span>cht<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ein <span class=\"_ _15e\"> </span>8.56<span class=\"_ _379\"> </span>8.88<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>T\u00fcr<span class=\"_ _1\"></span>kiy<span class=\"_ _1\"></span>e <span class=\"_ _e9\"> </span>37.79<span class=\"_ _379\"> </span>25.51<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>5.44<span class=\"_ _379\"> </span>14.55\u2013<span class=\"_ _1\"></span>17.00<span class=\"_ _379\"> </span>10.68\u2013<span class=\"_ _1\"></span>13.28<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>9.25\u201314.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>9.27\u2013<span class=\"_ _1\"></span>12.72<span class=\"_ _379\"> </span>0.69\u2013<span class=\"_ _1\"></span>5.19<span class=\"_ _379\"> </span>0.39\u2013<span class=\"_ _1\"></span>2.97<span class=\"_ _379\"> </span>1.50\u2013<span class=\"_ _1\"></span>7.57<span class=\"_ _379\"> </span>1.50\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>The aver<span class=\"_ _3\"></span>age incr<span class=\"_ _3\"></span>ease in t<span class=\"_ _3\"></span>he disco<span class=\"_ _3\"></span>unt rates <span class=\"_ _3\"></span>is prima<span class=\"_ _3\"></span>rily due to hig<span class=\"_ _3\"></span>her count<span class=\"_ _3\"></span>ry risk pr<span class=\"_ _3\"></span>emiums.<span class=\"_ _379\"> </span>INVESTMENTS <span class=\"_ _3\"></span>(B) General inform<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> In <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce with the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elevant IFRS req<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>some a<span class=\"_ _3\"></span>ssets and <span class=\"_ _1\"></span>liabili<span class=\"_ _3\"></span>ties a<span class=\"_ _1\"></span>re ca<span class=\"_ _3\"></span>rr<span class=\"_ _1\"></span>ied at fair v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated financial  s<span class=\"_ _3\"></span>tatements.  T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is  con<span class=\"_ _3\"></span>cerns  a  signifi<span class=\"_ _3\"></span>cant  portion<span class=\"_ _3\"></span>  of  investments. <span class=\"_ _6\"> </span>VI<span class=\"_ _1\"></span>G  I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance  Gr<span class=\"_ _3\"></span>oup  assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>all  financial instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>one <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>le<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ls <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _a\"></span>13 <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>hierarchy<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>decentrali<span class=\"_ _3\"></span>sed <span class=\"_ _a\"></span>organis<span class=\"_ _3\"></span>ational structur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _4\"></span>Ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>subsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>are <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _1\"></span>categorisa<span class=\"_ _3\"></span>tion. <span class=\"_ _4\"></span>This <span class=\"_ _4\"></span>tak<span class=\"_ _3\"></span>es account, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>particular<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>local <span class=\"_ _1\"></span>knowledge<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ty <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>any <span class=\"_ _4\"></span>inpu<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>paramet<span class=\"_ _3\"></span>ers <span class=\"_ _1\"></span>needed <span class=\"_ _1\"></span>for model v<span class=\"_ _3\"></span>aluation. <span class=\"_ _3\"></span> Fair values <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e determi<span class=\"_ _3\"></span>ned using t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng hierar<span class=\"_ _3\"></span>chy spe<span class=\"_ _3\"></span>cified in I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 13<span class=\"_ _3\"></span>: \u2022<span class=\"_ _f\"> </span>The determi<span class=\"_ _3\"></span>nation of<span class=\"_ _3\"></span> fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> for f<span class=\"_ _3\"></span>inancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s ge<span class=\"_ _3\"></span>nerally base<span class=\"_ _3\"></span>d on pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>e markets <span class=\"_ _3\"></span>for<span class=\"_ _379\"> </span>identical ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts or li<span class=\"_ _3\"></span>abilities (<span class=\"_ _3\"></span>Level 1).<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>If a financial i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ent is not li<span class=\"_ _3\"></span>sted a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>no mark<span class=\"_ _3\"></span>et price quo<span class=\"_ _3\"></span>tations ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> activ<span class=\"_ _3\"></span>e mark<span class=\"_ _3\"></span>ets, fair val<span class=\"_ _3\"></span>ue is<span class=\"_ _379\"> </span>determin<span class=\"_ _3\"></span>ed using <span class=\"_ _3\"></span>price quot<span class=\"_ _3\"></span>ations for sim<span class=\"_ _3\"></span>ila<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> asse<span class=\"_ _3\"></span>ts or pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations in in<span class=\"_ _3\"></span>active m<span class=\"_ _3\"></span>arkets (Le<span class=\"_ _3\"></span>vel 2). S<span class=\"_ _3\"></span>tandard <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span>models wi<span class=\"_ _3\"></span>th inpu<span class=\"_ _3\"></span>ts that are o<span class=\"_ _5\"></span>bservable i<span class=\"_ _3\"></span>n the mark<span class=\"_ _3\"></span>et are <span class=\"_ _3\"></span>used for <span class=\"_ _3\"></span>Level 2 m<span class=\"_ _3\"></span>easurem<span class=\"_ _3\"></span>ents. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ese m<span class=\"_ _3\"></span>odels ar<span class=\"_ _3\"></span>e prima<span class=\"_ _3\"></span>rily<span class=\"_ _379\"> </span>used fo<span class=\"_ _3\"></span>r illiquid bon<span class=\"_ _3\"></span>ds (pr<span class=\"_ _3\"></span>esent v<span class=\"_ _3\"></span>alue method<span class=\"_ _3\"></span>) and s<span class=\"_ _3\"></span>tructure<span class=\"_ _3\"></span>d securiti<span class=\"_ _3\"></span>es.<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>The fair val<span class=\"_ _3\"></span>ue of cert<span class=\"_ _3\"></span>ain financi<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments, i<span class=\"_ _3\"></span>n particula<span class=\"_ _3\"></span>r bonds fr<span class=\"_ _3\"></span>om cou<span class=\"_ _3\"></span>ntries <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ut active <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rkets, a<span class=\"_ _3\"></span>nd<span class=\"_ _379\"> </span>prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>, is d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>ned using <span class=\"_ _3\"></span>valuation mo<span class=\"_ _3\"></span>dels wit<span class=\"_ _3\"></span>h input f<span class=\"_ _3\"></span>actors th<span class=\"_ _3\"></span>at are g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y unobse<span class=\"_ _3\"></span>rvable i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>arket. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span>models us<span class=\"_ _3\"></span>e, for ex<span class=\"_ _3\"></span>ample, tra<span class=\"_ _3\"></span>nsactio<span class=\"_ _3\"></span>ns in inactiv<span class=\"_ _3\"></span>e marke<span class=\"_ _3\"></span>ts, expert r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e of cash fl<span class=\"_ _3\"></span>ows (<span class=\"_ _3\"></span>Level 3).<span class=\"_ _379\"> </span>5<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> The ta<span class=\"_ _3\"></span>ble belo<span class=\"_ _3\"></span>w lists <span class=\"_ _3\"></span>the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d and m<span class=\"_ _3\"></span>ost impo<span class=\"_ _379\"> </span>rtant <span class=\"_ _3\"></span>input fa<span class=\"_ _3\"></span>ctors for <span class=\"_ _3\"></span>Levels<span class=\"_ _3\"></span> 2 and<span class=\"_ _3\"></span> 3. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> calculated<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alues c<span class=\"_ _3\"></span>an be used for <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>curring a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>non-r<span class=\"_ _3\"></span>ecurring m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> Pricing metho<span class=\"_ _1\"></span>d <span class=\"_ _15f\"> </span><span class=\"fsc\">Used for <span class=\"_ _160\"> </span>Fair<span class=\"_ _1\"></span> Value <span class=\"_ _4f\"> </span>Input paramet<span class=\"_ _1\"></span>ers </span>Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>Observable<span class=\"_ _1\"></span> Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s; borrower's note loans<span class=\"_ _1\"></span>; loans; se<span class=\"_ _1\"></span>curitised liabilities and su<span class=\"_ _1\"></span>bordinated liab<span class=\"_ _1\"></span>ilities<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Issuer, secto<span class=\"_ _1\"></span>r and rating-d<span class=\"_ _1\"></span>ependen<span class=\"_ _1\"></span>t yield curves<span class=\"_ _1\"></span> Lib<span class=\"_ _1\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rese<span class=\"_ _1\"></span>nt valu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s and b<span class=\"_ _1\"></span>orrower's note loans with<span class=\"_ _1\"></span> other embedd<span class=\"_ _1\"></span>ed derivates<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice Money marke<span class=\"_ _1\"></span>t and sw<span class=\"_ _1\"></span>ap curves; implied v<span class=\"_ _1\"></span>olatility su<span class=\"_ _1\"></span>rface; cap &amp; floor <span class=\"_ _1\"></span>volatilities; issuer, se<span class=\"_ _1\"></span>ctor <span class=\"_ _1\"></span>and rating-<span class=\"_ _379\"> </span>depend<span class=\"_ _1\"></span>ent yield curves Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>C<span class=\"_ _3\"></span>urrenc<span class=\"_ _1\"></span>y futures contr<span class=\"_ _1\"></span>acts <span class=\"_ _162\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket curves for th<span class=\"_ _1\"></span>e curren<span class=\"_ _1\"></span>cies concerned Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>I<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest rate/curren<span class=\"_ _1\"></span>cy swaps<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket and s<span class=\"_ _1\"></span>wap curves fo<span class=\"_ _1\"></span>r the currencies c<span class=\"_ _1\"></span>oncerned Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; im<span class=\"_ _1\"></span>plied volatilities; yield curve<span class=\"_ _1\"></span> Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>(Un-)obser<span class=\"_ _1\"></span>vable Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; volati<span class=\"_ _1\"></span>lities; yield<span class=\"_ _1\"></span> curve<span class=\"_ _1\"></span> Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>tho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; capitalisation <span class=\"_ _1\"></span>rate; data on<span class=\"_ _1\"></span> comparabl<span class=\"_ _1\"></span>e transa<span class=\"_ _1\"></span>ctions Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; discount rate; ind<span class=\"_ _1\"></span>exes Mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch <span class=\"_ _167\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>typical indu<span class=\"_ _1\"></span>stry multipliers Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>discount rate<span class=\"_ _1\"></span> Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Shares <span class=\"_ _168\"> </span>Book value Company-sp<span class=\"_ _1\"></span>ecific equity a<span class=\"_ _1\"></span>ccording to sep<span class=\"_ _1\"></span>arate finan<span class=\"_ _1\"></span>cial statements Amo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t Fixed income <span class=\"_ _1\"></span>instrumen<span class=\"_ _1\"></span>ts (illiquid bon<span class=\"_ _1\"></span>ds, policy loans, loans) with<span class=\"_ _1\"></span> no observ<span class=\"_ _1\"></span>able inpu<span class=\"_ _1\"></span>t data for comparable ass<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> Book value <span class=\"_ _56\"> </span>Cost-price; redemp<span class=\"_ _1\"></span>tion pri<span class=\"_ _1\"></span>ce; effective yield<span class=\"_ _1\"></span> Fo<span class=\"_ _3\"></span>r f<span class=\"_ _5\"></span>urth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>info<span class=\"_ _5\"></span>rmati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>ple<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>see <span class=\"_ _5\"></span>Not<span class=\"_ _3\"></span>e 2<span class=\"_ _5\"></span>4. <span class=\"_ _3\"></span>Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>hie<span class=\"_ _3\"></span>rar<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>33.<span class=\"_ _3\"></span> The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>nts th<span class=\"_ _3\"></span>e relatio<span class=\"_ _3\"></span>nships b<span class=\"_ _3\"></span>etween bal<span class=\"_ _3\"></span>ance-s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et items a<span class=\"_ _3\"></span>nd classes o<span class=\"_ _3\"></span>f fin<span class=\"_ _3\"></span>ancial instr<span class=\"_ _3\"></span>uments <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> to IFRS 7, i<span class=\"_ _3\"></span>ncludi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g me<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent me<span class=\"_ _3\"></span>thods:<span class=\"_ _3\"></span> Balance s<span class=\"_ _1\"></span>heet item<span class=\"_ _1\"></span>s, IAS 39 cate<span class=\"_ _1\"></span>gories<span class=\"_ _1\"></span> and classe<span class=\"_ _1\"></span>s of financ<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nstruments<span class=\"_ _1\"></span> ac<span class=\"_ _1\"></span>cording to<span class=\"_ _1\"></span> IFRS 7 <span class=\"_ _169\"> </span><span class=\"fsc\">Measurem<span class=\"_ _1\"></span>ent met<span class=\"_ _1\"></span>hod </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _16b\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>At fair value<span class=\"_ _1\"></span> Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _ed\"> </span>At am<span class=\"_ _1\"></span>ortised costs Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iabi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>) <span class=\"_ _6d\"> </span>At amortised costs<span class=\"_ _1\"></span> De<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies)<span class=\"_ _1\"></span> <span class=\"_ _16e\"> </span>At fair value<span class=\"_ _1\"></span> *Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>5<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Property<span class=\"_ _3\"></span> Both <span class=\"_ _d\"></span>owner<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ccupied <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>investment <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>operties <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>re<span class=\"_ _3\"></span>ported <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>propert<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. <span class=\"_ _d\"></span>Propert<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>is <span class=\"_ _d\"></span>both<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>self-used <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>investm<span class=\"_ _3\"></span>ent prope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>divided. <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>small <span class=\"_ _5\"></span>amou<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>do <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ceed <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>20% <span class=\"_ _3\"></span>limi<span class=\"_ _3\"></span>t, <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>entir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>larger <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>ateg<span class=\"_ _3\"></span>ory (80:20 r<span class=\"_ _3\"></span>ule). Prope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>measured <span class=\"_ _3\"></span>at cos<span class=\"_ _3\"></span>t m<span class=\"_ _3\"></span>inu<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>acc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ulated <span class=\"_ _3\"></span>depre<span class=\"_ _3\"></span>ciatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>and i<span class=\"_ _3\"></span>mpairm<span class=\"_ _3\"></span>ent lo<span class=\"_ _3\"></span>sses. <span class=\"_ _3\"></span>Cost com<span class=\"_ _3\"></span>prises al<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts inc<span class=\"_ _3\"></span>urred <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span> putting t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e ass<span class=\"_ _3\"></span>et into its <span class=\"_ _3\"></span>present loc<span class=\"_ _3\"></span>ation i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> its pr<span class=\"_ _3\"></span>esent con<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>tion. Costs incur<span class=\"_ _3\"></span>red in late<span class=\"_ _3\"></span>r periods ar<span class=\"_ _3\"></span>e only capit<span class=\"_ _3\"></span>alised i<span class=\"_ _3\"></span>f they lead to a signif<span class=\"_ _3\"></span>icant i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>e in future o<span class=\"_ _3\"></span>pportu<span class=\"_ _3\"></span>nities for <span class=\"_ _3\"></span>use of the b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ildi<span class=\"_ _3\"></span>ng (e.g. t<span class=\"_ _3\"></span>hrough b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>ding expa<span class=\"_ _3\"></span>nsion or new <span class=\"_ _3\"></span>building<span class=\"_ _3\"></span> constr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ctio<span class=\"_ _3\"></span>n)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Ow<span class=\"_ _3\"></span>ner<span class=\"_ _3\"></span>-occ<span class=\"_ _3\"></span>upied and <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>buildi<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>both depr<span class=\"_ _3\"></span>eciated<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g the <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>traight-l<span class=\"_ _3\"></span>ine <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hod <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e ex-<span class=\"_ _379\"> </span>pected <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sef<span class=\"_ _3\"></span>ul lif<span class=\"_ _3\"></span>e. The<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowi<span class=\"_ _3\"></span>ng averag<span class=\"_ _3\"></span>e u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>eful lives <span class=\"_ _3\"></span>are us<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>calculatio<span class=\"_ _3\"></span>n: Average<span class=\"_ _1\"></span> us<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ful life i<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>rs <span class=\"_ _14e\"> </span><span class=\"fsc\">from<span class=\"_ _379\"> </span></span>to<span class=\"_ _379\"> </span>Buil<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> <span class=\"_ _16f\"> </span>20<span class=\"_ _379\"> </span>50<span class=\"_ _379\"> </span>IMP<span class=\"_ _3\"></span>AIRMEN<span class=\"_ _3\"></span>T OF PROP<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>R<span class=\"_ _5\"></span>TY Prope<span class=\"_ _3\"></span>rty appraisals<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>rmed at reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>inte<span class=\"_ _3\"></span>rvals for <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wner<span class=\"_ _3\"></span>-o<span class=\"_ _3\"></span>ccupied pro<span class=\"_ _3\"></span>perty and investm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>rope<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>, reg<span class=\"_ _3\"></span>ardl<span class=\"_ _3\"></span>ess of their <span class=\"_ _4\"></span>book<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>es, <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nterna<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>externally <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>well <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>ju<span class=\"_ _3\"></span>dicially <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ertified <span class=\"_ _1\"></span>building <span class=\"_ _1\"></span>constr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>prope<span class=\"_ _3\"></span>rty <span class=\"_ _1\"></span>appraisers. Fair <span class=\"_ _a\"></span>va<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulated <span class=\"_ _a\"></span>using <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>capit<span class=\"_ _3\"></span>alised <span class=\"_ _a\"></span>earn<span class=\"_ _1\"></span>ings<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>method <span class=\"_ _a\"></span>or <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>arket <span class=\"_ _c\"></span>com<span class=\"_ _5\"></span>parisons. <span class=\"_ _c\"> </span>U<span class=\"_ _3\"></span>nless<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>leased, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>sset<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>val<span class=\"_ _3\"></span>ue method i<span class=\"_ _3\"></span>s generall<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>nly used <span class=\"_ _3\"></span>for unde<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>lop<span class=\"_ _3\"></span>ed la<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d. T<span class=\"_ _3\"></span>he discou<span class=\"_ _3\"></span>nted cas<span class=\"_ _3\"></span>h flow met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>d is use<span class=\"_ _3\"></span>d in excepti<span class=\"_ _3\"></span>onal cas<span class=\"_ _3\"></span>es. If th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> is be<span class=\"_ _1\"></span>low the book value (c<span class=\"_ _1\"></span>os<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>minus accum<span class=\"_ _3\"></span>ulated <span class=\"_ _1\"></span>de<span class=\"_ _3\"></span>preciatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>write-do<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ns), the <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>et <span class=\"_ _1\"></span>is impaired.<span class=\"_ _3\"></span> In this <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>se,<span class=\"_ _3\"></span> the bo<span class=\"_ _3\"></span>ok v<span class=\"_ _3\"></span>alue is <span class=\"_ _3\"></span>writte<span class=\"_ _3\"></span>n down to<span class=\"_ _3\"></span> fair <span class=\"_ _3\"></span>value t<span class=\"_ _3\"></span>hroug<span class=\"_ _3\"></span>h pr<span class=\"_ _3\"></span>ofit or<span class=\"_ _3\"></span> loss. T<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ethod use<span class=\"_ _3\"></span>d to t<span class=\"_ _3\"></span>est for<span class=\"_ _3\"></span> impairm<span class=\"_ _3\"></span>ent is <span class=\"_ _3\"></span>also used to test fo<span class=\"_ _3\"></span>r a<span class=\"_ _1\"></span> re<span class=\"_ _3\"></span>versal of<span class=\"_ _3\"></span> impairment. <span class=\"_ _3\"></span>On<span class=\"_ _1\"></span> e<span class=\"_ _3\"></span>ach balance s<span class=\"_ _3\"></span>heet date, a t<span class=\"_ _3\"></span>est is perform<span class=\"_ _3\"></span>ed for indicatio<span class=\"_ _3\"></span>ns that a re<span class=\"_ _3\"></span>versal o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span> impairme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>taken <span class=\"_ _4\"></span>pla<span class=\"_ _3\"></span>ce. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>book <span class=\"_ _1\"></span>value <span class=\"_ _4\"></span>aft<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ever<span class=\"_ _3\"></span>sal <span class=\"_ _4\"></span>may <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>exce<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>book value <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>would <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>existe<span class=\"_ _3\"></span>d, taking i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>depreci<span class=\"_ _3\"></span>ation, if no i<span class=\"_ _3\"></span>mpairm<span class=\"_ _3\"></span>ent had b<span class=\"_ _3\"></span>een r<span class=\"_ _3\"></span>ecognised.<span class=\"_ _3\"></span> Both impai<span class=\"_ _3\"></span>rments and re<span class=\"_ _3\"></span>versal<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>of impai<span class=\"_ _3\"></span>rments<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eport<span class=\"_ _3\"></span>ed in the <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n the <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>e stateme<span class=\"_ _3\"></span>nt and are sho<span class=\"_ _3\"></span>wn starting o<span class=\"_ _3\"></span>n page<span class=\"_ _3\"></span> 126. Th<span class=\"_ _3\"></span>e fai<span class=\"_ _3\"></span>r values a<span class=\"_ _3\"></span>nd le<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>el <span class=\"_ _3\"></span>hierarc<span class=\"_ _3\"></span>hy ac<span class=\"_ _3\"></span>cordi<span class=\"_ _3\"></span>ng to I<span class=\"_ _3\"></span>FRS 13 ar<span class=\"_ _5\"></span>e shown i<span class=\"_ _3\"></span>n Note 24<span class=\"_ _3\"></span>. Fi<span class=\"_ _3\"></span>nancial i<span class=\"_ _3\"></span>nstruments and fair <span class=\"_ _3\"></span>value meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ent hier<span class=\"_ _3\"></span>archy st<span class=\"_ _3\"></span>arting o<span class=\"_ _3\"></span>n page 133<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span>Financial<span class=\"_ _3\"></span> assets<span class=\"_ _3\"></span> Financial ass<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _3\"></span>vided into t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng catego<span class=\"_ _3\"></span>ries in a<span class=\"_ _3\"></span>ccord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h the req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ements of IA<span class=\"_ _3\"></span>S 39:<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>Loans and o<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>vestments, o<span class=\"_ _3\"></span>ther re<span class=\"_ _3\"></span>ceivabl<span class=\"_ _3\"></span>es,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>eld to m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>turit<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets availabl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> for sal<span class=\"_ _3\"></span>e,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed at fair <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue thr<span class=\"_ _3\"></span>ough pr<span class=\"_ _3\"></span>ofit and <span class=\"_ _3\"></span>loss and<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>eld fo<span class=\"_ _3\"></span>r trading.<span class=\"_ _379\"> </span>On initial r<span class=\"_ _3\"></span>ecognitio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>correspo<span class=\"_ _3\"></span>nding fi<span class=\"_ _3\"></span>nancial ass<span class=\"_ _3\"></span>ets are <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d at cost, <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _3\"></span>equals fair <span class=\"_ _3\"></span>value at t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> time o<span class=\"_ _3\"></span>f acq<span class=\"_ _3\"></span>u-<span class=\"_ _379\"> </span>isiti<span class=\"_ _3\"></span>on. For<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>ubseq<span class=\"_ _3\"></span>uent meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt of fin<span class=\"_ _3\"></span>ancial asse<span class=\"_ _3\"></span>ts, tw<span class=\"_ _3\"></span>o measurem<span class=\"_ _5\"></span>ent methods<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>used.<span class=\"_ _379\"> </span> 5<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> AMOR<span class=\"_ _3\"></span>T<span class=\"_ _1\"></span>IS<span class=\"_ _3\"></span>ED COS<span class=\"_ _3\"></span>T L<span class=\"_ _379\"> </span>oans<span class=\"_ _379\"> </span>and other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>invest<span class=\"_ _3\"></span>ments, other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es and financia<span class=\"_ _3\"></span>l assets held to maturit<span class=\"_ _3\"></span>y are<span class=\"_ _379\"> </span>subseq<span class=\"_ _3\"></span>uently meas<span class=\"_ _3\"></span>ured at<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>tised <span class=\"_ _a\"></span>cost. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>rtised <span class=\"_ _a\"></span>cost<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _c\"></span>det<span class=\"_ _3\"></span>ermined <span class=\"_ _4\"></span>using <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>effecti<span class=\"_ _3\"></span>ve <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>rate <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>asset <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>questi<span class=\"_ _3\"></span>on. <span class=\"_ _c\"></span>A<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>write-do<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>is<span class=\"_ _1\"></span> recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n profit or lo<span class=\"_ _3\"></span>ss i<span class=\"_ _3\"></span>n the case of p<span class=\"_ _3\"></span>erma<span class=\"_ _3\"></span>nent imp<span class=\"_ _3\"></span>airment. <span class=\"_ _3\"></span> The curr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt in<span class=\"_ _3\"></span>come r<span class=\"_ _3\"></span>ecor<span class=\"_ _3\"></span>ded in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement i<span class=\"_ _3\"></span>s essenti<span class=\"_ _3\"></span>ally inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st in<span class=\"_ _3\"></span>come. RECOGNIS<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>D<span class=\"_ _3\"></span> A<span class=\"_ _d\"></span>T F<span class=\"_ _3\"></span>AIR<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span>LUE Non-deri<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>tiv<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>desig<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>a<span class=\"_ _379\"> </span>vail<span class=\"_ _3\"></span>able <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>sale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>not <span class=\"_ _5\"></span>classifi<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>as <span class=\"_ _5\"></span>loans <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>other<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ents, other <span class=\"_ _d\"></span>receivables, <span class=\"_ _d\"></span>held-to-m<span class=\"_ _3\"></span>aturity <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>assets <span class=\"_ _5\"></span>or fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assets<span class=\"_ _379\"> </span>at <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>throug<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>profit <span class=\"_ _d\"></span>or <span class=\"_ _5\"></span>loss <span class=\"_ _d\"></span>are <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>subseque<span class=\"_ _3\"></span>ntly meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>t f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value. <span class=\"_ _5\"></span>Fluctuatio<span class=\"_ _3\"></span>ns i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>recogn<span class=\"_ _3\"></span>ised <span class=\"_ _3\"></span>in o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>prehe<span class=\"_ _3\"></span>nsive <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eport<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>n e<span class=\"_ _3\"></span>quity in other r<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s. T<span class=\"_ _3\"></span>his does <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>ude<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ents that <span class=\"_ _3\"></span>are r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d in pr<span class=\"_ _3\"></span>ofit a<span class=\"_ _3\"></span>nd loss.  Upon <span class=\"_ _5\"></span>disposal, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>cumulati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>gains <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>ses <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>other <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>erves <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>previo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>periods <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>transfe<span class=\"_ _3\"></span>rred <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ult for the p<span class=\"_ _3\"></span>eriod (r<span class=\"_ _3\"></span>ecycling).<span class=\"_ _3\"></span> Spot tra<span class=\"_ _3\"></span>nsactions <span class=\"_ _3\"></span>are ac<span class=\"_ _3\"></span>counted fo<span class=\"_ _3\"></span>r at the s<span class=\"_ _3\"></span>ettleme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>date. AMENDM<span class=\"_ _3\"></span>ENTS <span class=\"_ _3\"></span>TO IAS<span class=\"_ _3\"></span> 39 <span class=\"_ _3\"></span>AND IFRS<span class=\"_ _3\"></span> 7 RECLASSIFI<span class=\"_ _3\"></span>CA<span class=\"_ _5\"></span>TION OF <span class=\"_ _3\"></span>FINANCIAL<span class=\"_ _3\"></span> ASS<span class=\"_ _3\"></span>ETS The <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>ASB <span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>ubl<span class=\"_ _3\"></span>ished <span class=\"_ _a\"></span>amendm<span class=\"_ _3\"></span>ents <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _a\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>39 <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _a\"></span>7 <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>October<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>20<span class=\"_ _3\"></span>08. <span class=\"_ _a\"></span>The <span class=\"_ _a\"></span>adjusted <span class=\"_ _4\"></span>version <span class=\"_ _a\"></span>of <span class=\"_ _c\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>39 <span class=\"_ _4\"></span>permi<span class=\"_ _3\"></span>ts <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>e-<span class=\"_ _379\"> </span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-derivati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>assets <span class=\"_ _a\"></span>(exc<span class=\"_ _3\"></span>ept <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>f<span class=\"_ _3\"></span>inancial <span class=\"_ _4\"></span>instrume<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>were <span class=\"_ _4\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>using <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fair <span class=\"_ _a\"></span>value option <span class=\"_ _3\"></span>upon initial r<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nition) in t<span class=\"_ _3\"></span>he \u201cheld<span class=\"_ _3\"></span>-for<span class=\"_ _3\"></span>-tr<span class=\"_ _3\"></span>ading\u201d and <span class=\"_ _3\"></span>\u201cavail<span class=\"_ _3\"></span>able-for<span class=\"_ _5\"></span>-sale\u201d c<span class=\"_ _3\"></span>ategories.<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>amen<span class=\"_ _3\"></span>dments to <span class=\"_ _4\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>39 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>RS<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>7 went <span class=\"_ _1\"></span>into e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fect <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>oactivel<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>1 <span class=\"_ _4\"></span>J<span class=\"_ _3\"></span>uly <span class=\"_ _4\"></span>2008<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>were a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plied <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>spectivel<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m the time <span class=\"_ _1\"></span>of re<span class=\"_ _3\"></span>classification. Re<span class=\"_ _3\"></span>classificatio<span class=\"_ _3\"></span>ns performed in <span class=\"_ _1\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>Insu<span class=\"_ _3\"></span>rance Group befor<span class=\"_ _3\"></span>e 1 <span class=\"_ _1\"></span>Novemb<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>2008 used fai<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>values as of 1<span class=\"_ _3\"></span> Ju<span class=\"_ _1\"></span>ly 200<span class=\"_ _3\"></span>8. IMP<span class=\"_ _3\"></span>AIRMEN<span class=\"_ _3\"></span>T OF FINAN<span class=\"_ _3\"></span>CIAL <span class=\"_ _3\"></span>ASSE<span class=\"_ _3\"></span>TS On eac<span class=\"_ _3\"></span>h bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet d<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> the boo<span class=\"_ _3\"></span>k v<span class=\"_ _3\"></span>alues of f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sets not<span class=\"_ _3\"></span> measu<span class=\"_ _3\"></span>red at<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it o<span class=\"_ _3\"></span>r loss <span class=\"_ _3\"></span>are tes<span class=\"_ _3\"></span>ted for <span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>nce of<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>mpairment. <span class=\"_ _3\"></span>Such <span class=\"_ _3\"></span>evidence <span class=\"_ _3\"></span>could <span class=\"_ _3\"></span>be, f<span class=\"_ _3\"></span>or ex<span class=\"_ _3\"></span>ample, <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he d<span class=\"_ _3\"></span>ebtor <span class=\"_ _3\"></span>experie<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>ng si<span class=\"_ _3\"></span>gnificant <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ficulties,<span class=\"_ _3\"></span> a high <span class=\"_ _1\"></span>prob<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insolve<span class=\"_ _3\"></span>ncy <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ceedings,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>of an <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>ctive <span class=\"_ _1\"></span>market <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>asset, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>sig<span class=\"_ _3\"></span>nificant <span class=\"_ _1\"></span>chang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in the technolo<span class=\"_ _3\"></span>gical, <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic, l<span class=\"_ _3\"></span>egal <span class=\"_ _5\"></span>or m<span class=\"_ _3\"></span>arket <span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>nt of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ssuer<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>or <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>permanent<span class=\"_ _3\"></span> de<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span>inancial asset <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>elo<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>amorti<span class=\"_ _3\"></span>sed <span class=\"_ _3\"></span>cost. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>has <span class=\"_ _5\"></span>considerabl<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>discr<span class=\"_ _3\"></span>etion <span class=\"_ _5\"></span>when <span class=\"_ _5\"></span>quantifying <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>influe<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>informati<span class=\"_ _3\"></span>on that could af<span class=\"_ _5\"></span>fect the <span class=\"_ _3\"></span>creditwo<span class=\"_ _3\"></span>rthiness,<span class=\"_ _3\"></span> rating a<span class=\"_ _3\"></span>nd/or ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>power of a d<span class=\"_ _3\"></span>ebtor<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> Any imp<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>irm<span class=\"_ _3\"></span>ent l<span class=\"_ _3\"></span>osses <span class=\"_ _3\"></span>due to<span class=\"_ _3\"></span> fair <span class=\"_ _5\"></span>value l<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng b<span class=\"_ _3\"></span>elow <span class=\"_ _3\"></span>the boo<span class=\"_ _5\"></span>k <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>e ar<span class=\"_ _3\"></span>e r<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or <span class=\"_ _3\"></span>loss. <span class=\"_ _3\"></span>If <span class=\"_ _3\"></span>any c<span class=\"_ _3\"></span>hanges <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>the f<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ir value of <span class=\"_ _1\"></span>availabl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-for<span class=\"_ _d\"></span>-sale <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets were pr<span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>usly <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed directly in equity<span class=\"_ _d\"></span>, these changes m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st be eliminat<span class=\"_ _3\"></span>ed fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>equity and recog<span class=\"_ _3\"></span>nised in <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>loss on <span class=\"_ _1\"></span>the income statem<span class=\"_ _3\"></span>ent. <span class=\"_ _1\"></span>As a ru<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>impairm<span class=\"_ _3\"></span>ent of e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uity<span class=\"_ _1\"></span> instrum<span class=\"_ _3\"></span>ents is t<span class=\"_ _1\"></span>o be recog<span class=\"_ _3\"></span>nised <span class=\"_ _a\"></span>if <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>average <span class=\"_ _a\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _a\"></span>during <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>l<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>st <span class=\"_ _a\"></span>six <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nths <span class=\"_ _a\"></span>was <span class=\"_ _a\"></span>consis<span class=\"_ _3\"></span>tently <span class=\"_ _a\"></span>less <span class=\"_ _4\"></span>than <span class=\"_ _a\"></span>80% <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>historical <span class=\"_ _4\"></span>cost <span class=\"_ _4\"></span>of acquisiti<span class=\"_ _3\"></span>on and/o<span class=\"_ _3\"></span>r if the fair <span class=\"_ _3\"></span>value as at <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>eporting d<span class=\"_ _3\"></span>ate is l<span class=\"_ _3\"></span>ess tha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> 50% of<span class=\"_ _3\"></span> the histo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ical <span class=\"_ _3\"></span>cost of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on. G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>5<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>FINANCIAL INST<span class=\"_ _3\"></span>R<span class=\"_ _1\"></span>UMENTS <span class=\"_ _3\"></span>FOR <span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>IT<span class=\"_ _d\"></span>-LINKED <span class=\"_ _3\"></span>AND I<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>DEX<span class=\"_ _3\"></span>-L<span class=\"_ _1\"></span>INKE<span class=\"_ _3\"></span>D LIFE INSURA<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>CE<span class=\"_ _3\"></span> (<span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>) Financial <span class=\"_ _c\"> </span>instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>for <span class=\"_ _c\"> </span>u<span class=\"_ _1\"></span>nit-li<span class=\"_ _3\"></span>nked <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>index-l<span class=\"_ _3\"></span>inked <span class=\"_ _b\"> </span>life <span class=\"_ _b\"> </span>insurance <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vide <span class=\"_ _b\"> </span>cover <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>unit-linked <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>index<span class=\"_ _3\"></span>-linked <span class=\"_ _b\"> </span>life insuranc<span class=\"_ _3\"></span>e underw<span class=\"_ _3\"></span>riting pr<span class=\"_ _3\"></span>ovisions. T<span class=\"_ _3\"></span>he su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l a<span class=\"_ _3\"></span>nd surr<span class=\"_ _3\"></span>ender p<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents for t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e policies a<span class=\"_ _3\"></span>re li<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ed to the pe<span class=\"_ _3\"></span>rforma<span class=\"_ _3\"></span>nce of the <span class=\"_ _b\"> </span>unde<span class=\"_ _3\"></span>rly<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>financial <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents. <span class=\"_ _b\"> </span>The <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>from <span class=\"_ _c\"> </span>these <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>cr<span class=\"_ _3\"></span>edited <span class=\"_ _b\"> </span>in <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ull <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>poli<span class=\"_ _3\"></span>cyholders. <span class=\"_ _b\"> </span>As<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>result,<span class=\"_ _3\"></span> policy<span class=\"_ _3\"></span>holders <span class=\"_ _1\"></span>bear <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>asso<span class=\"_ _3\"></span>ciated <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>performa<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>trumen<span class=\"_ _3\"></span>ts. <span class=\"_ _1\"></span>They <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>separ<span class=\"_ _3\"></span>ate <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver funds, a<span class=\"_ _3\"></span>nd managed s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>arately fr<span class=\"_ _3\"></span>om the ot<span class=\"_ _3\"></span>her fina<span class=\"_ _3\"></span>ncial assets o<span class=\"_ _3\"></span>f VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p. <span class=\"_ _3\"></span> Since <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>cha<span class=\"_ _3\"></span>nges <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>occasi<span class=\"_ _3\"></span>onally <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>ual <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>changes<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>underwriting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons, <span class=\"_ _1\"></span>these <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts ar<span class=\"_ _3\"></span>e valued in<span class=\"_ _1\"></span> accor<span class=\"_ _3\"></span>dance with the requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of IAS 39.9b. F<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ancial instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s for unit- and <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ex-linke<span class=\"_ _3\"></span>d lif<span class=\"_ _3\"></span>e insu<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e therefo<span class=\"_ _3\"></span>re m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed at fair <span class=\"_ _3\"></span>value, and <span class=\"_ _3\"></span>chang<span class=\"_ _3\"></span>es in value a<span class=\"_ _3\"></span>re r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement.<span class=\"_ _3\"></span> REINSURERS\u2019<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>SHARE<span class=\"_ _3\"></span> IN UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS (D) The <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>underw<span class=\"_ _3\"></span>riting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _1\"></span>is me<span class=\"_ _3\"></span>asure<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in accord<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> contractu<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>provisi<span class=\"_ _3\"></span>ons. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>qua<span class=\"_ _3\"></span>lity of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>especti<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>counterp<span class=\"_ _3\"></span>arty <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>whe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>asured.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Informatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sele<span class=\"_ _3\"></span>ction of r<span class=\"_ _3\"></span>einsure<span class=\"_ _3\"></span>rs is pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ided i<span class=\"_ _3\"></span>n the Fin<span class=\"_ _3\"></span>ancial ins<span class=\"_ _3\"></span>truments <span class=\"_ _3\"></span>and risk m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t section o<span class=\"_ _3\"></span>n page 93.<span class=\"_ _3\"></span> RECEIV<span class=\"_ _5\"></span>ABLES (<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span>) The r<span class=\"_ _3\"></span>eceivables s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>own i<span class=\"_ _3\"></span>n the bal<span class=\"_ _3\"></span>ance shee<span class=\"_ _3\"></span>t rela<span class=\"_ _3\"></span>te to <span class=\"_ _3\"></span>the follo<span class=\"_ _3\"></span>wing in pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ular: \u2022<span class=\"_ _f\"> </span>Receivables f<span class=\"_ _3\"></span>rom dir<span class=\"_ _5\"></span>ect ins<span class=\"_ _3\"></span>urance busi<span class=\"_ _3\"></span>ness<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> policyholders<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> insurance i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _3\"></span>ries<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> insurance com<span class=\"_ _5\"></span>panies<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Receivables f<span class=\"_ _3\"></span>rom r<span class=\"_ _5\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Other re<span class=\"_ _3\"></span>ceivabl<span class=\"_ _3\"></span>es<span class=\"_ _379\"> </span>As a rule, r<span class=\"_ _5\"></span>eceivables <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted at cos<span class=\"_ _3\"></span>t less i<span class=\"_ _3\"></span>mpairme<span class=\"_ _3\"></span>nt los<span class=\"_ _3\"></span>ses for loss<span class=\"_ _3\"></span>es alr<span class=\"_ _3\"></span>eady i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ut not ye<span class=\"_ _3\"></span>t known <span class=\"_ _3\"></span>(e.g. dea<span class=\"_ _3\"></span>th that is not yet k<span class=\"_ _3\"></span>nown). Impairm<span class=\"_ _3\"></span>ent is<span class=\"_ _3\"></span> n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ssa<span class=\"_ _3\"></span>ry if ther<span class=\"_ _3\"></span>e is mate<span class=\"_ _3\"></span>rial evide<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce of fi<span class=\"_ _3\"></span>nancial di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>iculties, such as default o<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> d<span class=\"_ _3\"></span>elay in pa<span class=\"_ _3\"></span>yment <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>items<span class=\"_ _3\"></span> ther<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>for<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>annot <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>consider<span class=\"_ _5\"></span>ed co<span class=\"_ _3\"></span>llectable o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>not f<span class=\"_ _3\"></span>ully <span class=\"_ _3\"></span>collectable. <span class=\"_ _5\"></span>In t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eceivables <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om policy<span class=\"_ _3\"></span>holders, <span class=\"_ _3\"></span>expec<span class=\"_ _3\"></span>ted <span class=\"_ _3\"></span>impairm<span class=\"_ _3\"></span>ent l<span class=\"_ _3\"></span>osses<span class=\"_ _3\"></span> fr<span class=\"_ _3\"></span>om <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-c<span class=\"_ _1\"></span>oll<span class=\"_ _3\"></span>ectable <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>um <span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>eivables <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>sho<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties s<span class=\"_ _3\"></span>ide <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the balanc<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>under <span class=\"_ _5\"></span>\u201cOther <span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>writing <span class=\"_ _5\"></span>provis<span class=\"_ _3\"></span>ions\u201d <span class=\"_ _3\"></span>(pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>cellations)<span class=\"_ _3\"></span> or <span class=\"_ _5\"></span>deducte<span class=\"_ _3\"></span>d fr<span class=\"_ _3\"></span>om <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eceiva<span class=\"_ _3\"></span>ble using a v<span class=\"_ _3\"></span>aluation <span class=\"_ _3\"></span>allowance. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e amo<span class=\"_ _3\"></span>unts incl<span class=\"_ _3\"></span>uded ar<span class=\"_ _3\"></span>e sho<span class=\"_ _3\"></span>wn in Not<span class=\"_ _3\"></span>e 5. Rec<span class=\"_ _3\"></span>eivables o<span class=\"_ _3\"></span>n page 108<span class=\"_ _3\"></span>.  T<span class=\"_ _5\"></span>AXES (F) Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es com<span class=\"_ _5\"></span>pr<span class=\"_ _1\"></span>ise <span class=\"_ _5\"></span>actual <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>ax<span class=\"_ _379\"> </span>es. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e tax <span class=\"_ _5\"></span>associated <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>transacti<span class=\"_ _3\"></span>ons r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>direc<span class=\"_ _3\"></span>tly in <span class=\"_ _c\"> </span>equity <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>recog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ise<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>The <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _3\"></span>ual <span class=\"_ _c\"> </span>taxes <span class=\"_ _a\"></span>for <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>individ<span class=\"_ _3\"></span>ual <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _c\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _c\"> </span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re calculat<span class=\"_ _3\"></span>ed using t<span class=\"_ _3\"></span>he compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s tax<span class=\"_ _3\"></span>able incom<span class=\"_ _3\"></span>e and t<span class=\"_ _3\"></span>he tax rate ap<span class=\"_ _3\"></span>plicable i<span class=\"_ _3\"></span>n the co<span class=\"_ _3\"></span>untry in <span class=\"_ _3\"></span>question.<span class=\"_ _379\"> </span> 5<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Deferr<span class=\"_ _3\"></span>ed taxes are calc<span class=\"_ _3\"></span>ulated usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g the balan<span class=\"_ _3\"></span>ce shee<span class=\"_ _379\"> </span>t liability met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od for all tempor<span class=\"_ _3\"></span>ary dif<span class=\"_ _3\"></span>ferences<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>betw<span class=\"_ _3\"></span>een the asset and liabil<span class=\"_ _3\"></span>ity <span class=\"_ _a\"></span>values <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecognised<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>IFRS <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>financi<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>stateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>tax <span class=\"_ _4\"></span>bases<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>these assets <span class=\"_ _3\"></span>and l<span class=\"_ _3\"></span>iabilities.<span class=\"_ _3\"></span> Un<span class=\"_ _3\"></span>der <span class=\"_ _3\"></span>IAS 1<span class=\"_ _3\"></span>2.47, <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>axes <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>rates a<span class=\"_ _3\"></span>pplica<span class=\"_ _3\"></span>ble at <span class=\"_ _5\"></span>the tim<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>realis<span class=\"_ _3\"></span>ation. In addition,<span class=\"_ _3\"></span> any pr<span class=\"_ _3\"></span>obabl<span class=\"_ _3\"></span>e tax b<span class=\"_ _3\"></span>enefits re<span class=\"_ _3\"></span>alisable f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>existing<span class=\"_ _3\"></span> loss<span class=\"_ _3\"></span> carry<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rwards <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e includ<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulation. Ex<span class=\"_ _3\"></span>ceptions<span class=\"_ _3\"></span> to <span class=\"_ _c\"> </span>this <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>eferral <span class=\"_ _c\"> </span>calc<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces <span class=\"_ _c\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _c\"> </span>non-<span class=\"_ _3\"></span>tax-deducti<span class=\"_ _3\"></span>ble <span class=\"_ _c\"> </span>good<span class=\"_ _3\"></span>will <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>any <span class=\"_ _c\"> </span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>tax <span class=\"_ _c\"> </span>dif<span class=\"_ _5\"></span>feren<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>inked <span class=\"_ _c\"> </span>to<span class=\"_ _3\"></span> participatio<span class=\"_ _3\"></span>ns. D<span class=\"_ _3\"></span>eferred<span class=\"_ _3\"></span> tax ass<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e not r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d if i<span class=\"_ _3\"></span>t is <span class=\"_ _3\"></span>not pro<span class=\"_ _3\"></span>bable<span class=\"_ _3\"></span> that t<span class=\"_ _3\"></span>he tax <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>ts they <span class=\"_ _3\"></span>contai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>can be<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>alised.<span class=\"_ _3\"></span> Wher<span class=\"_ _3\"></span>e req<span class=\"_ _3\"></span>uired, <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed taxes a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>calculated b<span class=\"_ _3\"></span>ased on <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>ollowing tax r<span class=\"_ _3\"></span>ates:<span class=\"_ _3\"></span> Tax rate<span class=\"_ _1\"></span>s <span class=\"_ _ba\"> </span><span class=\"fsc\">3<span class=\"_ _1\"></span>1.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _170\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Bosn<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Herz<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ovin<span class=\"_ _1\"></span>a <span class=\"_ _171\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a <span class=\"_ _172\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>rman<span class=\"_ _1\"></span>y1 <span class=\"_ _173\"> </span>30.0<span class=\"_ _379\"> </span>30.0<span class=\"_ _379\"> </span>Est<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>2 <span class=\"_ _65\"> </span>0.<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>orgi<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>3 <span class=\"_ _174\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Kos<span class=\"_ _1\"></span>ovo<span class=\"_ _1\"></span> <span class=\"_ _175\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Cro<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ia <span class=\"_ _175\"> </span>18.0<span class=\"_ _379\"> </span>18.0<span class=\"_ _379\"> </span>Latv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>4 <span class=\"_ _176\"> </span>0.0<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>Lie<span class=\"_ _1\"></span>cht<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ein <span class=\"_ _177\"> </span>12.5<span class=\"_ _379\"> </span>12.5<span class=\"_ _379\"> </span>Lith<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a <span class=\"_ _178\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Mol<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _179\"> </span>12.0<span class=\"_ _379\"> </span>12.0<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _17a\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>5 <span class=\"_ _17b\"> </span>25.0<span class=\"_ _379\"> </span>25.0<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _65\"> </span>19<span class=\"_ _1\"></span>.0<span class=\"_ _379\"> </span>19.0<span class=\"_ _379\"> </span>Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d6\"> </span>16.0<span class=\"_ _379\"> </span>16.0<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>rbia<span class=\"_ _1\"></span> <span class=\"_ _17c\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _172\"> </span>21.0<span class=\"_ _379\"> </span>21.0<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _17d\"> </span>19.0<span class=\"_ _379\"> </span>19.0<span class=\"_ _379\"> </span>T\u00fcr<span class=\"_ _1\"></span>kiy<span class=\"_ _1\"></span>e <span class=\"_ _17e\"> </span>25.0<span class=\"_ _379\"> </span>25.0<span class=\"_ _379\"> </span>Uk<span class=\"_ _1\"></span>rain<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _17f\"> </span>18.0<span class=\"_ _379\"> </span>18.0<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _172\"> </span>11.3<span class=\"_ _379\"> </span>11.3<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The tax rate <span class=\"_ _3\"></span>shown here is a flat tax rate. The tax <span class=\"_ _3\"></span>rate is between 15,825% and 31,715%, dep<span class=\"_ _3\"></span>ending on<span class=\"_ _1\"></span> the r<span class=\"_ _3\"></span>egistered office and activities of the <span class=\"_ _3\"></span>company.<span class=\"_ _1\"></span> 2 <span class=\"_ _6\"> </span>The retain<span class=\"_ _3\"></span>ed profits of locally domicil<span class=\"_ _3\"></span>ed<span class=\"_ _1\"></span> companies <span class=\"_ _3\"></span>are<span class=\"_ _1\"></span> not su<span class=\"_ _3\"></span>b<span class=\"_ _1\"></span>ject to corporate in<span class=\"_ _3\"></span>come tax. Profit distributions by the <span class=\"_ _3\"></span>compan<span class=\"_ _1\"></span>ies are <span class=\"_ _3\"></span>s<span class=\"_ _1\"></span>ubject to a <span class=\"_ _3\"></span>tax rate of 14% to 20%.<span class=\"_ _1\"></span> 3 <span class=\"_ _6\"> </span>As<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>ule,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eta<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ed p<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>of l<span class=\"_ _5\"></span>ocal<span class=\"_ _3\"></span>ly<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>omi<span class=\"_ _3\"></span>cil<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>ani<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> n<span class=\"_ _3\"></span>ot b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te i<span class=\"_ _5\"></span>nco<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>tax <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>rtin<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Jan<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>23. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>e pl<span class=\"_ _5\"></span>ann<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>im<span class=\"_ _3\"></span>pl<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on d<span class=\"_ _5\"></span>ate <span class=\"_ _3\"></span>wa<span class=\"_ _3\"></span>s p<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>tpon<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d fr<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1 J<span class=\"_ _3\"></span>anuar<span class=\"_ _5\"></span>y <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>o 1<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Janu<span class=\"_ _3\"></span>ary<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2023.<span class=\"_ _3\"></span> 4 <span class=\"_ _6\"> </span>The retain<span class=\"_ _3\"></span>ed profits of locally domicil<span class=\"_ _3\"></span>ed<span class=\"_ _1\"></span> companies <span class=\"_ _3\"></span>are<span class=\"_ _1\"></span> not su<span class=\"_ _3\"></span>b<span class=\"_ _1\"></span>ject to corporate in<span class=\"_ _3\"></span>come tax. Profit distributions by the <span class=\"_ _3\"></span>compan<span class=\"_ _1\"></span>ies are <span class=\"_ _3\"></span>s<span class=\"_ _1\"></span>ubject to a <span class=\"_ _3\"></span>tax rate of 20%. 5 Due to a n<span class=\"_ _3\"></span>ew law that was passed, the corporate <span class=\"_ _3\"></span>income tax rate will be reduced in stages from <span class=\"_ _3\"></span>25% t<span class=\"_ _1\"></span>o 24% in<span class=\"_ _3\"></span> 2023, and then to 23% in 2024. G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>5<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Group ta<span class=\"_ _3\"></span>xati<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n With <span class=\"_ _4\"></span>W<span class=\"_ _1\"></span>iene<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>V<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>cheru<span class=\"_ _3\"></span>ngsver<span class=\"_ _3\"></span>ein <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>arent<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>corporate <span class=\"_ _1\"></span>gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _4\"></span>of c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>nies <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>hin <span class=\"_ _4\"></span>the meaning<span class=\"_ _3\"></span> of \u00a7 9<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> the Aus<span class=\"_ _3\"></span>trian Co<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>Income<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>ax Act <span class=\"_ _3\"></span>(KStG).<span class=\"_ _3\"></span> The <span class=\"_ _3\"></span>taxable <span class=\"_ _3\"></span>earnings of<span class=\"_ _3\"></span> gro<span class=\"_ _3\"></span>up memb<span class=\"_ _3\"></span>ers ar<span class=\"_ _5\"></span>e attrib<span class=\"_ _3\"></span>uted to the hea<span class=\"_ _3\"></span>d of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>tax gr<span class=\"_ _3\"></span>oup. T<span class=\"_ _3\"></span>he hea<span class=\"_ _3\"></span>d of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>tax gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tered in<span class=\"_ _3\"></span>to agr<span class=\"_ _3\"></span>eeme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>with e<span class=\"_ _3\"></span>ach gr<span class=\"_ _3\"></span>oup mem<span class=\"_ _3\"></span>ber gov<span class=\"_ _3\"></span>erning the allocation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>positiv<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>negati<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _4\"></span>amou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pur<span class=\"_ _3\"></span>pose <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>allocating <span class=\"_ _1\"></span>corpo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>ch<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>cordi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> origin. <span class=\"_ _3\"></span>If <span class=\"_ _3\"></span>a gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>membe<span class=\"_ _3\"></span>r ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>positiv<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>come, 2<span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>allocated <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>head o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he t<span class=\"_ _3\"></span>ax gr<span class=\"_ _3\"></span>oup. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>negative <span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me, the gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p m<span class=\"_ _3\"></span>ember r<span class=\"_ _3\"></span>eceives l<span class=\"_ _3\"></span>ump-sum <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>ensatio<span class=\"_ _3\"></span>n equal to 2<span class=\"_ _3\"></span>2.5% of <span class=\"_ _3\"></span>the tax l<span class=\"_ _3\"></span>oss. Si<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e the tax <span class=\"_ _3\"></span>allocatio<span class=\"_ _3\"></span>n is 25<span class=\"_ _3\"></span>% in t<span class=\"_ _3\"></span>he case <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>pos<span class=\"_ _3\"></span>itive <span class=\"_ _c\"></span>in<span class=\"_ _3\"></span>come, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>grou<span class=\"_ _3\"></span>p <span class=\"_ _c\"></span>membe<span class=\"_ _3\"></span>r <span class=\"_ _c\"></span>sho<span class=\"_ _3\"></span>uld <span class=\"_ _a\"></span>provid<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>10% <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _a\"></span>benefit <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _a\"></span>grou<span class=\"_ _3\"></span>p <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>ax<span class=\"_ _3\"></span>ation <span class=\"_ _c\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sulti<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om inclusio<span class=\"_ _3\"></span>n of that gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>member i<span class=\"_ _3\"></span>n the gro<span class=\"_ _3\"></span>up. Cas<span class=\"_ _3\"></span>h settleme<span class=\"_ _3\"></span>nt of tax be<span class=\"_ _3\"></span>nefits is pe<span class=\"_ _3\"></span>rform<span class=\"_ _3\"></span>ed for a p<span class=\"_ _3\"></span>eriod of t<span class=\"_ _3\"></span>hree <span class=\"_ _3\"></span>years. Change<span class=\"_ _3\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _3\"></span> t<span class=\"_ _1\"></span>h<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>ustrian tax<span class=\"_ _3\"></span> rate<span class=\"_ _3\"></span> As a result of the 2022 tax<span class=\"_ _3\"></span> reform,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the co<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rate <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ncome ta<span class=\"_ _3\"></span>x <span class=\"_ _1\"></span>rate will<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be re<span class=\"_ _3\"></span>duced in stages from<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>25<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>to 24% in 2023 and<span class=\"_ _3\"></span> then to 23<span class=\"_ _3\"></span>% in 2024. The r<span class=\"_ _3\"></span>eductio<span class=\"_ _3\"></span>n in the corporat<span class=\"_ _3\"></span>e income<span class=\"_ _3\"></span> tax rate in Austria r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ed in deferr<span class=\"_ _3\"></span>ed tax incom<span class=\"_ _3\"></span>e of EUR 2.<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span> mil<span class=\"_ _3\"></span>lion for the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>period.<span class=\"_ _3\"></span> Additional<span class=\"_ _3\"></span> tax on <span class=\"_ _3\"></span>ins<span class=\"_ _1\"></span>uran<span class=\"_ _3\"></span>ce premi<span class=\"_ _3\"></span>ums in Hunga<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y<span class=\"ff4a\"> </span>An additio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l insu<span class=\"_ _3\"></span>rance tax was <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ntrodu<span class=\"_ _3\"></span>ced for insuran<span class=\"_ _3\"></span>ce c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>mpanies oper<span class=\"_ _3\"></span>ating in Hungar<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> (Gove<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ment<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Dec<span class=\"_ _3\"></span>ree on Extra-<span class=\"_ _379\"> </span>Prof<span class=\"_ _3\"></span>it <span class=\"_ _3\"></span>T<span class=\"_ _d\"></span>axes i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> Ju<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>2022). <span class=\"_ _3\"></span>This <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>dditio<span class=\"_ _3\"></span>nal i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e tax <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>progr<span class=\"_ _3\"></span>essi<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>based <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>gross<span class=\"_ _3\"></span> ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>lif<span class=\"_ _3\"></span>e and non-li<span class=\"_ _3\"></span>fe insu<span class=\"_ _3\"></span>rance lines of <span class=\"_ _3\"></span>business<span class=\"_ _3\"></span> for th<span class=\"_ _3\"></span>e period 1 J<span class=\"_ _3\"></span>uly 202<span class=\"_ _3\"></span>2 to 31 D<span class=\"_ _3\"></span>ecember 202<span class=\"_ _3\"></span>3. This <span class=\"_ _4\"></span>dec<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ee <span class=\"_ _4\"></span>has <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>signif<span class=\"_ _3\"></span>icant <span class=\"_ _a\"></span>incr<span class=\"_ _3\"></span>ease <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _4\"></span>b<span class=\"_ _1\"></span>urd<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>for <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>ungarian <span class=\"_ _4\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>anies. <span class=\"_ _4\"></span>Ba<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>on curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>values <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>Unio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>Biztos\u00edt\u00f3<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>AEGO<span class=\"_ _3\"></span>N <span class=\"_ _1\"></span>Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>an additional E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 25.9 <span class=\"_ _1\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>aid <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the period <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>Jul<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> 2022 <span class=\"_ _c\"> </span>to <span class=\"_ _6\"> </span>31 <span class=\"_ _b\"> </span>December <span class=\"_ _b\"> </span>2022. <span class=\"_ _b\"> </span>Accor<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>pla<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>values <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>vail<span class=\"_ _3\"></span>able, <span class=\"_ _6\"> </span>VIG <span class=\"_ _b\"> </span>ca<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>expect <span class=\"_ _b\"> </span>furth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>burd<span class=\"_ _3\"></span>ens <span class=\"_ _b\"> </span>amo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nting <span class=\"_ _c\"> </span>to approxi<span class=\"_ _3\"></span>matel<span class=\"_ _3\"></span>y EUR 40 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on in the financi<span class=\"_ _3\"></span>al year 202<span class=\"_ _3\"></span>3. Global min<span class=\"_ _3\"></span>imum ta<span class=\"_ _3\"></span>x EU member states ha<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e, in principl<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>agr<span class=\"_ _3\"></span>eed on the Europe<span class=\"_ _3\"></span>-w<span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>impl<span class=\"_ _3\"></span>ementation of the Global Anti-B<span class=\"_ _3\"></span>ase Erosio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> (GloBE) rules <span class=\"_ _3\"></span>(Pillar<span class=\"_ _3\"></span> T<span class=\"_ _4a\"></span>wo)<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>inte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>nal <span class=\"_ _3\"></span>tax r<span class=\"_ _5\"></span>eform <span class=\"_ _3\"></span>set <span class=\"_ _5\"></span>out b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>O<span class=\"_ _1\"></span>ECD.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>gre<span class=\"_ _3\"></span>ement<span class=\"_ _3\"></span> stip<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lates <span class=\"_ _5\"></span>that t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>ts of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es with <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>ann<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>evenue <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>at l<span class=\"_ _3\"></span>east <span class=\"_ _3\"></span>EUR 750<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on will<span class=\"_ _3\"></span>, i<span class=\"_ _3\"></span>n future,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>be s<span class=\"_ _3\"></span>ubject <span class=\"_ _5\"></span>to a <span class=\"_ _5\"></span>ta<span class=\"_ _1\"></span>x <span class=\"_ _5\"></span>rate of<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>t leas<span class=\"_ _3\"></span>t 1<span class=\"_ _3\"></span>5%. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>ne m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span> be <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>corporate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>into the memb<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>stat<span class=\"_ _3\"></span>es\u2019 <span class=\"_ _1\"></span>natio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al legislatio<span class=\"_ _3\"></span>n by the <span class=\"_ _1\"></span>end<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of 2023 at the <span class=\"_ _1\"></span>latest. It is not curre<span class=\"_ _3\"></span>ntly possible to reli<span class=\"_ _3\"></span>ably estimat<span class=\"_ _3\"></span>e the imp<span class=\"_ _3\"></span>act(s) of t<span class=\"_ _3\"></span>he global m<span class=\"_ _3\"></span>inim<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m tax o<span class=\"_ _3\"></span>n the Gr<span class=\"_ _3\"></span>oup.<span class=\"_ _3\"></span> In <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rder to r<span class=\"_ _3\"></span>eprese<span class=\"_ _3\"></span>nt Pillar T<span class=\"_ _11\"></span>w<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>tax r<span class=\"_ _3\"></span>eform in the IFRS fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>stat<span class=\"_ _3\"></span>ements, a draft of the ch<span class=\"_ _3\"></span>anges to IAS 12 Incom<span class=\"_ _3\"></span>e T<span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>xes has been availabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>since January 2023, altho<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>gh the endorsem<span class=\"_ _3\"></span>ent process for this has n<span class=\"_ _1\"></span>ot yet begun. W<span class=\"_ _1\"></span>ith rega<span class=\"_ _3\"></span>rd to <span class=\"_ _1\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents, <span class=\"_ _1\"></span>the draft <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ides <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>separate prese<span class=\"_ _3\"></span>ntation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>taxes <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>relat<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>new tax <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>heet <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>correspo<span class=\"_ _3\"></span>nding <span class=\"_ _1\"></span>tax expenses <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>from 1 <span class=\"_ _4\"></span>Ja<span class=\"_ _3\"></span>nuary <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>3. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>has comme<span class=\"_ _3\"></span>nced the n<span class=\"_ _3\"></span>ecessary p<span class=\"_ _3\"></span>repar<span class=\"_ _3\"></span>atory wo<span class=\"_ _3\"></span>rk for th<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>ntation.<span class=\"_ _3\"></span> OTHER <span class=\"_ _3\"></span>ASSETS<span class=\"_ _3\"></span> (G) Other assets a<span class=\"_ _3\"></span>re me<span class=\"_ _3\"></span>asured <span class=\"_ _3\"></span>at cost less c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mul<span class=\"_ _3\"></span>ative depr<span class=\"_ _3\"></span>ecia<span class=\"_ _3\"></span>tion and impairm<span class=\"_ _3\"></span>ent lo<span class=\"_ _3\"></span>sses. Cost compris<span class=\"_ _3\"></span>es all costs i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cu<span class=\"_ _3\"></span>rred in <span class=\"_ _5\"></span>putting <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>asset <span class=\"_ _5\"></span>into <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>loc<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ent <span class=\"_ _5\"></span>condi<span class=\"_ _3\"></span>tion. <span class=\"_ _3\"></span>Depr<span class=\"_ _3\"></span>eciatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>performed <span class=\"_ _5\"></span>using <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>straig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>t-lin<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>metho<span class=\"_ _3\"></span>d over t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>expected <span class=\"_ _3\"></span>useful life of<span class=\"_ _3\"></span> the ass<span class=\"_ _3\"></span>et. 5<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS (H) Classificat<span class=\"_ _3\"></span>ion of ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies C<span class=\"_ _379\"> </span>o<span class=\"_ _3\"></span>ntracts <span class=\"_ _5\"></span>under <span class=\"_ _3\"></span>whic<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>an i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>pany <span class=\"_ _3\"></span>assu<span class=\"_ _3\"></span>mes a <span class=\"_ _3\"></span>sig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _5\"></span>cant i<span class=\"_ _3\"></span>nsu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k fr<span class=\"_ _5\"></span>om a<span class=\"_ _3\"></span>nothe<span class=\"_ _3\"></span>r pa<span class=\"_ _3\"></span>rty (<span class=\"_ _3\"></span>the po<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cyhold<span class=\"_ _3\"></span>er), <span class=\"_ _3\"></span>by<span class=\"_ _3\"></span> agr<span class=\"_ _3\"></span>eei<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>provid<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>pol<span class=\"_ _3\"></span>icy<span class=\"_ _3\"></span>holde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>if <span class=\"_ _d\"></span>a <span class=\"_ _5\"></span>spe<span class=\"_ _3\"></span>cifie<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>unce<span class=\"_ _3\"></span>rtain <span class=\"_ _5\"></span>fu<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>even<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>(the <span class=\"_ _5\"></span>ins<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>even<span class=\"_ _3\"></span>t) <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ativel<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fects<span class=\"_ _3\"></span> the <span class=\"_ _d\"></span>policy<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>tr<span class=\"_ _3\"></span>eated<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ins<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>poli<span class=\"_ _3\"></span>cies <span class=\"_ _5\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu<span class=\"_ _3\"></span>rposes <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>IFRS.<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>ina<span class=\"_ _3\"></span>ncial <span class=\"_ _d\"></span>risk <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>ssibl<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>futu<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span> in <span class=\"_ _4\"></span>sp<span class=\"_ _3\"></span>ecifi<span class=\"_ _3\"></span>c <span class=\"_ _a\"></span>int<span class=\"_ _3\"></span>eres<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>es, <span class=\"_ _4\"></span>sec<span class=\"_ _3\"></span>uriti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>pric<span class=\"_ _3\"></span>es,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>ces, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ndices<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _4\"></span>rati<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>s, <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>dices,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>som<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>other<span class=\"_ _5\"></span> vari<span class=\"_ _3\"></span>able.<span class=\"_ _3\"></span> It <span class=\"_ _3\"></span>mus<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>noted <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>t i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ase of<span class=\"_ _5\"></span> a <span class=\"_ _3\"></span>non-fi<span class=\"_ _5\"></span>nancial<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>able,<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e v<span class=\"_ _3\"></span>ariabl<span class=\"_ _3\"></span>e is<span class=\"_ _5\"></span> not s<span class=\"_ _5\"></span>pecifi<span class=\"_ _3\"></span>c to <span class=\"_ _5\"></span>one <span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nterp<span class=\"_ _3\"></span>arty<span class=\"_ _11\"></span>. I<span class=\"_ _3\"></span>n ma<span class=\"_ _3\"></span>ny cases<span class=\"_ _3\"></span>, p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cularl<span class=\"_ _3\"></span>y i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he lif<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nsu<span class=\"_ _3\"></span>rance a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ea, i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> poli<span class=\"_ _3\"></span>cies as <span class=\"_ _5\"></span>defin<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>n IFRS <span class=\"_ _3\"></span>also<span class=\"_ _3\"></span> tr<span class=\"_ _3\"></span>ansfe<span class=\"_ _3\"></span>r fi<span class=\"_ _3\"></span>nanci<span class=\"_ _3\"></span>al ris<span class=\"_ _3\"></span>k. Poli<span class=\"_ _3\"></span>cies <span class=\"_ _1\"></span>under whi<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> onl<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>insig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>cant <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance r<span class=\"_ _1\"></span>isk is transfe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>polic<span class=\"_ _3\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>er to <span class=\"_ _1\"></span>the ins<span class=\"_ _3\"></span>urance compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>re treated<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _a\"></span>ins<span class=\"_ _3\"></span>truments <span class=\"_ _4\"></span>(\u201cfi<span class=\"_ _3\"></span>nancial <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>policies<span class=\"_ _3\"></span>\u201d) <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>IFRS <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eporting<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>purpo<span class=\"_ _3\"></span>ses. <span class=\"_ _a\"></span>S<span class=\"_ _3\"></span>uch <span class=\"_ _4\"></span>policies <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xis<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>only<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>a minor ex<span class=\"_ _3\"></span>tent in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>nal i<span class=\"_ _3\"></span>nsurance ar<span class=\"_ _3\"></span>ea.<span class=\"_ _3\"></span> Bot<span class=\"_ _3\"></span>h i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>racts<span class=\"_ _5\"></span> and<span class=\"_ _3\"></span> fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial<span class=\"_ _5\"></span> ins<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cies <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n ha<span class=\"_ _3\"></span>ve <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rms <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span>ify <span class=\"_ _3\"></span>as d<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>eti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nar<span class=\"_ _3\"></span>y p<span class=\"_ _3\"></span>artici<span class=\"_ _5\"></span>pati<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> net income (\u201cpr<span class=\"_ _3\"></span>ofit pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>ation\u201d, \u201cpr<span class=\"_ _3\"></span>ofit-<span class=\"_ _3\"></span>depende<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t pr<span class=\"_ _3\"></span>emium<span class=\"_ _3\"></span> refund\u201d<span class=\"_ _3\"></span>). Contractual righ<span class=\"_ _3\"></span>ts are co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sid<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>d discre<span class=\"_ _3\"></span>tionary par<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span>ticipatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>net <span class=\"_ _5\"></span>inc<span class=\"_ _1\"></span>ome <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>addition <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>guara<span class=\"_ _3\"></span>nteed <span class=\"_ _3\"></span>ben<span class=\"_ _3\"></span>efits <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>polic<span class=\"_ _3\"></span>yholder <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>additio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>payme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>likely<span class=\"_ _3\"></span> to consti<span class=\"_ _3\"></span>tute a sig<span class=\"_ _3\"></span>nificant po<span class=\"_ _3\"></span>rtion of th<span class=\"_ _3\"></span>e total co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al pa<span class=\"_ _3\"></span>yments a<span class=\"_ _3\"></span>nd are <span class=\"_ _3\"></span>contract<span class=\"_ _3\"></span>ually bas<span class=\"_ _3\"></span>ed on:<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t from a <span class=\"_ _3\"></span>certai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> po<span class=\"_ _3\"></span>rtfolio <span class=\"_ _3\"></span>of poli<span class=\"_ _3\"></span>cies or a certai<span class=\"_ _3\"></span>n type of<span class=\"_ _3\"></span> policy<span class=\"_ _d\"></span>, or<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>reali<span class=\"_ _3\"></span>sed and/o<span class=\"_ _3\"></span>r unr<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>sed investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt in<span class=\"_ _3\"></span>come fro<span class=\"_ _3\"></span>m a ce<span class=\"_ _3\"></span>rtain portfol<span class=\"_ _3\"></span>io of <span class=\"_ _3\"></span>assets held <span class=\"_ _3\"></span>by the ins<span class=\"_ _3\"></span>urance comp<span class=\"_ _5\"></span>any<span class=\"_ _5\"></span>, or<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or loss of<span class=\"_ _3\"></span> the compa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>, i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ent fund, o<span class=\"_ _3\"></span>r busine<span class=\"_ _3\"></span>ss unit (e.g. <span class=\"_ _3\"></span>balanc<span class=\"_ _3\"></span>e sheet <span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>) h<span class=\"_ _1\"></span>oldi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>t.<span class=\"_ _379\"> </span>Poli<span class=\"_ _3\"></span>cies with discr<span class=\"_ _3\"></span>etionary <span class=\"_ _3\"></span>net income pa<span class=\"_ _3\"></span>rticipatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> exist in a<span class=\"_ _3\"></span>ll VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>countries, p<span class=\"_ _3\"></span>rimaril<span class=\"_ _3\"></span>y in the life insu<span class=\"_ _3\"></span>rance are<span class=\"_ _3\"></span>a, <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>secon<span class=\"_ _3\"></span>dary <span class=\"_ _d\"></span>extent <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>prop<span class=\"_ _3\"></span>erty <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>eal<span class=\"_ _3\"></span>th <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>areas <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>well, <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>treat<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>rance polici<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>cc<span class=\"_ _1\"></span>or<span class=\"_ _5\"></span>dance with IFRS <span class=\"_ _1\"></span>4. The<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>net income<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>particip<span class=\"_ _3\"></span>ation <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>life insuran<span class=\"_ _3\"></span>ce u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ally exis<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>in the form <span class=\"_ _1\"></span>of par<span class=\"_ _3\"></span>ticipatio<span class=\"_ _3\"></span>n in th<span class=\"_ _3\"></span>e net <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ome <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>et <span class=\"_ _3\"></span>inter<span class=\"_ _3\"></span>est i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e in <span class=\"_ _3\"></span>ques<span class=\"_ _3\"></span>tion, c<span class=\"_ _3\"></span>alculated <span class=\"_ _3\"></span>accor<span class=\"_ _5\"></span>ding to <span class=\"_ _5\"></span>national <span class=\"_ _3\"></span>accou<span class=\"_ _3\"></span>nting <span class=\"_ _3\"></span>requir<span class=\"_ _5\"></span>ements. N<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me or <span class=\"_ _1\"></span>profit <span class=\"_ _1\"></span>participatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>amounts <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>alrea<span class=\"_ _3\"></span>dy<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>alloc<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omm<span class=\"_ _3\"></span>itted <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>policyholders <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>ported <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>h-<span class=\"_ _379\"> </span>ematical <span class=\"_ _1\"></span>reser<span class=\"_ _3\"></span>ve. <span class=\"_ _4\"></span>Amou<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>local <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ual <span class=\"_ _1\"></span>financial <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>have <span class=\"_ _4\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>committed <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>allocat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to policy<span class=\"_ _3\"></span>holders <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>f<span class=\"_ _3\"></span>uture <span class=\"_ _a\"></span>by <span class=\"_ _a\"></span>means <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>net <span class=\"_ _a\"></span>income <span class=\"_ _a\"></span>parti<span class=\"_ _3\"></span>cipation <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>repo<span class=\"_ _3\"></span>rted <span class=\"_ _a\"></span>in <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"></span>bala<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>sheet <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>on <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r performa<span class=\"_ _3\"></span>nce-base<span class=\"_ _3\"></span>d pr<span class=\"_ _3\"></span>emium r<span class=\"_ _3\"></span>efunds.<span class=\"_ _3\"></span> In <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ddition, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>profi<span class=\"_ _3\"></span>t-relat<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>po<span class=\"_ _3\"></span>rtion <span class=\"_ _a\"></span>res<span class=\"_ _3\"></span>ulting <span class=\"_ _a\"></span>from <span class=\"_ _a\"></span>IFRS <span class=\"_ _4\"></span>measurem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>diff<span class=\"_ _3\"></span>erences <span class=\"_ _a\"></span>as <span class=\"_ _a\"></span>compar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>ocal <span class=\"_ _a\"></span>measur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents (defe<span class=\"_ _3\"></span>rred <span class=\"_ _3\"></span>prof<span class=\"_ _3\"></span>it par<span class=\"_ _3\"></span>ticipation) <span class=\"_ _3\"></span>is also <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted i<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vision fo<span class=\"_ _3\"></span>r prof<span class=\"_ _3\"></span>it-r<span class=\"_ _3\"></span>elated <span class=\"_ _3\"></span>premi<span class=\"_ _3\"></span>um r<span class=\"_ _3\"></span>efunds. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is p<span class=\"_ _3\"></span>rimari<span class=\"_ _3\"></span>ly concerns Aust<span class=\"_ _3\"></span>rian and Germ<span class=\"_ _3\"></span>an policies t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>are eligibl<span class=\"_ _3\"></span>e for profi<span class=\"_ _3\"></span>t par<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cipation, as th<span class=\"_ _3\"></span>e profit par<span class=\"_ _3\"></span>ticipation in t<span class=\"_ _3\"></span>hese countri<span class=\"_ _3\"></span>es is <span class=\"_ _3\"></span>governed by <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>egulations. <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>eferred <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>n is <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n b<span class=\"_ _3\"></span>alance <span class=\"_ _3\"></span>sheets <span class=\"_ _3\"></span>in ot<span class=\"_ _3\"></span>her co<span class=\"_ _3\"></span>untries,<span class=\"_ _3\"></span> si<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cy-<span class=\"_ _379\"> </span>holder <span class=\"_ _3\"></span>participa<span class=\"_ _3\"></span>tion is<span class=\"_ _3\"></span> at <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ole di<span class=\"_ _3\"></span>scretio<span class=\"_ _3\"></span>n of <span class=\"_ _3\"></span>the com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y conce<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e r<span class=\"_ _3\"></span>ate <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d fo<span class=\"_ _3\"></span>r calculati<span class=\"_ _3\"></span>ng defe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed pro<span class=\"_ _3\"></span>fit <span class=\"_ _3\"></span>partici<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>pation is 80% of the dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce bet<span class=\"_ _3\"></span>ween the value r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in the local fina<span class=\"_ _3\"></span>ncial statem<span class=\"_ _3\"></span>ents and the value recog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>in the IFRS fi<span class=\"_ _3\"></span>nancial sta<span class=\"_ _3\"></span>tements<span class=\"_ _3\"></span>. As permitted by IFR<span class=\"_ _1\"></span>S 4, the option to pr<span class=\"_ _3\"></span>esen<span class=\"_ _1\"></span>t unr<span class=\"_ _3\"></span>ealised gains and losses wi<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span> the same eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ts on balance she<span class=\"_ _1\"></span>et mea<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span>urements <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>un<span class=\"_ _1\"></span>derwriting <span class=\"_ _4\"></span>provis<span class=\"_ _3\"></span>ions, <span class=\"_ _4\"></span>capital<span class=\"_ _1\"></span>ised <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cquisition <span class=\"_ _4\"></span>costs <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>pu<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>chased <span class=\"_ _4\"></span>insurance <span class=\"_ _4\"></span>portfoli<span class=\"_ _3\"></span>o<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>realised <span class=\"_ _4\"></span>gai<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>5<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>and <span class=\"_ _c\"> </span>losses <span class=\"_ _c\"></span>has <span class=\"_ _c\"> </span>been <span class=\"_ _c\"></span>applied <span class=\"_ _c\"></span>(shadow <span class=\"_ _c\"> </span>accounting). <span class=\"_ _c\"> </span>The <span class=\"_ _c\"> </span>first <span class=\"_ _c\"></span>step <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>allocate<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>unreali<span class=\"_ _3\"></span>sed <span class=\"_ _c\"> </span>gains <span class=\"_ _c\"> </span>on <span class=\"_ _c\"> </span>ava<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>able-for<span class=\"_ _3\"></span>-sale financial i<span class=\"_ _3\"></span>nstr<span class=\"_ _1\"></span>uments to <span class=\"_ _5\"></span>a deferr<span class=\"_ _3\"></span>ed mat<span class=\"_ _3\"></span>hematica<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>reserve <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>serve <span class=\"_ _3\"></span>as security <span class=\"_ _3\"></span>for cont<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ctually <span class=\"_ _3\"></span>agreed <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>surance <span class=\"_ _3\"></span>payments. The <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyh<span class=\"_ _1\"></span>older\u2019<span class=\"_ _d\"></span>s <span class=\"_ _1\"></span>share <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>plus <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>remaining <span class=\"_ _4\"></span>unrealised <span class=\"_ _1\"></span>gains <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>then <span class=\"_ _4\"></span>allocated <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ision <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>deferred prof<span class=\"_ _3\"></span>it <span class=\"_ _a\"></span>partic<span class=\"_ _1\"></span>ipation. <span class=\"_ _4\"></span>An<span class=\"_ _1\"></span>y <span class=\"_ _a\"></span>remaining <span class=\"_ _4\"></span>asset <span class=\"_ _a\"></span>balan<span class=\"_ _1\"></span>ce <span class=\"_ _4\"></span>is<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>reporte<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>as <span class=\"_ _a\"></span>deferred <span class=\"_ _a\"></span>policyholder <span class=\"_ _a\"></span>profit <span class=\"_ _4\"></span>par<span class=\"_ _1\"></span>ticipation <span class=\"_ _4\"></span>result<span class=\"_ _1\"></span>ing <span class=\"_ _4\"></span>from<span class=\"_ _1\"></span> measurement <span class=\"_ _4\"></span>dif<span class=\"_ _3\"></span>ference<span class=\"_ _1\"></span>s. <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>defer<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>item<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>only <span class=\"_ _4\"></span>recogn<span class=\"_ _1\"></span>ised <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>it <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>highly <span class=\"_ _4\"></span>probable, <span class=\"_ _4\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>company <span class=\"_ _4\"></span>leve<span class=\"_ _1\"></span>l, <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>item  can <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>satisfied <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>futu<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyh<span class=\"_ _1\"></span>olders <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipate. <span class=\"_ _1\"></span>Particu<span class=\"_ _1\"></span>larly <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Austria,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>provisi<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>eferred prof<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipation <span class=\"_ _1\"></span>assets<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>was <span class=\"_ _4\"></span>limited <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>mount <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ndisclosed <span class=\"_ _1\"></span>profit <span class=\"_ _4\"></span>shares <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>fit <span class=\"_ _4\"></span>participation <span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rsuan<span class=\"_ _1\"></span>t  to V<span class=\"_ _5\"></span>AG<span class=\"_ _1\"></span>. RECOGNI<span class=\"_ _3\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _5\"></span> AND<span class=\"_ _3\"></span> ACCO<span class=\"_ _3\"></span>UNTING M<span class=\"_ _3\"></span>ETHODS FOR<span class=\"_ _3\"></span> INSURANC<span class=\"_ _3\"></span>E POLICI<span class=\"_ _3\"></span>ES Based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>electio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovided <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _1\"></span>4, <span class=\"_ _1\"></span>the values <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>prep<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ac-<span class=\"_ _379\"> </span>corda<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>with <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plicable <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>nal <span class=\"_ _5\"></span>law <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _d\"></span>carried <span class=\"_ _5\"></span>over <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>IFRS <span class=\"_ _5\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _5\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. <span class=\"_ _5\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> only car<span class=\"_ _3\"></span>ried ov<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, if <span class=\"_ _3\"></span>they s<span class=\"_ _3\"></span>atisfy t<span class=\"_ _3\"></span>he mi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>imum<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>quirem<span class=\"_ _3\"></span>ents of <span class=\"_ _3\"></span>IFRS 4.<span class=\"_ _3\"></span> Equ<span class=\"_ _3\"></span>alisation<span class=\"_ _3\"></span> and ca<span class=\"_ _3\"></span>tastro<span class=\"_ _3\"></span>phe pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons are t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e not r<span class=\"_ _3\"></span>ecognised. I<span class=\"_ _3\"></span>n pr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nciple, acco<span class=\"_ _3\"></span>unting pol<span class=\"_ _3\"></span>icies<span class=\"_ _3\"></span> were not ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ed to dif<span class=\"_ _3\"></span>fer from<span class=\"_ _3\"></span> national <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>unting r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span>ments, <span class=\"_ _a\"></span>except <span class=\"_ _a\"></span>when <span class=\"_ _a\"></span>parame<span class=\"_ _3\"></span>ters <span class=\"_ _a\"></span>used <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>cal<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>te <span class=\"_ _a\"></span>underwriti<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>provis<span class=\"_ _3\"></span>ions <span class=\"_ _a\"></span>did <span class=\"_ _c\"></span>not <span class=\"_ _a\"></span>lead <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>ad<span class=\"_ _3\"></span>equate <span class=\"_ _a\"></span>fundi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>future<span class=\"_ _3\"></span> provisi<span class=\"_ _3\"></span>ons. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>uch <span class=\"_ _4\"></span>cases, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>uses <span class=\"_ _4\"></span>its <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>parame<span class=\"_ _3\"></span>ters, <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsistent <span class=\"_ _1\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>these <span class=\"_ _4\"></span>prin<span class=\"_ _3\"></span>ciples.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>In individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>cases, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>formed l<span class=\"_ _3\"></span>ocally b<span class=\"_ _3\"></span>y a<span class=\"_ _3\"></span>n insura<span class=\"_ _3\"></span>nce comp<span class=\"_ _3\"></span>any <span class=\"_ _3\"></span>for outs<span class=\"_ _3\"></span>tandi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>adjust<span class=\"_ _3\"></span>ed in <span class=\"_ _3\"></span>the co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>oli-<span class=\"_ _379\"> </span>dated <span class=\"_ _3\"></span>fina<span class=\"_ _3\"></span>ncial s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ateme<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>corr<span class=\"_ _3\"></span>espon<span class=\"_ _3\"></span>ding <span class=\"_ _3\"></span>anal<span class=\"_ _3\"></span>ysis. <span class=\"_ _3\"></span>Detailed <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nformation<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valuatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>underwriti<span class=\"_ _3\"></span>ng ite<span class=\"_ _3\"></span>ms is available i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _3\"></span>rem<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ks fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> eac<span class=\"_ _3\"></span>h item. ADEQUAC<span class=\"_ _3\"></span>Y T<span class=\"_ _3\"></span>EST FOR LIA<span class=\"_ _3\"></span>BILITIES<span class=\"_ _3\"></span> ARISIN<span class=\"_ _5\"></span>G F<span class=\"_ _1\"></span>RO<span class=\"_ _3\"></span>M INSURAN<span class=\"_ _3\"></span>CE POLICIE<span class=\"_ _3\"></span>S Liabilities from <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>polici<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>are t<span class=\"_ _1\"></span>est<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>each <span class=\"_ _1\"></span>balanc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>da<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>equacy <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovisions re<span class=\"_ _3\"></span>cognised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts.  If <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>calc<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>up<span class=\"_ _3\"></span>-to<span class=\"_ _3\"></span>-da<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>esti<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>para<span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ki<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _5\"></span>acco<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ll <span class=\"_ _5\"></span>fut<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>cas<span class=\"_ _3\"></span>h f<span class=\"_ _3\"></span>lo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> associat<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>policies, <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>higher <span class=\"_ _3\"></span>than <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _5\"></span>formed <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _5\"></span>from <span class=\"_ _5\"></span>insur<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>policies,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>an <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>ease in the pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>cognised in <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or loss to <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>inate th<span class=\"_ _3\"></span>e shortfall.<span class=\"_ _3\"></span> Provision for<span class=\"_ _3\"></span> unearn<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> premiums Under <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>versio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>IF<span class=\"_ _1\"></span>RS <span class=\"_ _1\"></span>4, <span class=\"_ _1\"></span>figures <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>annual <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ancial <span class=\"_ _1\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>prepar<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>accor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>quire-<span class=\"_ _379\"> </span>ments m<span class=\"_ _3\"></span>ay be us<span class=\"_ _3\"></span>ed for t<span class=\"_ _3\"></span>he pres<span class=\"_ _3\"></span>entatio<span class=\"_ _3\"></span>n of figur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s r<span class=\"_ _3\"></span>elating <span class=\"_ _3\"></span>to i<span class=\"_ _3\"></span>nsurance poli<span class=\"_ _3\"></span>cies i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated finan<span class=\"_ _3\"></span>cial sta<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents. I<span class=\"_ _3\"></span>n Austria, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cost <span class=\"_ _4\"></span>disco<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>15<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(15%) <span class=\"_ _4\"></span>is u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulating <span class=\"_ _1\"></span>unearned <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>emiums <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>pert<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cas<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce (10% <span class=\"_ _1\"></span>for mo<span class=\"_ _3\"></span>tor <span class=\"_ _1\"></span>third par<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> liabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>(10<span class=\"_ _3\"></span>%)), <span class=\"_ _1\"></span>corr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>onding to <span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>R 38,995,0<span class=\"_ _3\"></span>00 <span class=\"_ _1\"></span>(EU<span class=\"_ _3\"></span>R 33,694,00<span class=\"_ _3\"></span>0). <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>cquisition ex-<span class=\"_ _379\"> </span>penses <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>excess <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is figur<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>are not <span class=\"_ _1\"></span>capitali<span class=\"_ _3\"></span>sed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Aus<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>rei<span class=\"_ _3\"></span>gn <span class=\"_ _1\"></span>compani<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty and <span class=\"_ _1\"></span>casualt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a portio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uisition expenses is generally r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised in the <span class=\"_ _1\"></span>same pr<span class=\"_ _3\"></span>oportio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> as the ratio <span class=\"_ _1\"></span>of net earned premi<span class=\"_ _3\"></span>ums to writte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>emiums<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>o <span class=\"_ _1\"></span>ens<span class=\"_ _3\"></span>ure un<span class=\"_ _1\"></span>iform<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esentation,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>pitalised ac<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>costs<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>are also <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts as a r<span class=\"_ _3\"></span>eduction i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vision for <span class=\"_ _3\"></span>unearne<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>prem<span class=\"_ _3\"></span>iums: EU<span class=\"_ _3\"></span>R 458,361,0<span class=\"_ _3\"></span>00 (EUR 39<span class=\"_ _3\"></span>7,795,00<span class=\"_ _3\"></span>0).<span class=\"_ _3\"></span> Mathemat<span class=\"_ _3\"></span>ical reserve<span class=\"_ _3\"></span> Life insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>mathe<span class=\"_ _1\"></span>matical reserves a<span class=\"_ _1\"></span>re calculated <span class=\"_ _1\"></span>using t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pros<span class=\"_ _3\"></span>pec<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hod <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>actuarial <span class=\"_ _1\"></span>present <span class=\"_ _1\"></span>value of <span class=\"_ _1\"></span>obli<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>gations (in<span class=\"_ _1\"></span>cluding de<span class=\"_ _1\"></span>clared an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>located <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>ares and <span class=\"_ _4\"></span>an <span class=\"_ _1\"></span>administrative <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>reserve) <span class=\"_ _1\"></span>minus <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>present <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>all future premiums r<span class=\"_ _3\"></span>eceiv<span class=\"_ _1\"></span>ed. The calculation is based o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> such factors as expected mortality<span class=\"_ _d\"></span>, costs and th<span class=\"_ _1\"></span>e discount ra<span class=\"_ _1\"></span>te.<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> 5<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> T<span class=\"_ _3\"></span>he m<span class=\"_ _5\"></span>ath<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>cal<span class=\"_ _5\"></span> r<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>rve<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>el<span class=\"_ _5\"></span>ate<span class=\"_ _3\"></span>d p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ium<span class=\"_ _5\"></span> rat<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>r<span class=\"_ _379\"> </span>e e<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>all<span class=\"_ _5\"></span>y ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>cul<span class=\"_ _5\"></span>ated<span class=\"_ _3\"></span> us<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> s<span class=\"_ _3\"></span>am<span class=\"_ _3\"></span>e b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s,<span class=\"_ _5\"></span> whi<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> ap<span class=\"_ _3\"></span>pli<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>unif<span class=\"_ _5\"></span>orm<span class=\"_ _3\"></span>ly for <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>entir<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>entire <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icy<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>eness <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>calc<span class=\"_ _3\"></span>ulation <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>is rev<span class=\"_ _1\"></span>iew<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>each year <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>accord<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _a\"></span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>4 <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>applica<span class=\"_ _3\"></span>ble <span class=\"_ _4\"></span>nation<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>ac<span class=\"_ _3\"></span>counting <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts. <span class=\"_ _4\"></span>Ple<span class=\"_ _3\"></span>ase <span class=\"_ _4\"></span>ref<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Adeq<span class=\"_ _3\"></span>uacy <span class=\"_ _4\"></span>test <span class=\"_ _4\"></span>for liabil<span class=\"_ _3\"></span>ities <span class=\"_ _4\"></span>arising <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>insur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cies <span class=\"_ _4\"></span>sectio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>57. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>informatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>shado<span class=\"_ _3\"></span>w <span class=\"_ _4\"></span>accou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng, <span class=\"_ _1\"></span>also <span class=\"_ _4\"></span>see page <span class=\"_ _1\"></span>57. Basic<span class=\"_ _3\"></span>ally<span class=\"_ _d\"></span>, the <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>ficial mortality tables of <span class=\"_ _1\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>cou<span class=\"_ _3\"></span>ntry<span class=\"_ _1\"></span> are use<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>life insur<span class=\"_ _3\"></span>ance ba<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>shee<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>unit. If <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ent mortalit<span class=\"_ _3\"></span>y ex<span class=\"_ _3\"></span>pectatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>fer to <span class=\"_ _5\"></span>the b<span class=\"_ _3\"></span>enefit <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cyholde<span class=\"_ _3\"></span>rs f<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>m th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>calculatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ate, <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ading <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>orr<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>din<span class=\"_ _3\"></span>g insuff<span class=\"_ _3\"></span>icienc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>in t<span class=\"_ _3\"></span>he ma<span class=\"_ _3\"></span>thematical <span class=\"_ _5\"></span>reserv<span class=\"_ _3\"></span>es, th<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>eserves <span class=\"_ _5\"></span>are i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eased <span class=\"_ _3\"></span>approp<span class=\"_ _3\"></span>riately <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>connectio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> wit<span class=\"_ _3\"></span>h t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>adequacy <span class=\"_ _3\"></span>test<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span> insuranc<span class=\"_ _3\"></span>e liabili<span class=\"_ _3\"></span>ties.  In <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>life insuran<span class=\"_ _3\"></span>ce ba<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>heet unit, acquisi<span class=\"_ _3\"></span>tion costs <span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>into acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>thro<span class=\"_ _3\"></span>ugh zill<span class=\"_ _3\"></span>merisation or anothe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>actua<span class=\"_ _3\"></span>rial method <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>reduc<span class=\"_ _3\"></span>tion <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>hematic<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>res<span class=\"_ _3\"></span>erves. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lting <span class=\"_ _4\"></span>negative <span class=\"_ _4\"></span>math<span class=\"_ _3\"></span>ematical <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>erves <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>either <span class=\"_ _a\"></span>set <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>zero <span class=\"_ _1\"></span>in accor<span class=\"_ _3\"></span>dance <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>natio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>equireme<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>or <span class=\"_ _5\"></span>repo<span class=\"_ _3\"></span>rted <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>mat<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>atical <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>erve <span class=\"_ _3\"></span>item <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dated <span class=\"_ _5\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>sta<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ements. The follo<span class=\"_ _3\"></span>wing a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>age <span class=\"_ _3\"></span>disco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt r<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed to calc<span class=\"_ _3\"></span>ulate <span class=\"_ _3\"></span>mathematical r<span class=\"_ _5\"></span>eserves: <span class=\"_ _3\"></span> As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>: 1.83<span class=\"_ _3\"></span>% As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2021<span class=\"_ _3\"></span>: 1.80<span class=\"_ _3\"></span>% In Aust<span class=\"_ _3\"></span>ria, the aver<span class=\"_ _3\"></span>age dis<span class=\"_ _3\"></span>count rate for l<span class=\"_ _3\"></span>ife ins<span class=\"_ _3\"></span>urance was <span class=\"_ _3\"></span>1.55<span class=\"_ _3\"></span>% during t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng period (1.5<span class=\"_ _3\"></span>9%). In <span class=\"_ _a\"></span>additio<span class=\"_ _3\"></span>n, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>unre<span class=\"_ _3\"></span>alised <span class=\"_ _4\"></span>gains <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>losses <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>vail<span class=\"_ _3\"></span>able-for<span class=\"_ _5\"></span>-sale <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>instrume<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>servi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>as <span class=\"_ _a\"></span>secu<span class=\"_ _3\"></span>rity <span class=\"_ _4\"></span>for contract<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>obligatio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>sho<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>math<span class=\"_ _3\"></span>ematical <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eserve <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>shadow <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>accordi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to IFRS 4.<span class=\"_ _3\"></span> In the <span class=\"_ _3\"></span>healt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce bal<span class=\"_ _3\"></span>ance sh<span class=\"_ _3\"></span>eet u<span class=\"_ _3\"></span>nit, mat<span class=\"_ _3\"></span>hematical<span class=\"_ _3\"></span> res<span class=\"_ _3\"></span>erves ar<span class=\"_ _3\"></span>e al<span class=\"_ _3\"></span>so calc<span class=\"_ _3\"></span>ulated <span class=\"_ _3\"></span>accordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g to<span class=\"_ _3\"></span> the pr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>pective m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>od as <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ference <span class=\"_ _5\"></span>betwee<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>uarial <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value o<span class=\"_ _3\"></span>f f<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>policy <span class=\"_ _5\"></span>payments <span class=\"_ _5\"></span>minus <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>fut<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e pr<span class=\"_ _5\"></span>emiums<span class=\"_ _3\"></span>. The <span class=\"_ _1\"></span>loss<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>fr<span class=\"_ _3\"></span>equenci<span class=\"_ _3\"></span>es used to calculate th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>math<span class=\"_ _3\"></span>ematical r<span class=\"_ _3\"></span>eserve derive<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ily<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>fr<span class=\"_ _3\"></span>om analyses co<span class=\"_ _3\"></span>nducted on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s own <span class=\"_ _5\"></span>insurance <span class=\"_ _d\"></span>portfolio. <span class=\"_ _d\"></span>As <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>rule, <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ables <span class=\"_ _5\"></span>used <span class=\"_ _5\"></span>correspo<span class=\"_ _3\"></span>nd <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>publi<span class=\"_ _3\"></span>shed <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _5\"></span>tables. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>followi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>discou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> rates ar<span class=\"_ _3\"></span>e used fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> the gr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t majority of<span class=\"_ _3\"></span> transa<span class=\"_ _3\"></span>ctions w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>alculati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g ma<span class=\"_ _3\"></span>themati<span class=\"_ _3\"></span>cal res<span class=\"_ _3\"></span>erves:<span class=\"_ _3\"></span> As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>: 2.09<span class=\"_ _3\"></span>% As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2021<span class=\"_ _3\"></span>: 2.35<span class=\"_ _3\"></span>% Provision for<span class=\"_ _3\"></span> outstandin<span class=\"_ _3\"></span>g cla<span class=\"_ _3\"></span>ims National <span class=\"_ _a\"></span>insu<span class=\"_ _1\"></span>ranc<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>law <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>national <span class=\"_ _a\"></span>regulations <span class=\"_ _c\"></span>(in <span class=\"_ _a\"></span>Austria, <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>Austrian <span class=\"_ _a\"></span>I<span class=\"_ _1\"></span>nsurance <span class=\"_ _a\"></span>Su<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>vision <span class=\"_ _a\"></span>Act <span class=\"_ _c\"></span>(V<span class=\"_ _5\"></span>AG<span class=\"_ _1\"></span>)) <span class=\"_ _a\"></span>require <span class=\"_ _a\"></span>VIG Insur<span class=\"_ _1\"></span>ance <span class=\"_ _6\"> </span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _6\"> </span>companies <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>form <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>ovis<span class=\"_ _1\"></span>ions <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>out<span class=\"_ _1\"></span>stan<span class=\"_ _1\"></span>ding <span class=\"_ _6\"> </span>claims. <span class=\"_ _6\"> </span>The <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>ovision<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>are <span class=\"_ _6\"> </span>calculated <span class=\"_ _2\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>payme<span class=\"_ _1\"></span>nt oblig<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions <span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ising <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims, <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ave<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>occurred u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>but <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hose <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>size <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>yet<span class=\"_ _1\"></span> been e<span class=\"_ _1\"></span>stablis<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ed, as well as all<span class=\"_ _3\"></span> related claims settlement expen<span class=\"_ _1\"></span>ses expected to be incurred after the bala<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce sheet date, and, <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ule, <span class=\"_ _3\"></span>are <span class=\"_ _5\"></span>formed <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the individual <span class=\"_ _5\"></span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _3\"></span>level. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>policy-leve<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>provisions <span class=\"_ _5\"></span>are marked <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>flat-r<span class=\"_ _1\"></span>ate <span class=\"_ _3\"></span>allowance for <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nexpected <span class=\"_ _3\"></span>additional <span class=\"_ _5\"></span>losses. <span class=\"_ _3\"></span>Except <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>provisi<span class=\"_ _3\"></span>ons for <span class=\"_ _3\"></span>pension <span class=\"_ _3\"></span>obli<span class=\"_ _3\"></span>gati<span class=\"_ _1\"></span>ons, <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>discount<span class=\"_ _1\"></span>ing <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>per<span class=\"_ _1\"></span>formed. <span class=\"_ _3\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> loss<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>that <span class=\"_ _c\"></span>have <span class=\"_ _a\"></span>occurred <span class=\"_ _a\"></span>up <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>balance <span class=\"_ _a\"></span>sheet <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>bu<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>were <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _a\"></span>kn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>at <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>time <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>balance <span class=\"_ _a\"></span>shee<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>as prepared <span class=\"_ _d\"></span>(\u201c<span class=\"_ _1\"></span>IBNR\u201d), <span class=\"_ _d\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _5\"></span>hav<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>occurred <span class=\"_ _d\"></span>bu<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>have <span class=\"_ _5\"></span>not <span class=\"_ _d\"></span>bee<span class=\"_ _1\"></span>n <span class=\"_ _5\"></span>reported <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>orrect <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>mou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>(\u201c<span class=\"_ _1\"></span>IBNER\u201d), <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>inc<span class=\"_ _1\"></span>luded in t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision (inc<span class=\"_ _1\"></span>urred but n<span class=\"_ _1\"></span>ot reported claims provisions an<span class=\"_ _1\"></span>d provis<span class=\"_ _3\"></span>ions <span class=\"_ _1\"></span>for as <span class=\"_ _1\"></span>yet <span class=\"_ _1\"></span>unidentified lar<span class=\"_ _1\"></span>ge losses). Separ<span class=\"_ _1\"></span>ate provisi<span class=\"_ _3\"></span>ons <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>sett<span class=\"_ _1\"></span>lement <span class=\"_ _4\"></span>expenses <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>formed <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>ally <span class=\"_ _4\"></span>incur<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>expenses <span class=\"_ _4\"></span>attr<span class=\"_ _1\"></span>ibutable <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>settleme<span class=\"_ _1\"></span>nt<span class=\"_ _379\"> </span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>5<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>und<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>allocation <span class=\"_ _4\"></span>ac<span class=\"_ _1\"></span>cordi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>origin <span class=\"_ _4\"></span>principle. <span class=\"_ _4\"></span>Collecta<span class=\"_ _1\"></span>ble <span class=\"_ _4\"></span>recour<span class=\"_ _1\"></span>se <span class=\"_ _4\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>are <span class=\"_ _4\"></span>de<span class=\"_ _1\"></span>ducted <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>provisio<span class=\"_ _3\"></span>n. <span class=\"_ _a\"></span>Where nece<span class=\"_ _1\"></span>ssary<span class=\"_ _d\"></span>, actuar<span class=\"_ _1\"></span>ial esti<span class=\"_ _3\"></span>mation methods<span class=\"_ _1\"></span> are used to<span class=\"_ _1\"></span> calculate th<span class=\"_ _1\"></span>e provisi<span class=\"_ _3\"></span>ons.<span class=\"_ _1\"></span> The methods are applied con<span class=\"_ _1\"></span>sistently<span class=\"_ _5\"></span>, with<span class=\"_ _1\"></span> both the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>calculation parameters <span class=\"_ _3\"></span>tested contin<span class=\"_ _3\"></span>uou<span class=\"_ _1\"></span>sly <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>ade<span class=\"_ _1\"></span>quacy a<span class=\"_ _3\"></span>nd adjusted i<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ecessary<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>provisions are affected <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _1\"></span>omi<span class=\"_ _3\"></span>c <span class=\"_ _1\"></span>factors <span class=\"_ _1\"></span>(e.g. in<span class=\"_ _1\"></span>flatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te) <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>by<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>legal an<span class=\"_ _1\"></span>d regulatory<span class=\"_ _1\"></span> developments, <span class=\"_ _1\"></span>which may <span class=\"_ _1\"></span>be su<span class=\"_ _1\"></span>bject to change over<span class=\"_ _1\"></span> time. Provision for<span class=\"_ _3\"></span> profit-unre<span class=\"_ _3\"></span>lated prem<span class=\"_ _3\"></span>ium ref<span class=\"_ _3\"></span>unds The pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons for pr<span class=\"_ _3\"></span>ofit-<span class=\"_ _3\"></span>unr<span class=\"_ _3\"></span>elated pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>um r<span class=\"_ _3\"></span>efunds r<span class=\"_ _3\"></span>elate, i<span class=\"_ _3\"></span>n pa<span class=\"_ _3\"></span>rticular<span class=\"_ _d\"></span>, to p<span class=\"_ _3\"></span>rope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>and cas<span class=\"_ _3\"></span>ualty an<span class=\"_ _3\"></span>d health<span class=\"_ _3\"></span> insura<span class=\"_ _3\"></span>nce, and<span class=\"_ _3\"></span> pertain to <span class=\"_ _3\"></span>premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m r<span class=\"_ _5\"></span>efunds i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>certain ins<span class=\"_ _3\"></span>urance cl<span class=\"_ _3\"></span>asses t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>rac<span class=\"_ _3\"></span>tually g<span class=\"_ _3\"></span>uarantee<span class=\"_ _3\"></span>d to pol<span class=\"_ _3\"></span>icyholde<span class=\"_ _3\"></span>rs in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>event th<span class=\"_ _3\"></span>at there ar<span class=\"_ _3\"></span>e no <span class=\"_ _1\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r a<span class=\"_ _1\"></span> low level of claims. Thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovision<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>forme<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>at the indi<span class=\"_ _3\"></span>vidual polic<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> level. Sinc<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>the pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> are p<span class=\"_ _3\"></span>redomi<span class=\"_ _3\"></span>nantly sho<span class=\"_ _3\"></span>rt-term pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons, no di<span class=\"_ _3\"></span>scounting <span class=\"_ _3\"></span>has<span class=\"_ _3\"></span> been perfo<span class=\"_ _3\"></span>rmed. Provision for<span class=\"_ _3\"></span> profit-re<span class=\"_ _3\"></span>lated premi<span class=\"_ _3\"></span>um refun<span class=\"_ _3\"></span>ds Prof<span class=\"_ _3\"></span>it <span class=\"_ _4\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>dedic<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyhold<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>local <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>plans, <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>not <span class=\"_ _4\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>allocate<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>comm<span class=\"_ _3\"></span>itted<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _1\"></span> individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _b\"> </span>policyhol<span class=\"_ _3\"></span>ders <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _b\"> </span>balance <span class=\"_ _b\"> </span>sheet<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>date, <span class=\"_ _6\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>show<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vision <span class=\"_ _6\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>profit-<span class=\"_ _3\"></span>rela<span class=\"_ _3\"></span>ted <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>emium <span class=\"_ _b\"> </span>refu<span class=\"_ _3\"></span>nds (\u201cdiscr<span class=\"_ _3\"></span>etiona<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>et <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>ncome <span class=\"_ _a\"></span>participatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>\u201d). <span class=\"_ _a\"></span>In <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>ddition, <span class=\"_ _a\"></span>both <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>po<span class=\"_ _3\"></span>rtion <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>alised <span class=\"_ _a\"></span>thro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>gh <span class=\"_ _a\"></span>prof<span class=\"_ _3\"></span>it <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>oss <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>portion<span class=\"_ _3\"></span> realis<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>equity<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>results<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _4\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>dif<span class=\"_ _5\"></span>fere<span class=\"_ _3\"></span>nces <span class=\"_ _4\"></span>bet<span class=\"_ _3\"></span>ween <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements (\u201cdeferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ofit participa<span class=\"_ _3\"></span>tion\u201d) are repor<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> this item. Please see <span class=\"_ _1\"></span>the Classif<span class=\"_ _3\"></span>ication <span class=\"_ _1\"></span>of insu<span class=\"_ _3\"></span>rance policies section startin<span class=\"_ _3\"></span>g on page 56<span class=\"_ _3\"></span>. Other und<span class=\"_ _3\"></span>erwriting<span class=\"_ _3\"></span> provisions<span class=\"_ _3\"></span> The o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erwriting <span class=\"_ _5\"></span>provisio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>item <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>rima<span class=\"_ _3\"></span>rily i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>des <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>cancellatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s. <span class=\"_ _3\"></span>Can<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>formed <span class=\"_ _5\"></span>for the <span class=\"_ _5\"></span>cancellation <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>have <span class=\"_ _3\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>written <span class=\"_ _5\"></span>but <span class=\"_ _5\"></span>not <span class=\"_ _3\"></span>yet <span class=\"_ _3\"></span>paid <span class=\"_ _5\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>policyhold<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>therefo<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>epr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>liabilitie<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span>side <span class=\"_ _6\"> </span>allowa<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>rec<span class=\"_ _3\"></span>eivables <span class=\"_ _6\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _6\"> </span>policy<span class=\"_ _3\"></span>holders. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _6\"> </span>are <span class=\"_ _6\"> </span>form<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>base<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>on <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>applicatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ertain perc<span class=\"_ _3\"></span>entage rat<span class=\"_ _3\"></span>es to o<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>rd<span class=\"_ _3\"></span>ue pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mium r<span class=\"_ _5\"></span>eceivables.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS FOR UNIT<span class=\"_ _d\"></span>-<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>AN<span class=\"_ _3\"></span>D <span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>DEX-LINKED LIFE INSURA<span class=\"_ _3\"></span>NCE (I) Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng pro<span class=\"_ _3\"></span>visions fo<span class=\"_ _3\"></span>r unit- and i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>dex-li<span class=\"_ _3\"></span>nked lif<span class=\"_ _3\"></span>e insurance r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent obli<span class=\"_ _3\"></span>gations to po<span class=\"_ _3\"></span>licy<span class=\"_ _3\"></span>holders that <span class=\"_ _3\"></span>are lin<span class=\"_ _3\"></span>ked to t<span class=\"_ _3\"></span>he performa<span class=\"_ _3\"></span>nce a<span class=\"_ _3\"></span>nd in<span class=\"_ _3\"></span>come o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>rrespo<span class=\"_ _3\"></span>nding f<span class=\"_ _3\"></span>inancial<span class=\"_ _3\"></span> instr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> these <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>corr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spo<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>to the meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>of the fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r u<span class=\"_ _1\"></span>nit- an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nde<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>-linked life insu<span class=\"_ _3\"></span>rance, and is bas<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the fair val<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>of the<span class=\"_ _3\"></span> investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> f<span class=\"_ _3\"></span>und or i<span class=\"_ _3\"></span>ndex servi<span class=\"_ _3\"></span>ng as a r<span class=\"_ _3\"></span>efer<span class=\"_ _3\"></span>ence.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> NON-UNDERWRITING PR<span class=\"_ _3\"></span>OVISIONS (J) Pensio<span class=\"_ _3\"></span>n obligations ar<span class=\"_ _3\"></span>e based o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>ndividual co<span class=\"_ _3\"></span>ntractual obl<span class=\"_ _3\"></span>igations a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d coll<span class=\"_ _3\"></span>ective agr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ents. The oblig<span class=\"_ _3\"></span>ations ar<span class=\"_ _3\"></span>e defined<span class=\"_ _3\"></span> benefit obl<span class=\"_ _3\"></span>igations. T<span class=\"_ _3\"></span>he pla<span class=\"_ _3\"></span>ns are b<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>average s<span class=\"_ _3\"></span>alary and/or <span class=\"_ _3\"></span>the numbe<span class=\"_ _3\"></span>r of yea<span class=\"_ _3\"></span>rs of service <span class=\"_ _3\"></span>with t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>company<span class=\"_ _11\"></span>. These obligations ar<span class=\"_ _3\"></span>e accounted for <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>accord<span class=\"_ _5\"></span>ance <span class=\"_ _1\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> IAS 19. The <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>defi<span class=\"_ _3\"></span>ned benefit obligatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> (DB<span class=\"_ _3\"></span>O) is calculated. Cal<span class=\"_ _3\"></span>culatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the DBO is perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>d using the proj<span class=\"_ _3\"></span>ected unit cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ethod. In this metho<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>futu<span class=\"_ _3\"></span>re payme<span class=\"_ _3\"></span>nts calculat<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ealistic <span class=\"_ _a\"></span>assump<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>accrued <span class=\"_ _a\"></span>lin<span class=\"_ _3\"></span>ear<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>ov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>eriod <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>which <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>be<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>ciary <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>these entitleme<span class=\"_ _3\"></span>nts. The nec<span class=\"_ _3\"></span>essary pro<span class=\"_ _3\"></span>vision amo<span class=\"_ _3\"></span>unt is calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed for the<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>ele<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t bal<span class=\"_ _3\"></span>ance sheet dat<span class=\"_ _3\"></span>e u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng actuarial r<span class=\"_ _3\"></span>eports t<span class=\"_ _3\"></span>hat have be<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>provid<span class=\"_ _3\"></span>ed for t<span class=\"_ _3\"></span>he curre<span class=\"_ _3\"></span>nt fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _3\"></span>year and <span class=\"_ _3\"></span>the pri<span class=\"_ _3\"></span>or financi<span class=\"_ _3\"></span>al year<span class=\"_ _d\"></span>.  6<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> The calc<span class=\"_ _3\"></span>ulations a<span class=\"_ _3\"></span>re based o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> th<span class=\"_ _3\"></span>e follo<span class=\"_ _3\"></span>win<span class=\"_ _1\"></span>g ass<span class=\"_ _3\"></span>umptions:<span class=\"_ _3\"></span> Pension a<span class=\"_ _1\"></span>ssumptio<span class=\"_ _1\"></span>ns <span class=\"_ _180\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _d6\"> </span>3.60%<span class=\"_ _379\"> </span>1.00% Emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yee <span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rno<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>rate<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e-d<span class=\"_ _1\"></span>epen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t)<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>0%\u20134%<span class=\"_ _379\"> </span>0%\u20134%<span class=\"_ _379\"> </span>Ret<span class=\"_ _1\"></span>irem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>tran<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>rran<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>emen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>62+<span class=\"_ _379\"> </span>62+<span class=\"_ _379\"> </span>Ret<span class=\"_ _1\"></span>irem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>men<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(tra<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>rra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _181\"> </span>62+<span class=\"_ _379\"> </span>62+<span class=\"_ _379\"> </span>Life<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cy <span class=\"_ _1\"></span>(fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s,<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>) <span class=\"_ _105\"> </span>(<span class=\"_ _3\"></span>AV\u00d6 2018<span class=\"_ _1\"></span>-P)<span class=\"_ _379\"> </span>(AV\u00d6 2018-P)<span class=\"_ _379\"> </span>Pension a<span class=\"_ _1\"></span>nd salary<span class=\"_ _1\"></span> increases<span class=\"_ _1\"></span> <span class=\"_ _182\"> </span><span class=\"fsc\">Regulato<span class=\"_ _1\"></span>ry pension and <span class=\"_ _1\"></span>special </span>contra<span class=\"_ _1\"></span>cts Associati<span class=\"_ _1\"></span>on recom<span class=\"_ _1\"></span>mendatio<span class=\"_ _1\"></span>n 31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _183\"> </span><span class=\"fce\">2.25%<span class=\"_ _379\"> </span></span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>8.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>6.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>3.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>2.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>1.20%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>2.00%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>1.20%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>weighte<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>verage <span class=\"_ _1\"></span>length <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>DB<span class=\"_ _3\"></span>O <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>pensio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>was<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>12.1<span class=\"_ _3\"></span>1 <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>(15.54 years). <span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>portion of<span class=\"_ _1\"></span> the <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>ect <span class=\"_ _b\"> </span>pension <span class=\"_ _b\"> </span>obligatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>are <span class=\"_ _b\"> </span>administ<span class=\"_ _3\"></span>ered <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>an <span class=\"_ _b\"> </span>occupatio<span class=\"_ _3\"></span>nal <span class=\"_ _6\"> </span>gr<span class=\"_ _3\"></span>oup <span class=\"_ _b\"> </span>insurance <span class=\"_ _b\"> </span>plan <span class=\"_ _b\"> </span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>usion <span class=\"_ _6\"> </span>of <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>n insuranc<span class=\"_ _3\"></span>e contract i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>accord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h \u00a7 93\u201398 <span class=\"_ _5\"></span>VAG.<span class=\"_ _3\"></span> SUBORDINA<span class=\"_ _5\"></span>TED LIABILITIE<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>AND LIABI<span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>ITIES EX<span class=\"_ _3\"></span>CL.<span class=\"_ _3\"></span> SUBOR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span>INA<span class=\"_ _5\"></span>TED LIABILITIES <span class=\"_ _3\"></span>(K)<span class=\"ff4a fsf fc3\"> </span>As <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>ule, all <span class=\"_ _5\"></span>liabiliti<span class=\"_ _3\"></span>es are <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>asured <span class=\"_ _5\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>amortised <span class=\"_ _3\"></span>cost. <span class=\"_ _3\"></span>This <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>applies <span class=\"_ _3\"></span>to li<span class=\"_ _3\"></span>abilities <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce pol<span class=\"_ _3\"></span>icies. The fai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>value of<span class=\"_ _3\"></span> finan<span class=\"_ _3\"></span>cial liabil<span class=\"_ _3\"></span>ities is <span class=\"_ _3\"></span>sho<span class=\"_ _3\"></span>wn in No<span class=\"_ _3\"></span>te 24. <span class=\"_ _3\"></span>Fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial inst<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span> and f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span> measu<span class=\"_ _3\"></span>rem<span class=\"_ _3\"></span>ent hie<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>chy <span class=\"_ _3\"></span>startin<span class=\"_ _3\"></span>g on page 13<span class=\"_ _3\"></span>3. NET EARNED PRE<span class=\"_ _3\"></span>MIUMS (L) As a <span class=\"_ _3\"></span>rule, <span class=\"_ _3\"></span>unearned pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _3\"></span>remi<span class=\"_ _3\"></span>ums) ar<span class=\"_ _3\"></span>e det<span class=\"_ _3\"></span>ermined<span class=\"_ _3\"></span> on a<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span> rata b<span class=\"_ _3\"></span>asis ov<span class=\"_ _3\"></span>er time.<span class=\"_ _3\"></span> No <span class=\"_ _3\"></span>defer<span class=\"_ _3\"></span>ral of <span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>it- <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>-linked <span class=\"_ _5\"></span>life <span class=\"_ _5\"></span>insurance <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _5\"></span>is <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d, <span class=\"_ _5\"></span>since<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>amount <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _3\"></span>writte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>repo<span class=\"_ _3\"></span>rting period is i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the calc<span class=\"_ _3\"></span>ulation of<span class=\"_ _3\"></span> the u<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>writi<span class=\"_ _3\"></span>ng pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons for unit- a<span class=\"_ _3\"></span>nd index-li<span class=\"_ _3\"></span>nked life ins<span class=\"_ _3\"></span>urance.<span class=\"_ _3\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>6<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>SCOPE <span class=\"_ _3\"></span>AND METHODS OF CONSOLI<span class=\"_ _3\"></span>DA<span class=\"_ _5\"></span>TIO<span class=\"_ _1\"></span>N Number of co<span class=\"_ _1\"></span>mpanies<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span><span class=\"fs15\">D<span class=\"_ _3\"></span>om<span class=\"_ _1\"></span>estic<span class=\"_ _379\"> </span></span>Fore<span class=\"_ _1\"></span>ign<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Numb<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span>Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span>8<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>93<span class=\"_ _379\"> </span>177<span class=\"_ _379\"> </span>Ful<span class=\"_ _1\"></span>ly <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _185\"> </span>70<span class=\"_ _379\"> </span>90<span class=\"_ _379\"> </span>160<span class=\"_ _379\"> </span>At <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _186\"> </span>14<span class=\"_ _379\"> </span>3<span class=\"_ _379\"> </span>17<span class=\"_ _379\"> </span>Non-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _5a\"> </span>58<span class=\"_ _379\"> </span>82<span class=\"_ _379\"> </span>140<span class=\"_ _379\"> </span>Total <span class=\"_ _5b\"> </span>142<span class=\"_ _379\"> </span>175<span class=\"_ _379\"> </span>317<span class=\"_ _379\"> </span>The mat<span class=\"_ _3\"></span>eriality or<span class=\"_ _3\"></span> immate<span class=\"_ _3\"></span>riality of<span class=\"_ _3\"></span> subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ies, <span class=\"_ _3\"></span>associa<span class=\"_ _3\"></span>ted c<span class=\"_ _3\"></span>ompanies a<span class=\"_ _3\"></span>nd joi<span class=\"_ _3\"></span>nt arrangem<span class=\"_ _3\"></span>ents for <span class=\"_ _3\"></span>the co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> financi<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nts is<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>checked<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ariet<span class=\"_ _3\"></span>y of <span class=\"_ _5\"></span>thres<span class=\"_ _3\"></span>holds <span class=\"_ _3\"></span>defi<span class=\"_ _3\"></span>ned <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G Hol<span class=\"_ _3\"></span>ding <span class=\"_ _3\"></span>level. <span class=\"_ _5\"></span>Qualita<span class=\"_ _3\"></span>tive <span class=\"_ _3\"></span>assessm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>crite<span class=\"_ _3\"></span>ria <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>o used. The absol<span class=\"_ _3\"></span>ute pro<span class=\"_ _3\"></span>fit befor<span class=\"_ _3\"></span>e ta<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>es or total assets<span class=\"_ _3\"></span>, for example, co<span class=\"_ _3\"></span>uld be checked for t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>pu<span class=\"_ _1\"></span>rpos<span class=\"_ _3\"></span>e. If a compan<span class=\"_ _3\"></span>y does not satis<span class=\"_ _3\"></span>fy any si<span class=\"_ _3\"></span>ze crit<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ia,<span class=\"_ _3\"></span> a seco<span class=\"_ _3\"></span>nd step<span class=\"_ _3\"></span> is pe<span class=\"_ _3\"></span>rformed to <span class=\"_ _3\"></span>check <span class=\"_ _3\"></span>whethe<span class=\"_ _3\"></span>r the com<span class=\"_ _3\"></span>panies t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e no<span class=\"_ _3\"></span>t included <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e mate<span class=\"_ _3\"></span>rial when t<span class=\"_ _3\"></span>aken as <span class=\"_ _3\"></span>a w<span class=\"_ _3\"></span>hole. If <span class=\"_ _3\"></span>this is <span class=\"_ _3\"></span>not t<span class=\"_ _3\"></span>he case, <span class=\"_ _3\"></span>these <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>nies ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>not incl<span class=\"_ _3\"></span>uded i<span class=\"_ _3\"></span>n the scop<span class=\"_ _3\"></span>e of <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idation. Co<span class=\"_ _3\"></span>mpani<span class=\"_ _3\"></span>es that h<span class=\"_ _3\"></span>ave no <span class=\"_ _3\"></span>materi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>et ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts, <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al po<span class=\"_ _3\"></span>sition <span class=\"_ _3\"></span>and r<span class=\"_ _3\"></span>esults <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operations <span class=\"_ _3\"></span>when <span class=\"_ _3\"></span>consid<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>d individ<span class=\"_ _3\"></span>ually o<span class=\"_ _3\"></span>r i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> aggreg<span class=\"_ _3\"></span>ate h<span class=\"_ _3\"></span>ave essenti<span class=\"_ _3\"></span>ally bee<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> me<span class=\"_ _3\"></span>asured <span class=\"_ _3\"></span>at fai<span class=\"_ _3\"></span>r value.<span class=\"_ _3\"></span> Fully co<span class=\"_ _3\"></span>ntrolled i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ent funds (<span class=\"_ _3\"></span>\u201cspecial fu<span class=\"_ _3\"></span>nds\u201d) wer<span class=\"_ _3\"></span>e fully <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>d i<span class=\"_ _3\"></span>n accord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h the r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>ents of IFRS 1<span class=\"_ _3\"></span>0. These <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ated <span class=\"_ _3\"></span>institution<span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nds <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _5\"></span>not se<span class=\"_ _3\"></span>parate <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate e<span class=\"_ _3\"></span>ntities a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>not st<span class=\"_ _3\"></span>ructur<span class=\"_ _3\"></span>ed e<span class=\"_ _3\"></span>ntities as <span class=\"_ _5\"></span>defined <span class=\"_ _3\"></span>in IFRS <span class=\"_ _3\"></span>12. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ey ar<span class=\"_ _5\"></span>e in<span class=\"_ _3\"></span>vestment<span class=\"_ _3\"></span> fu<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>that <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>een <span class=\"_ _3\"></span>designed<span class=\"_ _3\"></span> fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>public <span class=\"_ _3\"></span>capit<span class=\"_ _3\"></span>al m<span class=\"_ _3\"></span>arkets. <span class=\"_ _5\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>lack <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>control<span class=\"_ _3\"></span>, m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tual<span class=\"_ _3\"></span> funds <span class=\"_ _1\"></span>are n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idated, <span class=\"_ _1\"></span>even <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>majority <span class=\"_ _4\"></span>of v<span class=\"_ _1\"></span>oting <span class=\"_ _1\"></span>righ<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>held. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bil<span class=\"_ _3\"></span>ity <span class=\"_ _4\"></span>of su<span class=\"_ _1\"></span>bsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ansfe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>funds <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the form of<span class=\"_ _3\"></span> dividends<span class=\"_ _3\"></span>) to pare<span class=\"_ _3\"></span>nt comp<span class=\"_ _3\"></span>anies ca<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>estr<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ted by corpo<span class=\"_ _3\"></span>rate la<span class=\"_ _3\"></span>w and r<span class=\"_ _3\"></span>egulatio<span class=\"_ _3\"></span>ns. BUSINESS COMB<span class=\"_ _3\"></span>INA<span class=\"_ _3\"></span>TIONS<span class=\"_ _3\"></span> (<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> 3) Business <span class=\"_ _d\"></span>combinatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised <span class=\"_ _5\"></span>using <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>pur<span class=\"_ _3\"></span>chase <span class=\"_ _5\"></span>metho<span class=\"_ _3\"></span>d. <span class=\"_ _5\"></span>Goodwill <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>recog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ise<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>consider<span class=\"_ _3\"></span>ation transferr<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>all <span class=\"_ _a\"></span>non-cont<span class=\"_ _3\"></span>roll<span class=\"_ _3\"></span>ing <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>erests <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>compan<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>less <span class=\"_ _4\"></span>the <span class=\"_ _c\"> </span>id<span class=\"_ _3\"></span>entifi<span class=\"_ _3\"></span>able <span class=\"_ _c\"></span>asse<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>liabilities assumed. <span class=\"_ _5\"></span>In a<span class=\"_ _3\"></span>ny busi<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>combin<span class=\"_ _3\"></span>ation, <span class=\"_ _3\"></span>pres<span class=\"_ _3\"></span>ent no<span class=\"_ _3\"></span>n-co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ng inter<span class=\"_ _3\"></span>ests <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _3\"></span>entitl<span class=\"_ _3\"></span>e hold<span class=\"_ _3\"></span>ers to <span class=\"_ _5\"></span>a pr<span class=\"_ _3\"></span>oportio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ate <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>f the entity\u2019<span class=\"_ _11\"></span>s net assets in the even<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>of a liquid<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>can<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be meas<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>either at fair value or as part of the identifi<span class=\"_ _3\"></span>able net assets. Unless <span class=\"_ _c\"></span>ano<span class=\"_ _3\"></span>ther <span class=\"_ _c\"> </span>IFRS <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>metho<span class=\"_ _3\"></span>d, <span class=\"_ _c\"> </span>all <span class=\"_ _c\"> </span>other <span class=\"_ _c\"> </span>compon<span class=\"_ _3\"></span>ents <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>non-con<span class=\"_ _3\"></span>troll<span class=\"_ _3\"></span>ing <span class=\"_ _b\"> </span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sts <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>rrespon<span class=\"_ _3\"></span>ding <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>able <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>assets. <span class=\"_ _1\"></span>If <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consider<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>is less <span class=\"_ _1\"></span>than <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> acquire<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>diff<span class=\"_ _3\"></span>erence <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>checke<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>agai<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _d\"></span>direc<span class=\"_ _3\"></span>tly <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ent. As a rule, <span class=\"_ _3\"></span>the fair <span class=\"_ _3\"></span>values <span class=\"_ _3\"></span>calculate<span class=\"_ _3\"></span>d in ac<span class=\"_ _3\"></span>cord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> I<span class=\"_ _3\"></span>FRS 1<span class=\"_ _3\"></span>3 of all<span class=\"_ _3\"></span> assets (in<span class=\"_ _3\"></span>cl. goodwill<span class=\"_ _3\"></span> and ot<span class=\"_ _3\"></span>her intangi<span class=\"_ _3\"></span>ble assets<span class=\"_ _3\"></span>) and liabil<span class=\"_ _3\"></span>ities are all<span class=\"_ _3\"></span>ocated to <span class=\"_ _3\"></span>the count<span class=\"_ _3\"></span>ry to <span class=\"_ _3\"></span>wh<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the purc<span class=\"_ _3\"></span>hased <span class=\"_ _3\"></span>company is<span class=\"_ _3\"></span> assigned.<span class=\"_ _3\"></span> Deferr<span class=\"_ _3\"></span>ed tax assets acquir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>uring a <span class=\"_ _1\"></span>busi<span class=\"_ _3\"></span>ness combin<span class=\"_ _3\"></span>ation and arisi<span class=\"_ _3\"></span>ng u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>IAS 12.66 et seqq. on the acquisi<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>date<span class=\"_ _3\"></span> are t<span class=\"_ _3\"></span>ested for im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t i<span class=\"_ _3\"></span>n accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h IAS 1<span class=\"_ _3\"></span>2.37.<span class=\"_ _3\"></span> The G<span class=\"_ _3\"></span>roup <span class=\"_ _3\"></span>consid<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>repor<span class=\"_ _3\"></span>ted goo<span class=\"_ _3\"></span>dwill<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>refl<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the val<span class=\"_ _3\"></span>ue of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>ability to<span class=\"_ _3\"></span> make <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce-specif<span class=\"_ _3\"></span>ic expe<span class=\"_ _3\"></span>rtise of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>employees <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>cquir<span class=\"_ _5\"></span>ed com<span class=\"_ _3\"></span>panies. <span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a m<span class=\"_ _3\"></span>arke<span class=\"_ _3\"></span>t is<span class=\"_ _3\"></span> entere<span class=\"_ _3\"></span>d, <span class=\"_ _3\"></span>it r<span class=\"_ _3\"></span>epres<span class=\"_ _5\"></span>ents t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ability to <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>fer i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce p<span class=\"_ _3\"></span>rod<span class=\"_ _3\"></span>ucts in a<span class=\"_ _1\"></span> count<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>and take advan<span class=\"_ _3\"></span>tage of the <span class=\"_ _1\"></span>oppor<span class=\"_ _3\"></span>tunities that ex<span class=\"_ _3\"></span>ist there. In countries whe<span class=\"_ _3\"></span>re the Grou<span class=\"_ _3\"></span>p <span class=\"_ _1\"></span>is alre<span class=\"_ _3\"></span>ady <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>epr<span class=\"_ _3\"></span>esented by one o<span class=\"_ _3\"></span>r more <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es, the goo<span class=\"_ _3\"></span>dwill<span class=\"_ _3\"></span> also repr<span class=\"_ _5\"></span>esents the<span class=\"_ _3\"></span> possi<span class=\"_ _3\"></span>bility of m<span class=\"_ _3\"></span>aking use of po<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ential s<span class=\"_ _3\"></span>ynergies.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> 6<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> When <span class=\"_ _1\"></span>real e<span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>holdi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uired, t<span class=\"_ _1\"></span>hey <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ecke<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>see <span class=\"_ _1\"></span>whethe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>they <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>ess <span class=\"_ _1\"></span>operatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>If<span class=\"_ _1\"></span> they <span class=\"_ _c\"> </span>do <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>ot, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hase <span class=\"_ _c\"> </span>met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>not <span class=\"_ _c\"></span>used. <span class=\"_ _a\"></span>In<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>uch <span class=\"_ _c\"> </span>cases, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>acquisi<span class=\"_ _3\"></span>tion <span class=\"_ _c\"> </span>costs, <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>ransactio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>costs, <span class=\"_ _c\"> </span>ar<span class=\"_ _5\"></span>e distributed <span class=\"_ _d\"></span>among <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>umed <span class=\"_ _5\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>ased <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _5\"></span>No <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>fe<span class=\"_ _3\"></span>rred <span class=\"_ _5\"></span>taxes <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>such cases (initial<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>ecognition <span class=\"_ _3\"></span>exemptio<span class=\"_ _3\"></span>n). Goodwil<span class=\"_ _3\"></span>l can<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot a<span class=\"_ _3\"></span>rise i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>context.<span class=\"_ _3\"></span> All c<span class=\"_ _1\"></span>ompany <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uisitions <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>equiv<span class=\"_ _3\"></span>alents. <span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>list <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>fully <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>com-<span class=\"_ _379\"> </span>panies i<span class=\"_ _3\"></span>s provid<span class=\"_ _3\"></span>ed from<span class=\"_ _3\"></span> page 140 <span class=\"_ _3\"></span>in Not<span class=\"_ _3\"></span>e 28. Af<span class=\"_ _5\"></span>filiated com<span class=\"_ _3\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es and p<span class=\"_ _3\"></span>articipatio<span class=\"_ _3\"></span>ns.<span class=\"_ _379\"> </span>CHANGES IN <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>HE SCOPE OF CO<span class=\"_ _3\"></span>NSOLIDA<span class=\"_ _3\"></span>TION Deconsoli<span class=\"_ _1\"></span>dations <span class=\"_ _187\"> </span><span class=\"fs15\">Reason fo<span class=\"_ _1\"></span>r deconsolidat<span class=\"_ _1\"></span>ion<span class=\"_ _379\"> </span></span>Date<span class=\"_ _379\"> </span>Reporta<span class=\"_ _1\"></span>ble segment<span class=\"_ _379\"> </span>TBI B<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>LGA<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>AD<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iqu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion, <span class=\"_ _1\"></span>So<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>a <span class=\"_ _188\"> </span>Liquidation<span class=\"_ _379\"> </span>1.1.2022<span class=\"_ _379\"> </span>Extended<span class=\"_ _1\"></span> CEE<span class=\"_ _379\"> </span>VITE<span class=\"_ _1\"></span>C <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>echn<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>Sale<span class=\"_ _379\"> </span>30.6.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>Group Fu<span class=\"_ _1\"></span>nctions<span class=\"_ _379\"> </span>Expansion<span class=\"_ _1\"></span> of the scope<span class=\"_ _1\"></span> of con<span class=\"_ _1\"></span>solidation<span class=\"_ _1\"></span>* <span class=\"_ _af\"> </span><span class=\"fs15\">Acquisition/<span class=\"_ _379\"> </span></span>form<span class=\"_ _1\"></span>ation<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st<span class=\"_ _379\"> </span>First-<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span> consolidati<span class=\"_ _1\"></span>on<span class=\"_ _379\"> </span>Method<span class=\"_ _379\"> </span>Date<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Date<span class=\"_ _379\"> </span>365<span class=\"_ _1\"></span>.l<span class=\"_ _1\"></span>ife,<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> a.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4e\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>AB <span class=\"_ _1\"></span>Mod<span class=\"_ _1\"></span>\u0159i<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _ed\"> </span>20<span class=\"_ _1\"></span>17<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.1.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> \u00c1l<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l\u00e1n<span class=\"_ _1\"></span>os B<span class=\"_ _4\"></span>iztos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3 <span class=\"_ _1\"></span>Z\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>t\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est <span class=\"_ _12e\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si A<span class=\"_ _1\"></span>lap<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>el\u0151 <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>\u00e1rt<span class=\"_ _1\"></span>k\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u0151<span class=\"_ _1\"></span> R\u00e9<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt\u00e1<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>as\u00e1g<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _189\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>\u00e9nzt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>olg<span class=\"_ _1\"></span>\u00e1lt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>\u00f3 Z<span class=\"_ _1\"></span>\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e1rsa<span class=\"_ _1\"></span>s\u00e1<span class=\"_ _1\"></span>g, <span class=\"_ _1\"></span>Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>apes<span class=\"_ _1\"></span>t <span class=\"_ _42\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.7.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18b\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.7.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>AUT<span class=\"_ _1\"></span>ODR<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>OSN<span class=\"_ _1\"></span>OV\u00c1<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span> \u010c<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>k\u00e9 <span class=\"_ _1\"></span>L\u00edp<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _12d\"> </span>20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.1.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>Bro<span class=\"_ _1\"></span>ckm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>nga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>32 <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _18c\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>MER<span class=\"_ _1\"></span>LOT<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NVE<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> SP<span class=\"_ _1\"></span>\u00d3\u0141<span class=\"_ _1\"></span>KA <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OWI<span class=\"_ _1\"></span>ED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>O\u015aC<span class=\"_ _1\"></span>I\u0104,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> <span class=\"_ _162\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.5.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _18d\"> </span>2021<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t\u00e4<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e9\"> </span>2021<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18e\"> </span>2021<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e4r G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>2021<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ska<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>\u0142ka<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>\u0105 <span class=\"_ _1\"></span>odp<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lno\u015b<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u0105, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _34\"> </span>2006<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.1.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>V\u0130EN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span>L\u0130<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> EME<span class=\"_ _1\"></span>KL<span class=\"_ _1\"></span>\u0130<span class=\"_ _1\"></span>L\u0130K <span class=\"_ _1\"></span>VE <span class=\"_ _1\"></span>HAY<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span>N\u0130M<span class=\"_ _1\"></span> \u015e<span class=\"_ _1\"></span>\u0130RK<span class=\"_ _1\"></span>ET\u0130<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tanb<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _18f\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.5.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>.V.<span class=\"_ _1\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _190\"> </span>2022<span class=\"_ _379\"> </span>55.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>., T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Hag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _191\"> </span>2022<span class=\"_ _379\"> </span>55.00<span class=\"_ _379\"> </span>1.4.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>orsz<span class=\"_ _1\"></span>\u00e1g B<span class=\"_ _4\"></span>efe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si Z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u00f6<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u00fc<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u00f6 <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>veny<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>ag,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _192\"> </span>2022<span class=\"_ _379\"> </span>55.00<span class=\"_ _379\"> </span>1.2.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>VIG T<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>iye<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>oldin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V.,<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>terd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>2022<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.5.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>VIVE<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _193\"> </span>2020<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1.1.2022<span class=\"_ _379\"> </span>full consolidation<span class=\"_ _379\"> </span>*Insofar as <span class=\"_ _3\"></span>significant goodwill occurred, <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>is is recognised <span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>n N<span class=\"_ _3\"></span>ote<span class=\"_ _1\"></span> 1.1. Goodwill<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span> It <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _1\"></span>be n<span class=\"_ _1\"></span>oted <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e purchas<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>price <span class=\"_ _1\"></span>alloca<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the n<span class=\"_ _1\"></span>ewly acquir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>stil<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>prel<span class=\"_ _3\"></span>iminary<span class=\"_ _d\"></span>, u<span class=\"_ _1\"></span>nless the <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ne-<span class=\"_ _379\"> </span>year limi<span class=\"_ _3\"></span>t has bee<span class=\"_ _3\"></span>n exceeded.<span class=\"_ _3\"></span> The compa<span class=\"_ _3\"></span>nies acq<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ed in the fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r led to a<span class=\"_ _3\"></span>n outflow of<span class=\"_ _3\"></span> cash <span class=\"_ _3\"></span>and cash eq<span class=\"_ _3\"></span>uivalents to<span class=\"_ _3\"></span>talli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g EUR 40<span class=\"_ _3\"></span>7,433,000<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">6<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs8e\">Purchase<span class=\"_ _3\"></span> of Aegon <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">On <span class=\"_ _a\"></span>29 <span class=\"_ _4\"></span>Novemb<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _a\"></span>2020,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>rea<span class=\"_ _3\"></span>ched <span class=\"_ _4\"></span>agr<span class=\"_ _3\"></span>eement <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>Aegon <span class=\"_ _4\"></span>N.V<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>acquir<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>its <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _4\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>Pola<span class=\"_ _3\"></span>nd, <span class=\"_ _5\"></span>Romani<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>\u00fcr<span class=\"_ _1\"></span>ki<span class=\"_ _3\"></span>ye. <span class=\"_ _5\"></span>The <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>reed <span class=\"_ _d\"></span>acquisiti<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>pr<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>E<span class=\"_ _1\"></span>UR 830<span class=\"_ _3\"></span>.0 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>fully <span class=\"_ _5\"></span>settled <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>finan<span class=\"_ _3\"></span>cial </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">year <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>trans<span class=\"_ _3\"></span>action <span class=\"_ _1\"></span>could not <span class=\"_ _4\"></span>yet <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>execu<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>its e<span class=\"_ _1\"></span>nt<span class=\"_ _3\"></span>irety<span class=\"_ _d\"></span>. F<span class=\"_ _1\"></span>urthe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>inform<span class=\"_ _3\"></span>ation <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>atus <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>purc<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of t<span class=\"_ _1\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">Aegon com<span class=\"_ _3\"></span>panies is <span class=\"_ _3\"></span>below<span class=\"_ _5\"></span>. </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs5e5\">Aegon com<span class=\"_ _3\"></span>panies in<span class=\"_ _3\"></span> Hungar<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> T<span class=\"_ _d\"></span>\u00fcrkiye </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">In <span class=\"_ _6\"> </span>M<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ch <span class=\"_ _6\"> </span>202<span class=\"_ _3\"></span>2, <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>IG <span class=\"_ _b\"> </span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>acquired<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Hung<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>an <span class=\"_ _b\"> </span>business<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _c\"> </span>Dutch <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>ny <span class=\"_ _b\"> </span>Aego<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>aft<span class=\"_ _3\"></span>er <span class=\"_ _b\"> </span>appro<span class=\"_ _3\"></span>val <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>loc<span class=\"_ _3\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">Hunga<span class=\"_ _3\"></span>rian <span class=\"_ _1\"></span>authorities; and <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>45<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>participa<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Hunga<span class=\"_ _3\"></span>rian <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>holding <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>rvinus <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Hung<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness was </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">also clo<span class=\"_ _3\"></span>sed su<span class=\"_ _3\"></span>ccessfully<span class=\"_ _11\"></span>. In A<span class=\"_ _3\"></span>pril 2<span class=\"_ _3\"></span>022, of<span class=\"_ _5\"></span>ficial appr<span class=\"_ _3\"></span>oval <span class=\"_ _3\"></span>was gra<span class=\"_ _3\"></span>nted an<span class=\"_ _3\"></span>d, as a<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>esult, t<span class=\"_ _3\"></span>he T<span class=\"_ _11\"></span>u<span class=\"_ _1\"></span>rkis<span class=\"_ _3\"></span>h Aego<span class=\"_ _3\"></span>n compa<span class=\"_ _3\"></span>ny was<span class=\"_ _3\"></span> al<span class=\"_ _3\"></span>so </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">closed s<span class=\"_ _3\"></span>uccessfully <span class=\"_ _3\"></span>(Viennalif<span class=\"_ _3\"></span>e (T<span class=\"_ _11\"></span>\u00fc<span class=\"_ _1\"></span>rkiye<span class=\"_ _3\"></span>))<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">From the initial consol<span class=\"_ _3\"></span>idation <span class=\"_ _1\"></span>of Aego<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, intangibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fixed assets totall<span class=\"_ _3\"></span>ing <span class=\"_ _1\"></span>EUR 321,9<span class=\"_ _3\"></span>75,000 wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>discl<span class=\"_ _3\"></span>osed as <span class=\"_ _1\"></span>part<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">of <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pur<span class=\"_ _3\"></span>chase <span class=\"_ _4\"></span>price <span class=\"_ _4\"></span>allocatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>(of <span class=\"_ _4\"></span>wh<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch <span class=\"_ _a\"></span>goo<span class=\"_ _3\"></span>dwill <span class=\"_ _4\"></span>totalling <span class=\"_ _4\"></span>EUR 188,5<span class=\"_ _3\"></span>73,000). <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>45% <span class=\"_ _4\"></span>partici<span class=\"_ _3\"></span>pat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>an </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">state <span class=\"_ _3\"></span>holding <span class=\"_ _3\"></span>Corvi<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>in A<span class=\"_ _3\"></span>egon i<span class=\"_ _3\"></span>n H<span class=\"_ _3\"></span>ungary l<span class=\"_ _3\"></span>ed to <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>in no<span class=\"_ _3\"></span>n-c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntrol<span class=\"_ _3\"></span>ling <span class=\"_ _3\"></span>interests <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>ted s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holder<span class=\"_ _3\"></span>s\u2019<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">equity <span class=\"_ _2\"> </span>of <span class=\"_ _6\"> </span>EUR 117,722<span class=\"_ _3\"></span>,000. <span class=\"_ _6\"> </span>The  g<span class=\"_ _3\"></span>oodwill <span class=\"_ _6\"> </span>disclosed <span class=\"_ _6\"> </span>is <span class=\"_ _2\"> </span>primarily <span class=\"_ _6\"> </span>based <span class=\"_ _2\"> </span>o<span class=\"_ _3\"></span>n  fut<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re <span class=\"_ _6\"> </span>synergies <span class=\"_ _6\"> </span>bet<span class=\"_ _3\"></span>ween  t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _2\"> </span>H<span class=\"_ _3\"></span>ungarian<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">companies. <span class=\"_ _3\"></span>In T<span class=\"_ _d\"></span>\u00fcrki<span class=\"_ _3\"></span>ye, intangibl<span class=\"_ _3\"></span>e fixed <span class=\"_ _3\"></span>assets totall<span class=\"_ _3\"></span>ing EUR <span class=\"_ _3\"></span>48,47<span class=\"_ _3\"></span>1,000 wer<span class=\"_ _3\"></span>e disclose<span class=\"_ _3\"></span>d (of w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h goodwil<span class=\"_ _3\"></span>l totalling EU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>0).  </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs206\">Aegon com<span class=\"_ _3\"></span>panies in<span class=\"_ _3\"></span> Pola<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d a<span class=\"_ _3\"></span>nd Roma<span class=\"_ _3\"></span>nia </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">The <span class=\"_ _4\"></span>acquis<span class=\"_ _3\"></span>ition <span class=\"_ _a\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _a\"></span>Aego<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _4\"></span>busi<span class=\"_ _3\"></span>ness <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>Pol<span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>Roma<span class=\"_ _3\"></span>nia <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>agr<span class=\"_ _3\"></span>eed <span class=\"_ _4\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>ovals <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">under <span class=\"_ _3\"></span>supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>and com<span class=\"_ _3\"></span>petitio<span class=\"_ _3\"></span>n l<span class=\"_ _3\"></span>aw. <span class=\"_ _5\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>ack <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>closi<span class=\"_ _3\"></span>ng fo<span class=\"_ _3\"></span>r the <span class=\"_ _3\"></span>transa<span class=\"_ _3\"></span>ction <span class=\"_ _3\"></span>and, <span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e, lack <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>control<span class=\"_ _3\"></span> ov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">companies, <span class=\"_ _3\"></span>they <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>d n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t yet bee<span class=\"_ _3\"></span>n added to <span class=\"_ _3\"></span>the scop<span class=\"_ _3\"></span>e of co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n as of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date.<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs5e7\">Change<span class=\"_ _1\"></span> in significant<span class=\"_ _1\"></span> minorit<span class=\"_ _1\"></span>y interest<span class=\"_ _1\"></span>s <span class=\"_ _124\"> </span><span class=\"fs15\">Change<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs5e8\">Change of int<span class=\"_ _1\"></span>erest<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs5e9\">Change in non-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs5ea\">contro<span class=\"_ _1\"></span>lling intere<span class=\"_ _1\"></span>sts<span class=\"_ _379\"> </span></div><div class=\"c w7 h24 gs5eb\"><div class=\"t m1 x6 h35 y6d2 ff4c fs15 fcf sc0 ls6 ws0\">Date<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs5ec\"><div class=\"t m1 x6 h35 y6d2 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs5ed\"><div class=\"t m1 x6 h35 y6d2 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ee\">K\u00c1L<span class=\"_ _1\"></span>VIN<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWER<span class=\"_ _4\"></span> Ing<span class=\"_ _1\"></span>atl<span class=\"_ _1\"></span>anf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>jlesz<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span> \u00e9<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e1z\u00e1<span class=\"_ _1\"></span>si K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Fele<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0151ss\u00e9g<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>\u00e1rsa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ef\">Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _79\"> </span>23.3.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f0\">-44.39<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f1\">1,015<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f2\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on A<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny D<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rie A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _194\"> </span>29.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f3\">-9.25<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f4\">19,160<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f5\">Unio<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span> <span class=\"_ _195\"> </span>23.3.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f6\">-44.39<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5f7\">18,056<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5f8\">T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>nte<span class=\"_ _3\"></span>rnat<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ce Co<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>(IF<span class=\"_ _3\"></span>C),<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ber<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _3\"></span>orl<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>B<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up, hel<span class=\"_ _3\"></span>d a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>9.<span class=\"_ _3\"></span>99<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ak<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>P<span class=\"_ _3\"></span>ens<span class=\"_ _5\"></span>ion<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Ass<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5f9\">C<span class=\"_ _3\"></span>om<span class=\"_ _5\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>Dov<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ie <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>D (<span class=\"_ _3\"></span>Do<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>e) <span class=\"_ _5\"></span>at t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> e<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _5\"></span>er 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>(ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>cul<span class=\"_ _5\"></span>ate<span class=\"_ _3\"></span>d 9<span class=\"_ _5\"></span>.25<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>es <span class=\"_ _3\"></span>hel<span class=\"_ _5\"></span>d b<span class=\"_ _3\"></span>y V<span class=\"_ _3\"></span>IG<span class=\"_ _3\"></span>). <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> wit<span class=\"_ _3\"></span>h </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5fa\">th<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span> t<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>sa<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>IFC<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gr<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>put<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>fo<span class=\"_ _5\"></span>r t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>sa<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> D<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>veri<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sha<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>p,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>gin<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>23<span class=\"_ _3\"></span> D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>028<span class=\"_ _5\"></span>.<span class=\"_ _1\"></span> </div>6<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Effect of cha<span class=\"_ _3\"></span>nges in<span class=\"_ _3\"></span> the scope<span class=\"_ _3\"></span> of consol<span class=\"_ _3\"></span>idation Balance s<span class=\"_ _1\"></span>heet <span class=\"_ _196\"> </span><span class=\"fsc\">Additio<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span></span>there<span class=\"_ _1\"></span>of Aegon Hungary<span class=\"_ _379\"> </span>there<span class=\"_ _1\"></span>of Viennali<span class=\"_ _1\"></span>fe (T\u00fcrkiye)<span class=\"_ _379\"> </span>Disposals<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _136\"> </span>425<span class=\"_ _1\"></span>,296<span class=\"_ _379\"> </span>318,931<span class=\"_ _379\"> </span>49,882<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _b3\"> </span>363<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>9<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _197\"> </span>975,742<span class=\"_ _379\"> </span>438,273<span class=\"_ _379\"> </span>388,716<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t- a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ex-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>191,137<span class=\"_ _379\"> </span>191,137<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>rs' <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _198\"> </span>3,752<span class=\"_ _379\"> </span>3,752<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>vanc<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span>) <span class=\"_ _199\"> </span>61,732<span class=\"_ _379\"> </span>23,923<span class=\"_ _379\"> </span>23,621<span class=\"_ _379\"> </span>720<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>) <span class=\"_ _182\"> </span>55,<span class=\"_ _1\"></span>526<span class=\"_ _379\"> </span>14,347<span class=\"_ _379\"> </span>28,957<span class=\"_ _379\"> </span>41<span class=\"_ _379\"> </span>Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d5\"> </span>69,411<span class=\"_ _379\"> </span>21,123<span class=\"_ _379\"> </span>16,501<span class=\"_ _379\"> </span>1,805<span class=\"_ _379\"> </span>Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _19a\"> </span>736,740<span class=\"_ _379\"> </span>329,844<span class=\"_ _379\"> </span>406,896<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>x-li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> lif<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>191,137<span class=\"_ _379\"> </span>191,137<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _19b\"> </span>10,992<span class=\"_ _379\"> </span>6,976<span class=\"_ _379\"> </span>2,160<span class=\"_ _379\"> </span>611<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl. t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x)<span class=\"_ _1\"></span> <span class=\"_ _19c\"> </span>94,213<span class=\"_ _379\"> </span>28,961<span class=\"_ _379\"> </span>24,901<span class=\"_ _379\"> </span>1,350<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ferr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _18c\"> </span>45,623<span class=\"_ _379\"> </span>27,932<span class=\"_ _379\"> </span>13,718<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>The figur<span class=\"_ _3\"></span>es shown in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e tabl<span class=\"_ _3\"></span>e ab<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ve refle<span class=\"_ _3\"></span>ct the actual date<span class=\"_ _3\"></span>s of <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>irst consoli<span class=\"_ _3\"></span>dat<span class=\"_ _1\"></span>ion a<span class=\"_ _3\"></span>nd deconsol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, as indica<span class=\"_ _3\"></span>ted in the sectio<span class=\"_ _3\"></span>n Changes i<span class=\"_ _3\"></span>n the sco<span class=\"_ _3\"></span>pe of consol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n page 62.<span class=\"_ _3\"></span> Contribut<span class=\"_ _1\"></span>ion to res<span class=\"_ _1\"></span>ult before taxe<span class=\"_ _1\"></span>s in <span class=\"_ _1\"></span>reporting<span class=\"_ _1\"></span> period<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span><span class=\"fsc\">Additio<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span></span>there<span class=\"_ _1\"></span>of Aegon Hungary<span class=\"_ _379\"> </span>there<span class=\"_ _1\"></span>of Viennali<span class=\"_ _1\"></span>fe (T\u00fcrkiye)<span class=\"_ _379\"> </span>Disposals<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d7\"> </span>4<span class=\"_ _1\"></span>31,293<span class=\"_ _379\"> </span>301,436<span class=\"_ _379\"> </span>129,858<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _71\"> </span>138,<span class=\"_ _1\"></span>405<span class=\"_ _379\"> </span>25,701<span class=\"_ _379\"> </span>123,695<span class=\"_ _379\"> </span>247<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>5,456<span class=\"_ _379\"> </span>4,553<span class=\"_ _379\"> </span>901<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _19f\"> </span>-352,908<span class=\"_ _1a0\"> </span>-160,575<span class=\"_ _1a0\"> </span>-192,333<span class=\"_ _13c\"> </span>4<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-134,154<span class=\"_ _189\"> </span>-89,377<span class=\"_ _189\"> </span>-45,712<span class=\"_ _13c\"> </span>8<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>-114,759<span class=\"_ _1a0\"> </span>-104,187<span class=\"_ _189\"> </span>-10,095<span class=\"_ _1a3\"> </span>-38<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>sult <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> ta<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>s* <span class=\"_ _1a4\"> </span>-26,66<span class=\"_ _1\"></span>7<span class=\"_ _165\"> </span>-22,449<span class=\"_ _167\"> </span>6,314<span class=\"_ _379\"> </span>221<span class=\"_ _379\"> </span>*<span class=\"_ _379\"> </span>The resu<span class=\"_ _3\"></span>lt before taxes includes impairments of <span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> portfolios an<span class=\"_ _3\"></span>d t<span class=\"_ _1\"></span>he cu<span class=\"_ _3\"></span>stomer bases of AE<span class=\"_ _1\"></span>GO<span class=\"_ _3\"></span>N Hungary (EUR 33,639,000) and Vienna <span class=\"_ _3\"></span>Life T\u00fcrkiye (EUR 3,578,000). Inclusion <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e first-tim<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated com<span class=\"_ _5\"></span>panies r<span class=\"_ _5\"></span>etros<span class=\"_ _3\"></span>pecti<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ly <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Janua<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>would <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _5\"></span>any ma<span class=\"_ _3\"></span>terial <span class=\"_ _3\"></span>chang<span class=\"_ _3\"></span>es in bal<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _3\"></span> sh<span class=\"_ _3\"></span>eet <span class=\"_ _3\"></span>items. <span class=\"_ _5\"></span>Inclusio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>first-<span class=\"_ _3\"></span>time co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _3\"></span>dated <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etrosp<span class=\"_ _3\"></span>ectively <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>1 Ja<span class=\"_ _3\"></span>nuary <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>would <span class=\"_ _3\"></span>incr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>e the Gro<span class=\"_ _3\"></span>up r<span class=\"_ _3\"></span>esult b<span class=\"_ _3\"></span>efore t<span class=\"_ _3\"></span>axes and no<span class=\"_ _3\"></span>n-co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span>ling in<span class=\"_ _3\"></span>terests b<span class=\"_ _3\"></span>y 2.38% <span class=\"_ _3\"></span>(not inclu<span class=\"_ _3\"></span>ding any co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n eff<span class=\"_ _3\"></span>ects). The numbe<span class=\"_ _3\"></span>r of em<span class=\"_ _3\"></span>ployees in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>d by 2,670 <span class=\"_ _3\"></span>due to <span class=\"_ _3\"></span>the ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es in th<span class=\"_ _3\"></span>e scope of <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dation. <div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">6<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h37 ff45 fs19 fc11 sc0 ls6 ws0 gs8e\">SEGMENT REPORTI<span class=\"_ _3\"></span>NG </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1fd\">OPERA<span class=\"_ _3\"></span>TI<span class=\"_ _3\"></span>NG SEGMENTS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">The <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>perati<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>segm<span class=\"_ _5\"></span>ents <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>8 Operating <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>egments ba<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>internal <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">the p<span class=\"_ _3\"></span>rincipal <span class=\"_ _3\"></span>decisio<span class=\"_ _3\"></span>n-<span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>ker<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> The i<span class=\"_ _3\"></span>ndividual<span class=\"_ _3\"></span> count<span class=\"_ _3\"></span>ries, i<span class=\"_ _3\"></span>n which <span class=\"_ _3\"></span>VIG I<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up op<span class=\"_ _3\"></span>erates, w<span class=\"_ _3\"></span>ere i<span class=\"_ _3\"></span>dentified<span class=\"_ _3\"></span> as o<span class=\"_ _3\"></span>perating<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">segme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>Managing <span class=\"_ _4\"></span>Board, <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>principal <span class=\"_ _4\"></span>decision<span class=\"_ _3\"></span>-maker<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>reg<span class=\"_ _3\"></span>ularly <span class=\"_ _4\"></span>evaluates <span class=\"_ _4\"></span>earning <span class=\"_ _a\"></span>powe<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>based <span class=\"_ _4\"></span>on </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">these s<span class=\"_ _3\"></span>egments <span class=\"_ _3\"></span>and decid<span class=\"_ _3\"></span>es o<span class=\"_ _3\"></span>n the all<span class=\"_ _3\"></span>ocation<span class=\"_ _3\"></span> of reso<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ces t<span class=\"_ _3\"></span>o them. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e f<span class=\"_ _3\"></span>ocus o<span class=\"_ _3\"></span>n count<span class=\"_ _3\"></span>ries is also <span class=\"_ _3\"></span>ref<span class=\"_ _3\"></span>lected i<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>country </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">respo<span class=\"_ _3\"></span>nsibili<span class=\"_ _3\"></span>ties of the m<span class=\"_ _3\"></span>embers of t<span class=\"_ _3\"></span>he VI<span class=\"_ _3\"></span>G Holding M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Board.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">The co<span class=\"_ _3\"></span>untries Esto<span class=\"_ _3\"></span>nia, La<span class=\"_ _3\"></span>tv<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>a and <span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>huania <span class=\"_ _3\"></span>are com<span class=\"_ _3\"></span>bined i<span class=\"_ _3\"></span>n the B<span class=\"_ _3\"></span>altic Stat<span class=\"_ _3\"></span>es opera<span class=\"_ _3\"></span>ting segme<span class=\"_ _3\"></span>nt, a<span class=\"_ _3\"></span>nd Albania<span class=\"_ _3\"></span> and Kos<span class=\"_ _3\"></span>ovo </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">are <span class=\"_ _3\"></span>combined i<span class=\"_ _3\"></span>n the Alb<span class=\"_ _3\"></span>ania incl. Koso<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>o op<span class=\"_ _3\"></span>erating s<span class=\"_ _3\"></span>egment<span class=\"_ _3\"></span> when re<span class=\"_ _3\"></span>porting to t<span class=\"_ _3\"></span>he Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs203\">REPORT<span class=\"_ _d\"></span>ABLE SEGMENTS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs204\">Change<span class=\"_ _3\"></span> of <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eportable s<span class=\"_ _3\"></span>egments<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">Every <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>yea<span class=\"_ _3\"></span>rs, <span class=\"_ _3\"></span>the M<span class=\"_ _5\"></span>anaging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>epares<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>oves<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>detailed<span class=\"_ _3\"></span> m<span class=\"_ _3\"></span>edium-<span class=\"_ _3\"></span>term <span class=\"_ _3\"></span>strategic<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>orientatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _3\"></span>Ins<span class=\"_ _3\"></span>urance </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">Gro<span class=\"_ _3\"></span>up. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _1\"></span>strategic <span class=\"_ _1\"></span>orie<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tati<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>un<span class=\"_ _3\"></span>til <span class=\"_ _1\"></span>2025 <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>establishe<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>yea<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>2021<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>Wh<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compos<span class=\"_ _3\"></span>ition <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">Managing Bo<span class=\"_ _3\"></span>ard w<span class=\"_ _3\"></span>as changed i<span class=\"_ _3\"></span>n financial year 2020,<span class=\"_ _3\"></span> the repo<span class=\"_ _3\"></span>rtable segme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s t<span class=\"_ _3\"></span>hat were pr<span class=\"_ _5\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>usly publis<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>were eval<span class=\"_ _3\"></span>u-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">ated a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d modi<span class=\"_ _3\"></span>fied <span class=\"_ _3\"></span>accordingl<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> wh<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the 2025 s<span class=\"_ _3\"></span>trateg<span class=\"_ _3\"></span>y was establi<span class=\"_ _3\"></span>shed.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs208\">Determina<span class=\"_ _3\"></span>tion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">The <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eportabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>segme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>dete<span class=\"_ _3\"></span>rmined using the aggre<span class=\"_ _3\"></span>gation <span class=\"_ _1\"></span>crite<span class=\"_ _3\"></span>ria <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>IF<span class=\"_ _3\"></span>RS <span class=\"_ _1\"></span>8.12 and IFRS <span class=\"_ _1\"></span>8.14 <span class=\"_ _3\"></span>and <span class=\"_ _1\"></span>the quantit<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ve </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">thresholds<span class=\"_ _3\"></span> defi<span class=\"_ _3\"></span>ned in IF<span class=\"_ _3\"></span>RS 8.13.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">This led to t<span class=\"_ _3\"></span>he fol<span class=\"_ _3\"></span>lowing segm<span class=\"_ _3\"></span>ents bei<span class=\"_ _3\"></span>ng specif<span class=\"_ _3\"></span>ied as r<span class=\"_ _3\"></span>eportabl<span class=\"_ _3\"></span>e segme<span class=\"_ _3\"></span>nts:  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Au<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria (incl. t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Wien<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> S<span class=\"_ _3\"></span>t\u00e4dtisc<span class=\"_ _3\"></span>he branch<span class=\"_ _3\"></span>es in Slove<span class=\"_ _3\"></span>nia and <span class=\"_ _3\"></span>Ita<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y), </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Cz<span class=\"_ _1\"></span>ech <span class=\"_ _3\"></span>Republi<span class=\"_ _3\"></span>c, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Poland, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>E<span class=\"_ _1\"></span>xte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ed CEE, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Spec<span class=\"_ _1\"></span>ial M<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rkets a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p Fun<span class=\"_ _3\"></span>ctions (in<span class=\"_ _3\"></span>cl. the VIG Hol<span class=\"_ _3\"></span>ding b<span class=\"_ _3\"></span>ranches i<span class=\"_ _3\"></span>n Swede<span class=\"_ _3\"></span>n, No<span class=\"_ _3\"></span>rway and De<span class=\"_ _3\"></span>nmark <span class=\"_ _3\"></span>and VIG <span class=\"_ _3\"></span>Re<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>branches i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>German<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65b\">and Fra<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsac\">EXTEND<span class=\"_ _3\"></span>ED CEE </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">The Extended CE<span class=\"_ _3\"></span>E <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>portable segme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>incl<span class=\"_ _3\"></span>udes the <span class=\"_ _1\"></span>op<span class=\"_ _3\"></span>erating segm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>of Alba<span class=\"_ _3\"></span>nia <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl. Koso<span class=\"_ _3\"></span>vo <span class=\"_ _1\"></span>(a branch of an <span class=\"_ _1\"></span>Alb<span class=\"_ _3\"></span>anian </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">compan<span class=\"_ _3\"></span>y  is<span class=\"_ _3\"></span>  l<span class=\"_ _3\"></span>ocate<span class=\"_ _1\"></span>d <span class=\"_ _2\"> </span>in <span class=\"_ _6\"> </span>Kosovo), <span class=\"_ _6\"> </span>the  Baltic <span class=\"_ _6\"> </span>states, <span class=\"_ _6\"> </span>Bosnia-He<span class=\"_ _3\"></span>rzegovin<span class=\"_ _3\"></span>a,  Bulg<span class=\"_ _3\"></span>aria,  Cr<span class=\"_ _3\"></span>oatia, <span class=\"_ _6\"> </span>Hungar<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>,  Mol<span class=\"_ _3\"></span>dova,  Nor<span class=\"_ _3\"></span>th </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">Macedoni<span class=\"_ _3\"></span>a, <span class=\"_ _a\"></span>Rom<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>ia, <span class=\"_ _4\"></span>Ser<span class=\"_ _3\"></span>bia, <span class=\"_ _a\"></span>Slov<span class=\"_ _3\"></span>akia <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>Ukrai<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>segme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>aggr<span class=\"_ _3\"></span>egated <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>accor<span class=\"_ _5\"></span>dance <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>aggr<span class=\"_ _3\"></span>egation<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">criteria in I<span class=\"_ _3\"></span>FRS 8.14 a<span class=\"_ _3\"></span>nd was not r<span class=\"_ _3\"></span>eport<span class=\"_ _3\"></span>ed in an \u201call <span class=\"_ _3\"></span>oth<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> se<span class=\"_ _3\"></span>gments\u201d in a<span class=\"_ _3\"></span>ccorda<span class=\"_ _3\"></span>nce with I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 8.1<span class=\"_ _3\"></span>6 in spi<span class=\"_ _3\"></span>te of falli<span class=\"_ _3\"></span>ng below </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">the thr<span class=\"_ _3\"></span>esholds.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs65d\">SPECIAL M<span class=\"_ _3\"></span>ARKETS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">The <span class=\"_ _c\"></span>Sp<span class=\"_ _3\"></span>ecial <span class=\"_ _a\"></span>Markets <span class=\"_ _4\"></span>report<span class=\"_ _3\"></span>able <span class=\"_ _c\"> </span>segm<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>correspo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>\u201cal<span class=\"_ _3\"></span>l <span class=\"_ _a\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _a\"></span>segments<span class=\"_ _3\"></span>\u201d <span class=\"_ _c\"></span>ca<span class=\"_ _3\"></span>tegory <span class=\"_ _a\"></span>in <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _a\"></span>8.16 <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>includ<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">Germa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>, Geo<span class=\"_ _3\"></span>rgia, <span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>iec<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>enstein a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> T<span class=\"_ _4a\"></span>\u00fc<span class=\"_ _1\"></span>rkiye.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div>6<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> GROUP <span class=\"_ _3\"></span>FU<span class=\"_ _1\"></span>NC<span class=\"_ _3\"></span>TIONS VIG <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nternational<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>insurance <span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p <span class=\"_ _4\"></span>oper<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>entral <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>Eas<span class=\"_ _3\"></span>tern <span class=\"_ _4\"></span>Euro<span class=\"_ _3\"></span>pe. <span class=\"_ _4\"></span>The <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Board<span class=\"_ _3\"></span> accor<span class=\"_ _3\"></span>dingly <span class=\"_ _5\"></span>manag<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rance <span class=\"_ _d\"></span>business <span class=\"_ _5\"></span>sep<span class=\"_ _3\"></span>arate <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>coordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>functions <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>individu<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>countries. <span class=\"_ _d\"></span>As <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esult, only <span class=\"_ _1\"></span>the compa<span class=\"_ _3\"></span>nies <span class=\"_ _1\"></span>relat<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to t<span class=\"_ _1\"></span>he insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> business<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>are included in <span class=\"_ _1\"></span>the indiv<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ual operating segments.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>That means t<span class=\"_ _1\"></span>hat<span class=\"_ _3\"></span> companies t<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span>  <span class=\"ff4b\"> <span class=\"_ _1a5\"> </span><span class=\"ff4a\">do not di<span class=\"_ _3\"></span>stribute o<span class=\"_ _3\"></span>r a<span class=\"_ _1\"></span>ssi<span class=\"_ _3\"></span>st in t<span class=\"_ _3\"></span>he distrib<span class=\"_ _3\"></span>ution of i<span class=\"_ _3\"></span>nsurance pro<span class=\"_ _5\"></span>du<span class=\"_ _1\"></span>cts,<span class=\"_ _5\"></span> </span></span> <span class=\"ff4b\"> <span class=\"_ _1a5\"> </span><span class=\"ff4a\">perform l<span class=\"_ _3\"></span>oss assessm<span class=\"_ _3\"></span>ents o<span class=\"_ _3\"></span>r claims<span class=\"_ _3\"></span> handling, o<span class=\"_ _3\"></span>r </span></span> <span class=\"ff4b\"> <span class=\"_ _1a5\"> </span><span class=\"ff4a\">operate as <span class=\"_ _3\"></span>service <span class=\"_ _3\"></span>companies f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p,<span class=\"_ _3\"></span> </span></span>are i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the Gro<span class=\"_ _3\"></span>up F<span class=\"_ _3\"></span>unct<span class=\"_ _1\"></span>io<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s re<span class=\"_ _3\"></span>portable s<span class=\"_ _3\"></span>egme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t, <span class=\"_ _3\"></span>not in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>country wh<span class=\"_ _3\"></span>ere th<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>have t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>eir <span class=\"_ _3\"></span>regist<span class=\"_ _3\"></span>ered o<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>ice. Specificall<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>means <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _1\"></span>Functio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>segment <span class=\"_ _1\"></span>includes V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng, <span class=\"_ _4\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>Re, <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>iene<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>Re, <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Fund, <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rporate <span class=\"_ _1\"></span>IT service <span class=\"_ _3\"></span>provid<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s, <span class=\"_ _3\"></span>asset m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt compa<span class=\"_ _3\"></span>nies, pe<span class=\"_ _3\"></span>nsion funds<span class=\"_ _3\"></span> and i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erme<span class=\"_ _3\"></span>diate holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g comp<span class=\"_ _3\"></span>anies, amo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g ot<span class=\"_ _3\"></span>hers. BASIS OF <span class=\"_ _3\"></span>THE REVE<span class=\"_ _3\"></span>NUES OF <span class=\"_ _3\"></span>THE REP<span class=\"_ _3\"></span>ORT<span class=\"_ _5\"></span>ABLE SE<span class=\"_ _3\"></span>GMENTS The <span class=\"_ _a\"></span>scop<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>opera<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ncludes <span class=\"_ _4\"></span>privat<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>cor<span class=\"_ _3\"></span>porate <span class=\"_ _4\"></span>custome<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>business. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>range<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>prod<span class=\"_ _3\"></span>ucts includes, <span class=\"_ _a\"></span>amo<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>ot<span class=\"_ _3\"></span>her <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hings, <span class=\"_ _a\"></span>motor <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>party <span class=\"_ _a\"></span>liabili<span class=\"_ _3\"></span>ty <span class=\"_ _c\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>own <span class=\"_ _c\"></span>dam<span class=\"_ _3\"></span>age, <span class=\"_ _a\"></span>accide<span class=\"_ _3\"></span>nt, <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>arty <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>iability<span class=\"_ _11\"></span>, <span class=\"_ _c\"> </span>fir<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>natural hazar<span class=\"_ _3\"></span>ds, and <span class=\"_ _3\"></span>travel ins<span class=\"_ _3\"></span>urance.  A <span class=\"_ _4\"></span>large <span class=\"_ _1\"></span>number<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>fe <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eal<span class=\"_ _3\"></span>th <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>ducts <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span>fered <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>individ<span class=\"_ _3\"></span>uals <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>gro<span class=\"_ _3\"></span>ups. <span class=\"_ _4\"></span>Thes<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>inclu<span class=\"_ _3\"></span>de, <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ampl<span class=\"_ _3\"></span>e, supplem<span class=\"_ _3\"></span>entary <span class=\"_ _b\"> </span>health <span class=\"_ _6\"> </span>ins<span class=\"_ _3\"></span>urance, <span class=\"_ _b\"> </span>nursing <span class=\"_ _b\"> </span>care <span class=\"_ _b\"> </span>insurance,<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>e<span class=\"_ _1\"></span>ndowm<span class=\"_ _3\"></span>ent <span class=\"_ _6\"> </span>ins<span class=\"_ _3\"></span>urance, <span class=\"_ _6\"> </span>ter<span class=\"_ _3\"></span>m <span class=\"_ _6\"> </span>life <span class=\"_ _6\"> </span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>investme<span class=\"_ _3\"></span>nt-<span class=\"_ _379\"> </span>oriented p<span class=\"_ _3\"></span>rod<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cts. I<span class=\"_ _3\"></span>n accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h the cornersto<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>es of <span class=\"_ _3\"></span>VIG<span class=\"_ _1\"></span> Ins<span class=\"_ _3\"></span>urance Gr<span class=\"_ _3\"></span>oup, pro<span class=\"_ _5\"></span>ducts are s<span class=\"_ _3\"></span>old thro<span class=\"_ _3\"></span>ugh all dis<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ibuti<span class=\"_ _3\"></span>on channel<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>markets. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>produ<span class=\"_ _3\"></span>cts <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>distrib<span class=\"_ _3\"></span>uted, <span class=\"_ _1\"></span>among <span class=\"_ _4\"></span>ot<span class=\"_ _3\"></span>hers, <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>sales <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mplo<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ees, <span class=\"_ _1\"></span>banks, broke<span class=\"_ _3\"></span>rs and <span class=\"_ _3\"></span>agents. VIG <span class=\"_ _a\"></span>Holding <span class=\"_ _a\"></span>prima<span class=\"_ _3\"></span>rily <span class=\"_ _a\"></span>focuses <span class=\"_ _a\"></span>on <span class=\"_ _a\"></span>man<span class=\"_ _3\"></span>agerial <span class=\"_ _a\"></span>tasks <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>Insurance <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p. <span class=\"_ _4\"></span>It <span class=\"_ _c\"> </span>also <span class=\"_ _4\"></span>operat<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>eins<span class=\"_ _3\"></span>urer <span class=\"_ _a\"></span>withi<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>VIG<span class=\"_ _3\"></span> Insurance <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nternational <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rporate <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>ess. <span class=\"_ _6\"> </span>The <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s <span class=\"_ _6\"> </span>ow<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>einsuran<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>compa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>, <span class=\"_ _b\"> </span>VIG <span class=\"_ _6\"> </span>Re, <span class=\"_ _6\"> </span>is <span class=\"_ _6\"> </span>a successf<span class=\"_ _3\"></span>ul <span class=\"_ _d\"></span>provider <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>oducts <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>both <span class=\"_ _5\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>exte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal <span class=\"_ _d\"></span>pa<span class=\"_ _1\"></span>rtn<span class=\"_ _3\"></span>ers. Informa<span class=\"_ _3\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> on major <span class=\"_ _3\"></span>customer<span class=\"_ _3\"></span>s VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Group does not <span class=\"_ _1\"></span>depe<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a great extent on one<span class=\"_ _1\"></span> single <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>stome<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>as de<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>ned <span class=\"_ _1\"></span>in IFRS <span class=\"_ _1\"></span>8.34. The 10 lar<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>st customer <span class=\"_ _4\"></span>gr<span class=\"_ _3\"></span>oups <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ponsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>2.2% <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>premi<span class=\"_ _3\"></span>ums<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>written <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>rou<span class=\"_ _3\"></span>p. <span class=\"_ _a\"></span>Cor<span class=\"_ _3\"></span>porate <span class=\"_ _4\"></span>custome<span class=\"_ _3\"></span>rs <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>under common <span class=\"_ _3\"></span>control<span class=\"_ _3\"></span> accor<span class=\"_ _3\"></span>ding to <span class=\"_ _3\"></span>the infor<span class=\"_ _3\"></span>mation a<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>ilabl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> to V<span class=\"_ _3\"></span>IG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p ar<span class=\"_ _3\"></span>e combi<span class=\"_ _3\"></span>ned into c<span class=\"_ _3\"></span>ustom<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> gr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>ps.<span class=\"_ _379\"> </span>GENERAL DISC<span class=\"_ _3\"></span>LOSURES Like <span class=\"_ _c\"></span>tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>actions <span class=\"_ _a\"></span>with <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>parti<span class=\"_ _3\"></span>es, <span class=\"_ _c\"> </span>transfe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>prices <span class=\"_ _a\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eportable <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>egments <span class=\"_ _a\"></span>are <span class=\"_ _c\"></span>d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>ned <span class=\"_ _c\"> </span>usi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>mark<span class=\"_ _3\"></span>et <span class=\"_ _c\"> </span>prices. Intragro<span class=\"_ _3\"></span>up transacti<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>betw<span class=\"_ _3\"></span>een <span class=\"_ _1\"></span>segm<span class=\"_ _3\"></span>ents a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e e<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>inated <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n th<span class=\"_ _1\"></span>e consolida<span class=\"_ _3\"></span>tion c<span class=\"_ _1\"></span>ol<span class=\"_ _3\"></span>umn. The on<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>exceptio<span class=\"_ _3\"></span>ns a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>divid<span class=\"_ _3\"></span>ends and inter<span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>ny prof<span class=\"_ _3\"></span>its, whic<span class=\"_ _3\"></span>h are <span class=\"_ _3\"></span>elimi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ated i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>each r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>rtable segm<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> <div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _379\"> </span><span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">6<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs8e\">PERFORMA<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>CE MEAS<span class=\"_ _3\"></span>UREMENT FOR<span class=\"_ _3\"></span> REPORT<span class=\"_ _d\"></span>ABLE SEGMENTS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">A variet<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> of<span class=\"_ _3\"></span> per<span class=\"_ _1\"></span>form<span class=\"_ _3\"></span>ance i<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ators are <span class=\"_ _3\"></span>used to det<span class=\"_ _3\"></span>ermine th<span class=\"_ _3\"></span>e financial pe<span class=\"_ _3\"></span>rformance of<span class=\"_ _3\"></span> the re<span class=\"_ _3\"></span>portable s<span class=\"_ _3\"></span>egments. T<span class=\"_ _3\"></span>he IFRS </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>ope<span class=\"_ _3\"></span>rating <span class=\"_ _1\"></span>result <span class=\"_ _1\"></span>is u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>an <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>dicator <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>all c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>int<span class=\"_ _3\"></span>erests of <span class=\"_ _1\"></span>comparability<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>income <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">portable <span class=\"_ _b\"> </span>segm<span class=\"_ _3\"></span>ents <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>appropriat<span class=\"_ _3\"></span>ely <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>conciled <span class=\"_ _c\"> </span>with <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _b\"> </span>income <span class=\"_ _b\"> </span>statem<span class=\"_ _3\"></span>ent <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>onl<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>main <span class=\"_ _b\"> </span>items <span class=\"_ _b\"> </span>are </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">prese<span class=\"_ _3\"></span>nted. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>ame appli<span class=\"_ _3\"></span>es to the b<span class=\"_ _3\"></span>alance s<span class=\"_ _3\"></span>tatement <span class=\"_ _3\"></span>by segme<span class=\"_ _3\"></span>nts and co<span class=\"_ _3\"></span>nsolidate<span class=\"_ _3\"></span>d balance s<span class=\"_ _3\"></span>heet.<span class=\"ff49\"> </span></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs200\">CONSOLIDA<span class=\"_ _5\"></span>TED BALA<span class=\"_ _3\"></span>NC<span class=\"_ _1\"></span>E S<span class=\"_ _3\"></span>HEET BY REPOR<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>BL<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span> SEGMENT <span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs66f\">Assets<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span><span class=\"fs15\">Austria<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>Cze<span class=\"_ _1\"></span>ch Republic<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>Po<span class=\"_ _1\"></span>land <span class=\"_ _1a7\"> </span>Extended CE<span class=\"_ _1\"></span>E </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs670\">  <span class=\"_ _1a8\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs671\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs672\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs673\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs674\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs675\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs676\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs677\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs678\"><div class=\"t m1 x6 h35 y1c7 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs679\">Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _1a9\"> </span>570,894<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs67a\">548,040<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs67b\">516,377<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs67c\">506,739<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs67d\">171,011<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs67e\">160,038<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs67f\">704,847<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs680\">483,013<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs681\">Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>69,033<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs682\">71,190<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs683\">62,838<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs684\">57,646<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs685\">6,564<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs686\">7,480<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs687\">32,876<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs688\">33,661<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs689\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>19,558,2<span class=\"_ _1\"></span>07<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs68a\">22,891,5<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs68b\">3,120,39<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs68c\">3,187,91<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs68d\">1,384,31<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs68e\">1,353,83<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs68f\">4,910,68<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs690\">4,687,18<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs691\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t- a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs692\">ind<span class=\"_ _1\"></span>ex-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span>4<span class=\"_ _1\"></span>,132,350<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs693\">5,219,13<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs694\">429,409<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs695\">490,766<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs696\">588,346<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs697\">698,849<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs698\">1,072,94<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs699\">1,044,65<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs69a\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>rs' <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs69b\">pr<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs69c\">549,856<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs69d\">327,852<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs69e\">186,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs69f\">166,928<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6a0\">127,458<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6a1\">119,083<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6a2\">221,277<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6a3\">177,381<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6a4\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>79<span class=\"_ _1\"></span>3,143<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6a5\">705,701<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6a6\">188,292<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6a7\">168,469<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6a8\">266,758<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6a9\">225,045<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6aa\">625,766<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ab\">547,882<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6ac\">Ta<span class=\"_ _1\"></span>x re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6ad\">out<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ome <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>7,452<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ae\">9,134<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6af\">19,483<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6b0\">10,290<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b1\">6,839<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6b2\">2,942<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b3\">4,079<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6b4\">1,522<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b5\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>10<span class=\"_ _1\"></span>4,435<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6b6\">3,636<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b7\">279,514<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6b8\">233,419<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b9\">12,079<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ba\">4,584<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6bb\">94,447<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6bc\">27,432<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6bd\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> <span class=\"_ _123\"> </span>7<span class=\"_ _1\"></span>7,973<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6be\">87,751<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6bf\">170,049<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6c0\">169,442<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c1\">12,194<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6c2\">5,583<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c3\">81,468<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6c4\">68,736<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c5\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>454,352<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6c6\">438,989<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c7\">44,017<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6c8\">141,943<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c9\">29,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ca\">32,946<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6cb\">199,288<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6cc\">237,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6cd\">Total <span class=\"_ _19d\"> </span>26,3<span class=\"_ _1\"></span>17,695<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6ce\">30,302,9<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6cf\">5,016,63<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6d0\">5,133,55<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6d1\">2,605,12<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6d2\">2,610,38<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6d3\">7,947,67<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6d4\">7,309,09<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs6d5\">Assets<span class=\"_ _1\"></span> <span class=\"_ _1ac\"> </span><span class=\"fs15\">Specia<span class=\"_ _1\"></span>l Marke<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _167\"> </span>Gro<span class=\"_ _1\"></span>up Functions <span class=\"_ _2e\"> </span>Total </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs6d6\">  <span class=\"_ _122\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6d7\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6d8\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6d9\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs6da\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs6db\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs6dc\"><div class=\"t m1 x6 h35 y732 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6dd\">Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>40,749<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6de\">4,385<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6df\">80,867<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6e0\">41,954<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6e1\">2,084,74<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6e2\">1,744,16<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6e3\">Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _141\"> </span>4,641<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6e4\">489<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6e5\">2,711<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6e6\">2,882<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6e7\">178,663<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6e8\">173,348<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6e9\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>1,351,<span class=\"_ _1\"></span>389<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ea\">798,307<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6eb\">2,015,36<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ec\">1,891,05<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6ed\">32,340,3<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6ee\">34,809,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6ef\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t- a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ex-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _12e\"> </span>930,<span class=\"_ _1\"></span>909<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6f0\">1,063,44<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6f1\">10,171<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6f2\">8,480<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6f3\">7,164,12<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6f4\">8,525,33<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6f5\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>rs' <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>165,600<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6f6\">98,982<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6f7\">712,172<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6f8\">674,379<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6f9\">1,962,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6fa\">1,564,60<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6fb\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _118\"> </span>141,650<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6fc\">92,982<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6fd\">326,066<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs6fe\">327,109<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6ff\">2,341,67<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs700\">2,067,18<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs701\">Ta<span class=\"_ _1\"></span>x re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> ou<span class=\"_ _1\"></span>t o<span class=\"_ _1\"></span>f i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax <span class=\"_ _1af\"> </span>2,918<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs702\">1,543<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs703\">133,010<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs704\">109,622<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs705\">173,781<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs706\">135,053<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs707\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _1b0\"> </span>11,851<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs708\">3,039<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs709\">67,563<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs70a\">39,337<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs70b\">569,889<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs70c\">311,447<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs70d\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> <span class=\"_ _1b1\"> </span>7,594<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs70e\">6,061<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs70f\">49,902<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs710\">53,320<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs711\">399,180<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs712\">390,893<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs713\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1b2\"> </span>90,325<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs714\">105,523<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs715\">1,241,42<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs716\">1,499,30<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs717\">2,058,97<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs718\">2,456,33<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs719\">Total <span class=\"_ _134\"> </span>2,747,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs71a\">2,174,75<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs71b\">4,639,25<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs71c\">4,647,44<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs71d\">49,274,0<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs71e\">52,178,1<span class=\"_ _1\"></span>57<span class=\"_ _379\"> </span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">6<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Liabilities<span class=\"_ _1\"></span> and share<span class=\"_ _1\"></span>holders<span class=\"ff4b\">\u02be</span> eq<span class=\"_ _1\"></span>uity <span class=\"_ _cd\"> </span><span class=\"fsc\">Austria<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>Cze<span class=\"_ _1\"></span>ch Republic<span class=\"_ _1\"></span> <span class=\"_ _100\"> </span>Pola<span class=\"_ _1\"></span>nd <span class=\"_ _1a7\"> </span>E<span class=\"_ _3\"></span>xtended <span class=\"_ _1\"></span>CEE<span class=\"_ _1\"></span> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs720\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs721\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs722\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs723\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs724\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs725\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsb8\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs726\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsba\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsbb\">Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1b3\"> </span>339,160<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs727\">339,160<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs728\">22,806<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs729\">22,126<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs72a\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs72b\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs72c\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs72d\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsc0\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _1b4\"> </span>19,907,1<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs72e\">21,919,5<span class=\"_ _1\"></span>92<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs72f\">3,031,75<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs730\">3,041,09<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs731\">1,420,73<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs732\">1,346,70<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs733\">4,938,13<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs734\">4,353,67<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs735\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs736\">ind<span class=\"_ _1\"></span>ex-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span>4<span class=\"_ _1\"></span>,010,889<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs737\">5,059,87<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs738\">310,996<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs739\">335,134<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs73a\">572,193<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs73b\">683,030<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs73c\">1,072,09<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs73d\">1,046,41<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs73e\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _13e\"> </span>402,220<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs73f\">611,799<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs740\">25,987<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs741\">21,954<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs742\">14,316<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs743\">15,203<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs744\">76,979<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs745\">68,258<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs746\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> Su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2d\"> </span>698,263<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs747\">699,073<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs748\">529,549<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs749\">464,175<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs74a\">189,609<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs74b\">169,488<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs74c\">470,920<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs74d\">403,293<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs74e\">Ta<span class=\"_ _1\"></span>x li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ome t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x <span class=\"_ _3c\"> </span>7<span class=\"_ _1\"></span>7,725<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs74f\">127,999<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs750\">345<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs751\">88,951<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs752\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs753\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs754\">3,009<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs755\">4,012<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs756\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es <span class=\"_ _1b5\"> </span>20,490<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs757\">169,728<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs758\">6,110<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs759\">5,872<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs75a\">692<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs75b\">7,947<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs75c\">8,239<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs75d\">21,670<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs75e\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>48,747<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs75f\">59,838<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs760\">4,152<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs761\">3,326<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs762\">21,184<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs763\">17,470<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs764\">43,904<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs765\">42,183<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs766\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>25,504,6<span class=\"_ _1\"></span>15<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs767\">28,987,0<span class=\"_ _1\"></span>60<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs768\">3,931,69<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs769\">3,982,63<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs76a\">2,218,72<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs76b\">2,239,84<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs76c\">6,613,27<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs76d\">5,939,50<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs76e\">Liabilities<span class=\"_ _1\"></span> and share<span class=\"_ _1\"></span>holders<span class=\"ff4b\">\u02be</span> eq<span class=\"_ _1\"></span>uity <span class=\"_ _1b7\"> </span><span class=\"fsc\">Specia<span class=\"_ _1\"></span>l Marke<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _167\"> </span>Gro<span class=\"_ _1\"></span>up Functions <span class=\"_ _2e\"> </span>Total </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs76f\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs770\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs771\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs772\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs773\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs774\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w24 h24 gs775\"><div class=\"t m3 x6 h25 y385 ff4c fsc fcb sc0 ls6 ws0\">in </div></div><div class=\"c w25 h24 gs776\"><div class=\"t m3 x6 h25 y385 ff4c fsc fcb sc0 ls6 ws0\">EUR<span class=\"_ _1\"></span> '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs777\">Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs778\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs779\">1,384,40<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs77a\">1,100,00<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs77b\">1,746,36<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs77c\">1,461,28<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfd\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _1b8\"> </span>1,558,09<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs77d\">956,176<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs77e\">1,132,03<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs101\">928,984<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs77f\">31,987,8<span class=\"_ _1\"></span>70<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs780\">32,546,2<span class=\"_ _1\"></span>27<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs104\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>x-li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> lif<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>926<span class=\"_ _1\"></span>,369<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs781\">1,055,86<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs782\">10,171<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs783\">8,480<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs784\">6,902,71<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs785\">8,188,79<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs786\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1b9\"> </span>18,971<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs787\">21,597<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs788\">159,232<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs789\">151,378<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs78a\">697,705<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs78b\">890,189<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs78c\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> Su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ba\"> </span>133,519<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs78d\">76,146<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs78e\">1,166,51<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs78f\">1,088,10<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs790\">3,188,37<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs791\">2,900,28<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs792\">Ta<span class=\"_ _1\"></span>x li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ome t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x <span class=\"_ _e7\"> </span>10<span class=\"_ _1\"></span>,810<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs793\">3,913<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs794\">19,630<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs795\">18,507<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs796\">111,519<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs797\">243,382<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs798\">Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es <span class=\"_ _1bb\"> </span>10,073<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs799\">336<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs79a\">31,814<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs79b\">13,331<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs79c\">77,418<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs79d\">218,884<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs79e\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _d1\"> </span>65<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs79f\">630<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs7a0\">9,226<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs7a1\">7,721<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs7a2\">127,865<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs7a3\">131,168<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs7a4\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _191\"> </span>2,658,487<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs7a5\">2,114,66<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs7a6\">3,913,02<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs7a7\">3,316,50<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs7a8\">44,839,8<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs7a9\">46,580,2<span class=\"_ _1\"></span>09<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs7aa\">Sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s'<span class=\"_ _1\"></span> eq<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ty <span class=\"_ _1bc\"> </span>4,434,18<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs7ab\">5,597,94<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs7ac\">Total <span class=\"_ _1bd\"> </span>49,274,0<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs7ad\">52,178,1<span class=\"_ _1\"></span>57<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7ae\">I<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7af\">ntrasegm<span class=\"_ _3\"></span>ent transa<span class=\"_ _3\"></span>ctions have be<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>elimi<span class=\"_ _3\"></span>nated from<span class=\"_ _3\"></span> the amou<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ndicated for eac<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> repo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>table s<span class=\"_ _3\"></span>egment. As a res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt, the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b0\">segme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> ass<span class=\"_ _3\"></span>ets an<span class=\"_ _3\"></span>d liabili<span class=\"_ _3\"></span>ties cannot be <span class=\"_ _3\"></span>netted to <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>ne the segme<span class=\"_ _3\"></span>nt sh<span class=\"_ _3\"></span>areholde<span class=\"_ _3\"></span>rs\u2019 equit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>.<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> </div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>6<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>CONSOLIDA<span class=\"_ _5\"></span>TED INC<span class=\"_ _3\"></span>OME <span class=\"_ _1\"></span>ST<span class=\"_ _d\"></span>A<span class=\"_ _3\"></span>TEMENT <span class=\"_ _3\"></span>BY REPORT<span class=\"_ _d\"></span>ABLE SEGMENT   <span class=\"_ _f5\"> </span><span class=\"fs15\">Aus<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ria <span class=\"_ _100\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _100\"> </span>P<span class=\"_ _1\"></span>oland <span class=\"_ _1a7\"> </span>Extended CE<span class=\"_ _1\"></span>E </span>  <span class=\"_ _96\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ritt<span class=\"_ _1\"></span>en \u2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ross<span class=\"_ _1\"></span> <span class=\"_ _63\"> </span>4,1<span class=\"_ _1\"></span>38,384<span class=\"_ _379\"> </span>4,048,44<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>2,122,12<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1,864,93<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>1,352,88<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1,279,79<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>3,593,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>2,886,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1a0\"> </span>3,314,834<span class=\"_ _379\"> </span>3,242,49<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1,575,08<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>1,399,80<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>1,018,40<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>983,029<span class=\"_ _379\"> </span>2,742,74<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>2,200,68<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fro<span class=\"_ _1\"></span>m shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _123\"> </span>556,682<span class=\"_ _379\"> </span>580,101<span class=\"_ _379\"> </span>67,602<span class=\"_ _379\"> </span>70,979<span class=\"_ _379\"> </span>19,549<span class=\"_ _379\"> </span>23,946<span class=\"_ _379\"> </span>128,186<span class=\"_ _379\"> </span>130,089<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _80\"> </span>859<span class=\"_ _1\"></span>,778<span class=\"_ _379\"> </span>762,544<span class=\"_ _379\"> </span>124,887<span class=\"_ _379\"> </span>105,867<span class=\"_ _379\"> </span>45,175<span class=\"_ _379\"> </span>41,614<span class=\"_ _379\"> </span>213,920<span class=\"_ _379\"> </span>170,481<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _1b5\"> </span>-303,096<span class=\"_ _379\"> </span>-182,443<span class=\"_ _379\"> </span>-57,285<span class=\"_ _379\"> </span>-34,888<span class=\"_ _379\"> </span>-25,626<span class=\"_ _379\"> </span>-17,668<span class=\"_ _379\"> </span>-85,734<span class=\"_ _379\"> </span>-40,392<span class=\"_ _379\"> </span>Resu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>rom <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> at <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _1b3\"> </span>17,728<span class=\"_ _379\"> </span>23,106<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,139<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>20,554<span class=\"_ _379\"> </span>27,740<span class=\"_ _379\"> </span>26,630<span class=\"_ _379\"> </span>30,346<span class=\"_ _379\"> </span>20,203<span class=\"_ _379\"> </span>9,552<span class=\"_ _379\"> </span>56,810<span class=\"_ _379\"> </span>53,416<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1af\"> </span>-2,947,444<span class=\"_ _379\"> </span>-2,919,32<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>-870,678<span class=\"_ _379\"> </span>-828,780<span class=\"_ _379\"> </span>-696,340<span class=\"_ _379\"> </span>-671,220<span class=\"_ _379\"> </span>-1,790,01<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>-1,504,94<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>-692,433<span class=\"_ _379\"> </span>-691,773<span class=\"_ _379\"> </span>-535,436<span class=\"_ _379\"> </span>-428,260<span class=\"_ _379\"> </span>-273,950<span class=\"_ _379\"> </span>-241,084<span class=\"_ _379\"> </span>-758,823<span class=\"_ _379\"> </span>-572,538<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>-20,511<span class=\"_ _379\"> </span>-27,685<span class=\"_ _379\"> </span>-61,310<span class=\"_ _379\"> </span>-58,332<span class=\"_ _379\"> </span>-35,931<span class=\"_ _379\"> </span>-33,678<span class=\"_ _379\"> </span>-202,379<span class=\"_ _379\"> </span>-118,122<span class=\"_ _379\"> </span>Bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>nes<span class=\"_ _1\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sult<span class=\"_ _4\"></span> <span class=\"_ _100\"> </span>249,4<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>234,655<span class=\"_ _379\"> </span>201,894<span class=\"_ _379\"> </span>186,897<span class=\"_ _379\"> </span>51,932<span class=\"_ _379\"> </span>70,545<span class=\"_ _379\"> </span>176,529<span class=\"_ _379\"> </span>188,581<span class=\"_ _379\"> </span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>ood<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-184<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-26,177<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>asse<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>ood<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-688<span class=\"_ _379\"> </span>-37,639<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Result befo<span class=\"_ _1\"></span>re ta<span class=\"_ _1\"></span>xes <span class=\"_ _12f\"> </span>249,4<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>234,655<span class=\"_ _379\"> </span>201,894<span class=\"_ _379\"> </span>186,897<span class=\"_ _379\"> </span>51,748<span class=\"_ _379\"> </span>69,857<span class=\"_ _379\"> </span>112,713<span class=\"_ _379\"> </span>188,581<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>-10,824<span class=\"_ _379\"> </span>-76,022<span class=\"_ _379\"> </span>-39,858<span class=\"_ _379\"> </span>-37,828<span class=\"_ _379\"> </span>-11,552<span class=\"_ _379\"> </span>-10,492<span class=\"_ _379\"> </span>-32,329<span class=\"_ _379\"> </span>-31,995<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>sult f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d <span class=\"_ _1c1\"> </span>238,586<span class=\"_ _379\"> </span>158,633<span class=\"_ _379\"> </span>162,036<span class=\"_ _379\"> </span>149,069<span class=\"_ _379\"> </span>40,196<span class=\"_ _379\"> </span>59,365<span class=\"_ _379\"> </span>80,384<span class=\"_ _379\"> </span>156,586<span class=\"_ _379\"> </span>7<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Specia<span class=\"_ _1\"></span>l Marke<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _27\"> </span>Gro<span class=\"_ _1\"></span>up Functions <span class=\"_ _6f\"> </span>Consoli<span class=\"_ _1\"></span>dation <span class=\"_ _1f\"> </span>Tota<span class=\"_ _1\"></span>l 2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ritt<span class=\"_ _1\"></span>en \u2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ross<span class=\"_ _1\"></span> <span class=\"_ _1c2\"> </span>846,187<span class=\"_ _379\"> </span>531,686<span class=\"_ _379\"> </span>2,297,82<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>1,965,01<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>-1,791,40<span class=\"_ _1\"></span>0<span class=\"_ _b8\"> </span><span class=\"fce\">-1,574<span class=\"_ _1\"></span>,043<span class=\"_ _b4\"> </span></span>1<span class=\"_ _1\"></span>2,559,242<span class=\"_ _379\"> </span>11,002,5<span class=\"_ _1\"></span>66<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1c3\"> </span>501,294<span class=\"_ _379\"> </span>325,866<span class=\"_ _379\"> </span>1,756,14<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>1,554,11<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>2,381<span class=\"_ _379\"> </span>-352<span class=\"_ _1c4\"> </span><span class=\"fc3\">10,910,8<span class=\"_ _1\"></span>88<span class=\"_ _379\"> </span></span>9,705,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fro<span class=\"_ _1\"></span>m shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>nso<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _123\"> </span>152,544<span class=\"_ _379\"> </span>35,641<span class=\"_ _379\"> </span>-141,0<span class=\"_ _1\"></span>58<span class=\"_ _a3\"> </span><span class=\"fce\">-229,6<span class=\"_ _1\"></span>02<span class=\"_ _29\"> </span></span>-4,558<span class=\"_ _20\"> </span><span class=\"fce\">-4,136<span class=\"_ _1c5\"> </span></span>778,947<span class=\"_ _379\"> </span>607,018<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1c6\"> </span>59,144<span class=\"_ _379\"> </span>35,585<span class=\"_ _379\"> </span>145,503<span class=\"_ _379\"> </span>104,889<span class=\"_ _379\"> </span>-88,946<span class=\"_ _df\"> </span><span class=\"fce\">-61,460<span class=\"_ _166\"> </span></span>1,3<span class=\"_ _1\"></span>59,461<span class=\"_ _379\"> </span>1,159,52<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>inv<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _1c7\"> </span>93,400<span class=\"_ _379\"> </span>56<span class=\"_ _379\"> </span>-286,561<span class=\"_ _17\"> </span><span class=\"fce\">-334,491<span class=\"_ _2d\"> </span></span>84<span class=\"_ _1\"></span>,388<span class=\"_ _379\"> </span>57,324<span class=\"_ _379\"> </span>-580,514<span class=\"_ _1c8\"> </span><span class=\"fce\">-552,502<span class=\"_ _379\"> </span></span>Resu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>rom <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> at <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y cons<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _1a9\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>559<span class=\"_ _379\"> </span>627<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>18,287<span class=\"_ _379\"> </span>24,872<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1be\"> </span>43,894<span class=\"_ _379\"> </span>29,733<span class=\"_ _379\"> </span>20,056<span class=\"_ _379\"> </span>16,660<span class=\"_ _379\"> </span>-2,288<span class=\"_ _25\"> </span><span class=\"fce\">-1,658<span class=\"_ _1c5\"> </span></span>185,859<span class=\"_ _379\"> </span>165,789<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>-452,429<span class=\"_ _a3\"> </span><span class=\"fce\">-2<span class=\"_ _1\"></span>28,933<span class=\"_ _1ca\"> </span></span>-1,143,81<span class=\"_ _1\"></span>2<span class=\"_ _a3\"> </span><span class=\"fce\">-98<span class=\"_ _1\"></span>6,010<span class=\"_ _1cb\"> </span></span>-11,319<span class=\"_ _1cc\"> </span><span class=\"fce\">2,655<span class=\"_ _379\"> </span></span>-7,912,03<span class=\"_ _1\"></span>6<span class=\"_ _d0\"> </span><span class=\"fce\">-7<span class=\"_ _1\"></span>,136,561<span class=\"_ _379\"> </span></span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>-115,376<span class=\"_ _1cb\"> </span><span class=\"fce\">-65,709<span class=\"_ _1cd\"> </span></span>-551,907<span class=\"_ _1cd\"> </span><span class=\"fce\">-536<span class=\"_ _1\"></span>,873<span class=\"_ _29\"> </span></span>-2,5<span class=\"_ _1\"></span>40<span class=\"_ _1ce\"> </span><span class=\"fce\">-591<span class=\"_ _1ca\"> </span></span>-2,930,465<span class=\"_ _1cf\"> </span><span class=\"fce\">-2,536,82<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>-76,947<span class=\"_ _1cb\"> </span><span class=\"fce\">-58,74<span class=\"_ _1\"></span>4<span class=\"_ _1cb\"> </span></span>-41,21<span class=\"_ _1\"></span>7<span class=\"_ _1cb\"> </span><span class=\"fce\">-29,74<span class=\"_ _1\"></span>2<span class=\"_ _2d\"> </span></span>16,815<span class=\"_ _379\"> </span>8,401<span class=\"_ _379\"> </span>-421,480<span class=\"_ _1c8\"> </span><span class=\"fce\">-317,902<span class=\"_ _379\"> </span></span>Bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>nes<span class=\"_ _1\"></span>s ope<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sult<span class=\"_ _4\"></span> <span class=\"_ _97\"> </span>52,980<span class=\"_ _379\"> </span>37,854<span class=\"_ _379\"> </span>-101,2<span class=\"_ _1\"></span>36<span class=\"_ _a3\"> </span><span class=\"fce\">-210,8<span class=\"_ _1\"></span>30<span class=\"_ _29\"> </span></span>-1,509<span class=\"_ _1cc\"> </span><span class=\"fce\">4,319<span class=\"_ _379\"> </span></span>630,000<span class=\"_ _379\"> </span>512,021<span class=\"_ _379\"> </span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>ood<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-26,361<span class=\"_ _cd\"> </span><span class=\"fce\">0<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ibl<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>asse<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> exc<span class=\"_ _1\"></span>lud<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>ood<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span> <span class=\"_ _11b\"> </span>-3,578<span class=\"_ _26\"> </span><span class=\"fce\">0<span class=\"_ _379\"> </span></span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-41,217<span class=\"_ _9c\"> </span><span class=\"fce\">-688<span class=\"_ _379\"> </span></span>Result befo<span class=\"_ _1\"></span>re ta<span class=\"_ _1\"></span>xes <span class=\"_ _1c7\"> </span>49,402<span class=\"_ _379\"> </span>37,854<span class=\"_ _379\"> </span>-101,2<span class=\"_ _1\"></span>36<span class=\"_ _a3\"> </span><span class=\"fce\">-210,8<span class=\"_ _1\"></span>30<span class=\"_ _29\"> </span></span>-1,509<span class=\"_ _1cc\"> </span><span class=\"fce\">4,319<span class=\"_ _379\"> </span></span>562,422<span class=\"_ _379\"> </span>511,333<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>-17,129<span class=\"_ _1cb\"> </span><span class=\"fce\">-11,55<span class=\"_ _1\"></span>0<span class=\"_ _30\"> </span></span>13,561<span class=\"_ _379\"> </span>44,548<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-98,131<span class=\"_ _1c8\"> </span><span class=\"fce\">-123,339<span class=\"_ _379\"> </span></span>Re<span class=\"_ _1\"></span>sult f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d <span class=\"_ _9f\"> </span>32,273<span class=\"_ _379\"> </span>26,304<span class=\"_ _379\"> </span>-87,67<span class=\"_ _1\"></span>5<span class=\"_ _a3\"> </span><span class=\"fce\">-166,28<span class=\"_ _1\"></span>2<span class=\"_ _7a\"> </span></span>-<span class=\"_ _1\"></span>1,509<span class=\"_ _1cc\"> </span><span class=\"fce\">4,319<span class=\"_ _379\"> </span></span>464,291<span class=\"_ _379\"> </span>387,994<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h37 ff45 fs19 fc11 sc0 ls6 ws0 gs8e\">FINANCIAL INSTR<span class=\"_ _1\"></span>UMENTS <span class=\"_ _5\"></span>AND RISK MANAGEMENT </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1fd\">FINANCIAL INST<span class=\"_ _3\"></span>R<span class=\"_ _1\"></span>UMENTS <span class=\"_ _3\"></span>(INCL<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span> PROPER<span class=\"_ _3\"></span>TY <span class=\"_ _3\"></span>AND OTHER<span class=\"_ _3\"></span> IN<span class=\"_ _1\"></span>VES<span class=\"_ _3\"></span>TMENTS) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">The Gro<span class=\"_ _5\"></span>up invests<span class=\"_ _3\"></span> in fi<span class=\"_ _3\"></span>xed-incom<span class=\"_ _3\"></span>e sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities<span class=\"_ _3\"></span> (bonds,<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns/cr<span class=\"_ _3\"></span>edits), sh<span class=\"_ _3\"></span>ares,<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span>perty<span class=\"_ _d\"></span>, pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns and ot<span class=\"_ _3\"></span>her i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">taking i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>the overal<span class=\"_ _3\"></span>l risk positi<span class=\"_ _3\"></span>on and t<span class=\"_ _3\"></span>he investm<span class=\"_ _3\"></span>ent strateg<span class=\"_ _3\"></span>y pro<span class=\"_ _3\"></span>vided for <span class=\"_ _3\"></span>this pu<span class=\"_ _3\"></span>rpose. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">The <span class=\"_ _a\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _a\"></span>strat<span class=\"_ _3\"></span>egy <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>laid <span class=\"_ _a\"></span>down <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>gui<span class=\"_ _3\"></span>delines <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es. <span class=\"_ _a\"></span>Compl<span class=\"_ _3\"></span>iance <span class=\"_ _4\"></span>is </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">contin<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ousl<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nitored <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Asset <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>Asset <span class=\"_ _4\"></span>Risk <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>departm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>by <span class=\"_ _a\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>Internal <span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>udit </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">departm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>sam<span class=\"_ _3\"></span>ple <span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>sis.<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>Investment<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>laid <span class=\"_ _4\"></span>dow<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>cent<span class=\"_ _3\"></span>rally <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ust <span class=\"_ _1\"></span>be <span class=\"_ _4\"></span>foll<span class=\"_ _3\"></span>owed <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">Gro<span class=\"_ _3\"></span>up <span class=\"_ _c\"> </span>companies.<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>W<span class=\"_ _3\"></span>hen <span class=\"_ _b\"> </span>det<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _3\"></span>ning <span class=\"_ _c\"> </span>expos<span class=\"_ _3\"></span>ure <span class=\"_ _c\"> </span>volumes<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>limits<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>as <span class=\"_ _b\"> </span>par<span class=\"_ _3\"></span>t <span class=\"_ _b\"> </span>of <span class=\"_ _c\"></span>esta<span class=\"_ _3\"></span>blishing <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>strategi<span class=\"_ _3\"></span>c <span class=\"_ _c\"> </span>orientatio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s, <span class=\"_ _3\"></span>the risk i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>her<span class=\"_ _3\"></span>ent in the s<span class=\"_ _3\"></span>pecif<span class=\"_ _3\"></span>ied catego<span class=\"_ _3\"></span>ries and m<span class=\"_ _3\"></span>arket risks<span class=\"_ _3\"></span> are of<span class=\"_ _3\"></span> fundam<span class=\"_ _3\"></span>ental impo<span class=\"_ _3\"></span>rtance.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">The investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt str<span class=\"_ _3\"></span>ategy prin<span class=\"_ _3\"></span>ciples ma<span class=\"_ _3\"></span>y be s<span class=\"_ _3\"></span>ummarised as f<span class=\"_ _5\"></span>ollows:  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>V<span class=\"_ _1\"></span>IG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup p<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>actices <span class=\"_ _3\"></span>a conse<span class=\"_ _3\"></span>rvative i<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> desig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed fo<span class=\"_ _3\"></span>r the lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g te<span class=\"_ _3\"></span>rm. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>V<span class=\"_ _1\"></span>IG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup f<span class=\"_ _3\"></span>ocuses o<span class=\"_ _3\"></span>n its ass<span class=\"_ _3\"></span>et mix as a <span class=\"_ _3\"></span>way to e<span class=\"_ _3\"></span>nsure t<span class=\"_ _3\"></span>hat cas<span class=\"_ _3\"></span>h flows mat<span class=\"_ _3\"></span>ch its l<span class=\"_ _3\"></span>ong-term l<span class=\"_ _3\"></span>iability pro<span class=\"_ _3\"></span>file a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9d\">to cre<span class=\"_ _3\"></span>ate sustain<span class=\"_ _3\"></span>able i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>reases i<span class=\"_ _3\"></span>n value <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h the us<span class=\"_ _3\"></span>e of corr<span class=\"_ _3\"></span>elation <span class=\"_ _3\"></span>and diversif<span class=\"_ _3\"></span>ication ef<span class=\"_ _3\"></span>fects o<span class=\"_ _3\"></span>f the in<span class=\"_ _3\"></span>dividual ass<span class=\"_ _3\"></span>et </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9e\">classes.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Inve<span class=\"_ _1\"></span>stm<span class=\"_ _3\"></span>ent ma<span class=\"_ _3\"></span>nagemen<span class=\"_ _3\"></span>t depends o<span class=\"_ _3\"></span>n the ass<span class=\"_ _3\"></span>et class i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ques<span class=\"_ _3\"></span>tion or on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e o<span class=\"_ _3\"></span>bjective <span class=\"_ _3\"></span>within asset <span class=\"_ _3\"></span>classes <span class=\"_ _3\"></span>and is </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8a7\">performed i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ternall<span class=\"_ _3\"></span>y or<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>y an outsid<span class=\"_ _3\"></span>e ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>cy profi<span class=\"_ _3\"></span>le of the i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s s<span class=\"_ _3\"></span>hould m<span class=\"_ _3\"></span>atch as clo<span class=\"_ _5\"></span>sely<span class=\"_ _1\"></span> as poss<span class=\"_ _3\"></span>ibl<span class=\"_ _3\"></span>e the obligatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s to pol<span class=\"_ _3\"></span>icyhol<span class=\"_ _3\"></span>ders and ot<span class=\"_ _3\"></span>her </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8a8\">liabil<span class=\"_ _3\"></span>ities (curre<span class=\"_ _3\"></span>ncy mat<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng). </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>isk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt for sec<span class=\"_ _3\"></span>urities is<span class=\"_ _3\"></span> aimed at pr<span class=\"_ _3\"></span>ovidi<span class=\"_ _3\"></span>ng a tra<span class=\"_ _3\"></span>nspare<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>view of t<span class=\"_ _3\"></span>he risk expos<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e arisi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g fr<span class=\"_ _3\"></span>om p<span class=\"_ _3\"></span>rice, inter<span class=\"_ _3\"></span>est-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa2\">rate and <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ency fluctu<span class=\"_ _3\"></span>ations as t<span class=\"_ _3\"></span>hey aff<span class=\"_ _3\"></span>ect prof<span class=\"_ _3\"></span>itabil<span class=\"_ _3\"></span>ity and the v<span class=\"_ _3\"></span>alue of i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>, and at l<span class=\"_ _3\"></span>imiting t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>risks. A l<span class=\"_ _3\"></span>imit </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8a9\">system is <span class=\"_ _3\"></span>used to l<span class=\"_ _3\"></span>imit the risks<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Mar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>et developm<span class=\"_ _3\"></span>ents ar<span class=\"_ _3\"></span>e monitor<span class=\"_ _5\"></span>ed contin<span class=\"_ _3\"></span>uously and <span class=\"_ _3\"></span>the st<span class=\"_ _3\"></span>ructure of <span class=\"_ _3\"></span>the po<span class=\"_ _3\"></span>rtfolio i<span class=\"_ _3\"></span>s actively ma<span class=\"_ _3\"></span>naged, if <span class=\"_ _3\"></span>necessary<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">The <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _1\"></span>(with <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>ok-thr<span class=\"_ _3\"></span>ough <span class=\"_ _1\"></span>appro<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ch <span class=\"_ _1\"></span>appli<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>institutio<span class=\"_ _3\"></span>nal <span class=\"_ _1\"></span>funds) <span class=\"_ _1\"></span>includ<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>oldi<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">arou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>69.28<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>70.25<span class=\"_ _5\"></span>%) <span class=\"_ _1\"></span>in bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds a<span class=\"_ _3\"></span>nd a<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nd 6.16<span class=\"_ _3\"></span>% (5.79%)<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8aa\">in loans.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The sha<span class=\"_ _3\"></span>re <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n equities is aro<span class=\"_ _3\"></span>und 3.53% (5.11<span class=\"_ _3\"></span>%), in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">prope<span class=\"_ _3\"></span>rty <span class=\"_ _1\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>9.56<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>(8.02<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> particip<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>1.<span class=\"_ _3\"></span>58% <span class=\"_ _1\"></span>(1.49<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>oth<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>und <span class=\"_ _1\"></span>9.89% (<span class=\"_ _1\"></span>9.34<span class=\"_ _5\"></span>%), <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll cases </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">based on t<span class=\"_ _3\"></span>he book <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he total i<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io.<span class=\"_ _379\"> </span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Compositio<span class=\"_ _1\"></span>n of inve<span class=\"_ _1\"></span>stments (<span class=\"_ _1\"></span>book values<span class=\"_ _1\"></span>) <span class=\"_ _1d0\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8ac\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs8ad\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8ae\">Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1d1\"> </span>3,128,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8af\">2,850,58<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8b0\">Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>287,960<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8b1\">276,913<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8b2\">Loa<span class=\"_ _1\"></span>ns <span class=\"_ _1d3\"> </span>2,119,42<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8b3\">2,156,06<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8b4\">Loan<span class=\"_ _1\"></span>s <span class=\"_ _179\"> </span>1,306,237<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8b5\">1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8b6\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _87\"> </span>91,834<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8b7\">106,677<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8b8\">Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _14b\"> </span>721,357<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8b9\">775,754<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs746\">Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _95\"> </span>25,555,212<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8ba\">28,653,9<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8bb\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y - <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s <span class=\"_ _d4\"> </span>2<span class=\"_ _1\"></span>,278,932<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8bc\">2,255,31<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8bd\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y -<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>onds<span class=\"_ _1\"></span> <span class=\"_ _1d4\"> </span>155,858<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8be\">302,402<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8bf\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8c0\">25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8c1\">Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>20,413,1<span class=\"_ _1\"></span>91<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8c2\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8c3\">Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs8c4\">1</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8c5\"> <span class=\"_ _84\"> </span>613,1<span class=\"_ _1\"></span>36<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8c6\">770,933<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8c7\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>1,889,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8c8\">2,772,92<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8c9\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs8ca\">2</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8cb\"> <span class=\"_ _134\"> </span>204,750<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8cc\">247,209<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8cd\">Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _171\"> </span>1,248,7<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8ce\">872,227<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8cf\">Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>1,157<span class=\"_ _1\"></span>,148<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8d0\">783,730<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8d1\">Dep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1d8\"> </span>91,611<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8d2\">88,480<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8d3\">Oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>17<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8d4\">17<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8d5\">Total <span class=\"_ _65\"> </span>32,340,3<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8d6\">34,809,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span></div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs8d7\">1</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs8d8\">  <span class=\"_ _1\"></span>includes shares in n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>nsolid<span class=\"_ _3\"></span>ated s<span class=\"_ _1\"></span>ubsi<span class=\"_ _3\"></span>dia<span class=\"_ _1\"></span>ries an<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span> other <span class=\"_ _3\"></span>participat<span class=\"_ _1\"></span>ions <span class=\"_ _3\"></span>of EUR 254,714<span class=\"_ _1\"></span>,000 (EUR <span class=\"_ _3\"></span>27<span class=\"_ _1\"></span>9,516,000)<span class=\"_ _3\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs8d9\">2</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs8da\"> <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for <span class=\"_ _3\"></span>tradi<span class=\"_ _1\"></span>ng </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs8db\">Property<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8dc\">The po<span class=\"_ _3\"></span>rtfolio<span class=\"_ _3\"></span> had <span class=\"_ _3\"></span>a bo<span class=\"_ _3\"></span>ok <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>E<span class=\"_ _1\"></span>UR 3,12<span class=\"_ _3\"></span>9.0 <span class=\"_ _3\"></span>mill<span class=\"_ _3\"></span>ion as <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 D<span class=\"_ _3\"></span>ece<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>(fair <span class=\"_ _3\"></span>value: <span class=\"_ _5\"></span>E<span class=\"_ _1\"></span>UR 5,12<span class=\"_ _3\"></span>5.1 <span class=\"_ _3\"></span>mill<span class=\"_ _3\"></span>ion) <span class=\"_ _3\"></span>and a <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>ok </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8dd\">value of EU<span class=\"_ _3\"></span>R 2,850.<span class=\"_ _3\"></span>6 mill<span class=\"_ _3\"></span>ion as of 31<span class=\"_ _3\"></span> Decembe<span class=\"_ _3\"></span>r 2021 (f<span class=\"_ _3\"></span>air val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e: <span class=\"_ _3\"></span>EUR 4,682.1 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8de\">The portfol<span class=\"_ _3\"></span>io of <span class=\"_ _1\"></span>dir<span class=\"_ _3\"></span>ectly held assets an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets held in the <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rm <span class=\"_ _1\"></span>of parti<span class=\"_ _3\"></span>cipations is used prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y t<span class=\"_ _1\"></span>o cre<span class=\"_ _3\"></span>ate highly inflati<span class=\"_ _3\"></span>on-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8df\">resis<span class=\"_ _3\"></span>tant <span class=\"_ _1\"></span>long-<span class=\"_ _3\"></span>term positions for <span class=\"_ _1\"></span>the insurance bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness, <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to create h<span class=\"_ _1\"></span>idd<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>rese<span class=\"_ _3\"></span>rves. The <span class=\"_ _1\"></span>prope<span class=\"_ _3\"></span>rty portfoli<span class=\"_ _3\"></span>o <span class=\"_ _1\"></span>repr<span class=\"_ _3\"></span>esents </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8e0\">9.56% (8.02<span class=\"_ _5\"></span>%) of the tot<span class=\"_ _3\"></span>al investm<span class=\"_ _3\"></span>ent portfol<span class=\"_ _3\"></span>io.  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8e1\">The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e shows<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _5\"></span>ecember 202<span class=\"_ _3\"></span>2 a<span class=\"_ _3\"></span>nd 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber 2021<span class=\"_ _3\"></span>, br<span class=\"_ _3\"></span>oken do<span class=\"_ _3\"></span>wn by t<span class=\"_ _3\"></span>ype of <span class=\"_ _3\"></span>use </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8e2\">for the A<span class=\"_ _3\"></span>ustria a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>Functions <span class=\"_ _3\"></span>report<span class=\"_ _3\"></span>able segm<span class=\"_ _3\"></span>ents an<span class=\"_ _3\"></span>d the totals<span class=\"_ _3\"></span> for all ot<span class=\"_ _3\"></span>her segme<span class=\"_ _3\"></span>nts. </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs8e3\">Use of prope<span class=\"_ _1\"></span>rty in %<span class=\"_ _1\"></span> of the <span class=\"_ _1\"></span>property<span class=\"_ _1\"></span> portfolio <span class=\"_ _1d9\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8e4\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8e5\">Au<span class=\"_ _1\"></span>stri<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1da\"> </span>66.27<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8e6\">65.40<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8e7\">Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>5.39<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8e8\">6.29<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8e9\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1dc\"> </span>60.88<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8ea\">59.11<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8eb\">Gro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p Fu<span class=\"_ _1\"></span>nct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>18.23<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8ec\">19.57<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8ed\">Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>1.11<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8ee\">1.22<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8ef\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1dc\"> </span>17.12<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8f0\">18.35<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs8f1\">Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1dd\"> </span>15.50<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs8f2\">15.03<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8f3\">Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>8.92<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8f4\">9.06<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs8f5\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1de\"> </span>6.58<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs8f6\">5.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs8e\">Shares <span class=\"_ _3\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t equity <span class=\"_ _3\"></span>consolidate<span class=\"_ _3\"></span>d compan<span class=\"_ _3\"></span>ies </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">Shares in at <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idated compani<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>had a <span class=\"_ _1\"></span>book value of E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 288.0 mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>as of 31 <span class=\"_ _1\"></span>December 2022 and <span class=\"_ _1\"></span>a book </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">value <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 276.9 <span class=\"_ _1\"></span>milli<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _1\"></span>Decemb<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>2021. <span class=\"_ _1\"></span>Shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>equity <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>companies<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _1\"></span>repr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">0.89% (0.80<span class=\"_ _5\"></span>%) of the book <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he tot<span class=\"_ _3\"></span>al investm<span class=\"_ _3\"></span>ent portfo<span class=\"_ _3\"></span>lio as of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>.  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs93\">Loans and<span class=\"_ _3\"></span> other inv<span class=\"_ _3\"></span>estments<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">Loans <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>ot<span class=\"_ _3\"></span>her <span class=\"_ _a\"></span>investme<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>had <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>book <span class=\"_ _4\"></span>value <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 3,3<span class=\"_ _3\"></span>68.2 <span class=\"_ _a\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>31 <span class=\"_ _a\"></span>Decemb<span class=\"_ _3\"></span>er <span class=\"_ _c\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>a <span class=\"_ _c\"> </span>book<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>value <span class=\"_ _4\"></span>of<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">EUR 3,028.<span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>2021. <span class=\"_ _5\"></span>Investm<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>loans <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>less <span class=\"_ _3\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CEE <span class=\"_ _5\"></span>regio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _5\"></span>A <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>alysi<span class=\"_ _3\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">and mat<span class=\"_ _3\"></span>urity str<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ctur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> of l<span class=\"_ _3\"></span>oans ar<span class=\"_ _3\"></span>e pr<span class=\"_ _3\"></span>esented i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> No<span class=\"_ _3\"></span>te 2.3. <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>and othe<span class=\"_ _3\"></span>r investme<span class=\"_ _3\"></span>nts starti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g o<span class=\"_ _3\"></span>n page 102<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs202\">Bonds<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">Bonds <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eprese<span class=\"_ _3\"></span>nted <span class=\"_ _4\"></span>69.28<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>70.25<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span>) <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>total <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tments <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _a\"></span>D<span class=\"_ _3\"></span>ecember <span class=\"_ _4\"></span>2022.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>anages <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">bond portfol<span class=\"_ _3\"></span>io u<span class=\"_ _1\"></span>sing estim<span class=\"_ _3\"></span>ates of cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges in inter<span class=\"_ _3\"></span>est rates, spr<span class=\"_ _3\"></span>eads and credit qu<span class=\"_ _3\"></span>ality<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>taki<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> in<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>its related<span class=\"_ _3\"></span> to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _4\"></span>iss<span class=\"_ _3\"></span>uers, <span class=\"_ _4\"></span>credit<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>quality<span class=\"_ _11\"></span>, <span class=\"_ _a\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>countri<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>curr<span class=\"_ _3\"></span>encies <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>iss<span class=\"_ _3\"></span>ue <span class=\"_ _a\"></span>vol<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me. <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>model, <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>bon<span class=\"_ _3\"></span>ds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">serve <span class=\"_ _4\"></span>prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>ensure <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>able <span class=\"_ _4\"></span>ea<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nings <span class=\"_ _4\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>long <span class=\"_ _4\"></span>term<span class=\"_ _3\"></span>. <span class=\"_ _4\"></span>Derivative <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>oducts <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly <span class=\"_ _4\"></span>us<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>redu<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>make<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">ef<span class=\"_ _3\"></span>ficient <span class=\"_ _c\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _c\"> </span>ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>easier<span class=\"_ _11\"></span>. <span class=\"_ _c\"> </span>Rel<span class=\"_ _3\"></span>evant <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>guid<span class=\"_ _3\"></span>elines <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>xpr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ssly<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>govern <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>us<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ves <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>bo<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">portfolio<span class=\"_ _3\"></span>s manage<span class=\"_ _3\"></span>d by thir<span class=\"_ _3\"></span>d parties s<span class=\"_ _3\"></span>uch as i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt fund<span class=\"_ _3\"></span>s. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs206\">Shares<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">As <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cember <span class=\"_ _1\"></span>2022, <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>hare <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>(i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uding <span class=\"_ _1\"></span>those <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntained <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>funds) <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>3.53<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(5.11<span class=\"_ _3\"></span>%) <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">book <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>total <span class=\"_ _5\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _d\"></span>p<span class=\"_ _1\"></span>ortfoli<span class=\"_ _3\"></span>o. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>accor<span class=\"_ _5\"></span>dance <span class=\"_ _3\"></span>wi<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>investme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria, <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>carried<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">out <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>top-do<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>oac<span class=\"_ _3\"></span>h, <span class=\"_ _4\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nstrai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>diversifica<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>minimise <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>rket <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">shar<span class=\"_ _3\"></span>es. The o<span class=\"_ _3\"></span>verall pro<span class=\"_ _3\"></span>portio<span class=\"_ _3\"></span>n of shar<span class=\"_ _3\"></span>es is ver<span class=\"_ _3\"></span>y small<span class=\"_ _3\"></span> for co<span class=\"_ _3\"></span>mpanies of <span class=\"_ _3\"></span>VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p in t<span class=\"_ _3\"></span>he CEE r<span class=\"_ _3\"></span>egion.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gs65\">RISK MANAGEME<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>T<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8f8\">VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s cor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>compete<span class=\"_ _3\"></span>nce i<span class=\"_ _3\"></span>s de<span class=\"_ _3\"></span>aling <span class=\"_ _3\"></span>pro<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8f9\">fessio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ally <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk. <span class=\"_ _5\"></span>The i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sis<span class=\"_ _3\"></span>ts of<span class=\"_ _3\"></span> cons<span class=\"_ _3\"></span>ciousl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">assumi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>divers<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risks and managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>em pr<span class=\"_ _3\"></span>ofitably<span class=\"_ _d\"></span>. One of the<span class=\"_ _1\"></span> prima<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>respo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sibil<span class=\"_ _3\"></span>ities of r<span class=\"_ _1\"></span>isk manag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>is to e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ure </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">that the o<span class=\"_ _3\"></span>bligations ass<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies c<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>be satisf<span class=\"_ _3\"></span>ied at all ti<span class=\"_ _3\"></span>mes. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">In ge<span class=\"_ _3\"></span>neral, al<span class=\"_ _3\"></span>l insuran<span class=\"_ _3\"></span>ce comp<span class=\"_ _3\"></span>anies a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>respo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e fo<span class=\"_ _3\"></span>r ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>their ow<span class=\"_ _3\"></span>n risks. <span class=\"_ _3\"></span>The co<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>porat<span class=\"_ _3\"></span>e Risk M<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt d<span class=\"_ _3\"></span>epart-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">ment <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Holding pro<span class=\"_ _3\"></span>vides <span class=\"_ _1\"></span>guidelin<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>major <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span>as <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>set <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">and rei<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suran<span class=\"_ _3\"></span>ce are<span class=\"_ _3\"></span>as ar<span class=\"_ _3\"></span>e particula<span class=\"_ _3\"></span>rly strict. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">The <span class=\"_ _a\"></span>primar<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fectiv<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>a <span class=\"_ _c\"> </span>risk<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>system <span class=\"_ _4\"></span>that <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>consiste<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>thro<span class=\"_ _3\"></span>ughout <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>risk <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cy <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>et <span class=\"_ _a\"></span>by <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>objecti<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>suc<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>risk <span class=\"_ _4\"></span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>not <span class=\"_ _4\"></span>compl<span class=\"_ _3\"></span>ete </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">avoidan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> of risk but <span class=\"_ _1\"></span>rat<span class=\"_ _3\"></span>her <span class=\"_ _1\"></span>a conscio<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s ac<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>tance of d<span class=\"_ _1\"></span>esi<span class=\"_ _3\"></span>red risks and the <span class=\"_ _1\"></span>imple<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tati<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>of meas<span class=\"_ _3\"></span>ures to monitor and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">possi<span class=\"_ _3\"></span>bly <span class=\"_ _1\"></span>even redu<span class=\"_ _3\"></span>ce e<span class=\"_ _1\"></span>xis<span class=\"_ _3\"></span>ting risks ba<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>on economic fact<span class=\"_ _3\"></span>ors. The <span class=\"_ _1\"></span>risk-<span class=\"_ _3\"></span>retu<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span> ratio <span class=\"_ _1\"></span>is therefo<span class=\"_ _3\"></span>re a <span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> meas<span class=\"_ _3\"></span>ure that <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ust </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">be <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>timised <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>or<span class=\"_ _3\"></span>der <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>guara<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ee <span class=\"_ _d\"></span>adequat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>policyholder<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>insure<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>itsel<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>whil<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>vin<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>due <span class=\"_ _5\"></span>consider<span class=\"_ _3\"></span>ation </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">to the <span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d to cre<span class=\"_ _3\"></span>ate val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">Risk managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ponsibili<span class=\"_ _3\"></span>ties <span class=\"_ _1\"></span>in VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>bundle<span class=\"_ _3\"></span>d t<span class=\"_ _1\"></span>oget<span class=\"_ _3\"></span>her <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ind<span class=\"_ _3\"></span>epende<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t organis<span class=\"_ _3\"></span>ational units, a<span class=\"_ _1\"></span>nd throug<span class=\"_ _3\"></span>h a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">well-establi<span class=\"_ _3\"></span>shed  risk  and  co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l  cultur<span class=\"_ _3\"></span>e, <span class=\"_ _10\"> </span>eac<span class=\"_ _3\"></span>h <span class=\"_ _10\"> </span>i<span class=\"_ _3\"></span>ndiv<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ual  employee  co<span class=\"_ _3\"></span>ntributes  to  succ<span class=\"_ _3\"></span>essful  managem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt  of  risk. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">T<span class=\"_ _11\"></span>r<span class=\"_ _1\"></span>anspar<span class=\"_ _3\"></span>ent, verifi<span class=\"_ _3\"></span>able de<span class=\"_ _3\"></span>cisions a<span class=\"_ _3\"></span>nd proc<span class=\"_ _3\"></span>esses <span class=\"_ _3\"></span>within a co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>y ar<span class=\"_ _3\"></span>e ver<span class=\"_ _3\"></span>y importa<span class=\"_ _3\"></span>nt a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>pects of <span class=\"_ _3\"></span>its risk c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ure.<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs77\">Risk strat<span class=\"_ _3\"></span>egy </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">The <span class=\"_ _5\"></span>strategi<span class=\"_ _3\"></span>c <span class=\"_ _3\"></span>orien<span class=\"_ _3\"></span>tat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _3\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _5\"></span>strat<span class=\"_ _3\"></span>egy<span class=\"_ _5\"></span>, <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>pital <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rategy <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>compr<span class=\"_ _3\"></span>ehensiv<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>strate<span class=\"_ _3\"></span>gy<span class=\"_ _d\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fb\">The risk <span class=\"_ _1\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>for significa<span class=\"_ _3\"></span>nt r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and is b<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>in-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">ciples t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>are appli<span class=\"_ _3\"></span>cable <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p-wi<span class=\"_ _3\"></span>de:<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs7b\">ACCEPTED<span class=\"_ _3\"></span> RISKS<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fc\">\u2022<span class=\"_ _f\"> </span>A sustaina<span class=\"_ _3\"></span>ble portion of<span class=\"_ _3\"></span> all<span class=\"_ _3\"></span> risks that <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _3\"></span>a dire<span class=\"_ _3\"></span>ct conn<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n to th<span class=\"_ _3\"></span>e insurance <span class=\"_ _3\"></span>business t<span class=\"_ _3\"></span>hat is co<span class=\"_ _3\"></span>nducted <span class=\"_ _3\"></span>are ac<span class=\"_ _3\"></span>cepted<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fd\">(underwriti<span class=\"_ _3\"></span>ng risks, m<span class=\"_ _3\"></span>arket <span class=\"_ _3\"></span>risks).<span class=\"_ _379\"> </span></div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs7e\">RISKS <span class=\"_ _5\"></span>THA<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>ARE NO<span class=\"_ _3\"></span>T A<span class=\"_ _3\"></span>CCEPTED<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7f\">\u2022<span class=\"_ _f\"> </span>Risks fr<span class=\"_ _3\"></span>om the ins<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness ar<span class=\"_ _5\"></span>e n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t accept<span class=\"_ _3\"></span>ed if they <span class=\"_ _3\"></span>cann<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t be ad<span class=\"_ _3\"></span>equately m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>udes, fo<span class=\"_ _3\"></span>r example<span class=\"_ _3\"></span>,<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fe\">liabil<span class=\"_ _3\"></span>ity insurance fo<span class=\"_ _3\"></span>r genetic <span class=\"_ _3\"></span>engineeri<span class=\"_ _3\"></span>ng.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs81\">\u2022<span class=\"_ _f\"> </span>W<span class=\"_ _1\"></span>ith r<span class=\"_ _3\"></span>espect to i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ents, risks a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not accep<span class=\"_ _3\"></span>ted if ins<span class=\"_ _3\"></span>uffi<span class=\"_ _3\"></span>cient know<span class=\"_ _3\"></span>-h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>w is a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailabl<span class=\"_ _3\"></span>e to me<span class=\"_ _3\"></span>asure t<span class=\"_ _3\"></span>he risks, e.g.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8ff\">weathe<span class=\"_ _3\"></span>r derivatives <span class=\"_ _3\"></span>or forw<span class=\"_ _3\"></span>ard tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>actions fo<span class=\"_ _3\"></span>r foodst<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fs, or<span class=\"_ _3\"></span> if they co<span class=\"_ _3\"></span>uld genera<span class=\"_ _3\"></span>te pote<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tiall<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>unlimi<span class=\"_ _3\"></span>ted losses.<span class=\"_ _379\"> </span></div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs900\">RISKS <span class=\"_ _3\"></span>ACC<span class=\"_ _3\"></span>EPTED <span class=\"_ _3\"></span>WIT<span class=\"_ _3\"></span>H<span class=\"_ _1\"></span> RE<span class=\"_ _3\"></span>STRICTIONS<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs83\">\u2022<span class=\"_ _f\"> </span>Operation<span class=\"_ _3\"></span>al risks mus<span class=\"_ _3\"></span>t be a<span class=\"_ _3\"></span>voided as f<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>as possible, b<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>t h<span class=\"_ _3\"></span>ave to be <span class=\"_ _3\"></span>accepted <span class=\"_ _3\"></span>to a <span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>rtai<span class=\"_ _3\"></span>n exte<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> as <span class=\"_ _3\"></span>they ca<span class=\"_ _3\"></span>nnot be<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs84\">fully excl<span class=\"_ _3\"></span>uded, or <span class=\"_ _3\"></span>the costs f<span class=\"_ _3\"></span>or avoiding <span class=\"_ _3\"></span>them ex<span class=\"_ _3\"></span>ceed the <span class=\"_ _3\"></span>expected l<span class=\"_ _3\"></span>osses.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs901\">\u2022<span class=\"_ _f\"> </span>A conserva<span class=\"_ _3\"></span>tive appr<span class=\"_ _3\"></span>oach is <span class=\"_ _3\"></span>used fo<span class=\"_ _3\"></span>r investme<span class=\"_ _3\"></span>nts.<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs8e\">RISK-MINIMISI<span class=\"_ _3\"></span>NG MEA<span class=\"_ _3\"></span>SURES </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>E<span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>blish functi<span class=\"_ _3\"></span>onal risk g<span class=\"_ _3\"></span>overnance by m<span class=\"_ _3\"></span>aintaini<span class=\"_ _3\"></span>ng and pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>moting a high le<span class=\"_ _3\"></span>vel o<span class=\"_ _3\"></span>f risk awar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ness.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>eins<span class=\"_ _3\"></span>urance is <span class=\"_ _3\"></span>a key inst<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent for <span class=\"_ _3\"></span>hedging ag<span class=\"_ _3\"></span>ainst larg<span class=\"_ _3\"></span>e losses (t<span class=\"_ _3\"></span>ail risks), pa<span class=\"_ _3\"></span>rticularly i<span class=\"_ _3\"></span>n the pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y and cas<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs91\">are<span class=\"_ _3\"></span>a. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>L<span class=\"_ _1\"></span>imi<span class=\"_ _3\"></span>t market risk <span class=\"_ _3\"></span>taking i<span class=\"_ _3\"></span>nto acco<span class=\"_ _3\"></span>unt underw<span class=\"_ _3\"></span>riting obl<span class=\"_ _3\"></span>igations.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>O<span class=\"_ _1\"></span>bse<span class=\"_ _3\"></span>rve and ac<span class=\"_ _3\"></span>t in accor<span class=\"_ _3\"></span>dan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>with the p<span class=\"_ _3\"></span>rudent busi<span class=\"_ _3\"></span>nessm<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e in conne<span class=\"_ _3\"></span>ction wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs200\">Organisat<span class=\"_ _3\"></span>ion of th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement sy<span class=\"_ _3\"></span>ste<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">The <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent system is w<span class=\"_ _1\"></span>ell integrated into VIG Holding\u2019<span class=\"_ _d\"></span>s organis<span class=\"_ _3\"></span>ational structur<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>The foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>chart shows the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">units that pl<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>y a<span class=\"_ _3\"></span>n importa<span class=\"_ _3\"></span>nt role i<span class=\"_ _3\"></span>n the ris<span class=\"_ _3\"></span>k managem<span class=\"_ _3\"></span>ent sys<span class=\"_ _3\"></span>tem. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs65c\">MANAGIN<span class=\"_ _3\"></span>G BOARD<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">The Man<span class=\"_ _3\"></span>aging Boa<span class=\"_ _3\"></span>rd as <span class=\"_ _3\"></span>a whole is r<span class=\"_ _5\"></span>esponsibl<span class=\"_ _3\"></span>e for the ris<span class=\"_ _3\"></span>k man<span class=\"_ _3\"></span>agement sys<span class=\"_ _3\"></span>tem, in <span class=\"_ _3\"></span>particula<span class=\"_ _3\"></span>r for the foll<span class=\"_ _3\"></span>owing ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>as:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Set<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>up and pr<span class=\"_ _3\"></span>omot<span class=\"_ _3\"></span>e the risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt system<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Define and comm<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e the risk s<span class=\"_ _3\"></span>trategy<span class=\"_ _d\"></span>, incl<span class=\"_ _3\"></span>uding <span class=\"_ _3\"></span>risk tolera<span class=\"_ _3\"></span>nces and <span class=\"_ _3\"></span>risk appetit<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Appro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e co<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>risk manag<span class=\"_ _3\"></span>ement g<span class=\"_ _3\"></span>uidelines<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>T<span class=\"_ _d\"></span>ake the <span class=\"_ _3\"></span>risk situation i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>to acco<span class=\"_ _3\"></span>unt i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> str<span class=\"_ _3\"></span>ategic deci<span class=\"_ _3\"></span>sions<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span><span class=\"ff4b\"> <span class=\"_ _47\"> </span><span class=\"ff4a\"> </span></span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">Both <span class=\"_ _3\"></span>the E<span class=\"_ _3\"></span>nterprise <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>Manag<span class=\"_ _3\"></span>ement a<span class=\"_ _3\"></span>nd Asset <span class=\"_ _5\"></span>Risk <span class=\"_ _3\"></span>Man<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs903\">agem<span class=\"_ _3\"></span>ent units <span class=\"_ _5\"></span>report <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _3\"></span>to Man<span class=\"_ _3\"></span>aging Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>membe<span class=\"_ _3\"></span>r Lia<span class=\"_ _3\"></span>ne </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">Hirner<span class=\"_ _5\"></span>. <span class=\"_ _5\"></span>They <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>assisted <span class=\"_ _d\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>Digitalis<span class=\"_ _3\"></span>ation, <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nance <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Risk <span class=\"_ _d\"></span>de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>artment, <span class=\"_ _d\"></span>which <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso <span class=\"_ _d\"></span>repo<span class=\"_ _3\"></span>rts <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>memb<span class=\"_ _3\"></span>er </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">Liane Hi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ner a<span class=\"_ _3\"></span>nd is wher<span class=\"_ _3\"></span>e th<span class=\"_ _3\"></span>e Solvency <span class=\"_ _3\"></span>II repor<span class=\"_ _3\"></span>ting s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stem is<span class=\"_ _5\"></span> organised.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs8fa\">RISK COMMI<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>TEE<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">The VI<span class=\"_ _3\"></span>G Holdi<span class=\"_ _3\"></span>ng Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d est<span class=\"_ _3\"></span>ablished <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Risk Co<span class=\"_ _3\"></span>mmittee to <span class=\"_ _5\"></span>ensure <span class=\"_ _3\"></span>reg<span class=\"_ _3\"></span>ular di<span class=\"_ _3\"></span>scussio<span class=\"_ _3\"></span>ns of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>urre<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters <span class=\"_ _3\"></span>relati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">to <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>across<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>functio<span class=\"_ _3\"></span>nal <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>eas <span class=\"_ _1\"></span>within <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>exch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>situ<span class=\"_ _3\"></span>ation </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">between<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>embers<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>committ<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _c\"></span>Boar<span class=\"_ _3\"></span>d. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>Risk <span class=\"_ _a\"></span>Commit<span class=\"_ _3\"></span>tee <span class=\"_ _c\"> </span>me<span class=\"_ _3\"></span>etin<span class=\"_ _1\"></span>gs<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>take <span class=\"_ _a\"></span>place <span class=\"_ _a\"></span>at <span class=\"_ _c\"> </span>least<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">quarterl<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>chair<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>member<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>area. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Risk <span class=\"_ _4\"></span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26f\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d after its m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>eti<span class=\"_ _3\"></span>ngs. </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs6e\">ENTERPRIS<span class=\"_ _3\"></span>E RISK MAN<span class=\"_ _3\"></span>AGEMEN<span class=\"_ _3\"></span>T </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">The <span class=\"_ _1\"></span>depa<span class=\"_ _3\"></span>rtment <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging Board <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ember L<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>ne Hir<span class=\"_ _1\"></span>ner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagemen<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>of the <span class=\"_ _1\"></span>dep<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent performs the <span class=\"_ _1\"></span>risk </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">managem<span class=\"_ _3\"></span>ent func<span class=\"_ _3\"></span>tion r<span class=\"_ _3\"></span>equired <span class=\"_ _3\"></span>under Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency II <span class=\"_ _3\"></span>at the G<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>up and sol<span class=\"_ _3\"></span>o level. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">The <span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>respo<span class=\"_ _3\"></span>nsibiliti<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>overall <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>file <span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>calculating <span class=\"_ _5\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _5\"></span>. <span class=\"_ _5\"></span>The </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs904\">departm<span class=\"_ _3\"></span>ent pr<span class=\"_ _3\"></span>ovides <span class=\"_ _3\"></span>a G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p-wide <span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ggr<span class=\"_ _5\"></span>egation <span class=\"_ _3\"></span>solutio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>for this <span class=\"_ _3\"></span>purpose <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>exte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sive <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting a<span class=\"_ _3\"></span>nd p<span class=\"_ _3\"></span>artial <span class=\"_ _3\"></span>modell<span class=\"_ _3\"></span>ing </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">appro<span class=\"_ _3\"></span>aches f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>calc<span class=\"_ _3\"></span>ulating <span class=\"_ _3\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>capital. <span class=\"_ _3\"></span>Calcula<span class=\"_ _3\"></span>tion o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ear<span class=\"_ _11\"></span>, an<span class=\"_ _3\"></span>alysis <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>risk-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">bearing <span class=\"_ _4\"></span>capacit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span>propriet<span class=\"_ _3\"></span>ary <span class=\"_ _a\"></span>an<span class=\"_ _3\"></span>alysis <span class=\"_ _4\"></span>tools <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>revie<span class=\"_ _3\"></span>wing <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>internal <span class=\"_ _a\"></span>cont<span class=\"_ _3\"></span>rol <span class=\"_ _4\"></span>system <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>oth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _4\"></span>activiti<span class=\"_ _3\"></span>es </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">performed <span class=\"_ _3\"></span>by the d<span class=\"_ _3\"></span>epartm<span class=\"_ _3\"></span>ent. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">The <span class=\"_ _c\"></span>dep<span class=\"_ _3\"></span>artment <span class=\"_ _a\"></span>also <span class=\"_ _c\"> </span>assis<span class=\"_ _3\"></span>ts <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>Managing <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>with <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>datin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>corporate <span class=\"_ _a\"></span>risk <span class=\"_ _c\"> </span>stra<span class=\"_ _3\"></span>tegy<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>imp<span class=\"_ _3\"></span>rov<span class=\"_ _3\"></span>ements <span class=\"_ _a\"></span>to <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>sk </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">organisatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> and f<span class=\"_ _3\"></span>urther corpo<span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>risk manag<span class=\"_ _3\"></span>ement topi<span class=\"_ _3\"></span>cs. </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs79\">ASSET RISK<span class=\"_ _3\"></span> MANAG<span class=\"_ _3\"></span>EMENT </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7a\">The <span class=\"_ _5\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>repor<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>mem<span class=\"_ _3\"></span>ber <span class=\"_ _5\"></span>Liane <span class=\"_ _5\"></span>H<span class=\"_ _3\"></span>ir<span class=\"_ _1\"></span>ner<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>primary <span class=\"_ _d\"></span>responsi<span class=\"_ _3\"></span>bility <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>is <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>analyse, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">assess <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>nitor <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>associate<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>investme<span class=\"_ _3\"></span>nts, <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>articul<span class=\"_ _3\"></span>ar <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>resp<span class=\"_ _3\"></span>ect <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _4\"></span>solve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fc\">result <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>result. <span class=\"_ _1\"></span>For <span class=\"_ _4\"></span>this <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>urpose, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>specifi<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7c\">impl<span class=\"_ _3\"></span>ements <span class=\"_ _c\"> </span>a <span class=\"_ _a\"></span>central <span class=\"_ _c\"></span>syst<span class=\"_ _3\"></span>em <span class=\"_ _c\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>risk <span class=\"_ _c\"> </span>mo<span class=\"_ _3\"></span>nitoring. <span class=\"_ _a\"></span>The <span class=\"_ _c\"></span>dep<span class=\"_ _3\"></span>artment <span class=\"_ _c\"> </span>is <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>res<span class=\"_ _3\"></span>ponsible <span class=\"_ _4\"></span>for </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7d\">maintaini<span class=\"_ _3\"></span>ng an inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal r<span class=\"_ _3\"></span>ating app<span class=\"_ _3\"></span>roach.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs7f\">ASSET MANA<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>EMEN<span class=\"_ _3\"></span>T (INCL<span class=\"_ _3\"></span>. RE<span class=\"_ _3\"></span>AL EST<span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>TE) </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs80\">The de<span class=\"_ _3\"></span>partment<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eports to<span class=\"_ _3\"></span> Managi<span class=\"_ _3\"></span>ng Boa<span class=\"_ _3\"></span>rd m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span> Gerhar<span class=\"_ _5\"></span>d Lahner<span class=\"_ _11\"></span>. One<span class=\"_ _3\"></span> of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>main r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spo<span class=\"_ _3\"></span>nsibili<span class=\"_ _3\"></span>ties of t<span class=\"_ _3\"></span>he depa<span class=\"_ _3\"></span>rtment <span class=\"_ _3\"></span>is </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs81\">to de<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e a strategic orientatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> for the <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments of <span class=\"_ _1\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>insurance comp<span class=\"_ _3\"></span>any and <span class=\"_ _1\"></span>for VIG <span class=\"_ _1\"></span>Insu<span class=\"_ _3\"></span>rance Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a whole,<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs905\">and <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fy <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>investme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>strategy<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> aimed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>ensuri<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ent i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>igh <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>possible, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs82\">but <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>as se<span class=\"_ _3\"></span>cure<span class=\"_ _3\"></span> as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>possible, <span class=\"_ _5\"></span>while <span class=\"_ _3\"></span>simult<span class=\"_ _3\"></span>aneo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sly <span class=\"_ _5\"></span>taking <span class=\"_ _5\"></span>advantage<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f o<span class=\"_ _3\"></span>pportu<span class=\"_ _3\"></span>nities <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>incr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ase <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nvestment<span class=\"_ _3\"></span>s. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs900\">Guidelines <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>lim<span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>inves<span class=\"_ _3\"></span>tments. <span class=\"_ _d\"></span>R<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>also <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ided <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>investme<span class=\"_ _3\"></span>nts, <span class=\"_ _3\"></span>lim<span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e. </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs906\">ACTUARIAL<span class=\"_ _3\"></span> DEP<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>TMENT </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs901\">The <span class=\"_ _a\"></span>depa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>repor<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>Board <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>ember <span class=\"_ _a\"></span>Pet<span class=\"_ _3\"></span>er <span class=\"_ _a\"></span>Thirring. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>depa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ms <span class=\"_ _4\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs907\">Actuarial<span class=\"_ _3\"></span> functio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>requir<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>by Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency <span class=\"_ _3\"></span>II. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e d<span class=\"_ _3\"></span>epartm<span class=\"_ _3\"></span>ent i<span class=\"_ _3\"></span>s ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>ble, i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>parti<span class=\"_ _3\"></span>cular<span class=\"_ _d\"></span>, fo<span class=\"_ _3\"></span>r t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>duties <span class=\"_ _3\"></span>rel<span class=\"_ _3\"></span>ated to <span class=\"_ _5\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs908\">Actuarial<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>function. <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>Actuarial <span class=\"_ _d\"></span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>alc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>tes <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>embed<span class=\"_ _3\"></span>ded <span class=\"_ _5\"></span>value <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>health <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _5\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span>es </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs909\">and <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>profi<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span>bil<span class=\"_ _3\"></span>ity <span class=\"_ _6\"> </span>anal<span class=\"_ _3\"></span>yses <span class=\"_ _6\"> </span>and <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _b\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>uations. <span class=\"_ _b\"> </span>The <span class=\"_ _b\"> </span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>also <span class=\"_ _b\"> </span>assists <span class=\"_ _b\"> </span>actuarial <span class=\"_ _b\"> </span>collabo<span class=\"_ _3\"></span>ration <span class=\"_ _b\"> </span>and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs90a\">functional<span class=\"_ _3\"></span> networki<span class=\"_ _3\"></span>ng.<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">7<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs8e\">REINSURAN<span class=\"_ _3\"></span>CE </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">The <span class=\"_ _5\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>membe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>Peter <span class=\"_ _5\"></span>H\u00f6<span class=\"_ _3\"></span>finger<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>coo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ates <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>assists <span class=\"_ _5\"></span>all <span class=\"_ _5\"></span>compani<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">in VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>their<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsurance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>epartments <span class=\"_ _3\"></span>with <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>ance matters i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the non-li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>usiness (prop<span class=\"_ _3\"></span>erty and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">casualty<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>third <span class=\"_ _5\"></span>party <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ty and <span class=\"_ _3\"></span>accid<span class=\"_ _3\"></span>ent i<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span>) by <span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>paring <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>appl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ideli<span class=\"_ _3\"></span>nes. <span class=\"_ _3\"></span>The dep<span class=\"_ _3\"></span>artme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>also <span class=\"_ _3\"></span>administe<span class=\"_ _3\"></span>rs </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>gram<span class=\"_ _3\"></span>mes <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>non-lif<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>lines <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>usiness. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>ima<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>objecti<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>create <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>safet<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">provid<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>ntinuous <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>tectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>all <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the co<span class=\"_ _3\"></span>mpanies <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>VIG<span class=\"_ _3\"></span> Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up ag<span class=\"_ _3\"></span>ainst <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>negativ<span class=\"_ _3\"></span>e ef<span class=\"_ _3\"></span>fects of<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>atastrop<span class=\"_ _5\"></span>hes, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al la<span class=\"_ _3\"></span>rge losses <span class=\"_ _3\"></span>and negati<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n entire i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce portfol<span class=\"_ _3\"></span>ios. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs201\">PLANNING<span class=\"_ _3\"></span> AND<span class=\"_ _3\"></span> CONT<span class=\"_ _3\"></span>ROLLING </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">The d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt is<span class=\"_ _3\"></span> an i<span class=\"_ _3\"></span>mporta<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>part <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ntegrated <span class=\"_ _5\"></span>risk m<span class=\"_ _3\"></span>anagement <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>oach <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rts to <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">Hartwig <span class=\"_ _3\"></span>L\u00f6ger<span class=\"_ _11\"></span>. Th<span class=\"_ _3\"></span>e depa<span class=\"_ _3\"></span>rtment <span class=\"_ _3\"></span>coor<span class=\"_ _3\"></span>dinates <span class=\"_ _3\"></span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss <span class=\"_ _3\"></span>pla<span class=\"_ _3\"></span>nning <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>a 3-<span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>horizo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>standar<span class=\"_ _3\"></span>dised r<span class=\"_ _5\"></span>eports <span class=\"_ _3\"></span>includ<span class=\"_ _3\"></span>e k<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">figur<span class=\"_ _3\"></span>e <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _2\"> </span>varia<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>analyses <span class=\"_ _b\"> </span>for <span class=\"_ _6\"> </span>planning, <span class=\"_ _6\"> </span>for<span class=\"_ _3\"></span>ecasts <span class=\"_ _6\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ongoing <span class=\"_ _6\"> </span>performan<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>VIG<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>Holding <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>other <span class=\"_ _6\"> </span>insuran<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">companies. <span class=\"_ _1\"></span>Regular <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nthly <span class=\"_ _4\"></span>prem<span class=\"_ _3\"></span>ium <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>eports, <span class=\"_ _4\"></span>quarterly <span class=\"_ _1\"></span>reports <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>(aggreg<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>VIG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up level) a<span class=\"_ _3\"></span>nd cost r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>por<span class=\"_ _3\"></span>ts are pr<span class=\"_ _5\"></span>epare<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs204\">VIG CORPOR<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TE IT<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">The <span class=\"_ _4\"></span>Cor<span class=\"_ _3\"></span>porate <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>reports <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>member <span class=\"_ _1\"></span>Gerhar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>Lahner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dep<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>responsible <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>IT </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">managem<span class=\"_ _3\"></span>ent at t<span class=\"_ _3\"></span>he VIG<span class=\"_ _3\"></span> Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span> level (<span class=\"_ _3\"></span>IT strategy<span class=\"_ _11\"></span>, I<span class=\"_ _3\"></span>T governance, <span class=\"_ _3\"></span>IT se<span class=\"_ _3\"></span>curity<span class=\"_ _d\"></span>, IT <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up proj<span class=\"_ _3\"></span>ects, <span class=\"_ _3\"></span>etc.), fo<span class=\"_ _3\"></span>r assisti<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">companies<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>large<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IT<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proje<span class=\"_ _3\"></span>cts, <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>veloping <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _5\"></span>g<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ideli<span class=\"_ _3\"></span>nes <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>commo<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>standar<span class=\"_ _3\"></span>ds. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs9f\">TREASUR<span class=\"_ _5\"></span>Y<span class=\"_ _1\"></span> INCL<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> ASS<span class=\"_ _3\"></span>ET LIABI<span class=\"_ _3\"></span>LITY MANA<span class=\"_ _3\"></span>GEMENT<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">The departme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports to Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ember Ger<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>La<span class=\"_ _3\"></span>hner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The obse<span class=\"_ _3\"></span>rvation, measur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d optim<span class=\"_ _3\"></span>isation of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">future <span class=\"_ _d\"></span>cas<span class=\"_ _3\"></span>h <span class=\"_ _5\"></span>flows <span class=\"_ _d\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>asset <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _d\"></span>sides <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>responsi<span class=\"_ _3\"></span>bilities <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>Asset <span class=\"_ _d\"></span>L<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>bility <span class=\"_ _d\"></span>Manageme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">It is also<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsible for <span class=\"_ _3\"></span>the exch<span class=\"_ _3\"></span>ange of k<span class=\"_ _3\"></span>nowledge <span class=\"_ _3\"></span>and im<span class=\"_ _3\"></span>prov<span class=\"_ _3\"></span>ements i<span class=\"_ _3\"></span>n the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p in this <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>a. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsa3\">INTERNAL<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>AUDIT </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">The <span class=\"_ _1\"></span>depa<span class=\"_ _3\"></span>rtment <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Bo<span class=\"_ _3\"></span>ard. Managing Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>hairwom<span class=\"_ _3\"></span>an E<span class=\"_ _1\"></span>lis<span class=\"_ _3\"></span>abe<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>Stadler is <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cont<span class=\"_ _3\"></span>act <span class=\"_ _1\"></span>person<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">the <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d. T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Internal <span class=\"_ _5\"></span>Audit d<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>partm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>system<span class=\"_ _3\"></span>atically <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ating <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ternal </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">contro<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>system <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>operational <span class=\"_ _1\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span>as, <span class=\"_ _4\"></span>includi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ompl<span class=\"_ _3\"></span>iance <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>legal <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts, <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>function<span class=\"_ _3\"></span>ality <span class=\"_ _4\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">adequac<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>depar<span class=\"_ _3\"></span>tment <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>erates <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ontinuously <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>ports <span class=\"_ _1\"></span>directly <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">managem<span class=\"_ _3\"></span>ent of th<span class=\"_ _3\"></span>e departm<span class=\"_ _3\"></span>ent performs<span class=\"_ _3\"></span> the I<span class=\"_ _3\"></span>nternal Audit <span class=\"_ _3\"></span>function r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ed by Sol<span class=\"_ _3\"></span>venc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> II.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsa9\">Risk manag<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ment <span class=\"_ _3\"></span>processe<span class=\"_ _3\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">Many r<span class=\"_ _1\"></span>isk manag<span class=\"_ _3\"></span>ement proc<span class=\"_ _3\"></span>esses have <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>een <span class=\"_ _1\"></span>establi<span class=\"_ _3\"></span>shed in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>vidual areas of the <span class=\"_ _1\"></span>risk manageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>system to c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">the <span class=\"_ _b\"> </span>entire<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>risk <span class=\"_ _b\"> </span>m<span class=\"_ _3\"></span>anagement <span class=\"_ _c\"> </span>cycle <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>risk <span class=\"_ _b\"> </span>id<span class=\"_ _3\"></span>entification<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>r<span class=\"_ _1\"></span>isk <span class=\"_ _b\"> </span>ass<span class=\"_ _3\"></span>essment, <span class=\"_ _c\"> </span>risk <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntrol <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>r<span class=\"_ _1\"></span>isk <span class=\"_ _b\"> </span>mo<span class=\"_ _3\"></span>nitoring. <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">process<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>governed <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>number <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>intern<span class=\"_ _1\"></span>al <span class=\"_ _a\"></span>guideli<span class=\"_ _3\"></span>nes. <span class=\"_ _a\"></span>This <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>nsur<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>Insurance <span class=\"_ _a\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>xpos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">appro<span class=\"_ _3\"></span>priately <span class=\"_ _3\"></span>recor<span class=\"_ _3\"></span>ded a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>taken i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>to <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>when busin<span class=\"_ _3\"></span>ess <span class=\"_ _3\"></span>dec<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons are m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>e. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs65c\">RISK IDEN<span class=\"_ _3\"></span>TIFICA<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">The <span class=\"_ _1\"></span>risk manageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ocess begins w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>ntificatio<span class=\"_ _3\"></span>n of <span class=\"_ _1\"></span>risks. This i<span class=\"_ _1\"></span>s per<span class=\"_ _1\"></span>formed using a <span class=\"_ _1\"></span>stan<span class=\"_ _3\"></span>dardi<span class=\"_ _3\"></span>sed <span class=\"_ _1\"></span>proc<span class=\"_ _3\"></span>ess t<span class=\"_ _1\"></span>hat<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">is <span class=\"_ _3\"></span>supplem<span class=\"_ _3\"></span>ented <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>ad<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>oc<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nalyses. <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hensive <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _5\"></span>process <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>nsur<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>newly <span class=\"_ _3\"></span>identifi<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>effec<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">of extrao<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y events ar<span class=\"_ _5\"></span>e approp<span class=\"_ _3\"></span>riately i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the risk <span class=\"_ _3\"></span>prof<span class=\"_ _3\"></span>ile. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs65e\">RISK <span class=\"_ _3\"></span>ASSES<span class=\"_ _3\"></span>SMENT </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">A <span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>assessme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hods <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>assess identif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isks.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ass<span class=\"_ _3\"></span>essment <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>primaril<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>internal models </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ard <span class=\"_ _1\"></span>formul<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>annually and <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>the year<span class=\"_ _5\"></span>. I<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>ndard <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmula <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>,<span class=\"_ _379\"> </span><span class=\"_ _3\"></span>  </div>7<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> an <span class=\"_ _4\"></span>appro<span class=\"_ _3\"></span>priate<span class=\"_ _3\"></span>ness <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>heck <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>risk <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>termi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>aggr<span class=\"_ _3\"></span>egati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>assesse<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>risks, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>aking <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>to account <span class=\"_ _5\"></span>dive<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>sif<span class=\"_ _3\"></span>ication <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ts <span class=\"_ _5\"></span>betwe<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>risks. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ults <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>own <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>solve<span class=\"_ _3\"></span>ncy <span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>ment, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>embedded <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue for <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>ife <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>health <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>esses,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>findings <span class=\"_ _a\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>S&amp;P <span class=\"_ _a\"></span>capit<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>model <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>valu<span class=\"_ _3\"></span>e-at-risk <span class=\"_ _a\"></span>calc<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>the investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>a are <span class=\"_ _3\"></span>also tak<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nto accou<span class=\"_ _3\"></span>nt in the <span class=\"_ _3\"></span>risk asses<span class=\"_ _3\"></span>sment. RISK CONT<span class=\"_ _3\"></span>ROL The <span class=\"_ _c\"></span>risk <span class=\"_ _4\"></span>strategy<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>planning, <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>einsurance <span class=\"_ _a\"></span>pr<span class=\"_ _3\"></span>ogramme <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>risk-be<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>apacit<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>mo<span class=\"_ _3\"></span>st <span class=\"_ _c\"></span>im<span class=\"_ _3\"></span>portant <span class=\"_ _a\"></span>elemen<span class=\"_ _3\"></span>ts <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>risk contro<span class=\"_ _3\"></span>l. <span class=\"_ _3\"></span>The M<span class=\"_ _5\"></span>anaging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>views <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>risk<span class=\"_ _3\"></span> str<span class=\"_ _3\"></span>ategy <span class=\"_ _3\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>and m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>kes<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>ny m<span class=\"_ _3\"></span>odifica<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>need<span class=\"_ _3\"></span>ed. T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Enterpris<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Risk Managem<span class=\"_ _3\"></span>ent depa<span class=\"_ _3\"></span>rtment assi<span class=\"_ _3\"></span>sts the M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Board <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith t<span class=\"_ _3\"></span>his. The Planni<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>and Contr<span class=\"_ _3\"></span>olli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g depa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent is <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>for perfo<span class=\"_ _3\"></span>rmance of <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>nu<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>pla<span class=\"_ _3\"></span>nn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ocess and subs<span class=\"_ _3\"></span>equentl<span class=\"_ _3\"></span>y for monitori<span class=\"_ _3\"></span>ng day<span class=\"_ _3\"></span>-to-day busi<span class=\"_ _3\"></span>ness de<span class=\"_ _3\"></span>velopmen<span class=\"_ _3\"></span>t of the ins<span class=\"_ _3\"></span>urance comp<span class=\"_ _3\"></span>anies o<span class=\"_ _3\"></span>f VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup. R<span class=\"_ _3\"></span>egular r<span class=\"_ _3\"></span>eports a<span class=\"_ _3\"></span>re used <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>this <span class=\"_ _3\"></span>purpose, <span class=\"_ _5\"></span>including<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>ariance<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>yses <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>for<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cast <span class=\"_ _5\"></span>accounts<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _5\"></span>year<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>plan<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>horizon<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>hree<span class=\"_ _3\"></span> years. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>pla<span class=\"_ _3\"></span>nning <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ta <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>Own <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Solvency<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Assessment <span class=\"_ _1\"></span>(ORSA<span class=\"_ _3\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>arting <span class=\"_ _1\"></span>basis <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>calc<span class=\"_ _3\"></span>ulating future <span class=\"_ _3\"></span>expect<span class=\"_ _3\"></span>ed solvency<span class=\"_ _11\"></span>. The <span class=\"_ _b\"> </span>Reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt <span class=\"_ _b\"> </span>coordin<span class=\"_ _3\"></span>ates <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>-wide<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _b\"> </span>prog<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>amm<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _b\"> </span>man<span class=\"_ _3\"></span>ages <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>annual <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>enewal process<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>natural catastro<span class=\"_ _3\"></span>phe coverage. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>E<span class=\"_ _3\"></span>nterprise<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>R<span class=\"_ _3\"></span>isk <span class=\"_ _1\"></span>Managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>assis<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> Re<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance depart-<span class=\"_ _379\"> </span>ment in <span class=\"_ _1\"></span>validating the e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ternal <span class=\"_ _1\"></span>nat<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ral catastro<span class=\"_ _3\"></span>phe models used and <span class=\"_ _1\"></span>evaluating the ef<span class=\"_ _3\"></span>fectiveness of reinsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> cover<span class=\"_ _3\"></span>age using th<span class=\"_ _3\"></span>e internal non-li<span class=\"_ _3\"></span>fe mod<span class=\"_ _3\"></span>el. RISK MONI<span class=\"_ _3\"></span>TORING The <span class=\"_ _1\"></span>solv<span class=\"_ _3\"></span>ency corrido<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> defined at the G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>up <span class=\"_ _1\"></span>level and the Group-<span class=\"_ _3\"></span>wide <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>system for risk-b<span class=\"_ _3\"></span>earing capacit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> form the basis for contin<span class=\"_ _3\"></span>uous monito<span class=\"_ _3\"></span>ring of t<span class=\"_ _3\"></span>he sol<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>en<span class=\"_ _3\"></span>cy situati<span class=\"_ _3\"></span>on of the <span class=\"_ _3\"></span>Group a<span class=\"_ _3\"></span>nd subsi<span class=\"_ _3\"></span>diaries. Compl<span class=\"_ _3\"></span>iance <span class=\"_ _c\"> </span>with <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>sec<span class=\"_ _3\"></span>urities <span class=\"_ _c\"> </span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>key <span class=\"_ _b\"> </span>fig<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is <span class=\"_ _c\"> </span>also <span class=\"_ _c\"> </span>continuo<span class=\"_ _3\"></span>usly <span class=\"_ _c\"> </span>checked <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>monitor<span class=\"_ _5\"></span>ed. <span class=\"_ _b\"> </span>Mo<span class=\"_ _3\"></span>nitoring<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is performed <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>periodi<span class=\"_ _3\"></span>c <span class=\"_ _4\"></span>fair <span class=\"_ _1\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>value-at-<span class=\"_ _3\"></span>risk <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>culations <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>detaile<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>siti<span class=\"_ _3\"></span>vity <span class=\"_ _1\"></span>analyses and stress t<span class=\"_ _3\"></span>ests a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>the solve<span class=\"_ _3\"></span>ncy capi<span class=\"_ _3\"></span>tal re<span class=\"_ _3\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt during t<span class=\"_ _3\"></span>he year<span class=\"_ _d\"></span>.  Liquidity <span class=\"_ _4\"></span>risk <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>managed <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>monito<span class=\"_ _5\"></span>red <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>matchi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>portfolio<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>insurance <span class=\"_ _4\"></span>oblig<span class=\"_ _3\"></span>ations. <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>per<span class=\"_ _3\"></span>ational <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd strategic <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>which <span class=\"_ _3\"></span>might <span class=\"_ _3\"></span>be c<span class=\"_ _3\"></span>aused b<span class=\"_ _3\"></span>y defi<span class=\"_ _3\"></span>ciencies o<span class=\"_ _3\"></span>r err<span class=\"_ _3\"></span>ors <span class=\"_ _3\"></span>in busi<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>process<span class=\"_ _3\"></span>es, co<span class=\"_ _3\"></span>ntrols <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>proje<span class=\"_ _3\"></span>cts, <span class=\"_ _3\"></span>or c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>anges <span class=\"_ _5\"></span>in the b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>siness <span class=\"_ _3\"></span>enviro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ment, <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e also co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>usly monitor<span class=\"_ _5\"></span>ed by the i<span class=\"_ _3\"></span>nternal co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l system.<span class=\"_ _3\"></span> Periodic <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>monitoring <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>docume<span class=\"_ _3\"></span>nted, <span class=\"_ _3\"></span>for exampl<span class=\"_ _3\"></span>e, in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>quarterl<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ided <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d fo<span class=\"_ _3\"></span>llowing <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs o<span class=\"_ _3\"></span>f the Risk Com<span class=\"_ _5\"></span>mittee and fo<span class=\"_ _3\"></span>rms the s<span class=\"_ _3\"></span>tarting poi<span class=\"_ _5\"></span>nt for any f<span class=\"_ _3\"></span>urther a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>yses or cor<span class=\"_ _3\"></span>rectiv<span class=\"_ _3\"></span>e control<span class=\"_ _3\"></span> meas<span class=\"_ _3\"></span>ures. Risk categor<span class=\"_ _3\"></span>ies Because of<span class=\"_ _3\"></span> its <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>vities, VIG <span class=\"_ _3\"></span>Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>up is expos<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span> to<span class=\"_ _3\"></span> a large <span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber of <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> and non<span class=\"_ _3\"></span>-financial ris<span class=\"_ _3\"></span>ks. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>verall<span class=\"_ _3\"></span> risk of <span class=\"_ _3\"></span>VIG Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up can be <span class=\"_ _3\"></span>divided i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>the fol<span class=\"_ _3\"></span>lowing ris<span class=\"_ _3\"></span>k catego<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ies: <span class=\"_ _5\"></span> MARKET RIS<span class=\"_ _3\"></span>K Market risk is th<span class=\"_ _1\"></span>e risk of losses due <span class=\"_ _1\"></span>to c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>anges i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>market prices. Cha<span class=\"_ _3\"></span>nges in v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> occ<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>for example, du<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in yield cu<span class=\"_ _3\"></span>rves, shar<span class=\"_ _3\"></span>e prices,<span class=\"_ _3\"></span> excha<span class=\"_ _3\"></span>nge rates a<span class=\"_ _3\"></span>nd the <span class=\"_ _3\"></span>value of land <span class=\"_ _3\"></span>and buil<span class=\"_ _3\"></span>dings and <span class=\"_ _3\"></span>particip<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> CREDIT RIS<span class=\"_ _3\"></span>K Credit <span class=\"_ _3\"></span>risk q<span class=\"_ _3\"></span>uantifies t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> po<span class=\"_ _3\"></span>tential lo<span class=\"_ _3\"></span>ss due to <span class=\"_ _3\"></span>a deterio<span class=\"_ _3\"></span>ration o<span class=\"_ _3\"></span>f the situati<span class=\"_ _3\"></span>on of a cou<span class=\"_ _3\"></span>nterpart<span class=\"_ _3\"></span>y against <span class=\"_ _3\"></span>which claims<span class=\"_ _3\"></span> exist<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>7<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>UNDERWRITIN<span class=\"_ _3\"></span>G RISKS VIG <span class=\"_ _6\"> </span>Insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s <span class=\"_ _6\"> </span>core <span class=\"_ _b\"> </span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _b\"> </span>consists <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>tra<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sfer <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>risk <span class=\"_ _6\"> </span>fro<span class=\"_ _3\"></span>m <span class=\"_ _6\"> </span>polic<span class=\"_ _3\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>ers <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nsurance <span class=\"_ _6\"> </span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>. Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>risks<span class=\"_ _3\"></span> in t<span class=\"_ _1\"></span>he ar<span class=\"_ _3\"></span>eas of <span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance, healt<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d no<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>-lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce are prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ang<span class=\"_ _3\"></span>es in ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce-specif<span class=\"_ _3\"></span>ic param<span class=\"_ _3\"></span>eters, suc<span class=\"_ _3\"></span>h a<span class=\"_ _1\"></span>s l<span class=\"_ _3\"></span>oss fr<span class=\"_ _3\"></span>equency<span class=\"_ _11\"></span>, los<span class=\"_ _3\"></span>s amount o<span class=\"_ _3\"></span>r mortality<span class=\"_ _d\"></span>, as <span class=\"_ _3\"></span>well as <span class=\"_ _3\"></span>lapse rates a<span class=\"_ _3\"></span>nd lapse <span class=\"_ _3\"></span>cost<span class=\"_ _3\"></span>s. OPERA<span class=\"_ _5\"></span>TIONAL <span class=\"_ _3\"></span>RISKS Operatio<span class=\"_ _3\"></span>nal r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>may r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lt from<span class=\"_ _3\"></span> deficiencies or erro<span class=\"_ _3\"></span>rs in <span class=\"_ _1\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>cesses, co<span class=\"_ _3\"></span>ntrols or projec<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>caus<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by tech<span class=\"_ _3\"></span>nology<span class=\"_ _d\"></span>, staf<span class=\"_ _3\"></span>f, organisatio<span class=\"_ _3\"></span>n or ex<span class=\"_ _3\"></span>terna<span class=\"_ _1\"></span>l f<span class=\"_ _3\"></span>actors. REPUT<span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>TION<span class=\"_ _3\"></span> R<span class=\"_ _1\"></span>IS<span class=\"_ _3\"></span>K Reputatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> risk is <span class=\"_ _3\"></span>the risk o<span class=\"_ _3\"></span>f negative c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss d<span class=\"_ _3\"></span>ue to dam<span class=\"_ _3\"></span>age to a com<span class=\"_ _5\"></span>pany\u2019<span class=\"_ _d\"></span>s r<span class=\"_ _3\"></span>eputati<span class=\"_ _3\"></span>on. LIQUIDITY<span class=\"_ _3\"></span> RISK This c<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>ry in<span class=\"_ _3\"></span>cludes the<span class=\"_ _3\"></span> risk of <span class=\"_ _3\"></span>VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>up not <span class=\"_ _3\"></span>having s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>ficient assets<span class=\"_ _3\"></span> that <span class=\"_ _3\"></span>can be<span class=\"_ _3\"></span> liquidated<span class=\"_ _3\"></span> at sho<span class=\"_ _3\"></span>rt noti<span class=\"_ _3\"></span>ce to satisfy its <span class=\"_ _3\"></span>paymen<span class=\"_ _3\"></span>t obligations.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> STRA<span class=\"_ _5\"></span>TEGIC RIS<span class=\"_ _3\"></span>KS Strategic <span class=\"_ _3\"></span>risks can <span class=\"_ _3\"></span>arise du<span class=\"_ _3\"></span>e to cha<span class=\"_ _3\"></span>nges in the e<span class=\"_ _3\"></span>conomi<span class=\"_ _3\"></span>c envir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>, c<span class=\"_ _3\"></span>ase law<span class=\"_ _5\"></span>, or t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e r<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>enviro<span class=\"_ _3\"></span>nment. Manag<span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>ng si<span class=\"_ _3\"></span>gnificant<span class=\"_ _3\"></span> risks In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>risks in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>real estate <span class=\"_ _1\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>modell<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>using <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>parti<span class=\"_ _3\"></span>al internal mod<span class=\"_ _3\"></span>el, the fol<span class=\"_ _3\"></span>lowing ris<span class=\"_ _3\"></span>ks must be <span class=\"_ _3\"></span>noted d<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to thei<span class=\"_ _3\"></span>r great i<span class=\"_ _3\"></span>mporta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce f<span class=\"_ _3\"></span>or VIG I<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up: \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>erest r<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>risk po<span class=\"_ _3\"></span>rtion of mark<span class=\"_ _3\"></span>et risk, <span class=\"_ _3\"></span>which prim<span class=\"_ _3\"></span>arily r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lts f<span class=\"_ _3\"></span>rom s<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>les of<span class=\"_ _3\"></span> long-term g<span class=\"_ _3\"></span>uaran<span class=\"_ _3\"></span>tee prod<span class=\"_ _3\"></span>ucts,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e asse<span class=\"_ _3\"></span>t cr<span class=\"_ _3\"></span>edit qu<span class=\"_ _3\"></span>ality and defa<span class=\"_ _3\"></span>ult risk i<span class=\"_ _3\"></span>nheren<span class=\"_ _3\"></span>t in investm<span class=\"_ _3\"></span>ents, w<span class=\"_ _3\"></span>hich can <span class=\"_ _3\"></span>be assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d to credi<span class=\"_ _3\"></span>t risk a<span class=\"_ _3\"></span>nd indir<span class=\"_ _3\"></span>ectly to market <span class=\"_ _3\"></span>risk,  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e sh<span class=\"_ _3\"></span>are pric<span class=\"_ _3\"></span>e risk po<span class=\"_ _3\"></span>rtion of <span class=\"_ _3\"></span>market risk,<span class=\"_ _3\"></span> which r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ults from<span class=\"_ _3\"></span> direct o<span class=\"_ _3\"></span>r indire<span class=\"_ _3\"></span>ct holdi<span class=\"_ _3\"></span>ngs (e.g. in i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ent funds<span class=\"_ _3\"></span>) of equities a<span class=\"_ _3\"></span>nd no<span class=\"_ _3\"></span>n-<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nsolidated p<span class=\"_ _3\"></span>articipa<span class=\"_ _3\"></span>tions, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e c<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> risk po<span class=\"_ _3\"></span>rtio<span class=\"_ _3\"></span>n of market <span class=\"_ _3\"></span>risk, whic<span class=\"_ _3\"></span>h res<span class=\"_ _3\"></span>ults in p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r from <span class=\"_ _3\"></span>the hig<span class=\"_ _3\"></span>h degr<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span> of <span class=\"_ _3\"></span>invol<span class=\"_ _3\"></span>vement in t<span class=\"_ _3\"></span>he CEE regio<span class=\"_ _3\"></span>n, and<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>life insurance l<span class=\"_ _3\"></span>apse risk,<span class=\"_ _3\"></span> which c<span class=\"_ _3\"></span>an occur d<span class=\"_ _3\"></span>ue to a<span class=\"_ _3\"></span>n incre<span class=\"_ _3\"></span>ase in can<span class=\"_ _3\"></span>cellatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> rates.<span class=\"_ _3\"></span> MARKET RIS<span class=\"_ _3\"></span>K VIG <span class=\"_ _d\"></span>Insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>is <span class=\"_ _d\"></span>expose<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>marke<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>risk,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>is,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>suf<span class=\"_ _3\"></span>ferin<span class=\"_ _3\"></span>g <span class=\"_ _5\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _d\"></span>as <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>chang<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>arket <span class=\"_ _d\"></span>param<span class=\"_ _3\"></span>eter<span class=\"_ _3\"></span>s. Int<span class=\"_ _3\"></span>erest<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>at<span class=\"_ _3\"></span>es,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>spr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ads<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pri<span class=\"_ _3\"></span>ces are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>most rel<span class=\"_ _3\"></span>evan<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>par<span class=\"_ _3\"></span>amet<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rket<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>risk<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>Ig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ring <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>ts held<span class=\"_ _3\"></span> for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>at <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>sk <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _3\"></span>holde<span class=\"_ _3\"></span>rs, <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>busi<span class=\"_ _3\"></span>ness <span class=\"_ _11\"></span>consis<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span>rgely <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>fix<span class=\"_ _3\"></span>ed-i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>secu<span class=\"_ _3\"></span>rities.<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>majo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>se<span class=\"_ _3\"></span>curi<span class=\"_ _3\"></span>ties <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>de<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>omi<span class=\"_ _5\"></span>nated<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>eur<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>C<span class=\"_ _3\"></span>zech <span class=\"_ _4\"></span>ko<span class=\"_ _3\"></span>runa. <span class=\"_ _4\"></span>Co<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>quen<span class=\"_ _3\"></span>tly<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>int<span class=\"_ _3\"></span>eres<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>rate <span class=\"_ _4\"></span>flu<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>and exch<span class=\"_ _3\"></span>ange <span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>hanges i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>hese<span class=\"_ _3\"></span> curr<span class=\"_ _5\"></span>encie<span class=\"_ _3\"></span>s prim<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y h<span class=\"_ _3\"></span>ave a<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>effe<span class=\"_ _3\"></span>ct on<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e valu<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> thes<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts.<span class=\"_ _379\"> </span>The <span class=\"_ _c\"></span>m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>investme<span class=\"_ _3\"></span>nts <span class=\"_ _c\"> </span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>aimed <span class=\"_ _4\"></span>at <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>rovidi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>coverag<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>for <span class=\"_ _a\"></span>insur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>risks <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>appro<span class=\"_ _3\"></span>priate <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce business a<span class=\"_ _3\"></span>nd the ma<span class=\"_ _3\"></span>turities of<span class=\"_ _3\"></span> liabil<span class=\"_ _3\"></span>ities. De<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>pu<span class=\"_ _3\"></span>rpos<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>app<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>VIG<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ho<span class=\"_ _3\"></span>ldi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>perfo<span class=\"_ _5\"></span>rms<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>-at<span class=\"_ _3\"></span>-ri<span class=\"_ _3\"></span>sk calc<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>su<span class=\"_ _3\"></span>b-<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfol<span class=\"_ _3\"></span>ios<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>or VI<span class=\"_ _3\"></span>G I<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up.<span class=\"_ _3\"></span> Co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e le<span class=\"_ _3\"></span>vel<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>y b<span class=\"_ _3\"></span>etw<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>n 95<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span>% a<span class=\"_ _3\"></span>nd 9<span class=\"_ _5\"></span>9.5%<span class=\"_ _3\"></span>, a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng p<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>od <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>ries<span class=\"_ _3\"></span> fr<span class=\"_ _5\"></span>om 2<span class=\"_ _5\"></span>0 to<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>50 d<span class=\"_ _3\"></span>ays<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> Due to the nat<span class=\"_ _3\"></span>ure of<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e portf<span class=\"_ _3\"></span>olio, i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest <span class=\"_ _3\"></span>rate and spre<span class=\"_ _3\"></span>ad com<span class=\"_ _3\"></span>ponents make t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> la<span class=\"_ _3\"></span>rgest contrib<span class=\"_ _3\"></span>utions to valu<span class=\"_ _3\"></span>e-at-risk. <span class=\"_ _3\"></span>As<span class=\"_ _379\"> </span>  <div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">a plausibili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>check of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulations, t<span class=\"_ _3\"></span>he value-a<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs917\">t-risk f<span class=\"_ _3\"></span>or the most im<span class=\"_ _3\"></span>portant s<span class=\"_ _3\"></span>ub-portf<span class=\"_ _3\"></span>olios <span class=\"_ _3\"></span>is determined <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sing bot<span class=\"_ _3\"></span>h the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">parame<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ic m<span class=\"_ _3\"></span>ethod d<span class=\"_ _3\"></span>escribed <span class=\"_ _3\"></span>above an<span class=\"_ _3\"></span>d the histori<span class=\"_ _3\"></span>cal cal<span class=\"_ _3\"></span>cul<span class=\"_ _3\"></span>ation method.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">The <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>tabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>shows the <span class=\"_ _1\"></span>value<span class=\"_ _3\"></span>-a<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>-r<span class=\"_ _1\"></span>isk (at a <span class=\"_ _1\"></span>99% <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>dence <span class=\"_ _1\"></span>level) for <span class=\"_ _1\"></span>finan<span class=\"_ _3\"></span>cial a<span class=\"_ _1\"></span>ssets that <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>asured as <span class=\"_ _1\"></span>avai<span class=\"_ _3\"></span>lable </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">for sale or <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>cognised at f<span class=\"_ _3\"></span>air valu<span class=\"_ _3\"></span>e thro<span class=\"_ _3\"></span>ugh prof<span class=\"_ _3\"></span>it or loss (i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cl.<span class=\"_ _3\"></span> he<span class=\"_ _1\"></span>ld fo<span class=\"_ _3\"></span>r trading<span class=\"_ _3\"></span>). </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs918\">Value-at-<span class=\"_ _1\"></span>Risk <span class=\"_ _1de\"> </span><span class=\"fsc\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs919\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c wf h24 gs91a\"><div class=\"t m3 x6 h25 y371 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R millions<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs91b\">10-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _ba\"> </span>875.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs91c\">389.9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs91d\">20-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _1df\"> </span>1,237.5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs91e\">551.5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs91f\">60-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _1df\"> </span>2,143.3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs920\">955.2<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs921\">The incr<span class=\"_ _3\"></span>ease i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue-at-risk r<span class=\"_ _5\"></span>eflects the c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nterest <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>trend.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs922\">Market <span class=\"_ _4\"></span>risk <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>divided <span class=\"_ _4\"></span>into <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>nterest <span class=\"_ _4\"></span>rate, <span class=\"_ _4\"></span>spr<span class=\"_ _3\"></span>ead, <span class=\"_ _4\"></span>share <span class=\"_ _4\"></span>price, <span class=\"_ _4\"></span>curr<span class=\"_ _3\"></span>ency<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>eal <span class=\"_ _a\"></span>estat<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>con<span class=\"_ _3\"></span>centratio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>risk. <span class=\"_ _a\"></span>Int<span class=\"_ _3\"></span>erest <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>es, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs923\">sprea<span class=\"_ _3\"></span>ds and s<span class=\"_ _3\"></span>hare p<span class=\"_ _3\"></span>rices ar<span class=\"_ _3\"></span>e the mos<span class=\"_ _3\"></span>t rel<span class=\"_ _3\"></span>evant pa<span class=\"_ _3\"></span>rameters f<span class=\"_ _5\"></span>or market risk. <span class=\"_ _5\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs924\">Interest rate<span class=\"_ _3\"></span> risk </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs925\">The <span class=\"_ _a\"></span>mai<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>dr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>vers <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>interes<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>sizeabl<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs926\">e <span class=\"_ _a\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>policies <span class=\"_ _a\"></span>with <span class=\"_ _a\"></span>guarante<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>minimum <span class=\"_ _4\"></span>inte<span class=\"_ _3\"></span>rest <span class=\"_ _a\"></span>rat<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>which </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs927\">includes <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>endo<span class=\"_ _3\"></span>wment <span class=\"_ _6\"> </span>insura<span class=\"_ _3\"></span>nce, <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>sulting <span class=\"_ _6\"> </span>inves<span class=\"_ _3\"></span>tments. <span class=\"_ _b\"> </span>F<span class=\"_ _1\"></span>or <span class=\"_ _b\"> </span>existing <span class=\"_ _6\"> </span>life <span class=\"_ _b\"> </span>in<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>policies, <span class=\"_ _b\"> </span>VIG </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs928\">Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up guarante<span class=\"_ _3\"></span>es a minimum inter<span class=\"_ _5\"></span>est r<span class=\"_ _1\"></span>ate a<span class=\"_ _3\"></span>veraging ar<span class=\"_ _3\"></span>ound 1.83<span class=\"_ _3\"></span>% p.a. (1.80<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> p.a.<span class=\"_ _3\"></span>). If interest r<span class=\"_ _3\"></span>ates fall below<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs929\">the <span class=\"_ _3\"></span>guara<span class=\"_ _3\"></span>nteed <span class=\"_ _5\"></span>average <span class=\"_ _5\"></span>minimum <span class=\"_ _5\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>longer <span class=\"_ _3\"></span>dur<span class=\"_ _3\"></span>ation <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>time, <span class=\"_ _5\"></span>VIG <span class=\"_ _3\"></span>Insur<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>find <span class=\"_ _5\"></span>itself <span class=\"_ _5\"></span>force<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>future<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92a\">to <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>subsidise <span class=\"_ _3\"></span>reser<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>these pr<span class=\"_ _3\"></span>odu<span class=\"_ _3\"></span>cts a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>con<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>quently <span class=\"_ _3\"></span>incre<span class=\"_ _3\"></span>ase t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>m <span class=\"_ _3\"></span>thro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it o<span class=\"_ _3\"></span>r loss<span class=\"_ _3\"></span> as <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>esult </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92b\">of the ade<span class=\"_ _3\"></span>quacy t<span class=\"_ _3\"></span>est. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92c\">The embed<span class=\"_ _3\"></span>ded val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e in lif<span class=\"_ _3\"></span>e and health insu<span class=\"_ _3\"></span>rance consis<span class=\"_ _3\"></span>ts of the adjust<span class=\"_ _3\"></span>ed net assets at ma<span class=\"_ _3\"></span>rket valu<span class=\"_ _3\"></span>e (ANA<span class=\"_ _5\"></span>V) and the val<span class=\"_ _3\"></span>ue </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92d\">of the i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e portfoli<span class=\"_ _3\"></span>o (VI<span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>). <span class=\"_ _3\"></span>VIF is <span class=\"_ _3\"></span>the pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value<span class=\"_ _3\"></span> of future<span class=\"_ _3\"></span> prof<span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>(SPVFP), r<span class=\"_ _5\"></span>educed <span class=\"_ _3\"></span>by a ris<span class=\"_ _3\"></span>k margi<span class=\"_ _3\"></span>n. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>SPVFP<span class=\"_ _3\"></span> was<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92e\">EUR 4,149,<span class=\"_ _3\"></span>904,000 <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2. A<span class=\"_ _3\"></span> 100<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basis <span class=\"_ _5\"></span>point d<span class=\"_ _3\"></span>rop <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>yield c<span class=\"_ _3\"></span>urve <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ould <span class=\"_ _3\"></span>mea<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>PVFP <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ed </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92f\">to E<span class=\"_ _1\"></span>UR 3,7<span class=\"_ _3\"></span>09,152,0<span class=\"_ _3\"></span>00, which <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>eans the IFRS <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eserves ar<span class=\"_ _3\"></span>e also adequate <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>this scen<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>io. Also<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>see the e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>edded value<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b0\">sensitivit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>analysis on <span class=\"_ _3\"></span>page 90<span class=\"_ _3\"></span>. </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs930\">Spread ris<span class=\"_ _3\"></span>k </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs931\">Spre<span class=\"_ _3\"></span>ad <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>arises <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>all <span class=\"_ _4\"></span>assets <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>abilities <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>h<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs932\">os<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>depend <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>siz<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>credit <span class=\"_ _1\"></span>sprea<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>over <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs933\">riskless <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _3\"></span>curve. <span class=\"_ _3\"></span>Duratio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>and th<span class=\"_ _3\"></span>e cr<span class=\"_ _3\"></span>editwort<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ness of<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>debtor ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ain fac<span class=\"_ _3\"></span>tors d<span class=\"_ _3\"></span>etermini<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>amou<span class=\"_ _3\"></span>nt of <span class=\"_ _3\"></span>spre<span class=\"_ _3\"></span>ad </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs934\">risk. Diversif<span class=\"_ _3\"></span>ication and <span class=\"_ _1\"></span>a uniform lim<span class=\"_ _3\"></span>it <span class=\"_ _1\"></span>system for <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>fix<span class=\"_ _3\"></span>ed-inter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ents are used to <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>this risk at the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs935\">portfolio<span class=\"_ _3\"></span> level. </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs936\">Share price <span class=\"_ _3\"></span>risk </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs937\">Among <span class=\"_ _1\"></span>othe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>things,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>are <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>partic</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs938\">ipa<span class=\"_ _3\"></span>tions <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>a n<span class=\"_ _1\"></span>umbe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>of Au<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>rian<span class=\"_ _1\"></span> companies and <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity positions<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs939\">other com<span class=\"_ _3\"></span>panies <span class=\"_ _3\"></span>whose s<span class=\"_ _3\"></span>hares <span class=\"_ _3\"></span>trade prim<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rily o<span class=\"_ _3\"></span>n the Vie<span class=\"_ _3\"></span>nna Stoc<span class=\"_ _3\"></span>k Ex<span class=\"_ _3\"></span>change o<span class=\"_ _3\"></span>r stock <span class=\"_ _3\"></span>exchanges<span class=\"_ _3\"></span> in th<span class=\"_ _3\"></span>e Euro<span class=\"_ _3\"></span>zone or C<span class=\"_ _3\"></span>EE </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs93a\">regio<span class=\"_ _3\"></span>n. A det<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ior<span class=\"_ _3\"></span>ation of<span class=\"_ _3\"></span> the curr<span class=\"_ _3\"></span>ent eco<span class=\"_ _3\"></span>nomic sit<span class=\"_ _3\"></span>uation cou<span class=\"_ _3\"></span>ld result i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the s<span class=\"_ _3\"></span>hare po<span class=\"_ _3\"></span>rtfolio<span class=\"_ _3\"></span> losing v<span class=\"_ _3\"></span>alue<span class=\"_ _1\"></span>.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">Shares <span class=\"_ _5\"></span>serve <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>incr<span class=\"_ _3\"></span>ease <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>arnings <span class=\"_ _3\"></span>ove<span class=\"_ _3\"></span>r t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>term, <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ovide <span class=\"_ _3\"></span>diversif<span class=\"_ _3\"></span>ication <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>ensat<span class=\"_ _3\"></span>e for <span class=\"_ _3\"></span>long<span class=\"_ _3\"></span>-term <span class=\"_ _3\"></span>eros<span class=\"_ _3\"></span>ion i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>value<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">due <span class=\"_ _3\"></span>to i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>ation. <span class=\"_ _3\"></span>VIG Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>es shar<span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>rice <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>by co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>side<span class=\"_ _3\"></span>ring di<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ersif<span class=\"_ _3\"></span>ication <span class=\"_ _3\"></span>within <span class=\"_ _3\"></span>the o<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>erall <span class=\"_ _3\"></span>portfoli<span class=\"_ _3\"></span>o a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">corr<span class=\"_ _3\"></span>elation <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>securities <span class=\"_ _1\"></span>expos<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>price <span class=\"_ _1\"></span>risk. <span class=\"_ _1\"></span>Risk diversification with<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>rtfolio <span class=\"_ _1\"></span>is mainly<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>achieved by<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">geographi<span class=\"_ _3\"></span>c <span class=\"_ _6\"> </span>diversifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>pr<span class=\"_ _1\"></span>im<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rily <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>hom<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>markets <span class=\"_ _b\"> </span>of <span class=\"_ _6\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>Eur<span class=\"_ _3\"></span>ozone. <span class=\"_ _b\"> </span>Shar<span class=\"_ _3\"></span>e <span class=\"_ _2\"> </span>in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _3\"></span>ents <span class=\"_ _6\"> </span>ar<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">predomi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>antl<span class=\"_ _3\"></span>y made b<span class=\"_ _3\"></span>y the Aust<span class=\"_ _3\"></span>rian com<span class=\"_ _3\"></span>panies.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs5e5\">Currenc<span class=\"_ _3\"></span>y risk<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>diversify<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>its <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>rtfolio, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>ea <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>makes <span class=\"_ _1\"></span>use <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>natio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>markets <span class=\"_ _1\"></span>and, <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ver<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>small<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>extent, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">for<span class=\"_ _3\"></span>eign <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>encies. The high <span class=\"_ _1\"></span>degr<span class=\"_ _3\"></span>ee of inv<span class=\"_ _1\"></span>ol<span class=\"_ _3\"></span>vement in <span class=\"_ _1\"></span>the CEE <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>egion results in curre<span class=\"_ _3\"></span>ncy risks a<span class=\"_ _1\"></span>t the VIG<span class=\"_ _1\"></span> Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">level in s<span class=\"_ _3\"></span>pite of ma<span class=\"_ _3\"></span>tching loc<span class=\"_ _3\"></span>al curr<span class=\"_ _3\"></span>ency in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments m<span class=\"_ _3\"></span>ade a<span class=\"_ _3\"></span>t the local le<span class=\"_ _3\"></span>vel. </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs97\">Concentratio<span class=\"_ _3\"></span>n r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">Internal <span class=\"_ _4\"></span>guidelines <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>limit <span class=\"_ _4\"></span>system <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>keep <span class=\"_ _4\"></span>concentratio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>within <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>desir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>safe<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>margi<span class=\"_ _3\"></span>n. <span class=\"_ _a\"></span>Consulta<span class=\"_ _3\"></span>tion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">across b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss l<span class=\"_ _3\"></span>ines pr<span class=\"_ _3\"></span>ovides fo<span class=\"_ _3\"></span>r a com<span class=\"_ _3\"></span>prehe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>siv<span class=\"_ _3\"></span>e view of <span class=\"_ _3\"></span>all si<span class=\"_ _3\"></span>gnificant risks.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs204\">CAPIT<span class=\"_ _5\"></span>AL MARKE<span class=\"_ _3\"></span>T SCENARIO<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ANAL<span class=\"_ _11\"></span>YSIS </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">This analysis<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>is carried out<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for all ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies in VI<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ord<span class=\"_ _3\"></span>er to check the risk-be<span class=\"_ _3\"></span>aring capac<span class=\"_ _3\"></span>ity </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">of the i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">The <span class=\"_ _1\"></span>sensi<span class=\"_ _3\"></span>tivity sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>cks <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al asset classes sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>w th<span class=\"_ _1\"></span>e ranges of <span class=\"_ _1\"></span>market value red<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>most importa<span class=\"_ _3\"></span>nt </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">risk <span class=\"_ _3\"></span>factors <span class=\"_ _3\"></span>(cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, i<span class=\"_ _3\"></span>nter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>rate ris<span class=\"_ _3\"></span>k, li<span class=\"_ _3\"></span>quidity <span class=\"_ _5\"></span>risk) <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>resulti<span class=\"_ _3\"></span>ng ef<span class=\"_ _3\"></span>fects <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>net<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>sse<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>inus <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">The sce<span class=\"_ _3\"></span>narios combi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>e th<span class=\"_ _3\"></span>ese individ<span class=\"_ _3\"></span>ual shocks <span class=\"_ _3\"></span>to ill<span class=\"_ _3\"></span>ustrate dif<span class=\"_ _3\"></span>ferent <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rket possi<span class=\"_ _3\"></span>bilities. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">Scenario<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>1 a<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>2 stro<span class=\"_ _3\"></span>ngly re<span class=\"_ _3\"></span>duce the fair valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of sh<span class=\"_ _3\"></span>ares, bo<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> and pro<span class=\"_ _3\"></span>perty at <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ame time. They<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>wo <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">combin<span class=\"_ _3\"></span>ations of m<span class=\"_ _3\"></span>arket val<span class=\"_ _3\"></span>ue red<span class=\"_ _3\"></span>uctions o<span class=\"_ _3\"></span>ver the m<span class=\"_ _3\"></span>ain asse<span class=\"_ _3\"></span>t classes.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">Scenario<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _4\"></span>shows <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>shock <span class=\"_ _1\"></span>aff<span class=\"_ _3\"></span>ectin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>sto<span class=\"_ _3\"></span>ck <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>bo<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>markets, <span class=\"_ _1\"></span>scenario 4 <span class=\"_ _4\"></span>is ba<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>shock <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>sec<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>riti<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">(including<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>operty<span class=\"_ _3\"></span>), a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>shows<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>n in<span class=\"_ _3\"></span>terest <span class=\"_ _5\"></span>rate s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ock <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>has <span class=\"_ _3\"></span>a la<span class=\"_ _3\"></span>rge <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>value o<span class=\"_ _3\"></span>f bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _5\"></span>and pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">All <span class=\"_ _3\"></span>of the scenario c<span class=\"_ _3\"></span>alculatio<span class=\"_ _3\"></span>ns were <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a <span class=\"_ _3\"></span>ceter<span class=\"_ _3\"></span>is parib<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s ap<span class=\"_ _3\"></span>proa<span class=\"_ _3\"></span>ch. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">The <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing table sho<span class=\"_ _3\"></span>ws <span class=\"_ _1\"></span>the str<span class=\"_ _3\"></span>ess param<span class=\"_ _3\"></span>eters and the effects on IFRS capit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>of eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>sce<span class=\"_ _3\"></span>nario on the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>especti<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> dates<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">(not incl<span class=\"_ _3\"></span>uding defe<span class=\"_ _3\"></span>rred t<span class=\"_ _3\"></span>axes, defe<span class=\"_ _3\"></span>rred pr<span class=\"_ _3\"></span>ofit p<span class=\"_ _3\"></span>articipatio<span class=\"_ _3\"></span>n or defer<span class=\"_ _3\"></span>red m<span class=\"_ _3\"></span>athematic<span class=\"_ _3\"></span>al res<span class=\"_ _3\"></span>erve).<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs93c\">Reduction i<span class=\"_ _1\"></span>n marke<span class=\"_ _1\"></span>t value <span class=\"_ _47\"> </span><span class=\"fs15\">Scenar<span class=\"_ _1\"></span>io 0<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs93d\">Scenar<span class=\"_ _1\"></span>io 1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs93e\">Scenar<span class=\"_ _1\"></span>io 2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs93f\">Scenar<span class=\"_ _1\"></span>io 3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs940\">Scenar<span class=\"_ _1\"></span>io 4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs941\">Scenar<span class=\"_ _1\"></span>io 5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs942\">of <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ares<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs943\">-20%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs944\">-10%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs945\">-20%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs946\">-20%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs947\">0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs948\">of <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _cf\"> </span>0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs949\">-5%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94a\">-3%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94b\">-5%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94c\">0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94d\">-5%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94e\">of <span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>l es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _193\"> </span>0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs94f\">-5%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs950\">-10%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs951\">0%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs952\">-10%<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs953\">-10%<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs954\">Marke<span class=\"_ _1\"></span>t value of<span class=\"_ _1\"></span> assets less liabili<span class=\"_ _1\"></span>ties (in EUR mill<span class=\"_ _1\"></span>ions) <span class=\"_ _1e0\"> </span>6,052.1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs955\">4,079.2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs956\">4,540.3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs957\">4,343.4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs958\">5,107.3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs959\">4,231.7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">In ever<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> sc<span class=\"_ _3\"></span>enario, th<span class=\"_ _3\"></span>e fair val<span class=\"_ _3\"></span>ue of the <span class=\"_ _3\"></span>assets is sig<span class=\"_ _3\"></span>nificantl<span class=\"_ _3\"></span>y higher t<span class=\"_ _3\"></span>han the <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> li<span class=\"_ _3\"></span>abilities aft<span class=\"_ _3\"></span>er str<span class=\"_ _3\"></span>ess.<span class=\"_ _379\"> </span>  </div>8<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> CREDIT RIS<span class=\"_ _3\"></span>K FROM<span class=\"_ _3\"></span> INVESTM<span class=\"_ _3\"></span>ENT<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> Whe<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>ated<span class=\"_ _3\"></span> t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>t <span class=\"_ _1\"></span>qua<span class=\"_ _3\"></span>lit<span class=\"_ _3\"></span>y<span class=\"_ _11\"></span>, <span class=\"_ _1\"></span>a dis<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>ctio<span class=\"_ _3\"></span>n mu<span class=\"_ _3\"></span>st be<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>de be<span class=\"_ _3\"></span>twe<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>liqu<span class=\"_ _3\"></span>id an<span class=\"_ _3\"></span>d trad<span class=\"_ _3\"></span>abl<span class=\"_ _5\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(e.<span class=\"_ _3\"></span>g.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>exc<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span>list<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>nds<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>bil<span class=\"_ _3\"></span>ater<span class=\"_ _3\"></span>al <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uch<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>as, <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>ex<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>pl<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>tim<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>posi<span class=\"_ _3\"></span>ts,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>O<span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>C <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>vati<span class=\"_ _3\"></span>ves<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>loa<span class=\"_ _3\"></span>ns, <span class=\"_ _5\"></span>pri<span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>pla<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>curi<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es ac<span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span>/de<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he ris<span class=\"_ _5\"></span>k is <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>by m<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>ns o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> limi<span class=\"_ _5\"></span>ted <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>div<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n lim<span class=\"_ _3\"></span>its<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>t t<span class=\"_ _3\"></span>he p<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rtfol<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span> le<span class=\"_ _3\"></span>vel.<span class=\"_ _3\"></span> Conside<span class=\"_ _3\"></span>ration i<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>nly<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>given <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>hose is<span class=\"_ _3\"></span>suers o<span class=\"_ _3\"></span>r co<span class=\"_ _3\"></span>ntracting p<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rties <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>hos<span class=\"_ _3\"></span>e cr<span class=\"_ _3\"></span>edit qu<span class=\"_ _3\"></span>ality or <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eliabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>can be <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>essed <span class=\"_ _3\"></span>by V<span class=\"_ _3\"></span>IG Insurance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p, whethe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> on <span class=\"_ _1\"></span>the basis of analyses perform<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by the <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>oup, credit assessm<span class=\"_ _3\"></span>ents/r<span class=\"_ _3\"></span>atings <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m recog<span class=\"_ _3\"></span>nised sourc<span class=\"_ _3\"></span>es, pro<span class=\"_ _3\"></span>vision of s<span class=\"_ _3\"></span>ecurity (e.g. m<span class=\"_ _3\"></span>ortgages) or<span class=\"_ _d\"></span>, to <span class=\"_ _3\"></span>a certain ext<span class=\"_ _3\"></span>ent, the possi<span class=\"_ _3\"></span>bility of r<span class=\"_ _3\"></span>ecourse to r<span class=\"_ _3\"></span>eliabl<span class=\"_ _3\"></span>e mechanisms<span class=\"_ _3\"></span> for safeguar<span class=\"_ _3\"></span>ding i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> Und<span class=\"_ _3\"></span>er <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>uid<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>nes, <span class=\"_ _d\"></span>bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _d\"></span>inv<span class=\"_ _3\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts <span class=\"_ _d\"></span>(w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch <span class=\"_ _d\"></span>rep<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span>rges<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>inv<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>) <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>de <span class=\"_ _d\"></span>alm<span class=\"_ _3\"></span>ost <span class=\"_ _d\"></span>enti<span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>ly in th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nv<span class=\"_ _3\"></span>est<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nt grad<span class=\"_ _3\"></span>e rang<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>goa<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ach<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>ve the gr<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tes<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>pos<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ble div<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>amo<span class=\"_ _5\"></span>ng <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>divi<span class=\"_ _3\"></span>du<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uers<span class=\"_ _3\"></span>, to avoi<span class=\"_ _3\"></span>d ac<span class=\"_ _3\"></span>cum<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>tio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> ris<span class=\"_ _3\"></span>ks, to<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>ens<span class=\"_ _5\"></span>ur<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>od a<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>rage c<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edit<span class=\"_ _3\"></span>wo<span class=\"_ _3\"></span>rthi<span class=\"_ _5\"></span>ness<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>to co<span class=\"_ _5\"></span>ntro<span class=\"_ _3\"></span>l fo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eig<span class=\"_ _3\"></span>n cu<span class=\"_ _3\"></span>rre<span class=\"_ _3\"></span>ncy<span class=\"_ _3\"></span> eff<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>nd to ma<span class=\"_ _3\"></span>ke t<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ajo<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y of inv<span class=\"_ _3\"></span>est<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ents i<span class=\"_ _5\"></span>n m<span class=\"_ _3\"></span>id t<span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ng-<span class=\"_ _3\"></span>term <span class=\"_ _5\"></span>matu<span class=\"_ _3\"></span>riti<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>ref<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>atur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _5\"></span>ofil<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>abil<span class=\"_ _3\"></span>iti<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>as <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>entl<span class=\"_ _3\"></span>y as<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>ibl<span class=\"_ _3\"></span>e. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>ok v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>es of<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts as o<span class=\"_ _3\"></span>f <span class=\"_ _1\"></span>3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _5\"></span>2 are<span class=\"_ _3\"></span> show<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span> pag<span class=\"_ _3\"></span>e 72.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>In<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n the se<span class=\"_ _3\"></span>curi<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>hei<span class=\"_ _3\"></span>r ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>No<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>2.4 <span class=\"_ _d\"></span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _d\"></span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial <span class=\"_ _d\"></span>ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>104<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>note<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>oli<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>fi<span class=\"_ _5\"></span>nanci<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ents.<span class=\"_ _3\"></span> Use of rati<span class=\"_ _3\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> The \u201cseco<span class=\"_ _3\"></span>nd be<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t rating\u201d method sp<span class=\"_ _3\"></span>ecified u<span class=\"_ _3\"></span>nder Solv<span class=\"_ _379\"> </span>ency II is<span class=\"_ _3\"></span> used a<span class=\"_ _1\"></span>s a rati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g met<span class=\"_ _3\"></span>hod. The latest (iss<span class=\"_ _3\"></span>ue or issuer<span class=\"_ _3\"></span>) r<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ng fro<span class=\"_ _3\"></span>m each of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>thre<span class=\"_ _3\"></span>e major ra<span class=\"_ _3\"></span>ting age<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ies i<span class=\"_ _3\"></span>s used <span class=\"_ _3\"></span>to dete<span class=\"_ _3\"></span>rmine the se<span class=\"_ _3\"></span>cond b<span class=\"_ _3\"></span>est rating.<span class=\"_ _3\"></span> If <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>atest <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>issuer <span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng, a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>this <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>e dir<span class=\"_ _3\"></span>ectly <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed d<span class=\"_ _3\"></span>ue to <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>ference <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>qual<span class=\"_ _3\"></span>ity of <span class=\"_ _5\"></span>the s<span class=\"_ _3\"></span>ecurity <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>e.<span class=\"_ _3\"></span>g. senior un<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ecur<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>debt rating <span class=\"_ _1\"></span>and a <span class=\"_ _4\"></span>lo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>2 <span class=\"_ _1\"></span>bond), the <span class=\"_ _1\"></span>rating<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>adjust<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>downwar<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>s appro<span class=\"_ _3\"></span>priately<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The adjustme<span class=\"_ _3\"></span>nt is one not<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>down for lo<span class=\"_ _3\"></span>wer tie<span class=\"_ _3\"></span>r 2 bonds a<span class=\"_ _3\"></span>nd two not<span class=\"_ _3\"></span>ches do<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> fo<span class=\"_ _3\"></span>r uppe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> tie<span class=\"_ _3\"></span>r 2 or tier 1 <span class=\"_ _3\"></span>bonds.<span class=\"_ _5\"></span> T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is res<span class=\"_ _3\"></span>ults<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>up <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ee <span class=\"_ _1\"></span>vali<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ach <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>nd. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>ese <span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ke<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>oba<span class=\"_ _3\"></span>bili<span class=\"_ _5\"></span>ty <span class=\"_ _1\"></span>of def<span class=\"_ _5\"></span>ault <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d the<span class=\"_ _3\"></span> ra<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g wi<span class=\"_ _5\"></span>th t<span class=\"_ _3\"></span>he s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>d-lo<span class=\"_ _3\"></span>wes<span class=\"_ _3\"></span>t p<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>babil<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>def<span class=\"_ _5\"></span>ault <span class=\"_ _3\"></span>tak<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e \u201cs<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>bes<span class=\"_ _3\"></span>t r<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ng\u201d<span class=\"_ _3\"></span>. If <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>atin<span class=\"_ _3\"></span>gs <span class=\"_ _3\"></span>in fi<span class=\"_ _5\"></span>rst a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> sec<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>pla<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>hav<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ame <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>oba<span class=\"_ _3\"></span>bili<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>aul<span class=\"_ _3\"></span>t, <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>se <span class=\"_ _5\"></span>two <span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>\u201cs<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>st <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g\u201d. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>ses <span class=\"_ _5\"></span>wh<span class=\"_ _3\"></span>ere <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ting <span class=\"_ _5\"></span>has o<span class=\"_ _3\"></span>nly b<span class=\"_ _5\"></span>een <span class=\"_ _3\"></span>assig<span class=\"_ _5\"></span>ned<span class=\"_ _3\"></span> by<span class=\"_ _3\"></span> on<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>age<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> a l<span class=\"_ _3\"></span>ack<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r in<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, t<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ng is<span class=\"_ _5\"></span> us<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e \u201cs<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span>st <span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing\u201d.<span class=\"_ _3\"></span> CREDIT RIS<span class=\"_ _3\"></span>K FROM<span class=\"_ _3\"></span> REINSURANC<span class=\"_ _3\"></span>E VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Group cedes a<span class=\"_ _1\"></span> portion of a<span class=\"_ _1\"></span>ssum<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>risks to <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. Th<span class=\"_ _1\"></span>is transf<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> of r<span class=\"_ _1\"></span>isk to <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers does not, ho<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, r<span class=\"_ _3\"></span>elieve <span class=\"_ _3\"></span>VIG I<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up of its<span class=\"_ _5\"></span> obligations<span class=\"_ _3\"></span> to po<span class=\"_ _3\"></span>licyholde<span class=\"_ _3\"></span>rs. VI<span class=\"_ _3\"></span>G Insur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>Group is<span class=\"_ _3\"></span> expose<span class=\"_ _3\"></span>d to<span class=\"_ _3\"></span> the ris<span class=\"_ _3\"></span>k of reins<span class=\"_ _3\"></span>urer <span class=\"_ _c\"> </span>insolve<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding <span class=\"_ _c\"> </span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _c\"> </span>designs <span class=\"_ _c\"> </span>its <span class=\"_ _c\"> </span>reinsuran<span class=\"_ _3\"></span>ce <span class=\"_ _b\"> </span>prog<span class=\"_ _3\"></span>ramme <span class=\"_ _c\"> </span>caref<span class=\"_ _3\"></span>ully <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>monito<span class=\"_ _3\"></span>rs <span class=\"_ _b\"> </span>reins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>er <span class=\"_ _c\"> </span>rat<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng changes f<span class=\"_ _3\"></span>or VIG Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up.<span class=\"_ _379\"> </span>UNDERWRITIN<span class=\"_ _3\"></span>G RISKS Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng risks are di<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ed into life i<span class=\"_ _3\"></span>nsurance, non-li<span class=\"_ _3\"></span>fe insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>health insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce (in<span class=\"_ _3\"></span>cl. accide<span class=\"_ _3\"></span>nt insurance<span class=\"_ _3\"></span>) a<span class=\"_ _1\"></span>nd a<span class=\"_ _3\"></span>re managed by the Actuarial dep<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent. I<span class=\"_ _1\"></span>t subjects all insura<span class=\"_ _3\"></span>nce solutions to <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>-depth actuarial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>analysis cove<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g all<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>lines<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of insuranc<span class=\"_ _3\"></span>e business<span class=\"_ _3\"></span> (life, healt<span class=\"_ _3\"></span>h as w<span class=\"_ _3\"></span>ell as pro<span class=\"_ _3\"></span>perty <span class=\"_ _3\"></span>and casual<span class=\"_ _3\"></span>ty).<span class=\"_ _379\"> </span>  <div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">The Actuarial f<span class=\"_ _3\"></span>unction in the Act<span class=\"_ _3\"></span>uarial departm<span class=\"_ _3\"></span>ent coordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ates the Gro<span class=\"_ _3\"></span>up-wide<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>dete<span class=\"_ _3\"></span>rmination<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of unde<span class=\"_ _3\"></span>rwriting<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">prep<span class=\"_ _3\"></span>are th<span class=\"_ _3\"></span>e econom<span class=\"_ _3\"></span>ic balance s<span class=\"_ _3\"></span>heet i<span class=\"_ _3\"></span>n accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h Sol<span class=\"_ _3\"></span>vency II.  </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs1fe\">Life underwrit<span class=\"_ _3\"></span>ing risk<span class=\"_ _3\"></span> and health<span class=\"_ _3\"></span> underwritin<span class=\"_ _3\"></span>g risk simi<span class=\"_ _3\"></span>lar to life </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">Life <span class=\"_ _1\"></span>underwriting<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>risk <span class=\"_ _1\"></span>includes <span class=\"_ _1\"></span>lapse <span class=\"_ _1\"></span>risk, <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>disa<span class=\"_ _3\"></span>bility<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>risk, <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>rbidit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>long<span class=\"_ _3\"></span>evity <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>disas<span class=\"_ _3\"></span>ter <span class=\"_ _1\"></span>risk </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">and <span class=\"_ _1\"></span>audit r<span class=\"_ _1\"></span>isk. The <span class=\"_ _1\"></span>main r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in th<span class=\"_ _1\"></span>is are<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>lapse r<span class=\"_ _1\"></span>isk and <span class=\"_ _1\"></span>cost r<span class=\"_ _1\"></span>isk, <span class=\"_ _1\"></span>as we<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>s biomet<span class=\"_ _3\"></span>ric <span class=\"_ _1\"></span>risks, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>life <span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>pectanc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">occupati<span class=\"_ _3\"></span>onal dis<span class=\"_ _3\"></span>ability<span class=\"_ _d\"></span>, illness a<span class=\"_ _3\"></span>nd the n<span class=\"_ _3\"></span>eed for <span class=\"_ _3\"></span>nursing ca<span class=\"_ _3\"></span>re. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>account <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>these <span class=\"_ _1\"></span>under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>risks, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>formed <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>pa<span class=\"_ _3\"></span>yments. <span class=\"_ _1\"></span>VIG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">Insurance <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _6\"> </span>calcula<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>its <span class=\"_ _c\"> </span>und<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rwriting <span class=\"_ _6\"> </span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _6\"> </span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ing <span class=\"_ _6\"> </span>recognis<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>act<span class=\"_ _3\"></span>uarial <span class=\"_ _6\"> </span>methods <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mp<span class=\"_ _3\"></span>tions. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>se </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">assumpti<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>estima<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>long-term <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>trend, <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eturns <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>allocatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of in<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">between <span class=\"_ _4\"></span>equities, <span class=\"_ _a\"></span>inter<span class=\"_ _3\"></span>est-be<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>in<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ruments <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>other <span class=\"_ _a\"></span>categories, <span class=\"_ _4\"></span>net <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>ncome <span class=\"_ _a\"></span>particip<span class=\"_ _3\"></span>ations, <span class=\"_ _4\"></span>mortality <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>mor<span class=\"_ _3\"></span>bidity </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">rates, <span class=\"_ _4\"></span>lapse <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ates <span class=\"_ _1\"></span>and <span class=\"_ _a\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>costs. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _4\"></span>monito<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>act<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>erience <span class=\"_ _4\"></span>rel<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>these<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">assumpti<span class=\"_ _3\"></span>ons and adj<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st th<span class=\"_ _3\"></span>eir long-te<span class=\"_ _3\"></span>rm assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>where <span class=\"_ _3\"></span>changes o<span class=\"_ _3\"></span>f a long<span class=\"_ _3\"></span>-term na<span class=\"_ _3\"></span>ture o<span class=\"_ _3\"></span>ccur<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">T<span class=\"_ _11\"></span>o <span class=\"_ _1\"></span>minimi<span class=\"_ _3\"></span>se <span class=\"_ _1\"></span>laps<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risk, VIG Insuran<span class=\"_ _3\"></span>ce Group uses a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> effec<span class=\"_ _3\"></span>tive complai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t managem<span class=\"_ _3\"></span>ent departm<span class=\"_ _3\"></span>ent, qualified advisors a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">customer<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>loyalty <span class=\"_ _10\"> </span>pro<span class=\"_ _3\"></span>grammes  to <span class=\"_ _10\"> </span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _10\"> </span>custom<span class=\"_ _3\"></span>er <span class=\"_ _10\"> </span>satisf<span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>tion  and <span class=\"_ _10\"> </span>avoid  cancellations.  Poli<span class=\"_ _3\"></span>cyholder <span class=\"_ _10\"> </span>ca<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ella<span class=\"_ _3\"></span>tion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">behavio<span class=\"_ _3\"></span>ur is conti<span class=\"_ _3\"></span>nuously mo<span class=\"_ _3\"></span>nitore<span class=\"_ _3\"></span>d so t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>targeted m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>res can <span class=\"_ _3\"></span>be taken if<span class=\"_ _3\"></span> unfavo<span class=\"_ _3\"></span>urable cha<span class=\"_ _3\"></span>nges occ<span class=\"_ _3\"></span>ur<span class=\"_ _379\"> </span><span class=\"_ _5\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">The <span class=\"_ _3\"></span>companies <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>VIG <span class=\"_ _5\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>use <span class=\"_ _3\"></span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>yses, <span class=\"_ _3\"></span>targeted <span class=\"_ _3\"></span>prod<span class=\"_ _3\"></span>uct <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and de<span class=\"_ _3\"></span>tailed <span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>writing g<span class=\"_ _3\"></span>uideli<span class=\"_ _3\"></span>nes </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">to ad<span class=\"_ _1\"></span>dr<span class=\"_ _3\"></span>ess these risks. A variety of reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s als<span class=\"_ _3\"></span>o <span class=\"_ _1\"></span>exist that help <span class=\"_ _1\"></span>to red<span class=\"_ _3\"></span>uce <span class=\"_ _1\"></span>the gener<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>level of risk. A <span class=\"_ _1\"></span>broa<span class=\"_ _3\"></span>dly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">diversif<span class=\"_ _3\"></span>ied <span class=\"_ _3\"></span>prod<span class=\"_ _3\"></span>uct <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>all <span class=\"_ _5\"></span>life <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>composi<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>well-mi<span class=\"_ _3\"></span>xed <span class=\"_ _3\"></span>custome<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CE<span class=\"_ _3\"></span>E <span class=\"_ _3\"></span>regio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>minimi<span class=\"_ _3\"></span>se </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">risk co<span class=\"_ _3\"></span>ncentrations.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs93b\">Non-life u<span class=\"_ _3\"></span>nderwriting<span class=\"_ _3\"></span> risk and <span class=\"_ _3\"></span>hea<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>h underw<span class=\"_ _3\"></span>riting risk simil<span class=\"_ _3\"></span>ar to <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>on-<span class=\"_ _3\"></span>life </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">Risk in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e n<span class=\"_ _1\"></span>on-l<span class=\"_ _3\"></span>ife sec<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>is divided into pr<span class=\"_ _3\"></span>emium risk, rese<span class=\"_ _3\"></span>rve risk, lapse risk and catastr<span class=\"_ _3\"></span>ophe risk. Pr<span class=\"_ _3\"></span>operty and casu<span class=\"_ _3\"></span>alty </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">underwriti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>risks ar<span class=\"_ _3\"></span>e prim<span class=\"_ _3\"></span>arily ma<span class=\"_ _3\"></span>naged <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _3\"></span>actuarial m<span class=\"_ _3\"></span>odels <span class=\"_ _3\"></span>for setting <span class=\"_ _3\"></span>rates and mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ito<span class=\"_ _3\"></span>ring the pr<span class=\"_ _3\"></span>ogr<span class=\"_ _3\"></span>ess of <span class=\"_ _3\"></span>claims, <span class=\"_ _3\"></span>as </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">well as r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>ements <span class=\"_ _3\"></span>for the ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ption of i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suran<span class=\"_ _3\"></span>ce risks. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">Health unde<span class=\"_ _3\"></span>rwriting risk is primaril<span class=\"_ _3\"></span>y concentrated<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in the Aus<span class=\"_ _3\"></span>trian <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>panies. In<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the CEE mark<span class=\"_ _3\"></span>ets, <span class=\"_ _1\"></span>moto<span class=\"_ _3\"></span>r third<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>party liabil<span class=\"_ _5\"></span>ity<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">has <span class=\"_ _1\"></span>a high volume compar<span class=\"_ _3\"></span>ed to <span class=\"_ _1\"></span>the other lines <span class=\"_ _1\"></span>of bu<span class=\"_ _1\"></span>si<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>This risk <span class=\"_ _1\"></span>conce<span class=\"_ _3\"></span>ntration was c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsciously accepte<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>or<span class=\"_ _3\"></span>der to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">enter these <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>arkets. The <span class=\"_ _1\"></span>stro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g market position and above<span class=\"_ _3\"></span>-average <span class=\"_ _1\"></span>gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> pro<span class=\"_ _3\"></span>spects in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>CEE regio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>will help <span class=\"_ _1\"></span>gro<span class=\"_ _5\"></span>wth </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">in the ot<span class=\"_ _3\"></span>her lines o<span class=\"_ _3\"></span>f business, t<span class=\"_ _3\"></span>hereb<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>educing t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>concent<span class=\"_ _3\"></span>ration i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> moto<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>thir<span class=\"_ _3\"></span>d party liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">The <span class=\"_ _c\"></span>e<span class=\"_ _3\"></span>nvironm<span class=\"_ _3\"></span>ental <span class=\"_ _a\"></span>catastr<span class=\"_ _3\"></span>ophes <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>have <span class=\"_ _c\"></span>be<span class=\"_ _3\"></span>en <span class=\"_ _a\"></span>b<span class=\"_ _1\"></span>ecomi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>incre<span class=\"_ _3\"></span>asingly <span class=\"_ _c\"></span>comm<span class=\"_ _3\"></span>on <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ecent <span class=\"_ _a\"></span>years, <span class=\"_ _a\"></span>such <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>flo<span class=\"_ _3\"></span>ods, <span class=\"_ _a\"></span>(<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>il) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">storms, m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>dslides<span class=\"_ _3\"></span> and la<span class=\"_ _3\"></span>ndsl<span class=\"_ _3\"></span>ides may <span class=\"_ _3\"></span>have b<span class=\"_ _3\"></span>een br<span class=\"_ _3\"></span>ough<span class=\"_ _3\"></span>t about b<span class=\"_ _3\"></span>y gen<span class=\"_ _3\"></span>eral climat<span class=\"_ _3\"></span>e chang<span class=\"_ _3\"></span>e. The<span class=\"_ _3\"></span> number<span class=\"_ _3\"></span> of claims<span class=\"_ _3\"></span> caus<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">in this <span class=\"_ _3\"></span>way may <span class=\"_ _3\"></span>continue to <span class=\"_ _3\"></span>rise in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> f<span class=\"_ _3\"></span>uture.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Group forms pro<span class=\"_ _3\"></span>visions for claims and <span class=\"_ _1\"></span>claim<span class=\"_ _3\"></span>s settlement expens<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>and regula<span class=\"_ _3\"></span>rly <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>in order<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">ef<span class=\"_ _3\"></span>fectively <span class=\"_ _5\"></span>cove<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _d\"></span>risk <span class=\"_ _5\"></span>associa<span class=\"_ _3\"></span>ted <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>insurance <span class=\"_ _d\"></span>business<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>This <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>also <span class=\"_ _5\"></span>significantly <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>educed <span class=\"_ _d\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>cedi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>reinsu<span class=\"_ _3\"></span>rance.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs65\">LIQUIDITY<span class=\"_ _3\"></span> RISK </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97b\">E<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97c\">f<span class=\"_ _3\"></span>ficient <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>et <span class=\"_ _1\"></span>liability <span class=\"_ _1\"></span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>preve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidity <span class=\"_ _4\"></span>sho<span class=\"_ _3\"></span>rtages. <span class=\"_ _1\"></span>Investm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>obligations are <span class=\"_ _1\"></span>analys<span class=\"_ _3\"></span>ed </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">regul<span class=\"_ _3\"></span>arly <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>iden<span class=\"_ _3\"></span>tify <span class=\"_ _c\"> </span>liquidity <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>eeds. <span class=\"_ _a\"></span>These <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nalys<span class=\"_ _3\"></span>es, <span class=\"_ _c\"> </span>toget<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _c\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>clear <span class=\"_ _c\"> </span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements <span class=\"_ _a\"></span>(<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>it <span class=\"_ _c\"> </span>systems<span class=\"_ _3\"></span>) <span class=\"_ _c\"> </span>and <span class=\"_ _c\"></span>a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">conser<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ve <span class=\"_ _a\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _5\"></span>, <span class=\"_ _4\"></span>help <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>ely <span class=\"_ _4\"></span>manage <span class=\"_ _4\"></span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>risk. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>T<span class=\"_ _d\"></span>re<span class=\"_ _3\"></span>asury <span class=\"_ _4\"></span>departm<span class=\"_ _3\"></span>ent, <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ncl. <span class=\"_ _a\"></span>Ass<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>L<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ability<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">Managem<span class=\"_ _3\"></span>ent, is r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e for the o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>going mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>itori<span class=\"_ _3\"></span>ng of c<span class=\"_ _3\"></span>ash flows <span class=\"_ _3\"></span>and reg<span class=\"_ _3\"></span>ular r<span class=\"_ _3\"></span>eporting o<span class=\"_ _3\"></span>n liquidit<span class=\"_ _3\"></span>y changes.<span class=\"_ _3\"></span>  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>ensure <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>ev<span class=\"_ _3\"></span>ery <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>pany <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ues <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>adeq<span class=\"_ _3\"></span>uate <span class=\"_ _1\"></span>liquidity <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>uture, <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>guid<span class=\"_ _3\"></span>elines <span class=\"_ _4\"></span>specif<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidi<span class=\"_ _3\"></span>ty </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">managem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>andar<span class=\"_ _3\"></span>ds <span class=\"_ _c\"> </span>that <span class=\"_ _c\"></span>m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>be <span class=\"_ _c\"></span>obs<span class=\"_ _3\"></span>erved <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>up-wide <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>every <span class=\"_ _c\"></span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>. <span class=\"_ _a\"></span>Among <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>ther <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ings, <span class=\"_ _a\"></span>these <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>tandar<span class=\"_ _5\"></span>ds </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">req<span class=\"_ _3\"></span>uire a r<span class=\"_ _3\"></span>egula<span class=\"_ _3\"></span>r examina<span class=\"_ _3\"></span>tion of cu<span class=\"_ _3\"></span>rrent <span class=\"_ _3\"></span>and futur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h inflo<span class=\"_ _3\"></span>ws and outflo<span class=\"_ _3\"></span>ws. </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs6d\">Underwritin<span class=\"_ _3\"></span>g liquidity<span class=\"_ _3\"></span> analysis<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">A <span class=\"_ _5\"></span>comparison <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>expected <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>yments <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97d\">ance <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>one <span class=\"_ _5\"></span>year <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>ely <span class=\"_ _3\"></span>dispos<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ble <span class=\"_ _5\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts <span class=\"_ _5\"></span>shows<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">that unde<span class=\"_ _3\"></span>rwriting do<span class=\"_ _3\"></span>es not c<span class=\"_ _3\"></span>reate <span class=\"_ _3\"></span>any liq<span class=\"_ _3\"></span>uidity risk.  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97e\">The <span class=\"_ _4\"></span>expe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>were <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>erived <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>maturities of <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>athem<span class=\"_ _3\"></span>atical <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eserve <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>utstanding<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">claims. <span class=\"_ _1\"></span>Cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>alents <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>no <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>or<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>matu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ities <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>up <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>one <span class=\"_ _1\"></span>year <span class=\"_ _4\"></span>wer<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>defined a<span class=\"_ _1\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97f\">freely <span class=\"_ _3\"></span>disposable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ents.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs980\">OTHER <span class=\"_ _3\"></span>RISKS </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs981\">Business <span class=\"_ _4\"></span>activities <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>ot<span class=\"_ _3\"></span>her <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ssess<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>managed<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>as <span class=\"_ _4\"></span>part <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>hese <span class=\"_ _a\"></span>inclu<span class=\"_ _3\"></span>de, <span class=\"_ _a\"></span>in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">particul<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>, opera<span class=\"_ _3\"></span>tional ris<span class=\"_ _3\"></span>ks, as well<span class=\"_ _3\"></span> as r<span class=\"_ _3\"></span>eputation <span class=\"_ _3\"></span>risks a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d s<span class=\"_ _3\"></span>trategic <span class=\"_ _3\"></span>risks. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs982\">In a<span class=\"_ _3\"></span>ddition, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>compr<span class=\"_ _3\"></span>ehensiv<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ernal co<span class=\"_ _3\"></span>ntrol <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stem <span class=\"_ _5\"></span>(ICS) <span class=\"_ _3\"></span>ensures <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>quate <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>control <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>rastruct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>as b<span class=\"_ _3\"></span>een <span class=\"_ _3\"></span>set <span class=\"_ _5\"></span>up </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs983\">for <span class=\"_ _c\"> </span>ope<span class=\"_ _3\"></span>rat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>nal <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>reg<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>larly <span class=\"_ _a\"></span>checked <span class=\"_ _c\"></span>fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>appr<span class=\"_ _3\"></span>opri<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>teness <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>ef<span class=\"_ _3\"></span>fectiv<span class=\"_ _3\"></span>eness. <span class=\"_ _c\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>ICS <span class=\"_ _c\"></span>its<span class=\"_ _3\"></span>elf <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>rised <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>all </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs984\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>res and contr<span class=\"_ _3\"></span>ol ac<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>vities <span class=\"_ _1\"></span>used to minimise risks \u2013 <span class=\"_ _1\"></span>particularly for <span class=\"_ _1\"></span>the are<span class=\"_ _3\"></span>as <span class=\"_ _1\"></span>of accounting and <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>pliance, but <span class=\"_ _1\"></span>als<span class=\"_ _3\"></span>o </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs275\">for <span class=\"_ _4\"></span>other <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>eratio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span>. <span class=\"_ _4\"></span>It <span class=\"_ _4\"></span>exte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>sp<span class=\"_ _3\"></span>eciall<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>established <span class=\"_ _1\"></span>proc<span class=\"_ _3\"></span>esses, <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>units <span class=\"_ _4\"></span>suc<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>accounti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs985\">contro<span class=\"_ _3\"></span>lling, all<span class=\"_ _3\"></span> the w<span class=\"_ _3\"></span>ay to<span class=\"_ _3\"></span> guideli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>es,<span class=\"_ _3\"></span> reg<span class=\"_ _3\"></span>ulations <span class=\"_ _3\"></span>and in<span class=\"_ _3\"></span>dividu<span class=\"_ _3\"></span>al control<span class=\"_ _3\"></span>s wit<span class=\"_ _3\"></span>hin pr<span class=\"_ _3\"></span>ocesses, s<span class=\"_ _5\"></span>uch as a<span class=\"_ _3\"></span>utomated<span class=\"_ _3\"></span> audits o<span class=\"_ _3\"></span>r u<span class=\"_ _3\"></span>se </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs986\">of the \u201cf<span class=\"_ _3\"></span>our<span class=\"_ _3\"></span>-eyes\u201d p<span class=\"_ _3\"></span>rincipl<span class=\"_ _3\"></span>e.  </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs987\">Aspects of t<span class=\"_ _3\"></span>he legal t<span class=\"_ _3\"></span>ax framewor<span class=\"_ _3\"></span>k affectin<span class=\"_ _3\"></span>g earning<span class=\"_ _379\"> </span></div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs988\">s<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27a\">Chang<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>law <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>negatively <span class=\"_ _4\"></span>af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attracti<span class=\"_ _3\"></span>veness <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>certain <span class=\"_ _1\"></span>produ<span class=\"_ _3\"></span>cts <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tly<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>enjoy <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>adva<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>For </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27b\">example,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>intro<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>ws <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>red<span class=\"_ _3\"></span>uce <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tax advant<span class=\"_ _3\"></span>ages <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>tir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> benefit products<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27c\">or othe<span class=\"_ _3\"></span>r life insura<span class=\"_ _3\"></span>nce pro<span class=\"_ _3\"></span>ducts <span class=\"_ _3\"></span>cou<span class=\"_ _1\"></span>ld <span class=\"_ _3\"></span>consi<span class=\"_ _3\"></span>derably dim<span class=\"_ _3\"></span>inish thei<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> attr<span class=\"_ _3\"></span>activeness.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs27d\">Regulatory enviro<span class=\"_ _3\"></span>nment </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs989\">VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up is <span class=\"_ _5\"></span>subject <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>domesti<span class=\"_ _3\"></span>c a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>foreig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(insurance<span class=\"_ _3\"></span>) supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y r<span class=\"_ _5\"></span>egu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ations. <span class=\"_ _3\"></span>Thes<span class=\"_ _3\"></span>e reg<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>ns gov<span class=\"_ _3\"></span>ern<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ch </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27e\">matters as:<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs280\">\u2022<span class=\"_ _f\"> </span>Capital r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements o<span class=\"_ _3\"></span>f insuran<span class=\"_ _3\"></span>ce compa<span class=\"_ _3\"></span>nies and i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span> gro<span class=\"_ _3\"></span>ups<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs281\">\u2022<span class=\"_ _f\"> </span>Admissi<span class=\"_ _3\"></span>bility of i<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments as s<span class=\"_ _3\"></span>ecurity for <span class=\"_ _3\"></span>underwriti<span class=\"_ _3\"></span>ng pro<span class=\"_ _3\"></span>vis<span class=\"_ _3\"></span>ions<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98a\">\u2022<span class=\"_ _f\"> </span>Licences of <span class=\"_ _3\"></span>the dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent insuran<span class=\"_ _3\"></span>ce comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>ies o<span class=\"_ _3\"></span>f VI<span class=\"_ _3\"></span>G Insuranc<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98b\">\u2022<span class=\"_ _f\"> </span>Marketing <span class=\"_ _3\"></span>activities a<span class=\"_ _3\"></span>nd the sal<span class=\"_ _3\"></span>e of insu<span class=\"_ _3\"></span>rance polici<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98c\">\u2022<span class=\"_ _f\"> </span>Cancellatio<span class=\"_ _3\"></span>n rights of <span class=\"_ _3\"></span>polic<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>hold<span class=\"_ _3\"></span>ers.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98d\">Chang<span class=\"_ _3\"></span>es to the s<span class=\"_ _3\"></span>tatutory fram<span class=\"_ _3\"></span>ework m<span class=\"_ _3\"></span>ay make <span class=\"_ _3\"></span>restr<span class=\"_ _3\"></span>ucturing<span class=\"_ _3\"></span> necessary<span class=\"_ _d\"></span>, th<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s r<span class=\"_ _5\"></span>esulting in i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>ed costs.<span class=\"_ _379\"> </span><span class=\"_ _5\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs8e\">Developm<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>ts i<span class=\"_ _3\"></span>n Centr<span class=\"_ _3\"></span>al and East<span class=\"_ _3\"></span>ern Europe<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">The <span class=\"_ _5\"></span>expansio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>developme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _5\"></span>opera<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>cou<span class=\"_ _3\"></span>ntr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Cen<span class=\"_ _3\"></span>tral <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Ea<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ern <span class=\"_ _3\"></span>Euro<span class=\"_ _3\"></span>pe <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>compo<span class=\"_ _3\"></span>nent </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">of <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>Holding\u2019<span class=\"_ _11\"></span>s <span class=\"_ _a\"></span>strategy<span class=\"_ _11\"></span>. <span class=\"_ _a\"></span>It <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>ery <span class=\"_ _4\"></span>stro<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>esence <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>countries <span class=\"_ _4\"></span>thro<span class=\"_ _3\"></span>ugh <span class=\"_ _a\"></span>its <span class=\"_ _a\"></span>subsi<span class=\"_ _3\"></span>diaries. <span class=\"_ _4\"></span>The <span class=\"_ _a\"></span>pr<span class=\"_ _3\"></span>escribed <span class=\"_ _4\"></span>risk </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">guidelin<span class=\"_ _3\"></span>es ensur<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nsistent risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent in all<span class=\"_ _3\"></span> CEE co<span class=\"_ _3\"></span>untries in V<span class=\"_ _3\"></span>IG Insura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _3\"></span>oup.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs93\">Concentratio<span class=\"_ _3\"></span>n r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">Conce<span class=\"_ _3\"></span>ntration risk i<span class=\"_ _3\"></span>s due to th<span class=\"_ _1\"></span>e strat<span class=\"_ _3\"></span>egic partne<span class=\"_ _3\"></span>rship with Erste Gr<span class=\"_ _3\"></span>oup and VI<span class=\"_ _3\"></span>G In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p consciousl<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> accep<span class=\"_ _3\"></span>ts this </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">risk. Expos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e is reg<span class=\"_ _3\"></span>ularly ass<span class=\"_ _3\"></span>essed an<span class=\"_ _3\"></span>d monitor<span class=\"_ _3\"></span>ed by <span class=\"_ _3\"></span>the risk <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent pro<span class=\"_ _3\"></span>cesses t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>have b<span class=\"_ _3\"></span>een establi<span class=\"_ _3\"></span>shed. </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs96\">Risks due t<span class=\"_ _3\"></span>o mergers<span class=\"_ _3\"></span> and ac<span class=\"_ _3\"></span>qu<span class=\"_ _1\"></span>isitio<span class=\"_ _3\"></span>ns </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">In the pas<span class=\"_ _3\"></span>t, VIG <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>acquire<span class=\"_ _3\"></span>d dir<span class=\"_ _3\"></span>ectly a<span class=\"_ _3\"></span>nd indir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ctl<span class=\"_ _3\"></span>y a<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>number of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> C<span class=\"_ _3\"></span>entral a<span class=\"_ _3\"></span>nd Easte<span class=\"_ _3\"></span>rn Europ<span class=\"_ _3\"></span>e or a<span class=\"_ _3\"></span>cquir<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">participatio<span class=\"_ _3\"></span>ns in<span class=\"_ _1\"></span> these companies. Merge<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>of subsidiari<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>are conside<span class=\"_ _3\"></span>red <span class=\"_ _1\"></span>if the synergies that <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>achie<span class=\"_ _3\"></span>ved <span class=\"_ _1\"></span>outw<span class=\"_ _3\"></span>eigh </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">the benefits <span class=\"_ _3\"></span>of m<span class=\"_ _3\"></span>ultiple ma<span class=\"_ _3\"></span>rket pr<span class=\"_ _3\"></span>esences. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">Acquisi<span class=\"_ _3\"></span>tions <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>merge<span class=\"_ _3\"></span>rs <span class=\"_ _3\"></span>often <span class=\"_ _5\"></span>bring <span class=\"_ _d\"></span>challenges <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>terms <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>corporat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>financi<span class=\"_ _3\"></span>ng, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">such as:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e n<span class=\"_ _3\"></span>eed<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to integr<span class=\"_ _3\"></span>ate the i<span class=\"_ _3\"></span>nfrastructu<span class=\"_ _3\"></span>re of t<span class=\"_ _3\"></span>he acquir<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span> or m<span class=\"_ _3\"></span>erged com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>, inclu<span class=\"_ _3\"></span>ding m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t informatio<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9e\">systems, <span class=\"_ _3\"></span>and risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and <span class=\"_ _3\"></span>controll<span class=\"_ _3\"></span>ing s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stems,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>h<span class=\"_ _1\"></span>andling <span class=\"_ _3\"></span>unse<span class=\"_ _3\"></span>ttled matters of<span class=\"_ _3\"></span> a legal<span class=\"_ _3\"></span> or r<span class=\"_ _3\"></span>egulato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> n<span class=\"_ _3\"></span>ature <span class=\"_ _3\"></span>and associa<span class=\"_ _3\"></span>ted legal a<span class=\"_ _3\"></span>nd compl<span class=\"_ _3\"></span>iance risks<span class=\"_ _3\"></span> res<span class=\"_ _3\"></span>ulting from <span class=\"_ _5\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8a7\">merger o<span class=\"_ _3\"></span>r acquisitio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>int<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n of ma<span class=\"_ _3\"></span>rketing, custom<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r s<span class=\"_ _3\"></span>upport a<span class=\"_ _3\"></span>nd pro<span class=\"_ _3\"></span>duct ran<span class=\"_ _3\"></span>ges, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>int<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n of dif<span class=\"_ _5\"></span>ferent corpo<span class=\"_ _3\"></span>rate and <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>ement cult<span class=\"_ _3\"></span>ures, <span class=\"_ _3\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e ali<span class=\"_ _3\"></span>gnment of<span class=\"_ _3\"></span> business <span class=\"_ _3\"></span>and re<span class=\"_ _3\"></span>porting pr<span class=\"_ _3\"></span>ocess<span class=\"_ _3\"></span>es and <span class=\"_ _3\"></span>considera<span class=\"_ _3\"></span>tion of <span class=\"_ _3\"></span>Group r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gsa3\">Sustai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>abilit<span class=\"_ _3\"></span>y risks </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">Events <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>changes <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>conditio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>en<span class=\"_ _3\"></span>vironm<span class=\"_ _3\"></span>ental <span class=\"_ _4\"></span>or <span class=\"_ _1\"></span>social <span class=\"_ _4\"></span>are<span class=\"_ _3\"></span>as <span class=\"_ _4\"></span>could <span class=\"_ _4\"></span>pot<span class=\"_ _3\"></span>entially <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>nega<span class=\"_ _3\"></span>tive <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fect <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIG<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s n<span class=\"_ _3\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>ets, fin<span class=\"_ _3\"></span>ancial posi<span class=\"_ _3\"></span>tion and r<span class=\"_ _3\"></span>esults of<span class=\"_ _3\"></span> opera<span class=\"_ _3\"></span>tions, as well<span class=\"_ _3\"></span> as its r<span class=\"_ _3\"></span>eputati<span class=\"_ _3\"></span>on. Thes<span class=\"_ _3\"></span>e include, amo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g ot<span class=\"_ _3\"></span>hers,  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>c<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>mate change, <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>potentially strict<span class=\"_ _3\"></span>er req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ements for s<span class=\"_ _3\"></span>ustain<span class=\"_ _3\"></span>ability in th<span class=\"_ _3\"></span>e area <span class=\"_ _3\"></span>of envir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tal pro<span class=\"_ _5\"></span>tection,  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>political meas<span class=\"_ _3\"></span>ures to <span class=\"_ _3\"></span>promo<span class=\"_ _3\"></span>te sust<span class=\"_ _3\"></span>ainable in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tment, <span class=\"_ _3\"></span>and  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>str<span class=\"_ _1\"></span>ict<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts for a sus<span class=\"_ _3\"></span>tainable so<span class=\"_ _3\"></span>cial e<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>iro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent (labou<span class=\"_ _3\"></span>r law sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ards, o<span class=\"_ _3\"></span>ccupation<span class=\"_ _3\"></span>al safety a<span class=\"_ _3\"></span>nd wo<span class=\"_ _3\"></span>rkin<span class=\"_ _1\"></span>g </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65b\">conditio<span class=\"_ _3\"></span>ns, compe<span class=\"_ _3\"></span>nsation, e<span class=\"_ _3\"></span>tc.). <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup im<span class=\"_ _3\"></span>plicitly in<span class=\"_ _3\"></span>cludes s<span class=\"_ _3\"></span>ustainability <span class=\"_ _3\"></span>risks in <span class=\"_ _3\"></span>its regul<span class=\"_ _3\"></span>ar risk ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>esses (e.g. O<span class=\"_ _3\"></span>RSA).<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">An expl<span class=\"_ _3\"></span>icit ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ssm<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>carried <span class=\"_ _3\"></span>out r<span class=\"_ _5\"></span>egularly <span class=\"_ _3\"></span>in VI<span class=\"_ _3\"></span>G I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Financi<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">Market <span class=\"_ _a\"></span>Aut<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rity <span class=\"_ _a\"></span>Guide <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _a\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>ustain<span class=\"_ _3\"></span>ability <span class=\"_ _4\"></span>R<span class=\"_ _1\"></span>isks.<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>By<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>doing <span class=\"_ _a\"></span>so, <span class=\"_ _a\"></span>key <span class=\"_ _a\"></span>steps <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>to<span class=\"_ _3\"></span>wards <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>integratio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _d\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>existi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>risk <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses. <span class=\"_ _5\"></span>Attenti<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>paid <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>su<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">in internal (risk m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nagem<span class=\"_ _3\"></span>ent) g<span class=\"_ _3\"></span>uidelines.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">A <span class=\"_ _a\"></span>Group<span class=\"_ _3\"></span>-wide <span class=\"_ _a\"></span>list <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>explicitly <span class=\"_ _a\"></span>sust<span class=\"_ _3\"></span>ainability-r<span class=\"_ _3\"></span>elated <span class=\"_ _4\"></span>risks <span class=\"_ _4\"></span>was <span class=\"_ _a\"></span>prepa<span class=\"_ _3\"></span>red <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>order <span class=\"_ _4\"></span>to <span class=\"_ _c\"></span>e<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>structure<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ppro<span class=\"_ _3\"></span>ach <span class=\"_ _4\"></span>to <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">identifica<span class=\"_ _3\"></span>tion <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>su<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>risks <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>VIG <span class=\"_ _6\"> </span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>Group. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>his <span class=\"_ _6\"> </span>list <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>risks <span class=\"_ _6\"> </span>is <span class=\"_ _6\"> </span>being <span class=\"_ _6\"> </span>revie<span class=\"_ _3\"></span>w<span class=\"_ _1\"></span>ed <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>or </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">complet<span class=\"_ _3\"></span>eness <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>uppleme<span class=\"_ _3\"></span>nted <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>necessa<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>panies <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>tandar<span class=\"_ _3\"></span>dised, <span class=\"_ _1\"></span>Group<span class=\"_ _3\"></span>-wide<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">risk managem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt pr<span class=\"_ _3\"></span>ocess. T<span class=\"_ _3\"></span>he list thus also f<span class=\"_ _3\"></span>orms the basis<span class=\"_ _3\"></span> for conside<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n in existing risk ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent proc<span class=\"_ _3\"></span>esses t<span class=\"_ _3\"></span>hat </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98e\">deal with <span class=\"_ _3\"></span>assessing, <span class=\"_ _3\"></span>analysi<span class=\"_ _3\"></span>ng and m<span class=\"_ _3\"></span>anaging ris<span class=\"_ _3\"></span>ks faced <span class=\"_ _3\"></span>by the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p.<span class=\"_ _379\"> </span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">The <span class=\"_ _1\"></span>analysis <span class=\"_ _1\"></span>of su<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ainability <span class=\"_ _1\"></span>risk carr<span class=\"_ _1\"></span>ied <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs990\">e <span class=\"_ _1\"></span>repo<span class=\"_ _3\"></span>rting <span class=\"_ _1\"></span>period <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _1\"></span>risks<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">are <span class=\"_ _5\"></span>curre<span class=\"_ _3\"></span>ntly <span class=\"_ _5\"></span>mainly <span class=\"_ _5\"></span>low <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>medi<span class=\"_ _3\"></span>um-level <span class=\"_ _5\"></span>risks. <span class=\"_ _5\"></span>These <span class=\"_ _5\"></span>risks <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>neverth<span class=\"_ _3\"></span>eless <span class=\"_ _3\"></span>exp<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>become <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>relev<span class=\"_ _3\"></span>ant <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>futur<span class=\"_ _3\"></span>e, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">due in p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>to the i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>easi<span class=\"_ _3\"></span>ng importa<span class=\"_ _3\"></span>nce of this to<span class=\"_ _3\"></span>pic.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs8fa\">Climate risks<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">Clim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>change <span class=\"_ _5\"></span>and <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>ssoci<span class=\"_ _3\"></span>ated <span class=\"_ _5\"></span>risks <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>urr<span class=\"_ _3\"></span>ent <span class=\"_ _d\"></span>su<span class=\"_ _1\"></span>stai<span class=\"_ _3\"></span>nabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>issues. <span class=\"_ _5\"></span>Alt<span class=\"_ _3\"></span>hou<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h <span class=\"_ _5\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>companies <span class=\"_ _11\"></span>have <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ways<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">been <span class=\"_ _3\"></span>conce<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>potenti<span class=\"_ _3\"></span>al l<span class=\"_ _3\"></span>osses <span class=\"_ _3\"></span>due to <span class=\"_ _5\"></span>natural <span class=\"_ _3\"></span>risks, <span class=\"_ _3\"></span>global <span class=\"_ _3\"></span>warming <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>undersco<span class=\"_ _3\"></span>ring t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>rge<span class=\"_ _3\"></span>ncy o<span class=\"_ _3\"></span>f this <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>blem. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">main <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ew <span class=\"_ _a\"></span>risks <span class=\"_ _a\"></span>are, <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>particul<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>, <span class=\"_ _a\"></span>a <span class=\"_ _c\"> </span>pot<span class=\"_ _3\"></span>ential <span class=\"_ _a\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>requenc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>size <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>losses <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>poss<span class=\"_ _3\"></span>ibility <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>strict<span class=\"_ _3\"></span>er </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents and poli<span class=\"_ _3\"></span>tical m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ures r<span class=\"_ _3\"></span>elate<span class=\"_ _3\"></span>d to climat<span class=\"_ _3\"></span>e chang<span class=\"_ _3\"></span>e (e<span class=\"_ _1\"></span>.g. <span class=\"_ _3\"></span>expan<span class=\"_ _3\"></span>ded repo<span class=\"_ _3\"></span>rting, i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt restric<span class=\"_ _3\"></span>tions).<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">T<span class=\"_ _11\"></span>o <span class=\"_ _a\"></span>meet<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>these <span class=\"_ _4\"></span>ch<span class=\"_ _3\"></span>allenges, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>mate<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>trategy <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>oved <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>2019 <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _a\"></span>sligh<span class=\"_ _3\"></span>tly <span class=\"_ _4\"></span>modified </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">again <span class=\"_ _1\"></span>in financial year <span class=\"_ _1\"></span>2021<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>In additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>general principl<span class=\"_ _3\"></span>es for <span class=\"_ _1\"></span>dealing w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>climate change, the c<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>nge <span class=\"_ _1\"></span>strate<span class=\"_ _3\"></span>gy </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">also <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>uidelines <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rating <span class=\"_ _5\"></span>business<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>For <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ample, <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>Ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>plete<span class=\"_ _3\"></span>ly </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">elimi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>coal <span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>ctor<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>significa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tly <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>coverage <span class=\"_ _1\"></span>for n<span class=\"_ _1\"></span>ew <span class=\"_ _1\"></span>coal mining <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>al-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">fir<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>pow<span class=\"_ _3\"></span>er <span class=\"_ _a\"></span>plant <span class=\"_ _a\"></span>projects. <span class=\"_ _4\"></span>The <span class=\"_ _a\"></span>comple<span class=\"_ _3\"></span>te <span class=\"_ _a\"></span>climate <span class=\"_ _a\"></span>change <span class=\"_ _4\"></span>strategy <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>available <span class=\"_ _a\"></span>on <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>websi<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>at <span class=\"_ _a\"></span>www<span class=\"_ _3\"></span>.vig.com<span class=\"_ _3\"></span>/clima<span class=\"_ _3\"></span>te-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">change-st<span class=\"_ _3\"></span>rategy<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p gre<span class=\"_ _3\"></span>atly incre<span class=\"_ _3\"></span>ased its underw<span class=\"_ _3\"></span>riting kno<span class=\"_ _3\"></span>w-how in previo<span class=\"_ _3\"></span>us years. Speci<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>sc<span class=\"_ _3\"></span>enario analyses ha<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>be<span class=\"_ _3\"></span>en </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">performed <span class=\"_ _a\"></span>si<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>2019 <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>estimat<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>ho<span class=\"_ _3\"></span>w <span class=\"_ _c\"> </span>clim<span class=\"_ _3\"></span>ate <span class=\"_ _a\"></span>change <span class=\"_ _a\"></span>wil<span class=\"_ _3\"></span>l <span class=\"_ _a\"></span>affect <span class=\"_ _a\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>fr<span class=\"_ _3\"></span>equency <span class=\"_ _a\"></span>and <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>ize <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>losses <span class=\"_ _a\"></span>and, <span class=\"_ _a\"></span>therefo<span class=\"_ _3\"></span>re, <span class=\"_ _a\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">insuranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>ferent <span class=\"_ _5\"></span>sectors. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>medium <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ng-term <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>fects <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>climate <span class=\"_ _5\"></span>change <span class=\"_ _d\"></span>are <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>exami<span class=\"_ _3\"></span>ned <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>\u201cOwn </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">Risk <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>Solve<span class=\"_ _3\"></span>ncy <span class=\"_ _6\"> </span>Ass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt\u201d <span class=\"_ _b\"> </span>(ORSA). <span class=\"_ _b\"> </span>The <span class=\"_ _c\"> </span>main <span class=\"_ _b\"> </span>focus<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>on<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>pote<span class=\"_ _3\"></span>ntial <span class=\"_ _6\"> </span>ex<span class=\"_ _3\"></span>trem<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>weather <span class=\"_ _b\"> </span>even<span class=\"_ _3\"></span>ts, <span class=\"_ _b\"> </span>such <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>flo<span class=\"_ _3\"></span>odin<span class=\"_ _3\"></span>g, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">earthq<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>sto<span class=\"_ _3\"></span>rms <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>sever<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>weather<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>with <span class=\"_ _4\"></span>hail<span class=\"_ _3\"></span>. <span class=\"_ _a\"></span>Curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>scientific <span class=\"_ _4\"></span>studies<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>anal<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>se <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>poss<span class=\"_ _3\"></span>ible <span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">global <span class=\"_ _3\"></span>warming o<span class=\"_ _3\"></span>f 1.5\u00b0C, 2<span class=\"_ _3\"></span>.0\u00b0C <span class=\"_ _3\"></span>and 3.0\u00b0<span class=\"_ _3\"></span>C abov<span class=\"_ _3\"></span>e pre-i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>dust<span class=\"_ _3\"></span>rial levels.<span class=\"_ _3\"></span> Natural dis<span class=\"_ _5\"></span>asters and <span class=\"_ _3\"></span>their ef<span class=\"_ _3\"></span>fects <span class=\"_ _3\"></span>are mo<span class=\"_ _3\"></span>delled <span class=\"_ _3\"></span>with </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fb\">the <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>externa<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>perts. T<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>k mo<span class=\"_ _3\"></span>dels <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nstantly <span class=\"_ _3\"></span>impro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>based <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ew <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a a<span class=\"_ _3\"></span>nd findi<span class=\"_ _3\"></span>ngs, <span class=\"_ _3\"></span>such <span class=\"_ _3\"></span>as n<span class=\"_ _3\"></span>ewly<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">built flo<span class=\"_ _3\"></span>od prot<span class=\"_ _3\"></span>ection me<span class=\"_ _3\"></span>asures. <span class=\"_ _5\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">The sce<span class=\"_ _3\"></span>nario anal<span class=\"_ _3\"></span>yses sho<span class=\"_ _3\"></span>w that, a<span class=\"_ _3\"></span>bove all<span class=\"_ _3\"></span>, floodi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g pos<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>a signifi<span class=\"_ _3\"></span>cant cli<span class=\"_ _3\"></span>mate cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>-relate<span class=\"_ _3\"></span>d risk for<span class=\"_ _3\"></span> the acti<span class=\"_ _3\"></span>vities of <span class=\"_ _3\"></span>VIG </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fc\">Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up. In additio<span class=\"_ _3\"></span>n to increas<span class=\"_ _3\"></span>ed losses du<span class=\"_ _3\"></span>e to floodi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g, dam<span class=\"_ _3\"></span>age caus<span class=\"_ _3\"></span>ed by sever<span class=\"_ _3\"></span>e hail <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d sum<span class=\"_ _3\"></span>mer storms as<span class=\"_ _3\"></span> a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7c\">result of climate c<span class=\"_ _3\"></span>hange are also to <span class=\"_ _1\"></span>be expe<span class=\"_ _3\"></span>cted. While sev<span class=\"_ _3\"></span>ere damage from<span class=\"_ _3\"></span> ha<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ns the motor own dam<span class=\"_ _3\"></span>age <span class=\"_ _1\"></span>line<span class=\"_ _3\"></span> of<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7d\">business i<span class=\"_ _3\"></span>n partic<span class=\"_ _3\"></span>ular<span class=\"_ _d\"></span>, damag<span class=\"_ _3\"></span>e from <span class=\"_ _3\"></span>flooding wil<span class=\"_ _3\"></span>l occu<span class=\"_ _3\"></span>r primarily in <span class=\"_ _3\"></span>the othe<span class=\"_ _3\"></span>r prope<span class=\"_ _3\"></span>rty and <span class=\"_ _3\"></span>casualty li<span class=\"_ _3\"></span>ne of busi<span class=\"_ _3\"></span>ness.<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs991\">VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup is<span class=\"_ _3\"></span> using its i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>rwriting kno<span class=\"_ _3\"></span>wledge to p<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>chase r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce f<span class=\"_ _3\"></span>or the risks<span class=\"_ _3\"></span> it ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mes. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs992\">The in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>d pr<span class=\"_ _3\"></span>obabi<span class=\"_ _3\"></span>lity of<span class=\"_ _3\"></span> extr<span class=\"_ _3\"></span>eme <span class=\"_ _3\"></span>weath<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>events <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ill<span class=\"_ _3\"></span> als<span class=\"_ _3\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>have an <span class=\"_ _3\"></span>impact <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>upport <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>fered to <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>large<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs993\">customers.<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>The <span class=\"_ _c\"></span>s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ppo<span class=\"_ _3\"></span>rt <span class=\"_ _a\"></span>process <span class=\"_ _4\"></span>begi<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>with <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>careful <span class=\"_ _4\"></span>analysi<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>of <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>situatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>prot<span class=\"_ _3\"></span>ective <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>have </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs994\">alrea<span class=\"_ _3\"></span>dy <span class=\"_ _1\"></span>been impleme<span class=\"_ _3\"></span>nted. Here, not <span class=\"_ _1\"></span>only is th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nat<span class=\"_ _3\"></span>ural <span class=\"_ _1\"></span>disaste<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>model consider<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d, but <span class=\"_ _1\"></span>also the <span class=\"_ _1\"></span>cir<span class=\"_ _3\"></span>cumstan<span class=\"_ _3\"></span>ces <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>a local </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs995\">level. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>experts <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>RiskConsult <span class=\"_ _1\"></span>use <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>analysis <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>develo<span class=\"_ _3\"></span>p <span class=\"_ _4\"></span>individ<span class=\"_ _3\"></span>ually <span class=\"_ _4\"></span>tailo<span class=\"_ _3\"></span>red <span class=\"_ _1\"></span>recomm<span class=\"_ _5\"></span>endations <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>further <span class=\"_ _1\"></span>impro<span class=\"_ _3\"></span>ving </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs996\">the risk si<span class=\"_ _3\"></span>tuation a<span class=\"_ _3\"></span>nd pr<span class=\"_ _3\"></span>eventing l<span class=\"_ _3\"></span>osses. T<span class=\"_ _3\"></span>he poli<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>terms a<span class=\"_ _3\"></span>re bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>his risk sit<span class=\"_ _3\"></span>uation <span class=\"_ _3\"></span>and in som<span class=\"_ _3\"></span>e cases i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suranc<span class=\"_ _3\"></span>e can </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs997\">only <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>purc<span class=\"_ _3\"></span>hased <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>propos<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>meas<span class=\"_ _3\"></span>ures <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>implemented.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Due <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>global <span class=\"_ _1\"></span>warming,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>eve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ting<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>losses <span class=\"_ _1\"></span>due <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>o </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs998\">natural <span class=\"_ _1\"></span>disast<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>playi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>increasi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>gly <span class=\"_ _1\"></span>importa<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ole <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>rwriting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ss. As <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ss, <span class=\"_ _1\"></span>mor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>than </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs999\">2,000<span class=\"_ _3\"></span> lo<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tions <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operation <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>evaluate<span class=\"_ _3\"></span>d ever<span class=\"_ _3\"></span>y year<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>which <span class=\"_ _5\"></span>makes a <span class=\"_ _3\"></span>signifi<span class=\"_ _3\"></span>cant co<span class=\"_ _3\"></span>ntribution <span class=\"_ _3\"></span>to m<span class=\"_ _3\"></span>aking t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomy mor<span class=\"_ _5\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99a\">resil<span class=\"_ _3\"></span>ient agai<span class=\"_ _3\"></span>nst natural di<span class=\"_ _3\"></span>sasters.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99b\">All <span class=\"_ _5\"></span>kn<span class=\"_ _1\"></span>own <span class=\"_ _3\"></span>climat<span class=\"_ _3\"></span>e risks <span class=\"_ _3\"></span>wer<span class=\"_ _5\"></span>e incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ded <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>valua<span class=\"_ _3\"></span>tion of<span class=\"_ _3\"></span> the <span class=\"_ _5\"></span>assets a<span class=\"_ _3\"></span>nd li<span class=\"_ _3\"></span>abilities <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>these <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al stat<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99c\">For mor<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n, please<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>efer to <span class=\"_ _3\"></span>the sto<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> sever<span class=\"_ _3\"></span>e we<span class=\"_ _3\"></span>ather losses <span class=\"_ _5\"></span>that oc<span class=\"_ _3\"></span>curred <span class=\"_ _3\"></span>during<span class=\"_ _3\"></span> the f<span class=\"_ _3\"></span>inancial y<span class=\"_ _3\"></span>ear an<span class=\"_ _3\"></span>d w<span class=\"_ _3\"></span>ere </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99d\">included i<span class=\"_ _3\"></span>n the bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>et a<span class=\"_ _3\"></span>nd incom<span class=\"_ _3\"></span>e statem<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs5f8\">Macroeco<span class=\"_ _3\"></span>nomic risks<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5f9\">As a p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cipant i<span class=\"_ _3\"></span>n the ma<span class=\"_ _3\"></span>rket, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>activities o<span class=\"_ _3\"></span>f VI<span class=\"_ _3\"></span>G are i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>fluen<span class=\"_ _3\"></span>ced b<span class=\"_ _3\"></span>y the de<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>elopm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt of<span class=\"_ _3\"></span> macro<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomic fa<span class=\"_ _3\"></span>ctors<span class=\"_ _3\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5fa\">such as <span class=\"_ _3\"></span>the rate of<span class=\"_ _3\"></span> unempl<span class=\"_ _3\"></span>oyment, GDP<span class=\"_ _3\"></span> and i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99e\">2022 saw <span class=\"_ _1\"></span>a significant rise <span class=\"_ _1\"></span>in inflation <span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>lmo<span class=\"_ _3\"></span>st <span class=\"_ _1\"></span>all markets in <span class=\"_ _1\"></span>which the <span class=\"_ _1\"></span>VIG In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p operates. Global<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>econom<span class=\"_ _3\"></span>ic </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99f\">gro<span class=\"_ _3\"></span>wth <span class=\"_ _3\"></span>was <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>su<span class=\"_ _1\"></span>bd<span class=\"_ _3\"></span>ued <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>ongoing <span class=\"_ _5\"></span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _5\"></span>pandem<span class=\"_ _3\"></span>ic <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Russia\u2013U<span class=\"_ _3\"></span>kraine <span class=\"_ _5\"></span>conflict. <span class=\"_ _5\"></span>Inflation <span class=\"_ _5\"></span>tre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>indi<span class=\"_ _3\"></span>vidual </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9a0\">countries <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _b\"> </span>clos<span class=\"_ _3\"></span>ely <span class=\"_ _6\"> </span>monitor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>VIG <span class=\"_ _6\"> </span>and <span class=\"_ _b\"> </span>potent<span class=\"_ _3\"></span>ial <span class=\"_ _b\"> </span>impacts <span class=\"_ _6\"> </span>are <span class=\"_ _b\"> </span>anal<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>using <span class=\"_ _b\"> </span>sce<span class=\"_ _3\"></span>nario <span class=\"_ _b\"> </span>an<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ses, <span class=\"_ _b\"> </span>enabl<span class=\"_ _3\"></span>ing </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9a1\">appro<span class=\"_ _3\"></span>priate r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>nses to a c<span class=\"_ _3\"></span>hanging e<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>onm<span class=\"_ _3\"></span>ent to b<span class=\"_ _3\"></span>e taken.<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span><span class=\"ff45 fc11\"> </span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs65\">Risks relate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> the Russia<span class=\"_ _3\"></span>\u2013Ukraine<span class=\"_ _3\"></span> conflict<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97b\">The war bet<span class=\"_ _3\"></span>ween the Russia<span class=\"_ _3\"></span>n Federation a<span class=\"_ _3\"></span>nd Ukraine be<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9a3\">gan on 24 Fe<span class=\"_ _3\"></span>bruary 2022 w<span class=\"_ _3\"></span>hen Russia<span class=\"_ _3\"></span>n forces in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>aded U<span class=\"_ _3\"></span>kraine.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">The <span class=\"_ _4\"></span>furth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>evelopm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>confli<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>tential <span class=\"_ _4\"></span>fu<span class=\"_ _3\"></span>rther <span class=\"_ _4\"></span>escalatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lting <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _1\"></span>this <span class=\"_ _4\"></span>\u2013 <span class=\"_ _4\"></span>i.e. <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>anctio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cou<span class=\"_ _3\"></span>nter<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>\u2013 cou<span class=\"_ _1\"></span>ld <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>urther <span class=\"_ _1\"></span>exace<span class=\"_ _3\"></span>rbate <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>impl<span class=\"_ _3\"></span>ications <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>mark<span class=\"_ _3\"></span>ets <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>econom<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>ge<span class=\"_ _3\"></span>neral. A <span class=\"_ _4\"></span>numbe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">risks <span class=\"_ _a\"></span>may <span class=\"_ _c\"></span>ma<span class=\"_ _3\"></span>teriali<span class=\"_ _3\"></span>se <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _a\"></span>Group <span class=\"_ _4\"></span>as <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>sult; <span class=\"_ _c\"></span>these <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>eing <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>dress<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>andle<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>part <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>ou<span class=\"_ _1\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">sustaina<span class=\"_ _3\"></span>ble risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">Dangers associ<span class=\"_ _3\"></span>ated <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>welfar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of employees and the <span class=\"_ _1\"></span>operating business activiti<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>(e.g. <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>fice infrastructu<span class=\"_ _3\"></span>re, energ<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">commu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ation, IT s<span class=\"_ _3\"></span>ecurity) pose <span class=\"_ _3\"></span>material,<span class=\"_ _3\"></span> dir<span class=\"_ _3\"></span>ect risks f<span class=\"_ _3\"></span>or VIG\u2019<span class=\"_ _11\"></span>s Uk<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nian ins<span class=\"_ _3\"></span>urance compa<span class=\"_ _3\"></span>nies. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">In addition, <span class=\"_ _3\"></span>at the VI<span class=\"_ _3\"></span>G In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup <span class=\"_ _3\"></span>level, the vola<span class=\"_ _3\"></span>tility on<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al market f<span class=\"_ _3\"></span>uelled by t<span class=\"_ _3\"></span>he confl<span class=\"_ _3\"></span>ict and the possi<span class=\"_ _3\"></span>bility <span class=\"_ _3\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">further s<span class=\"_ _3\"></span>anctio<span class=\"_ _3\"></span>ns and thei<span class=\"_ _3\"></span>r c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nseq<span class=\"_ _3\"></span>uences for <span class=\"_ _3\"></span>the eco<span class=\"_ _3\"></span>nomy in p<span class=\"_ _3\"></span>articular r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent sig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>cant risks <span class=\"_ _3\"></span>and may <span class=\"_ _3\"></span>have a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pact </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">on opera<span class=\"_ _3\"></span>ting perfo<span class=\"_ _3\"></span>rmance a<span class=\"_ _3\"></span>nd busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _3\"></span>activities.<span class=\"_ _5\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs9a4\">Business ope<span class=\"_ _3\"></span>rations in Uk<span class=\"_ _3\"></span>raine<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">V<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9a5\">IG <span class=\"_ _5\"></span>Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>repr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ted <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Ukraini<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>market <span class=\"_ _d\"></span>by <span class=\"_ _3\"></span>thr<span class=\"_ _3\"></span>ee <span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _5\"></span>companies <span class=\"_ _d\"></span>that <span class=\"_ _5\"></span>held <span class=\"_ _5\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _5\"></span>EUR 140 <span class=\"_ _5\"></span>milli<span class=\"_ _3\"></span>on </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97f\">in assets<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>. In t<span class=\"_ _3\"></span>he event of a <span class=\"_ _3\"></span>comple<span class=\"_ _3\"></span>te loss of<span class=\"_ _3\"></span> the Ukrai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n operatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s, <span class=\"_ _3\"></span>the VIG r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ult befor<span class=\"_ _3\"></span>e taxes<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">would <span class=\"_ _1\"></span>be de<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eased by<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>asset <span class=\"_ _1\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>aft<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> adju<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ting <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>ency <span class=\"_ _1\"></span>eff<span class=\"_ _3\"></span>ects, wh<span class=\"_ _1\"></span>ich amounts t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>appr<span class=\"_ _3\"></span>oxima<span class=\"_ _3\"></span>tely <span class=\"_ _1\"></span>EUR 56<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs980\">mil<span class=\"_ _3\"></span>lion as of the<span class=\"_ _1\"></span> bala<span class=\"_ _3\"></span>nce sheet date of <span class=\"_ _3\"></span>31 December 202<span class=\"_ _3\"></span>2. The Ukrain<span class=\"_ _3\"></span>e CGU does not hold a<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> int<span class=\"_ _3\"></span>angible assets t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs981\">subject to <span class=\"_ _3\"></span>an imp<span class=\"_ _3\"></span>airment tes<span class=\"_ _3\"></span>t in acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce with IAS <span class=\"_ _3\"></span>36. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs271\">The <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Ukrai<span class=\"_ _3\"></span>ne <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>mainly <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>western <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egions <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>untry<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _1\"></span>operatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs982\">have <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>us fa<span class=\"_ _3\"></span>r o<span class=\"_ _3\"></span>nly <span class=\"_ _3\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>directl<span class=\"_ _3\"></span>y i<span class=\"_ _3\"></span>mpacted<span class=\"_ _3\"></span> to<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>limited <span class=\"_ _5\"></span>extent. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>sancti<span class=\"_ _3\"></span>ons <span class=\"_ _3\"></span>against<span class=\"_ _3\"></span> R<span class=\"_ _3\"></span>ussia <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso <span class=\"_ _5\"></span>show <span class=\"_ _5\"></span>no <span class=\"_ _3\"></span>noticeabl<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>mpac<span class=\"_ _3\"></span>ts </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs983\">on the op<span class=\"_ _3\"></span>erations of t<span class=\"_ _3\"></span>he Ukrai<span class=\"_ _3\"></span>nian<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>companies. A<span class=\"_ _3\"></span>n incre<span class=\"_ _3\"></span>ase i<span class=\"_ _3\"></span>n the numbe<span class=\"_ _3\"></span>r of gree<span class=\"_ _3\"></span>n card i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce policies t<span class=\"_ _3\"></span>hat were t<span class=\"_ _3\"></span>aken </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs984\">out has b<span class=\"_ _3\"></span>een obs<span class=\"_ _3\"></span>erved. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>aso<span class=\"_ _3\"></span>n for this i<span class=\"_ _3\"></span>ncrease i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>movement of<span class=\"_ _3\"></span> ref<span class=\"_ _3\"></span>ugees to <span class=\"_ _3\"></span>neighbouring <span class=\"_ _3\"></span>Europ<span class=\"_ _3\"></span>ean co<span class=\"_ _3\"></span>untries.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs985\">As <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>editorial <span class=\"_ _3\"></span>deadli<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>, <span class=\"_ _5\"></span>the U<span class=\"_ _3\"></span>krainian <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es h<span class=\"_ _3\"></span>ave be<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>able <span class=\"_ _3\"></span>to m<span class=\"_ _3\"></span>aintai<span class=\"_ _3\"></span>n lim<span class=\"_ _3\"></span>ited op<span class=\"_ _3\"></span>erations <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>spite <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs986\">curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _c\"> </span>conditions. <span class=\"_ _b\"> </span>D<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _6\"> </span>dif<span class=\"_ _3\"></span>ficult <span class=\"_ _b\"> </span>situation <span class=\"_ _b\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>Ukraine, <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>IG <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>reg<span class=\"_ _3\"></span>ularly <span class=\"_ _b\"> </span>examining <span class=\"_ _c\"> </span>whether <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>Uk<span class=\"_ _3\"></span>rainia<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9a6\">companies <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>onti<span class=\"_ _3\"></span>nue to satisf<span class=\"_ _3\"></span>y the re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ements <span class=\"_ _3\"></span>as a goi<span class=\"_ _3\"></span>ng concern. </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs9a7\">Russian bo<span class=\"_ _3\"></span>nds </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9a8\">V<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9a9\">IG Insura<span class=\"_ _3\"></span>nce Group<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>holds<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>R 165.6 mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>in Russi<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>vernment and corpor<span class=\"_ _3\"></span>ate bonds for whi<span class=\"_ _3\"></span>ch <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>tly n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27c\">active <span class=\"_ _3\"></span>mark<span class=\"_ _3\"></span>et. D<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>cessatio<span class=\"_ _3\"></span>n of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>rading <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>thes<span class=\"_ _3\"></span>e fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>strume<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>in l<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>gr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ed <span class=\"_ _5\"></span>sanctions, <span class=\"_ _3\"></span>imp<span class=\"_ _3\"></span>airments<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>ere </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9aa\">recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n co<span class=\"_ _3\"></span>nnectio<span class=\"_ _3\"></span>n wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the expos<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>re <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>to R<span class=\"_ _3\"></span>ussian <span class=\"_ _3\"></span>governmen<span class=\"_ _3\"></span>t and <span class=\"_ _3\"></span>corpor<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>bonds <span class=\"_ _3\"></span>total<span class=\"_ _3\"></span>ling EU<span class=\"_ _3\"></span>R 84.1 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on. </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs9ab\">Ukraine hr<span class=\"_ _3\"></span>yvnia (UAH<span class=\"_ _3\"></span>) </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27e\">On <span class=\"_ _4\"></span>24 Februar<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Na<span class=\"_ _3\"></span>tional <span class=\"_ _1\"></span>Bank <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Ukrain<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>N<span class=\"_ _3\"></span>BU) <span class=\"_ _1\"></span>published Re<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>ution <span class=\"_ _1\"></span>No. 18, which <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>intend<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>ens<span class=\"_ _3\"></span>ure <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27f\">contin<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>eration of <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stable<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ystem under <span class=\"_ _1\"></span>appli<span class=\"_ _3\"></span>cable <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ial <span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>aw<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>As part <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _1\"></span>reso<span class=\"_ _3\"></span>lution <span class=\"_ _1\"></span>the exchange<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>rate </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs280\">was pegge<span class=\"_ _3\"></span>d to t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e U.S. <span class=\"_ _5\"></span>dollar<span class=\"_ _d\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98a\">In vie<span class=\"_ _3\"></span>w of the <span class=\"_ _3\"></span>change i<span class=\"_ _3\"></span>n the fu<span class=\"_ _3\"></span>ndament<span class=\"_ _3\"></span>al chara<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ristics of t<span class=\"_ _3\"></span>he Ukrai<span class=\"_ _3\"></span>nian eco<span class=\"_ _3\"></span>nomy d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng the wa<span class=\"_ _3\"></span>r and t<span class=\"_ _3\"></span>he str<span class=\"_ _3\"></span>engtheni<span class=\"_ _3\"></span>ng of<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98b\">the <span class=\"_ _4\"></span>U.S. dollar <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gai<span class=\"_ _3\"></span>nst <span class=\"_ _4\"></span>oth<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>curr<span class=\"_ _3\"></span>encies,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>NBU <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>evalued<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>country\u2019<span class=\"_ _11\"></span>s <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>urrenc<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>25% <span class=\"_ _4\"></span>ag<span class=\"_ _3\"></span>ainst <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>U.S. <span class=\"_ _4\"></span>dol<span class=\"_ _3\"></span>lar <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>21 </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98c\">July 2022.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">8<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs8e\">Risks relate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> the COVID-19<span class=\"_ _3\"></span> pand<span class=\"_ _3\"></span>emic </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">In <span class=\"_ _a\"></span>Janua<span class=\"_ _3\"></span>ry <span class=\"_ _a\"></span>2023, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>World <span class=\"_ _4\"></span>Healt<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>Orga<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>iz<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>WH<span class=\"_ _3\"></span>O) <span class=\"_ _a\"></span>announ<span class=\"_ _3\"></span>ced <span class=\"_ _4\"></span>that <span class=\"_ _a\"></span>it <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>anticipa<span class=\"_ _3\"></span>ting <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>COVID-19 <span class=\"_ _1\"></span>will <span class=\"_ _4\"></span>stop <span class=\"_ _a\"></span>being </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">classif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a pandemi<span class=\"_ _3\"></span>c <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>2023. Sho<span class=\"_ _3\"></span>uld <span class=\"_ _1\"></span>\u2013<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>expec<span class=\"_ _3\"></span>tat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns \u2013 the COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>andemic worse<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span>ce mor<span class=\"_ _3\"></span>e, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">the potential impac<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>this could have on capital markets<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>the in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance business ca<span class=\"_ _3\"></span>nnot <span class=\"_ _1\"></span>be esti<span class=\"_ _3\"></span>mated, but <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>uld </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">have a <span class=\"_ _3\"></span>negati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t o<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>net ass<span class=\"_ _3\"></span>ets, fina<span class=\"_ _3\"></span>ncial pos<span class=\"_ _3\"></span>ition a<span class=\"_ _3\"></span>nd r<span class=\"_ _3\"></span>esults of<span class=\"_ _3\"></span> oper<span class=\"_ _3\"></span>ations of <span class=\"_ _3\"></span>VIG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup. <span class=\"_ _3\"></span>This i<span class=\"_ _3\"></span>ncludes, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">in particular<span class=\"_ _d\"></span>, risks related to possibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fluct<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns on<span class=\"_ _1\"></span> bond and capit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>markets that wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>also obs<span class=\"_ _3\"></span>erved in <span class=\"_ _1\"></span>the early pha<span class=\"_ _3\"></span>se </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">of the C<span class=\"_ _3\"></span>OVID-19 p<span class=\"_ _3\"></span>andemic.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">In the area of<span class=\"_ _3\"></span> reserv<span class=\"_ _3\"></span>es for incurr<span class=\"_ _3\"></span>ed but not repo<span class=\"_ _3\"></span>rted (IBN<span class=\"_ _3\"></span>R) claim<span class=\"_ _3\"></span>s, additional<span class=\"_ _3\"></span> reserves <span class=\"_ _3\"></span>were in<span class=\"_ _3\"></span>cluded due to a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span> in<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">expecte<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>lat<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>claim<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>notifica<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>nce<span class=\"_ _3\"></span>rtainty <span class=\"_ _a\"></span>abo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>developm<span class=\"_ _3\"></span>ents. <span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>f <span class=\"_ _a\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>res<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rv<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 30.1 <span class=\"_ _a\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">revers<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>financial <span class=\"_ _4\"></span>year <span class=\"_ _a\"></span>2022 <span class=\"_ _4\"></span>due <span class=\"_ _c\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>tabilisatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>sit<span class=\"_ _3\"></span>uation. <span class=\"_ _a\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>dequac<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>underw<span class=\"_ _3\"></span>riting <span class=\"_ _a\"></span>provisi<span class=\"_ _3\"></span>ons <span class=\"_ _4\"></span>is </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">checked <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>detail <span class=\"_ _a\"></span>as <span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>lia<span class=\"_ _3\"></span>bility <span class=\"_ _a\"></span>adequ<span class=\"_ _3\"></span>acy <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _a\"></span>duri<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>rep<span class=\"_ _3\"></span>aration <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>consolida<span class=\"_ _3\"></span>ted <span class=\"_ _a\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _c\"></span>st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>nts. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">comparis<span class=\"_ _3\"></span>on of the b<span class=\"_ _3\"></span>est estim<span class=\"_ _3\"></span>ate (afte<span class=\"_ _3\"></span>r reinsu<span class=\"_ _3\"></span>rance) cal<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>ted bas<span class=\"_ _3\"></span>ed on t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency II <span class=\"_ _3\"></span>principles <span class=\"_ _3\"></span>with the I<span class=\"_ _3\"></span>FRS pro<span class=\"_ _3\"></span>visio<span class=\"_ _3\"></span>ns </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">(after <span class=\"_ _4\"></span>reinsura<span class=\"_ _3\"></span>nce) <span class=\"_ _a\"></span>show<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>cant <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>urplus.<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>As<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>efore,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _4\"></span>provisi<span class=\"_ _3\"></span>ons <span class=\"_ _a\"></span>can <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>consider<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>ad<span class=\"_ _3\"></span>equat<span class=\"_ _3\"></span>e. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">Detailed i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on is availabl<span class=\"_ _3\"></span>e on pag<span class=\"_ _3\"></span>e 80 in t<span class=\"_ _3\"></span>he risk r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>port<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs9c\">Por<span class=\"_ _3\"></span>tfolio chan<span class=\"_ _3\"></span>ges in th<span class=\"_ _3\"></span>e life line of<span class=\"_ _3\"></span> business<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs9ac\">Portfolio cha<span class=\"_ _1\"></span>nges<span class=\"_ _1\"></span> in the life <span class=\"_ _1\"></span>line of </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs9ad\">business </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9ae\">Endowment i<span class=\"_ _1\"></span>nsurance excl. ri<span class=\"_ _1\"></span>sk </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9af\">insurance </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b0\">Risk insurance<span class=\"_ _1\"></span> <span class=\"_ _1e1\"> </span>Annuity in<span class=\"_ _1\"></span>surance </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs9b1\">  <span class=\"_ _1e2\"> </span><span class=\"fs15\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b2\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b3\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b4\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b5\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9b6\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"c w30 h24 gs9b7\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs9b8\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w30 h24 gs9b9\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs9ba\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w30 h24 gs9bb\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs9bc\"><div class=\"t m1 x6 h35 y819 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9bd\">As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.20<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _1e3\"> </span>1,893,96<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9be\">20,598,9<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9bf\">2,239,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c0\">156,721,<span class=\"_ _1\"></span>713<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c1\">506,858<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c2\">12,137,1<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9c3\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _40\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _130\"> </span>13,8<span class=\"_ _1\"></span>63</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9c4\">  <span class=\"_ _1a9\"> </span>-52,440</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9c5\">  <span class=\"_ _1e4\"> </span>-540<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c6\">As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>1,893<span class=\"_ _1\"></span>,964<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c7\">20,612,8<span class=\"_ _1\"></span>34<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c8\">2,239,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9c9\">156,669,<span class=\"_ _1\"></span>273<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9ca\">506,858<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9cb\">12,136,6<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9cc\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1e5\"> </span>  <span class=\"_ _114\"> </span>888,90<span class=\"_ _1\"></span>8</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9cd\">  <span class=\"_ _1e6\"> </span>5,238,03<span class=\"_ _1\"></span>3</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ce\">  <span class=\"_ _1e7\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9cf\">Ad<span class=\"_ _1\"></span>ditio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1e8\"> </span>111,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9d0\">1,441,85<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9d1\">682,304<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9d2\">16,673,2<span class=\"_ _1\"></span>88<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9d3\">21,921<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9d4\">1,648,93<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9d5\">New <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1e9\"> </span>111,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9d6\">1,254,34<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9d7\">682,304<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9d8\">15,985,2<span class=\"_ _1\"></span>93<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9d9\">21,921<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9da\">1,370,89<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9db\">In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ases<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>  <span class=\"_ _114\"> </span>187,5<span class=\"_ _1\"></span>16</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9dc\">  <span class=\"_ _121\"> </span>687,995</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9dd\">  <span class=\"_ _1a9\"> </span>27<span class=\"_ _1\"></span>8,038<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9de\">Cha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _13b\"> </span>-5,097<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9df\">221,837<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9e0\">-20,61<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9e1\">2,954,27<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9e2\">879<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9e3\">-51,72<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e4\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>15,3<span class=\"_ _1\"></span>88<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e5\">846,594<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e6\">15,628<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e7\">8,600,07<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e8\">7,097<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9e9\">339,171<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ea\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>osals<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>-20,485<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9eb\">-624,757<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ec\">-36,244<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ed\">-5,645,80<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ee\">-6,218<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ef\">-390,892<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f0\">Dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>due t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _1ea\"> </span>-92,75<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f1\">-1,283<span class=\"_ _1\"></span>,918<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f2\">-151,5<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f3\">-8,281<span class=\"_ _1\"></span>,305<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f4\">-18,60<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs9f5\">-882,5<span class=\"_ _1\"></span>60<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9f6\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-67,408<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9f7\">-1,137,65<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9f8\">-144,430<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9f9\">-8,167,28<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9fa\">-17,366<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9fb\">-855,084<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9fc\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>eath<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>-25,346<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9fd\">-146,266<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9fe\">-7,157<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs9ff\">-114,025<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa00\">-1,242<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa01\">-27,476<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa02\">Prem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _ea\"> </span>-8<span class=\"_ _1\"></span>9,753<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa03\">-1,440<span class=\"_ _1\"></span>,366<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa04\">-395,0<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa05\">-4,787<span class=\"_ _1\"></span>,908<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa06\">-21,18<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa07\">-554,1<span class=\"_ _1\"></span>39<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa08\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-red<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>-3,314<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa09\">-39,398<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0a\">-31,630<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0b\">-221,777<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0c\">-518<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0d\">-20,754<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0e\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o lap<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span>-9,183<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa0f\">-146,964<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa10\">-223,164<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa11\">-2,607,34<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa12\">-1,859<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa13\">-89,027<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa14\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>urr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-76,9<span class=\"_ _1\"></span>43<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa15\">-1,194,77<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa16\">-135,145<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa17\">-1,726,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa18\">-18,803<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa19\">-351,674<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa1a\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o w<span class=\"_ _1\"></span>aiv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>-313<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa1b\">-59,234<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa1c\">-5,150<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa1d\">-231,808<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsa1e\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs959\">-92,684<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa1f\">As of <span class=\"_ _1\"></span>31.12.2022<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>1,817,62<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa20\">20,441,1<span class=\"_ _1\"></span>54<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa21\">2,354,74<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa22\">168,465,<span class=\"_ _1\"></span>653<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa23\">489,870<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsa24\">12,297,1<span class=\"_ _1\"></span>17<span class=\"_ _379\"> </span></div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsa26\">Portfolio cha<span class=\"_ _1\"></span>nges<span class=\"_ _1\"></span> in the life <span class=\"_ _1\"></span>line of </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsa27\">b<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsa28\">usiness<span class=\"_ _1\"></span> </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa29\">Unit- a<span class=\"_ _1\"></span>nd index-linke<span class=\"_ _1\"></span>d insurance<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Governme<span class=\"_ _1\"></span>nt sponsored pe<span class=\"_ _1\"></span>nsion pla<span class=\"_ _1\"></span>ns <span class=\"_ _75\"> </span>Tot<span class=\"_ _1\"></span>al </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2a\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2b\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2c\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2d\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2e\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa2f\">Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span></div><div class=\"c w30 h24 gsa30\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsa31\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w30 h24 gsa32\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w2f h24 gsa33\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R </div></div><div class=\"c w27 h24 gsa34\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">'000<span class=\"_ _379\"> </span></div></div><div class=\"c w30 h24 gsa35\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">Quantity<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsa36\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa37\">As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.20<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _1e3\"> </span>1,773,36<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa38\">18,238,4<span class=\"_ _1\"></span>40<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa39\">479,328<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa3a\">10,143,4<span class=\"_ _1\"></span>39<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa3b\">6,893,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa3c\">217,839,<span class=\"_ _1\"></span>705<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa3d\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>216,068<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa3e\">-20,170<span class=\"_ _39\"> </span>156,781<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa3f\">As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>1,773<span class=\"_ _1\"></span>,361<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa40\">18,454,5<span class=\"_ _1\"></span>08<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa41\">479,328<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa42\">10,123,2<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa43\">6,893,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa44\">217,996,<span class=\"_ _1\"></span>486<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa45\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>255,485<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa46\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa47\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa48\">6,382,42<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa49\">Ad<span class=\"_ _1\"></span>ditio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1e8\"> </span>156,330<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa4a\">2,550,88<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa4b\">21,337<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa4c\">439,038<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa4d\">993,156<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa4e\">22,754,0<span class=\"_ _1\"></span>06<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa4f\">New <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1e9\"> </span>156,330<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa50\">2,424,34<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa51\">21,337<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa52\">214,764<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa53\">993,156<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa54\">21,249,6<span class=\"_ _1\"></span>45<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa55\">In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ases<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>126,538<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa56\">224,274<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa57\">1,504,36<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa58\">Cha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e2\"> </span>2<span class=\"_ _1\"></span>,644<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa59\">-912,9<span class=\"_ _1\"></span>46<span class=\"_ _1f0\"> </span>-2,167<span class=\"_ _167\"> </span>4<span class=\"_ _1\"></span>,281<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa5a\">-24,35<span class=\"_ _1\"></span>7<span class=\"_ _7c\"> </span>2,215,723<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa5b\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _1f1\"> </span>9,024<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa5c\">721,050<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa5d\">496<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa5e\">138,733<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa5f\">47,633<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa60\">10,645,6<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa61\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>osals<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>-6,380<span class=\"_ _115\"> </span>-1,633,99<span class=\"_ _1\"></span>6<span class=\"_ _1f0\"> </span>-2,<span class=\"_ _1\"></span>663<span class=\"_ _1a0\"> </span>-134,452<span class=\"_ _165\"> </span>-71,99<span class=\"_ _1\"></span>0<span class=\"_ _1f2\"> </span>-8,429,90<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa62\">Dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>due t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _1ea\"> </span>-45,63<span class=\"_ _1\"></span>3<span class=\"_ _a0\"> </span>-5<span class=\"_ _1\"></span>78,924<span class=\"_ _1f0\"> </span>-3<span class=\"_ _1\"></span>,597<span class=\"_ _165\"> </span>-58,433<span class=\"_ _1f3\"> </span>-312,1<span class=\"_ _1\"></span>79<span class=\"_ _1f4\"> </span>-11,08<span class=\"_ _1\"></span>5,140<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa63\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-38,084<span class=\"_ _1a0\"> </span>-517,579<span class=\"_ _1f5\"> </span>-2,459<span class=\"_ _165\"> </span>-4<span class=\"_ _1\"></span>7,147<span class=\"_ _1f3\"> </span>-269<span class=\"_ _1\"></span>,747<span class=\"_ _2d\"> </span>-10,724,742<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa64\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>eath<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>-7,549<span class=\"_ _165\"> </span>-6<span class=\"_ _1\"></span>1,345<span class=\"_ _1f5\"> </span>-1,138<span class=\"_ _165\"> </span>-11,2<span class=\"_ _1\"></span>86<span class=\"_ _165\"> </span>-42,432<span class=\"_ _163\"> </span>-360,398<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa65\">Prem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _f3\"> </span>-18<span class=\"_ _1\"></span>3,882<span class=\"_ _1f7\"> </span>-2,171<span class=\"_ _1\"></span>,432<span class=\"_ _165\"> </span>-18,116<span class=\"_ _1f3\"> </span>-477,5<span class=\"_ _1\"></span>21<span class=\"_ _a0\"> </span>-<span class=\"_ _1\"></span>708,020<span class=\"_ _1f2\"> </span>-9,431,3<span class=\"_ _1\"></span>66<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa66\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-red<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _23\"> </span>-4<span class=\"_ _1\"></span>2,074<span class=\"_ _1f3\"> </span>-186<span class=\"_ _1\"></span>,200<span class=\"_ _4f\"> </span>-332<span class=\"_ _1f5\"> </span>-6,474<span class=\"_ _165\"> </span>-77,868<span class=\"_ _163\"> </span>-474,603<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa67\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o lap<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _1f8\"> </span>-56,800<span class=\"_ _1a0\"> </span>-754,394<span class=\"_ _4f\"> </span>-785<span class=\"_ _165\"> </span>-1<span class=\"_ _1\"></span>9,851<span class=\"_ _1f3\"> </span>-291<span class=\"_ _1\"></span>,791<span class=\"_ _1f2\"> </span>-3,617<span class=\"_ _1\"></span>,582<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa68\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>urr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-82,2<span class=\"_ _1\"></span>93<span class=\"_ _1f7\"> </span>-1,09<span class=\"_ _1\"></span>3,623<span class=\"_ _165\"> </span>-16<span class=\"_ _1\"></span>,999<span class=\"_ _1f3\"> </span>-329,<span class=\"_ _1\"></span>543<span class=\"_ _1f3\"> </span>-330,1<span class=\"_ _1\"></span>83<span class=\"_ _1f2\"> </span>-4,696,5<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa69\">Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o w<span class=\"_ _1\"></span>aiv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>-2,715<span class=\"_ _1f3\"> </span>-137,2<span class=\"_ _1\"></span>15<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa6a\">-121,653<span class=\"_ _1f5\"> </span>-8,178<span class=\"_ _163\"> </span>-642,594<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa6b\">As of <span class=\"_ _1\"></span>31.12.2022<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>1,702,82<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa6c\">17,597,5<span class=\"_ _1\"></span>77<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa6d\">476,785<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa6e\">10,030,6<span class=\"_ _1\"></span>34<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa6f\">6,841,84<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa70\">228,832,<span class=\"_ _1\"></span>135<span class=\"_ _379\"> </span></div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs92a\">EMBEDD<span class=\"_ _3\"></span>ED <span class=\"_ _5\"></span>VALU<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span> SENSI<span class=\"_ _3\"></span>TIVITY<span class=\"_ _3\"></span> ANAL<span class=\"_ _11\"></span>YSES FOR<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>THE LIFE <span class=\"_ _5\"></span>AND HEAL<span class=\"_ _11\"></span>TH INSURANC<span class=\"_ _3\"></span>E BUSINES<span class=\"_ _3\"></span>SES </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs92b\">The fo<span class=\"_ _3\"></span>llowing <span class=\"_ _5\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>show <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ensiti<span class=\"_ _3\"></span>vities f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>changes <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>alculat<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>embedded <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>e fo<span class=\"_ _3\"></span>r th<span class=\"_ _3\"></span>e li<span class=\"_ _3\"></span>fe </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsa71\">and healt<span class=\"_ _3\"></span>h insura<span class=\"_ _3\"></span>nce busin<span class=\"_ _3\"></span>esses and <span class=\"_ _3\"></span>value of <span class=\"_ _3\"></span>new busin<span class=\"_ _3\"></span>ess as o<span class=\"_ _3\"></span>f 31 Decem<span class=\"_ _3\"></span>ber 2022<span class=\"_ _3\"></span>: </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsa72\">Embedded <span class=\"_ _1\"></span>value fo<span class=\"_ _1\"></span>r the life and<span class=\"_ _1\"></span> healt<span class=\"_ _1\"></span>h insurance <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa73\">Austria<span class=\"_ _1\"></span>/ </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa74\">Germa<span class=\"_ _1\"></span>ny<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa75\">Change<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa76\">CEE<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa77\">Change<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa78\">Total<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa79\">Change<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsa7a\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsa7b\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsa7c\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsa7d\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsa7e\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsa7f\"><div class=\"t m3 x6 h25 y12f ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa80\">Ba<span class=\"_ _1\"></span>se v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>2,8<span class=\"_ _1\"></span>60,401<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa81\">1,918,06<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa82\">4,778,46<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa83\">In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve 0<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _156\"> </span>253,96<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa84\">8.9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa85\">856<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa86\">0.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa87\">254,825<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa88\">5.3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa89\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>0.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>-405<span class=\"_ _1\"></span>,847<span class=\"_ _1fa\"> </span>-14.2<span class=\"_ _1f7\"> </span>-12,526<span class=\"_ _1fb\"> </span>-0.7<span class=\"_ _c3\"> </span>-418,3<span class=\"_ _1\"></span>72<span class=\"_ _a6\"> </span>-8.8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8a\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> est<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span>5% <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8b\">rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e <span class=\"_ _140\"> </span>-117,129<span class=\"_ _1fb\"> </span>-4.1<span class=\"_ _25\"> </span>-19,70<span class=\"_ _1\"></span>1<span class=\"_ _8a\"> </span>-1.<span class=\"_ _1\"></span>0<span class=\"_ _df\"> </span>-1<span class=\"_ _1\"></span>36,830<span class=\"_ _a6\"> </span>-2.9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8c\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>0%<span class=\"_ _1\"></span> <span class=\"_ _1fc\"> </span>82,817<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8d\">2.9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8e\">50,214<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa8f\">2.6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa90\">133,031<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa91\">2.8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa92\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>aps<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>20,910<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa93\">0.7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa94\">28,497<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa95\">1.5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa96\">49,407<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa97\">1.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa98\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>owm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>11,9<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa99\">0.4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9a\">37,681<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9b\">2.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9c\">49,652<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9d\">1.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9e\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>annu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _1e4\"> </span>-12,048<span class=\"_ _1fb\"> </span>-0.4<span class=\"_ _165\"> </span>-770<span class=\"_ _1f5\"> </span>0.0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9f\">-12,818<span class=\"_ _a6\"> </span>-0.3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsaa0\">No <span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>adju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>-142,421<span class=\"_ _1fb\"> </span>-5.0<span class=\"_ _1f7\"> </span>-11,490<span class=\"_ _1fb\"> </span>-0.6<span class=\"_ _c3\"> </span>-153,91<span class=\"_ _1\"></span>1<span class=\"_ _a6\"> </span>-3.2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Value of ne<span class=\"_ _1\"></span>w busine<span class=\"_ _1\"></span>ss <span class=\"_ _1ff\"> </span><span class=\"fs15\">Austria<span class=\"_ _1\"></span>/ </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa2\">Germa<span class=\"_ _1\"></span>ny<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa3\">Change<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa4\">CEE<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa5\">Change<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa6\">Total<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaa7\">Change<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsaa8\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsaa9\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsaaa\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsaab\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gsaac\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gsaad\"><div class=\"t m1 x6 h35 y872 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaae\">Ba<span class=\"_ _1\"></span>se v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _ab\"> </span>33,702</div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaaf\">  <span class=\"_ _2a\"> </span>56,860</div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsab0\">  <span class=\"_ _2a\"> </span>90,562<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab1\">In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve 0<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _200\"> </span>-988<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab2\">-2.9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab3\">3,128<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab4\">5.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab5\">2,140<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab6\">2.4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab7\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>0.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _168\"> </span>-3,32<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab8\">-9.9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsab9\">-2,971<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaba\">-5.2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsabb\">-6,293<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsabc\">-6.9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsabd\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>0%<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>1,915<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsabe\">5.7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsabf\">6,912<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac0\">12.2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac1\">8,827<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac2\">9.7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac3\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>aps<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _202\"> </span>1,915<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac4\">5.7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac5\">1,334<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac6\">2.3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac7\">3,248<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac8\">3.6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsac9\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>owm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1f0\"> </span>1,396<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaca\">4.1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsacb\">9,529<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsacc\">16.8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsacd\">10,925<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsace\">12.1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsacf\">De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>annu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _f4\"> </span>-55<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad0\">-1.6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad1\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad2\">0.0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad3\">-553<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad4\">-0.6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad5\">No <span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>adju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>446<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad6\">1.3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad7\">-1,287<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad8\">-2.3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsad9\">-841<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsada\">-0.9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsadb\">The <span class=\"_ _1\"></span>sensi<span class=\"_ _3\"></span>tivities are based on <span class=\"_ _1\"></span>the same manag<span class=\"_ _3\"></span>ement ru<span class=\"_ _1\"></span>les and policy<span class=\"_ _3\"></span>holder behaviour as <span class=\"_ _1\"></span>the base <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>ase. Each <span class=\"_ _1\"></span>sensitivi<span class=\"_ _3\"></span>ty </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsadc\">is calcu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ated separately<span class=\"_ _d\"></span>. If two events occur simultaneo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>sly<span class=\"_ _d\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fect <span class=\"_ _1\"></span>is not necessa<span class=\"_ _3\"></span>rily <span class=\"_ _1\"></span>equ<span class=\"_ _3\"></span>al t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>vidual </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsadd\">sensitiviti<span class=\"_ _3\"></span>es. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsade\">Provisions i<span class=\"_ _3\"></span>n the prop<span class=\"_ _3\"></span>erty and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>sualty line of<span class=\"_ _3\"></span> business<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs992\">GENERAL<span class=\"_ _3\"></span> INFORMA<span class=\"_ _d\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs993\">If claims<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>asse<span class=\"_ _3\"></span>rted by<span class=\"_ _3\"></span> or agai<span class=\"_ _3\"></span>nst pol<span class=\"_ _3\"></span>icyholders, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> amount<span class=\"_ _3\"></span>s that <span class=\"_ _3\"></span>a compa<span class=\"_ _3\"></span>ny i<span class=\"_ _3\"></span>n the pro<span class=\"_ _5\"></span>perty and<span class=\"_ _3\"></span> casualt<span class=\"_ _3\"></span>y line o<span class=\"_ _3\"></span>f busin<span class=\"_ _3\"></span>ess </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs994\">pays <span class=\"_ _a\"></span>or <span class=\"_ _4\"></span>expects <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>have <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>pay <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>claim<span class=\"_ _3\"></span>ant <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>losses, <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>inv<span class=\"_ _1\"></span>estig<span class=\"_ _3\"></span>ating, <span class=\"_ _4\"></span>adjusti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs995\">processi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>these <span class=\"_ _d\"></span>claims <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _3\"></span>claims <span class=\"_ _5\"></span>settl<span class=\"_ _3\"></span>ement <span class=\"_ _d\"></span>expenses. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>VIG <span class=\"_ _d\"></span>Insurance <span class=\"_ _d\"></span>Group <span class=\"_ _d\"></span>have <span class=\"_ _5\"></span>formed<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs996\">provisi<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>lines of <span class=\"_ _1\"></span>business<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>ex<span class=\"_ _3\"></span>tent <span class=\"_ _1\"></span>of c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>to pay <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>losses<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>claims settlem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>expenses<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>to claims </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs997\">under pro<span class=\"_ _5\"></span>perty and c<span class=\"_ _3\"></span>asualty ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs999\">Losses <span class=\"_ _3\"></span>and cl<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ims<span class=\"_ _3\"></span> settleme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>expenses <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>an <span class=\"_ _3\"></span>be divid<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>two c<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>ries: <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>erves for <span class=\"_ _3\"></span>kno<span class=\"_ _3\"></span>wn b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>still <span class=\"_ _3\"></span>outstan<span class=\"_ _3\"></span>ding clai<span class=\"_ _3\"></span>ms </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99a\">(RMNS), <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eserves <span class=\"_ _1\"></span>for claims <span class=\"_ _1\"></span>that h<span class=\"_ _1\"></span>ave been <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ncurred but <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>not y<span class=\"_ _1\"></span>et <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>rted, <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>corr<span class=\"_ _3\"></span>ect <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>not </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsadf\">been <span class=\"_ _d\"></span>reported <span class=\"_ _d\"></span>(IBNR, <span class=\"_ _d\"></span>IBNER). <span class=\"_ _d\"></span>Provis<span class=\"_ _3\"></span>ions <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>anding <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>lai<span class=\"_ _3\"></span>ms <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>base<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>estimates <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>futur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>payme<span class=\"_ _3\"></span>nts, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uding <span class=\"_ _5\"></span>claim<span class=\"_ _3\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99b\">settlem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>expenses,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>claims. These <span class=\"_ _1\"></span>esti<span class=\"_ _3\"></span>mates <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>made <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>case-b<span class=\"_ _3\"></span>y-case <span class=\"_ _1\"></span>basi<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>dance with <span class=\"_ _1\"></span>facts<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99c\">circ<span class=\"_ _3\"></span>umstances as<span class=\"_ _3\"></span>certai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ble at t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e tim<span class=\"_ _3\"></span>e the p<span class=\"_ _3\"></span>rovision is<span class=\"_ _3\"></span> form<span class=\"_ _3\"></span>ed. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae0\">The <span class=\"_ _4\"></span>estim<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>tes <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eflect <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>well-f<span class=\"_ _3\"></span>ounded <span class=\"_ _1\"></span>judgeme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>mpanies <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>nsu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>adjuste<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>gener<span class=\"_ _3\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5f8\">practic<span class=\"_ _3\"></span>es fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>forming <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>a kno<span class=\"_ _3\"></span>wledge <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>natur<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue of <span class=\"_ _3\"></span>eac<span class=\"_ _3\"></span>h type <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>claim. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ovisio<span class=\"_ _3\"></span>ns </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5f9\">are <span class=\"_ _1\"></span>adjusted <span class=\"_ _1\"></span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>rly <span class=\"_ _4\"></span>during <span class=\"_ _1\"></span>normal <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ssi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>ev<span class=\"_ _3\"></span>entual <span class=\"_ _4\"></span>costs <span class=\"_ _1\"></span>necess<span class=\"_ _3\"></span>ary <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>finally <span class=\"_ _4\"></span>settle<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>all<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5fa\">pending <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>claims, <span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> ac<span class=\"_ _3\"></span>count <span class=\"_ _3\"></span>infla<span class=\"_ _3\"></span>tion, i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>rates <span class=\"_ _5\"></span>and o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>social <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic f<span class=\"_ _3\"></span>actors <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>could <span class=\"_ _5\"></span>affect<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae1\">the amo<span class=\"_ _3\"></span>unt of pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons that ar<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ed. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs99f\">Historical <span class=\"_ _3\"></span>developm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts i<span class=\"_ _3\"></span>n distrib<span class=\"_ _3\"></span>ution <span class=\"_ _3\"></span>patterns a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> claims <span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents, t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>level of <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed and stil<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>utstanding <span class=\"_ _3\"></span>claims a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9a0\">the <span class=\"_ _3\"></span>nature <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e ext<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>ver ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>take<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>into <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unt. <span class=\"_ _3\"></span>In a<span class=\"_ _3\"></span>ddition, <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>decisions <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic <span class=\"_ _3\"></span>conditio<span class=\"_ _3\"></span>ns c<span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>also </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9a1\">af<span class=\"_ _3\"></span>fect the estima<span class=\"_ _3\"></span>te of pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons and th<span class=\"_ _3\"></span>e eventu<span class=\"_ _3\"></span>al size of cl<span class=\"_ _3\"></span>aims. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae2\">IBNR a<span class=\"_ _3\"></span>nd IBNE<span class=\"_ _3\"></span>R pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons are<span class=\"_ _3\"></span> form<span class=\"_ _3\"></span>ed to o<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>set t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expecte<span class=\"_ _3\"></span>d costs<span class=\"_ _3\"></span> of lo<span class=\"_ _3\"></span>sses t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>have bee<span class=\"_ _3\"></span>n inc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ut not <span class=\"_ _3\"></span>yet r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>porte<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae3\">or h<span class=\"_ _1\"></span>ave not <span class=\"_ _1\"></span>yet <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>suff<span class=\"_ _3\"></span>iciently<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>individ<span class=\"_ _3\"></span>ual <span class=\"_ _1\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. <span class=\"_ _1\"></span>These pro<span class=\"_ _3\"></span>visions, <span class=\"_ _1\"></span>j<span class=\"_ _3\"></span>ust <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>ke <span class=\"_ _1\"></span>the p<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae4\">for <span class=\"_ _3\"></span>reported <span class=\"_ _5\"></span>claims, <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>formed <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>pay t<span class=\"_ _3\"></span>he ex<span class=\"_ _3\"></span>pected <span class=\"_ _3\"></span>costs, <span class=\"_ _3\"></span>including <span class=\"_ _3\"></span>clai<span class=\"_ _3\"></span>ms <span class=\"_ _3\"></span>settlement <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es, ne<span class=\"_ _3\"></span>cessary <span class=\"_ _3\"></span>to f<span class=\"_ _3\"></span>inally se<span class=\"_ _3\"></span>ttle </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae5\">these <span class=\"_ _a\"></span>claims. <span class=\"_ _c\"></span>B<span class=\"_ _3\"></span>ecause, <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>definiti<span class=\"_ _3\"></span>on, <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>extent <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>these <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>osses <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>still <span class=\"_ _c\"></span>unkno<span class=\"_ _3\"></span>wn <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>he<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons <span class=\"_ _c\"> </span>are <span class=\"_ _a\"></span>formed, <span class=\"_ _a\"></span>VIG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae6\">Insurance<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>calc<span class=\"_ _3\"></span>ulates <span class=\"_ _a\"></span>its <span class=\"_ _a\"></span>IBNR <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>IBNER <span class=\"_ _a\"></span>pro<span class=\"_ _3\"></span>vision<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>historical <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>experie<span class=\"_ _3\"></span>nce, <span class=\"_ _a\"></span>adjusted <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>c<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _379\"> </span> <span class=\"_ _5\"></span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">developme<span class=\"_ _3\"></span>nts <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>clai<span class=\"_ _3\"></span>ms-rel<span class=\"_ _3\"></span>ated <span class=\"_ _c\"> </span>facto<span class=\"_ _3\"></span>rs. <span class=\"_ _c\"> </span>These <span class=\"_ _c\"> </span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>is<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsae8\">ions <span class=\"_ _c\"></span>are <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>ased <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>estim<span class=\"_ _3\"></span>ates <span class=\"_ _c\"> </span>mad<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>actuarial <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>statistical<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">for<span class=\"_ _3\"></span>eca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>ected <span class=\"_ _3\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>finally <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ettle <span class=\"_ _5\"></span>these <span class=\"_ _3\"></span>clai<span class=\"_ _3\"></span>ms. <span class=\"_ _5\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nalys<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>facts <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>circums<span class=\"_ _3\"></span>tances <span class=\"_ _d\"></span>known </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">at <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>time<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>on expec<span class=\"_ _3\"></span>tations r<span class=\"_ _3\"></span>egardi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ang<span class=\"_ _3\"></span>es in legal and/or econom<span class=\"_ _3\"></span>ic <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>actors that determi<span class=\"_ _3\"></span>ne the level of loss, su<span class=\"_ _3\"></span>ch </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">as <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>law<span class=\"_ _5\"></span>, <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>inflatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>rate <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>la<span class=\"_ _3\"></span>bour <span class=\"_ _b\"> </span>cos<span class=\"_ _3\"></span>ts. <span class=\"_ _c\"> </span>These <span class=\"_ _b\"> </span>pr<span class=\"_ _3\"></span>ovisions <span class=\"_ _c\"> </span>are <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>egularl<span class=\"_ _3\"></span>y <span class=\"_ _b\"> </span>revie<span class=\"_ _3\"></span>wed <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>evised <span class=\"_ _c\"> </span>once <span class=\"_ _c\"> </span>additio<span class=\"_ _3\"></span>nal </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">informatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>kn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>actually <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed. <span class=\"_ _a\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>time <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>eede<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>learn <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>these <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>settle <span class=\"_ _4\"></span>them <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>an </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">importa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t f<span class=\"_ _3\"></span>actor tha<span class=\"_ _3\"></span>t must be <span class=\"_ _3\"></span>taken into <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>when form<span class=\"_ _3\"></span>ing pro<span class=\"_ _3\"></span>visions.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">Claims<span class=\"_ _3\"></span> which <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e eas<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to s<span class=\"_ _3\"></span>ettle, <span class=\"_ _3\"></span>such as <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y dam<span class=\"_ _3\"></span>age under <span class=\"_ _3\"></span>moto<span class=\"_ _3\"></span>r insu<span class=\"_ _3\"></span>rance, <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted wit<span class=\"_ _3\"></span>hin <span class=\"_ _3\"></span>a f<span class=\"_ _3\"></span>ew<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>days <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>weeks<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">and ar<span class=\"_ _3\"></span>e normally s<span class=\"_ _3\"></span>ettled <span class=\"_ _3\"></span>within a <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">Mor<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>plicat<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>claims, <span class=\"_ _b\"> </span>such <span class=\"_ _6\"> </span>as <span class=\"_ _b\"> </span>personal <span class=\"_ _b\"> </span>injury <span class=\"_ _b\"> </span>u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>motor <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>ge<span class=\"_ _3\"></span>neral <span class=\"_ _b\"> </span>liability <span class=\"_ _6\"> </span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce, <span class=\"_ _6\"> </span>typic<span class=\"_ _3\"></span>ally <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>equire <span class=\"_ _6\"> </span>lo<span class=\"_ _3\"></span>nger </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">settlem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>times <span class=\"_ _c\"></span>(o<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>average <span class=\"_ _c\"> </span>four <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>six <span class=\"_ _c\"> </span>years, <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>som<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>cases <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>nsiderabl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>r)<span class=\"_ _1\"></span>. <span class=\"_ _c\"></span>Di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>icult <span class=\"_ _c\"> </span>claims, <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>settlem<span class=\"_ _3\"></span>ent </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">regul<span class=\"_ _3\"></span>arly de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ends on <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e results of often pro<span class=\"_ _3\"></span>tracted liti<span class=\"_ _3\"></span>gation, <span class=\"_ _1\"></span>also lead to <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ubstantiall<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>longer settlem<span class=\"_ _3\"></span>ent times, especiall<span class=\"_ _3\"></span>y </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">in the liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>, casual<span class=\"_ _3\"></span>ty<span class=\"_ _5\"></span>, buil<span class=\"_ _3\"></span>ding and <span class=\"_ _3\"></span>professi<span class=\"_ _3\"></span>onal li<span class=\"_ _3\"></span>ability lines<span class=\"_ _3\"></span> of business<span class=\"_ _3\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">The fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>costs <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>claim<span class=\"_ _3\"></span>s and <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>settleme<span class=\"_ _3\"></span>nt exp<span class=\"_ _3\"></span>enses<span class=\"_ _3\"></span> depend <span class=\"_ _3\"></span>on a <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>um<span class=\"_ _3\"></span>ber o<span class=\"_ _3\"></span>f variabl<span class=\"_ _3\"></span>e cir<span class=\"_ _3\"></span>cumstan<span class=\"_ _3\"></span>ces. B<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs904\">time a claim <span class=\"_ _3\"></span>is repor<span class=\"_ _3\"></span>ted and fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l settl<span class=\"_ _3\"></span>ement, c<span class=\"_ _3\"></span>hanging cir<span class=\"_ _3\"></span>cum<span class=\"_ _3\"></span>stances m<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>e that the pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons that we<span class=\"_ _3\"></span>re forme<span class=\"_ _3\"></span>d be </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">revise<span class=\"_ _3\"></span>d upwar<span class=\"_ _3\"></span>ds or dow<span class=\"_ _3\"></span>nwar<span class=\"_ _3\"></span>ds. For exampl<span class=\"_ _3\"></span>e, cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges in t<span class=\"_ _3\"></span>he law<span class=\"_ _3\"></span>, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>utcome of l<span class=\"_ _3\"></span>itigation a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d c<span class=\"_ _3\"></span>hanges in medi<span class=\"_ _3\"></span>cal cost<span class=\"_ _3\"></span>s, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">costs for m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>terials<span class=\"_ _3\"></span> for ca<span class=\"_ _3\"></span>r and ho<span class=\"_ _3\"></span>use rep<span class=\"_ _3\"></span>air an<span class=\"_ _3\"></span>d h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>urly wag<span class=\"_ _3\"></span>e rates,<span class=\"_ _3\"></span> loss fr<span class=\"_ _3\"></span>equ<span class=\"_ _3\"></span>ency and los<span class=\"_ _3\"></span>s amo<span class=\"_ _3\"></span>unt can <span class=\"_ _3\"></span>have a s<span class=\"_ _3\"></span>ubstantial </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">ef<span class=\"_ _3\"></span>fect <span class=\"_ _a\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>costs<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>claim<span class=\"_ _3\"></span>s. <span class=\"_ _a\"></span>These<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>factors <span class=\"_ _4\"></span>may <span class=\"_ _1\"></span>result <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>actual<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>developm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ing <span class=\"_ _4\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>expecta<span class=\"_ _3\"></span>tions <span class=\"_ _4\"></span>\u2013 <span class=\"_ _4\"></span>sometim<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">substanti<span class=\"_ _3\"></span>ally<span class=\"_ _d\"></span>. Loss <span class=\"_ _5\"></span>rese<span class=\"_ _3\"></span>rve estim<span class=\"_ _3\"></span>ates <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>egularl<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eviewed <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>updated, <span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>most <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecent <span class=\"_ _3\"></span>information <span class=\"_ _5\"></span>available <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d.  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fb\">Any changes to <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovision estimat<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>refl<span class=\"_ _3\"></span>ected in <span class=\"_ _1\"></span>the ope<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult. <span class=\"_ _1\"></span>The conse<span class=\"_ _3\"></span>rvative policy towar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>of VIG </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">Insurance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>oup is sho<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for exam<span class=\"_ _3\"></span>ple, by the fact that liq<span class=\"_ _3\"></span>uidation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of loss res<span class=\"_ _3\"></span>erves has<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>erall<span class=\"_ _3\"></span>y led to a <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ofit. Base<span class=\"_ _3\"></span>d on </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7a\">VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s internal p<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>edur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s and the inform<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> curre<span class=\"_ _3\"></span>ntly availabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to it, manageme<span class=\"_ _3\"></span>nt believes that the VI<span class=\"_ _3\"></span>G </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">Insurance <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _c\"> </span>area <span class=\"_ _c\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>adequa<span class=\"_ _3\"></span>te. <span class=\"_ _c\"> </span>F<span class=\"_ _1\"></span>ormi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>loss <span class=\"_ _c\"> </span>reserves <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>an </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fc\">uncertai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>ess and the<span class=\"_ _3\"></span>refor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> no g<span class=\"_ _3\"></span>uarante<span class=\"_ _3\"></span>e can be gi<span class=\"_ _3\"></span>ven that in t<span class=\"_ _3\"></span>he end loss<span class=\"_ _3\"></span>es will<span class=\"_ _3\"></span> not dif<span class=\"_ _3\"></span>fer from i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>itial<span class=\"_ _3\"></span> estimates.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fc3 sc0 ls6 ws0 gs7d\">CHANGES<span class=\"_ _3\"></span> IN CLAIMS<span class=\"_ _3\"></span> P<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>YMEN<span class=\"_ _3\"></span>TS AND<span class=\"_ _5\"></span> GROSS LOSS <span class=\"_ _3\"></span>RESERVE<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7e\">The <span class=\"_ _5\"></span>follo<span class=\"_ _3\"></span>wing <span class=\"_ _5\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>payments <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>occu<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ence <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>VIG <span class=\"_ _d\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _d\"></span>d<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>ect <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>reserves </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7f\">at <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>end<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of each y<span class=\"_ _3\"></span>ear <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>cated. The pro<span class=\"_ _3\"></span>visions r<span class=\"_ _3\"></span>eflect the amount<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of expec<span class=\"_ _3\"></span>ted losses, base<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at occ<span class=\"_ _3\"></span>urred in<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs80\">the cu<span class=\"_ _3\"></span>rrent <span class=\"_ _3\"></span>and all<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>evious los<span class=\"_ _3\"></span>s y<span class=\"_ _3\"></span>ears and<span class=\"_ _3\"></span> had <span class=\"_ _3\"></span>not ye<span class=\"_ _3\"></span>t been<span class=\"_ _3\"></span> paid <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s of<span class=\"_ _3\"></span> the b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>e sheet <span class=\"_ _3\"></span>date, i<span class=\"_ _3\"></span>ncluding<span class=\"_ _3\"></span> IBNR a<span class=\"_ _3\"></span>nd IB<span class=\"_ _3\"></span>NER. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs81\">Interpr<span class=\"_ _3\"></span>eting <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>information <span class=\"_ _11\"></span>contained <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>this <span class=\"_ _d\"></span>ta<span class=\"_ _1\"></span>ble <span class=\"_ _d\"></span>requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>caution, <span class=\"_ _5\"></span>bec<span class=\"_ _3\"></span>au<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>each <span class=\"_ _d\"></span>amount <span class=\"_ _5\"></span>contai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ects <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>all <span class=\"_ _d\"></span>ch<span class=\"_ _1\"></span>anges<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs905\">fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>evious periods. The <span class=\"_ _1\"></span>cir<span class=\"_ _3\"></span>cumsta<span class=\"_ _3\"></span>nces <span class=\"_ _1\"></span>and trends that aff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ted liabil<span class=\"_ _3\"></span>ity <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>past may not <span class=\"_ _1\"></span>rec<span class=\"_ _3\"></span>ur <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the future and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs82\">therefor<span class=\"_ _5\"></span>e no co<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>lusio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s can <span class=\"_ _3\"></span>be draw<span class=\"_ _3\"></span>n from t<span class=\"_ _3\"></span>he inform<span class=\"_ _3\"></span>ation g<span class=\"_ _3\"></span>iven in this ta<span class=\"_ _3\"></span>ble as <span class=\"_ _3\"></span>to futur<span class=\"_ _3\"></span>e results.<span class=\"_ _379\"> </span><span class=\"_ _5\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs8e\">Claim paym<span class=\"_ _3\"></span>ents for <span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h year of occ<span class=\"_ _3\"></span>urrence o<span class=\"_ _3\"></span>n the applic<span class=\"_ _3\"></span>ab<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e balance sheet<span class=\"_ _3\"></span> da<span class=\"_ _1\"></span>te<span class=\"_ _3\"></span> (gross)<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsae9\">Year of occu<span class=\"_ _1\"></span>rrence<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaea\">Calendar yea<span class=\"_ _1\"></span>r </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaeb\">  <span class=\"_ _9f\"> </span><span class=\"fs15\">\u22642013<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaec\">2014<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaed\">2015<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaee\">2016<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaef\">2017<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaf0\">2018<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaf1\">2019<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaf2\">2020<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaf3\">2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsaf4\">2022<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsaf5\"><div class=\"t m1 x6 h35 y66f ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaf6\">201<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>2,<span class=\"_ _1\"></span>895,695<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaf7\">1,146,14<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaf8\">438,215<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaf9\">358,335<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsafa\">211,309<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsafb\">160,352<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsafc\">116,037<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsafd\">96,183<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsafe\">65,442<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsaff\">49,178<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb00\">201<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _28\"> </span>1,545,5<span class=\"_ _1\"></span>09<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb01\">773,664<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb02\">192,081<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb03\">101,832<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb04\">54,209<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb05\">66,232<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb06\">24,281<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb07\">14,714<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb08\">13,097<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb09\">201<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,<span class=\"_ _1\"></span>565,072<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0a\">734,971<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0b\">212,354<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0c\">91,806<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0d\">60,484<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0e\">33,766<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb0f\">22,621<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb10\">18,341<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb11\">201<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,61<span class=\"_ _1\"></span>9,590<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb12\">806,055<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb13\">204,162<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb14\">108,102<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb15\">79,211<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb16\">35,983<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb17\">24,482<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb18\">201<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _cd\"> </span>1,827,020<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb19\">885,844<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1a\">237,052<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1b\">111,119<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1c\">82,846<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1d\">33,089<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1e\">201<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _27\"> </span>1,81<span class=\"_ _1\"></span>6,053<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb1f\">877,898<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb20\">237,846<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb21\">117,315<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb22\">62,060<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb23\">201<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _cd\"> </span>2,069,673<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb24\">870,191<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb25\">210,713<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb26\">97,199<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb27\">202<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _28\"> </span>1,925,<span class=\"_ _1\"></span>211<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb28\">887,732<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb29\">222,906<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb2a\">202<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>2,232,08<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb2b\">1,177,24<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb2c\">202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _56\"> </span>2,5<span class=\"_ _1\"></span>25,002<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb2d\">Total <span class=\"_ _61\"> </span>2,895,695<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb2e\">2,691,65<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb2f\">2,776,95<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb30\">2,904,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb31\">3,158,57<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb32\">3,212,42<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb33\">3,535,47<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb34\">3,377,80<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb35\">3,669,44<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb36\">4,222,59<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gsb37\">Loss rese<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ve for<span class=\"_ _3\"></span> each year <span class=\"_ _3\"></span>of occurrenc<span class=\"_ _3\"></span>e on the ap<span class=\"_ _3\"></span>plicable bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _3\"></span>e (gross) </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsb38\">Year of occu<span class=\"_ _1\"></span>rrence<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb39\">Calendar yea<span class=\"_ _1\"></span>r </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsb3a\">  <span class=\"_ _9f\"> </span><span class=\"fs15\">\u22642013<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb3b\">2014<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb3c\">2015<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb3d\">2016<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb3e\">2017<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb3f\">2018<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb40\">2019<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb41\">2020<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb42\">2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb43\">2022<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsb44\"><div class=\"t m1 x6 h35 y724 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb45\">201<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>3,<span class=\"_ _1\"></span>940,731<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb46\">2,412,16<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb47\">1,727,02<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb48\">1,328,77<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb49\">1,117,70<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4a\">947,160<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4b\">846,405<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4c\">795,782<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4d\">721,633<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4e\">693,898<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb4f\">201<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _28\"> </span>1,749,2<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb50\">813,249<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb51\">468,519<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb52\">313,557<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb53\">234,036<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb54\">158,058<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb55\">131,716<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb56\">116,568<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb57\">103,944<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb58\">201<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,<span class=\"_ _1\"></span>687,291<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb59\">787,903<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5a\">467,615<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5b\">299,946<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5c\">216,863<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5d\">173,143<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5e\">145,309<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb5f\">125,503<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb60\">201<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,75<span class=\"_ _1\"></span>7,426<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb61\">803,864<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb62\">497,502<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb63\">329,162<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb64\">262,292<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb65\">221,401<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb66\">161,359<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb67\">201<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _cd\"> </span>1,903,463<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb68\">863,161<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb69\">512,025<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6a\">345,528<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6b\">220,739<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6c\">178,961<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6d\">201<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _27\"> </span>1,99<span class=\"_ _1\"></span>9,997<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6e\">957,118<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb6f\">571,423<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb70\">354,520<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb71\">249,032<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb72\">201<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _cd\"> </span>2,156,013<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb73\">949,167<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb74\">571,859<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb75\">366,910<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb76\">202<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _28\"> </span>2,387,<span class=\"_ _1\"></span>581<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb77\">1,075,43<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb78\">593,788<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb79\">202<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>2,855,35<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb7a\">1,255,61<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsb7b\">202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _56\"> </span>3,3<span class=\"_ _1\"></span>55,696<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb7c\">Total <span class=\"_ _61\"> </span>3,940,731<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb7d\">4,161,41<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb7e\">4,227,56<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb7f\">4,342,62<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb80\">4,606,20<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb81\">4,841,80<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb82\">5,175,64<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb83\">5,616,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb84\">6,282,81<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsb85\">7,084,70<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsb86\">Reinsuran<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb87\">VIG Insu<span class=\"_ _3\"></span>rance Gro<span class=\"_ _3\"></span>up limits<span class=\"_ _3\"></span> its potenti<span class=\"_ _3\"></span>al liabi<span class=\"_ _3\"></span>lity arising fro<span class=\"_ _3\"></span>m the i<span class=\"_ _3\"></span>nsurance b<span class=\"_ _3\"></span>usiness by <span class=\"_ _3\"></span>passing o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, to t<span class=\"_ _3\"></span>he exten<span class=\"_ _3\"></span>t necessa<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb88\">a <span class=\"_ _a\"></span>portion <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>assumed <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>internatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>einsurance <span class=\"_ _a\"></span>mark<span class=\"_ _3\"></span>et. <span class=\"_ _c\"></span>Som<span class=\"_ _5\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>risks <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _4\"></span>are </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb89\">reins<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>within VIG I<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up and t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e risks <span class=\"_ _3\"></span>are i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>turn ceded to ex<span class=\"_ _3\"></span>ternal rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs at t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Group le<span class=\"_ _3\"></span>vel. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsb8a\">REINSURAN<span class=\"_ _3\"></span>CE GUID<span class=\"_ _3\"></span>EL<span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>ES </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8b\">The r<span class=\"_ _3\"></span>einsurance g<span class=\"_ _3\"></span>uidelines ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> jo<span class=\"_ _3\"></span>intly determin<span class=\"_ _3\"></span>ed each year by t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>rporate R<span class=\"_ _3\"></span>einsurance d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt and the mem<span class=\"_ _3\"></span>ber of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8c\">the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ponsibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>for reinsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>during the de<span class=\"_ _1\"></span>velo<span class=\"_ _3\"></span>pment <span class=\"_ _1\"></span>of the reinsu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>next financial </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8d\">year<span class=\"_ _d\"></span>. <span class=\"_ _b\"> </span>They <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>quire <span class=\"_ _b\"> </span>eac<span class=\"_ _3\"></span>h <span class=\"_ _6\"> </span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>comp<span class=\"_ _3\"></span>any <span class=\"_ _6\"> </span>to <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ide, <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ation <span class=\"_ _b\"> </span>with <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>corpo<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>Reins<span class=\"_ _3\"></span>urance <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8e\">reins<span class=\"_ _3\"></span>urance co<span class=\"_ _3\"></span>verage t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> is<span class=\"_ _3\"></span> appro<span class=\"_ _5\"></span>pr<span class=\"_ _1\"></span>iate f<span class=\"_ _3\"></span>or its loc<span class=\"_ _3\"></span>al comp<span class=\"_ _3\"></span>any<span class=\"_ _d\"></span>. Thes<span class=\"_ _3\"></span>e guidelines go<span class=\"_ _5\"></span>ver<span class=\"_ _1\"></span>n th<span class=\"_ _3\"></span>e follo<span class=\"_ _3\"></span>win<span class=\"_ _1\"></span>g poi<span class=\"_ _3\"></span>nts.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"c w14 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs65\">Reinsuran<span class=\"_ _3\"></span>ce is a prer<span class=\"_ _3\"></span>equisite for<span class=\"_ _3\"></span> the acce<span class=\"_ _3\"></span>ptance of </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gsb90\">i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance covera<span class=\"_ _3\"></span>ge </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>depa<span class=\"_ _3\"></span>rtments <span class=\"_ _d\"></span>may <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nly<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>make<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>binding <span class=\"_ _5\"></span>commit<span class=\"_ _3\"></span>ment <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsure <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>risk <span class=\"_ _5\"></span>above <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>certain <span class=\"_ _5\"></span>limit <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>suffi<span class=\"_ _3\"></span>cien<span class=\"_ _1\"></span>t <span class=\"_ _d\"></span>reinsu<span class=\"_ _3\"></span>rance </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">coverage <span class=\"_ _3\"></span>has alr<span class=\"_ _3\"></span>eady be<span class=\"_ _3\"></span>en ass<span class=\"_ _3\"></span>ured.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs8fa\">Retentio<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">It is Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p-wid<span class=\"_ _3\"></span>e polic<span class=\"_ _3\"></span>y that <span class=\"_ _3\"></span>no mor<span class=\"_ _3\"></span>e tha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>EUR 70.0 mi<span class=\"_ _3\"></span>llion f<span class=\"_ _3\"></span>or the fi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t natu<span class=\"_ _3\"></span>ral disaster<span class=\"_ _3\"></span> event <span class=\"_ _3\"></span>and EUR 50<span class=\"_ _3\"></span>.0 mil<span class=\"_ _3\"></span>lion for <span class=\"_ _3\"></span>each </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">additional<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>event can be placed at <span class=\"_ _1\"></span>risk on a <span class=\"_ _1\"></span>PM<span class=\"_ _3\"></span>L <span class=\"_ _1\"></span>(proba<span class=\"_ _3\"></span>ble maxim<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>loss) basis<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>aximum Gro<span class=\"_ _3\"></span>up-wid<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ret<span class=\"_ _3\"></span>ention per </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al lo<span class=\"_ _3\"></span>ss is l<span class=\"_ _3\"></span>ess than EUR 25.<span class=\"_ _3\"></span>0 mill<span class=\"_ _3\"></span>ion. </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs26f\">Selection <span class=\"_ _3\"></span>of reinsurers <span class=\"_ _3\"></span>\u2013 diversificati<span class=\"_ _3\"></span>on </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">VIG  Holding  and  its  subsidi<span class=\"_ _3\"></span>aries  divide  thei<span class=\"_ _3\"></span>r <span class=\"_ _10\"> </span>rei<span class=\"_ _3\"></span>nsu</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsb91\">rance<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>cover<span class=\"_ _3\"></span>age  among  man<span class=\"_ _3\"></span>y <span class=\"_ _10\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t  internatio<span class=\"_ _3\"></span>nal  reinsu<span class=\"_ _3\"></span>rance </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsb92\">companies <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Holding <span class=\"_ _1\"></span>feels <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>credi<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>qu<span class=\"_ _1\"></span>ality<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>so <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>minim<span class=\"_ _3\"></span>ise <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>arising <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>r\u2019<span class=\"_ _d\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">inability to <span class=\"_ _3\"></span>pay (cr<span class=\"_ _3\"></span>edit risk<span class=\"_ _3\"></span>). The mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>etary li<span class=\"_ _3\"></span>mit per r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>er is s<span class=\"_ _3\"></span>et individuall<span class=\"_ _3\"></span>y for ea<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>ubsidiary<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs97e\">Selection <span class=\"_ _3\"></span>of reinsurers <span class=\"_ _3\"></span>\u2013 ratings </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">For <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>nes <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>claim<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>sett<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>takes <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>long <span class=\"_ _1\"></span>time, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>particular <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>motor <span class=\"_ _1\"></span>third party <span class=\"_ _1\"></span>liability<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>gener<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>liability </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97f\">and <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>iation, <span class=\"_ _a\"></span>VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _c\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>ses <span class=\"_ _a\"></span>reins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ers <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>outstan<span class=\"_ _3\"></span>ding <span class=\"_ _c\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _c\"> </span>(at <span class=\"_ _c\"> </span>le<span class=\"_ _3\"></span>ast <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>Sta<span class=\"_ _3\"></span>ndard <span class=\"_ _c\"></span>&amp; <span class=\"_ _a\"></span>Poor\u2019<span class=\"_ _11\"></span>s <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>ating <span class=\"_ _a\"></span>of <span class=\"_ _c\"> </span>A, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">prefe<span class=\"_ _3\"></span>rably <span class=\"_ _3\"></span>a rating of<span class=\"_ _5\"></span> AA o<span class=\"_ _3\"></span>r hig<span class=\"_ _3\"></span>her), whic<span class=\"_ _3\"></span>h in <span class=\"_ _3\"></span>all li<span class=\"_ _3\"></span>kelihood wi<span class=\"_ _3\"></span>ll <span class=\"_ _3\"></span>also co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nue to exi<span class=\"_ _3\"></span>st o<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>er t<span class=\"_ _3\"></span>he long<span class=\"_ _3\"></span> term.<span class=\"_ _3\"></span> For li<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>es o<span class=\"_ _3\"></span>f busi<span class=\"_ _3\"></span>ness </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs980\">with <span class=\"_ _a\"></span>claims <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>settled <span class=\"_ _a\"></span>quickly <span class=\"_ _a\"></span>(for <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ample, <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>atu<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l <span class=\"_ _a\"></span>catast<span class=\"_ _3\"></span>rop<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s, <span class=\"_ _a\"></span>fir<span class=\"_ _3\"></span>e, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>echnology<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>transpo<span class=\"_ _3\"></span>rtation, <span class=\"_ _a\"></span>storm, <span class=\"_ _a\"></span>burgla<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs981\">house<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>old,<span class=\"_ _3\"></span> water pip<span class=\"_ _3\"></span>es, motor o<span class=\"_ _3\"></span>wn dam<span class=\"_ _3\"></span>age), wher<span class=\"_ _3\"></span>e the n<span class=\"_ _3\"></span>umber of r<span class=\"_ _5\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers is<span class=\"_ _3\"></span> gre<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, th<span class=\"_ _3\"></span>e pref<span class=\"_ _3\"></span>erre<span class=\"_ _3\"></span>d rating is Sta<span class=\"_ _3\"></span>ndar<span class=\"_ _3\"></span>d &amp; </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">Poor\u2019<span class=\"_ _11\"></span>s A o<span class=\"_ _3\"></span>r h<span class=\"_ _1\"></span>ig<span class=\"_ _3\"></span>her<span class=\"_ _5\"></span>. O<span class=\"_ _3\"></span>nly in a fe<span class=\"_ _3\"></span>w cases \u2013 <span class=\"_ _3\"></span>and for li<span class=\"_ _3\"></span>mited pe<span class=\"_ _3\"></span>riods of <span class=\"_ _3\"></span>time \u2013 ar<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers <span class=\"_ _3\"></span>with lo<span class=\"_ _3\"></span>wer ratings <span class=\"_ _3\"></span>accepted.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gs982\">Reinsurers\u2019<span class=\"_ _3\"></span> share of<span class=\"_ _3\"></span> underwriti<span class=\"_ _3\"></span>ng provisio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>\u2013<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span></div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gsb93\">gs </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs273\">The <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>llowing <span class=\"_ _1\"></span>table <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hows <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>urers\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>in u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>rwriting <span class=\"_ _1\"></span>provis<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>casualty <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>erent </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs274\">ratings a<span class=\"_ _3\"></span>nd bala<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e sheet da<span class=\"_ _3\"></span>tes: </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsb94\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsb95\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gsb96\"><div class=\"t m3 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsb97\">AAA<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>2<span class=\"_ _1\"></span>0.44<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsb98\">9.14<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsb99\">AA <span class=\"_ _203\"> </span>27.42<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsb9a\">35.57<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsb9b\">A <span class=\"_ _204\"> </span>47.76<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsb9c\">50.70<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsb9d\">BBB<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>1.89<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsb9e\">2.76<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsb9f\">BB <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> low<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>0.67<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsba0\">0.85<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsba1\">No <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _207\"> </span>1.82<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsba2\">0.98<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba3\">As <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>result <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>goo<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>dit <span class=\"_ _5\"></span>quali<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>VIG <span class=\"_ _d\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _d\"></span>reinsur<span class=\"_ _3\"></span>ers, <span class=\"_ _d\"></span>no <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>allowan<span class=\"_ _3\"></span>ces <span class=\"_ _5\"></span>were<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nee<span class=\"_ _3\"></span>ded <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>rers\u2019 </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba4\">shar<span class=\"_ _3\"></span>es as of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e 31 D<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>ember 2022 <span class=\"_ _3\"></span>and 31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er 2021<span class=\"_ _3\"></span> balance sh<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dates.<span class=\"_ _3\"></span> </div><div class=\"t m3 h23 ff45 fsf fce sc0 ls6 ws0 gsba5\">Design <span class=\"_ _3\"></span>of r<span class=\"_ _1\"></span>ei<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>programmes<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba6\">If it ca<span class=\"_ _3\"></span>n be<span class=\"_ _1\"></span> j<span class=\"_ _3\"></span>ustified e<span class=\"_ _3\"></span>conomi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lly<span class=\"_ _11\"></span>, any s<span class=\"_ _3\"></span>ubsidia<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba7\">can p<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>se rei<span class=\"_ _3\"></span>nsurance co<span class=\"_ _3\"></span>verage in<span class=\"_ _3\"></span>dividually fr<span class=\"_ _3\"></span>om <span class=\"_ _3\"></span>external r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>. If </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba8\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>policies <span class=\"_ _3\"></span>can o<span class=\"_ _3\"></span>nly be<span class=\"_ _3\"></span> purc<span class=\"_ _3\"></span>hased b<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> a s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bsidia<span class=\"_ _3\"></span>ry at <span class=\"_ _3\"></span>uneconomi<span class=\"_ _3\"></span>cal t<span class=\"_ _3\"></span>erms, VI<span class=\"_ _3\"></span>G Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span> striv<span class=\"_ _3\"></span>es, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsba9\">as <span class=\"_ _5\"></span>far<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>possibl<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>jointly <span class=\"_ _3\"></span>place <span class=\"_ _5\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _5\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>cove<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>risks <span class=\"_ _5\"></span>from <span class=\"_ _5\"></span>natur<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>catastro<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>hes, <span class=\"_ _d\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>perty <span class=\"_ _5\"></span>lines <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>busines<span class=\"_ _3\"></span>s, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsbaa\">casualty<span class=\"_ _d\"></span>, tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>port, a<span class=\"_ _3\"></span>viation a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> mo<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>or liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>. If <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ecess<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ry<span class=\"_ _d\"></span>, int<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>-Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>assumptio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s of r<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce are <span class=\"_ _3\"></span>also pass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d o<span class=\"_ _3\"></span>n as<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">retro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>essio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rket <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>safety<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>reasons.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The gu<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>elines <span class=\"_ _1\"></span>for W<span class=\"_ _1\"></span>iener<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>St\u00e4dtisch<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">prese<span class=\"_ _3\"></span>nted belo<span class=\"_ _3\"></span>w.<span class=\"_ _3\"></span> R<span class=\"_ _3\"></span>etentions fo<span class=\"_ _3\"></span>r all othe<span class=\"_ _3\"></span>r insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e compa<span class=\"_ _3\"></span>nies are belo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ose of<span class=\"_ _3\"></span> W<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>ner St\u00e4dtisc<span class=\"_ _3\"></span>he.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs1fe\">REINSURAN<span class=\"_ _3\"></span>CE COV<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>R<span class=\"_ _3\"></span>AGE USIN<span class=\"_ _3\"></span>G TH<span class=\"_ _3\"></span>E EXAMPLE<span class=\"_ _3\"></span> OF <span class=\"_ _3\"></span>WIENER<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>\u00c4DTIS<span class=\"_ _3\"></span>CHE </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs1ff\">Natural catastro<span class=\"_ _3\"></span>phes </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">Wiener <span class=\"_ _6\"> </span>St<span class=\"_ _3\"></span>\u00e4dt<span class=\"_ _1\"></span>isc<span class=\"_ _3\"></span>he <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nsurance <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>damag<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>caus<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>natural <span class=\"_ _b\"> </span>catastr<span class=\"_ _3\"></span>ophes <span class=\"_ _c\"> </span>such <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>stor<span class=\"_ _3\"></span>ms, <span class=\"_ _b\"> </span>hail, <span class=\"_ _b\"> </span>floo<span class=\"_ _3\"></span>ding <span class=\"_ _6\"> </span>or </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">earthq<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>es. Wiener <span class=\"_ _3\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ses <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce cov<span class=\"_ _3\"></span>erage <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>limi<span class=\"_ _3\"></span>t its r<span class=\"_ _3\"></span>etention f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ural di<span class=\"_ _3\"></span>sasters <span class=\"_ _3\"></span>to EU<span class=\"_ _3\"></span>R 1<span class=\"_ _3\"></span>8.0 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on for </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">the first l<span class=\"_ _3\"></span>oss eve<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>EUR 9.5 mil<span class=\"_ _3\"></span>lion for <span class=\"_ _3\"></span>each additi<span class=\"_ _3\"></span>onal e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs96\">Private cust<span class=\"_ _3\"></span>omer busin<span class=\"_ _3\"></span>ess </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">The  pri<span class=\"_ _3\"></span>vate  c<span class=\"_ _3\"></span>ustomer <span class=\"_ _6\"> </span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness  co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sists <span class=\"_ _2\"> </span>of <span class=\"_ _2\"> </span>ess<span class=\"_ _3\"></span>entially  s<span class=\"_ _3\"></span>tabl<span class=\"_ _3\"></span>e  insura<span class=\"_ _3\"></span>nce  po<span class=\"_ _3\"></span>rtfoli<span class=\"_ _3\"></span>os  having<span class=\"_ _3\"></span>  calc<span class=\"_ _3\"></span>ulable  r<span class=\"_ _3\"></span>esults  t<span class=\"_ _3\"></span>hat  a<span class=\"_ _3\"></span>re </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">characteris<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>abo<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>all <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>able <span class=\"_ _4\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>freq<span class=\"_ _3\"></span>uency<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>Thus,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>such <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly <span class=\"_ _4\"></span>rei<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>expos<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>lines <span class=\"_ _1\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">business, <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>example <span class=\"_ _5\"></span>storm <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nsurance,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>target<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>use <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>proportio<span class=\"_ _3\"></span>nal <span class=\"_ _5\"></span>reinsu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>educe <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ects <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>rete<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>on. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">The <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fects on<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>rete<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>small <span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>expected <span class=\"_ _1\"></span>major <span class=\"_ _1\"></span>losses <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>cover<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>non-<span class=\"_ _3\"></span>propo<span class=\"_ _3\"></span>rtional <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">Wiener St\u00e4d<span class=\"_ _3\"></span>tische\u2019<span class=\"_ _d\"></span>s<span class=\"_ _3\"></span> maxim<span class=\"_ _3\"></span>um ne<span class=\"_ _3\"></span>t loss is<span class=\"_ _3\"></span> betwee<span class=\"_ _3\"></span>n EUR <span class=\"_ _3\"></span>1.0 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>EUR 2.0 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on, dep<span class=\"_ _3\"></span>ending o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the lin<span class=\"_ _3\"></span>e of busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs9c\">Manag<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nd contro<span class=\"_ _3\"></span>l </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs205\">LIQUIDITY<span class=\"_ _3\"></span> MANAG<span class=\"_ _3\"></span>EME<span class=\"_ _1\"></span>N<span class=\"_ _3\"></span>T </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>es its<span class=\"_ _3\"></span> li<span class=\"_ _3\"></span>quidity <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>ved b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he M<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng Bo<span class=\"_ _3\"></span>ard o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _3\"></span>As <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>rule, <span class=\"_ _3\"></span>VI<span class=\"_ _3\"></span>G </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>e<span class=\"_ _1\"></span>ac<span class=\"_ _3\"></span>h <span class=\"_ _b\"> </span>subsidi<span class=\"_ _3\"></span>ary <span class=\"_ _b\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _c\"> </span>for <span class=\"_ _b\"> </span>th<span class=\"_ _3\"></span>eir <span class=\"_ _b\"> </span>own <span class=\"_ _b\"> </span>liquidi<span class=\"_ _3\"></span>ty <span class=\"_ _b\"> </span>planni<span class=\"_ _3\"></span>ng. <span class=\"_ _b\"> </span>As <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>par<span class=\"_ _3\"></span>ent <span class=\"_ _b\"> </span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>, <span class=\"_ _b\"> </span>VIG <span class=\"_ _c\"> </span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>is </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">respo<span class=\"_ _3\"></span>nsible for alloca<span class=\"_ _3\"></span>ting capital for VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>up as a w<span class=\"_ _1\"></span>hol<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>his <span class=\"_ _1\"></span>allows ca<span class=\"_ _3\"></span>pital to be effi<span class=\"_ _3\"></span>cien<span class=\"_ _1\"></span>tl<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>dist<span class=\"_ _3\"></span>ributed withi<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">VIG <span class=\"_ _5\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group. <span class=\"_ _5\"></span>It <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>allows <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _5\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>ens<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>targ<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>levels <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>capital <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esourc<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>availabl<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">both at t<span class=\"_ _3\"></span>he VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p le<span class=\"_ _3\"></span>vel and i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he individu<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>perating u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>its.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">Most <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>liquidit<span class=\"_ _3\"></span>y for <span class=\"_ _3\"></span>day<span class=\"_ _3\"></span>-to-day <span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ations <span class=\"_ _3\"></span>comes <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>emiums <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eceived <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>rimary <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce, r<span class=\"_ _5\"></span>egular i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e fr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>m<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ceeds <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>sale <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>investments. Th<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>inflo<span class=\"_ _3\"></span>ws <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>fset <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>propert<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>casu<span class=\"_ _3\"></span>alty </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">insuranc<span class=\"_ _3\"></span>e claims<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>t pa<span class=\"_ _3\"></span>yments <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>life <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>eal<span class=\"_ _3\"></span>th i<span class=\"_ _3\"></span>nsurance. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>emaini<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>net<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>liq<span class=\"_ _3\"></span>uidity <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>cover <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>cquis<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">and ope<span class=\"_ _3\"></span>rating cos<span class=\"_ _3\"></span>ts. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">The <span class=\"_ _b\"> </span>matu<span class=\"_ _3\"></span>rity <span class=\"_ _c\"> </span>p<span class=\"_ _1\"></span>atte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>n <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _b\"> </span>business<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>provid<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>natural <span class=\"_ _c\"> </span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _b\"> </span>buffer<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>Unlike <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>eceived, <span class=\"_ _c\"> </span>VIG<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">Insurance<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>oup <span class=\"_ _5\"></span>guarante<span class=\"_ _3\"></span>es ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>erag<span class=\"_ _3\"></span>e f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>certain <span class=\"_ _3\"></span>period <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>time, <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h o<span class=\"_ _3\"></span>utflow <span class=\"_ _3\"></span>occu<span class=\"_ _3\"></span>rs d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>his <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>od </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">until <span class=\"_ _3\"></span>an ins<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>event <span class=\"_ _3\"></span>occurs. <span class=\"_ _5\"></span>The li<span class=\"_ _3\"></span>quidity b<span class=\"_ _3\"></span>uffer <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>invested <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>this <span class=\"_ _3\"></span>period a<span class=\"_ _3\"></span>nd ge<span class=\"_ _3\"></span>nerates <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ent in<span class=\"_ _3\"></span>come. <span class=\"_ _3\"></span>A por<span class=\"_ _3\"></span>tion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">is held <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the form of liquid investm<span class=\"_ _3\"></span>ents t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ure that <span class=\"_ _1\"></span>it<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>can<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>kly converted i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>to cas<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>to pay claims.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>In addition, t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">bond <span class=\"_ _b\"> </span>po<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>fol<span class=\"_ _3\"></span>io, <span class=\"_ _c\"> </span>in <span class=\"_ _b\"> </span>part<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ular<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>str<span class=\"_ _1\"></span>uct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>so <span class=\"_ _b\"> </span>that <span class=\"_ _c\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>ceeds <span class=\"_ _c\"> </span>from <span class=\"_ _c\"> </span>maturing <span class=\"_ _c\"> </span>bonds <span class=\"_ _c\"> </span>are <span class=\"_ _c\"> </span>receiv<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>on <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>dates <span class=\"_ _b\"> </span>it <span class=\"_ _c\"> </span>is </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">anticipat<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>will <span class=\"_ _3\"></span>be neede<span class=\"_ _3\"></span>d. Ext<span class=\"_ _3\"></span>ernal <span class=\"_ _3\"></span>influence <span class=\"_ _3\"></span>factors, <span class=\"_ _3\"></span>such as <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>pital m<span class=\"_ _3\"></span>arket d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>the i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ter<span class=\"_ _3\"></span>est r<span class=\"_ _3\"></span>ate l<span class=\"_ _3\"></span>evel, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">af<span class=\"_ _3\"></span>fect the liq<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>idi<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> sit<span class=\"_ _3\"></span>uation b<span class=\"_ _3\"></span>y impro<span class=\"_ _3\"></span>ving or r<span class=\"_ _5\"></span>estricting th<span class=\"_ _3\"></span>e ab<span class=\"_ _3\"></span>ility to sell<span class=\"_ _3\"></span> the investm<span class=\"_ _3\"></span>ent portfol<span class=\"_ _3\"></span>io at ma<span class=\"_ _3\"></span>rket value.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">The <span class=\"_ _5\"></span>time, <span class=\"_ _5\"></span>fr<span class=\"_ _3\"></span>equency <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>size <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>red <span class=\"_ _5\"></span>claims <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>liquidi<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>situ<span class=\"_ _3\"></span>ation <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>pro<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>casualty <span class=\"_ _5\"></span>insur<span class=\"_ _3\"></span>ance. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">The numbe<span class=\"_ _3\"></span>r of poli<span class=\"_ _3\"></span>cy extensio<span class=\"_ _3\"></span>ns also pl<span class=\"_ _3\"></span>ays a r<span class=\"_ _3\"></span>ole. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">The <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidity n<span class=\"_ _1\"></span>eeds for <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>gen<span class=\"_ _3\"></span>erally <span class=\"_ _1\"></span>affec<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ence <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>etween a<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>tual <span class=\"_ _1\"></span>mortality <span class=\"_ _1\"></span>expe<span class=\"_ _3\"></span>rience <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">assumpti<span class=\"_ _3\"></span>ons used to <span class=\"_ _1\"></span>calcul<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> unde<span class=\"_ _3\"></span>rwriting pro<span class=\"_ _3\"></span>visions. Mar<span class=\"_ _3\"></span>ket <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eturn<span class=\"_ _1\"></span>s or minimum inter<span class=\"_ _3\"></span>est rates <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>the behavio<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span> of life </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">insuranc<span class=\"_ _3\"></span>e custom<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s, s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ch <span class=\"_ _3\"></span>as the n<span class=\"_ _3\"></span>umber of pol<span class=\"_ _3\"></span>icies s<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>dered or <span class=\"_ _3\"></span>terminated, <span class=\"_ _3\"></span>also h<span class=\"_ _3\"></span>ave an <span class=\"_ _3\"></span>effect o<span class=\"_ _3\"></span>n liquidit<span class=\"_ _3\"></span>y needs.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"c w14 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsbae\">CAPIT<span class=\"_ _5\"></span>AL MANA<span class=\"_ _3\"></span>GEMENT<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbaf\">In the <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sts of ou<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>eholders<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and ins<span class=\"_ _3\"></span>urance custome<span class=\"_ _3\"></span>rs, our goal is <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ensur<span class=\"_ _3\"></span>e that VIG Holdi<span class=\"_ _3\"></span>ng h<span class=\"_ _1\"></span>as ad<span class=\"_ _3\"></span>equate capital </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb0\">resou<span class=\"_ _3\"></span>rces <span class=\"_ _6\"> </span>at  all<span class=\"_ _3\"></span>  tim<span class=\"_ _3\"></span>es  and <span class=\"_ _6\"> </span>that  all<span class=\"_ _3\"></span>  o<span class=\"_ _3\"></span>perating <span class=\"_ _6\"> </span>insurance <span class=\"_ _6\"> </span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _6\"> </span>fulfil <span class=\"_ _6\"> </span>th<span class=\"_ _1\"></span>eir <span class=\"_ _2\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spe<span class=\"_ _3\"></span>ctive  m<span class=\"_ _3\"></span>inim<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _6\"> </span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>capital </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb1\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents. <span class=\"_ _c\"> </span>Due <span class=\"_ _b\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>its <span class=\"_ _c\"> </span>successf<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l <span class=\"_ _a\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _b\"> </span>s<span class=\"_ _3\"></span>trategy<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>has <span class=\"_ _c\"> </span>tradi<span class=\"_ _3\"></span>tionally <span class=\"_ _c\"> </span>had <span class=\"_ _c\"> </span>very <span class=\"_ _c\"> </span>good<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>capital <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eso<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rc<span class=\"_ _3\"></span>es. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb2\">Maintaini<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>this <span class=\"_ _4\"></span>good <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>also <span class=\"_ _4\"></span>impo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ant <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>us, <span class=\"_ _4\"></span>bot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ow <span class=\"_ _4\"></span>us <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ake <span class=\"_ _4\"></span>adva<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>prof<span class=\"_ _3\"></span>itable </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb3\">gro<span class=\"_ _3\"></span>wth opport<span class=\"_ _3\"></span>unities and <span class=\"_ _3\"></span>to cus<span class=\"_ _3\"></span>hion the ef<span class=\"_ _3\"></span>fects of l<span class=\"_ _3\"></span>arge loss<span class=\"_ _5\"></span> events. </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gsbb4\">Standard<span class=\"_ _3\"></span> &amp; Poor<span class=\"_ _3\"></span>\u2019<span class=\"_ _3\"></span>s rating </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb5\">VIG Hol<span class=\"_ _3\"></span>ding also<span class=\"_ _3\"></span> places gr<span class=\"_ _3\"></span>eat impo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>tan<span class=\"_ _3\"></span>ce on m<span class=\"_ _3\"></span>aintaini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a <span class=\"_ _3\"></span>strong <span class=\"_ _3\"></span>credi<span class=\"_ _3\"></span>t rati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g wit<span class=\"_ _3\"></span>h Sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _3\"></span>d &amp; Poo<span class=\"_ _3\"></span>r\u2019<span class=\"_ _11\"></span>s (S&amp;P) a<span class=\"_ _3\"></span>nd ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb6\">regul<span class=\"_ _3\"></span>arly <span class=\"_ _1\"></span>undergoes ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>own <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>assess<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>relatio<span class=\"_ _3\"></span>nship <span class=\"_ _1\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb7\">req<span class=\"_ _3\"></span>uired <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>esources <span class=\"_ _1\"></span>available <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>it. <span class=\"_ _a\"></span>In <span class=\"_ _a\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>S&amp;P <span class=\"_ _4\"></span>affi<span class=\"_ _3\"></span>rmed <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>A+ <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>a </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb8\">\u201cstable\u201d o<span class=\"_ _3\"></span>utlook. Ca<span class=\"_ _3\"></span>pital reso<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ces exc<span class=\"_ _3\"></span>eed the r<span class=\"_ _5\"></span>equireme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> for the AAA <span class=\"_ _3\"></span>level.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb9\">The su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _3\"></span>issued <span class=\"_ _3\"></span>in 2<span class=\"_ _3\"></span>013 <span class=\"_ _3\"></span>(EUR 500 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n, tier<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>first call<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>9 Octo<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>023), 2<span class=\"_ _3\"></span>015 <span class=\"_ _3\"></span>(EUR 400 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>tier </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbba\">2, first call date <span class=\"_ _1\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Mar<span class=\"_ _5\"></span>ch <span class=\"_ _1\"></span>2026),<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>2017<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(EUR<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>200 mil<span class=\"_ _3\"></span>lion, tier 2, first call date <span class=\"_ _1\"></span>13<span class=\"_ _3\"></span> April 2027) and 2022 (EU<span class=\"_ _3\"></span>R <span class=\"_ _1\"></span>500 mil<span class=\"_ _3\"></span>lion, tier </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbb\">2, <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>call <span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>15 <span class=\"_ _1\"></span>June <span class=\"_ _1\"></span>2032) have <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>rated A-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _4a\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>senio<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>bond that <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>issued <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>2021 (EUR </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbc\">500 million, bullet <span class=\"_ _1\"></span>bond, <span class=\"_ _1\"></span>15-<span class=\"_ _3\"></span>year <span class=\"_ _1\"></span>term<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>assig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>an A <span class=\"_ _1\"></span>rating by S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>It d<span class=\"_ _1\"></span>oes not <span class=\"_ _1\"></span>satisfy S&amp;P\u2019<span class=\"_ _11\"></span>s <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>inclusio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>as </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbd\">capital. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gsbbe\">Active capital <span class=\"_ _3\"></span>management<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbf\">VIG <span class=\"_ _1\"></span>Holding<span class=\"_ _3\"></span> u<span class=\"_ _1\"></span>ses the <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>bove <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nitor <span class=\"_ _1\"></span>its ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>posi<span class=\"_ _3\"></span>tions <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>takes<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>approp<span class=\"_ _3\"></span>riate <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easures<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>furt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>impr<span class=\"_ _3\"></span>ov<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>its </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc0\">capital s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e and str<span class=\"_ _3\"></span>engthe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> its c<span class=\"_ _3\"></span>apital and sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cy si<span class=\"_ _3\"></span>tuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>ver the long <span class=\"_ _3\"></span>term. A s<span class=\"_ _3\"></span>olvency ratio<span class=\"_ _3\"></span> of 150% to 20<span class=\"_ _3\"></span>0% <span class=\"_ _3\"></span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc1\">the Solve<span class=\"_ _3\"></span>ncy II Gro<span class=\"_ _3\"></span>up lev<span class=\"_ _3\"></span>el has been sp<span class=\"_ _3\"></span>ecified b<span class=\"_ _3\"></span>y VIG Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g, wh<span class=\"_ _3\"></span>ereby t<span class=\"_ _3\"></span>his VIG <span class=\"_ _3\"></span>Group sol<span class=\"_ _3\"></span>venc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> ratio<span class=\"_ _3\"></span> range is<span class=\"_ _3\"></span> determined<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc2\">without taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g in<span class=\"_ _3\"></span>to acco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt tr<span class=\"_ _3\"></span>ansitionals f<span class=\"_ _3\"></span>or und<span class=\"_ _3\"></span>erwriting pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons used b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> som<span class=\"_ _5\"></span>e individual Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc3\">Capital <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>focuses <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bor<span class=\"_ _5\"></span>dinated <span class=\"_ _5\"></span>long-te<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m <span class=\"_ _5\"></span>liab<span class=\"_ _3\"></span>ilities <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y-like <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>aracteristics. <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>reas<span class=\"_ _3\"></span>ury <span class=\"_ _3\"></span>depa<span class=\"_ _3\"></span>rtme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc4\">incl. <span class=\"_ _e\"> </span>Asse<span class=\"_ _3\"></span>t <span class=\"_ _e\"> </span>Liability<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>Manageme<span class=\"_ _3\"></span>nt, <span class=\"_ _e\"> </span>conti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>usly <span class=\"_ _e\"> </span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _10\"> </span>capital <span class=\"_ _e\"> </span>m<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>developm<span class=\"_ _3\"></span>ents, <span class=\"_ _10\"> </span>with <span class=\"_ _10\"> </span>particul<span class=\"_ _3\"></span>ar <span class=\"_ _e\"> </span>attention<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc5\">developme<span class=\"_ _3\"></span>nts <span class=\"_ _10\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ning  bonds  with <span class=\"_ _10\"> </span>equit<span class=\"_ _3\"></span>y-<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ke <span class=\"_ _10\"> </span>char<span class=\"_ _3\"></span>acteristics<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>from  the  E<span class=\"_ _1\"></span>ur<span class=\"_ _3\"></span>opea<span class=\"_ _3\"></span>n <span class=\"_ _e\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _10\"> </span>secto<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>. <span class=\"_ _10\"> </span>New<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>capital </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc6\">instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _3\"></span>developi<span class=\"_ _3\"></span>ng in th<span class=\"_ _3\"></span>e capital ma<span class=\"_ _3\"></span>rket for i<span class=\"_ _3\"></span>nsurance c<span class=\"_ _3\"></span>ompanies ar<span class=\"_ _5\"></span>e examin<span class=\"_ _3\"></span>ed for appli<span class=\"_ _3\"></span>cabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> to <span class=\"_ _3\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Holding.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gsbc7\">Capital resou<span class=\"_ _3\"></span>rces </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc8\">As <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _a\"></span>Decembe<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>2022, <span class=\"_ _4\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 132,88<span class=\"_ _3\"></span>7,46<span class=\"_ _3\"></span>8.20 <span class=\"_ _4\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>comme<span class=\"_ _3\"></span>rcial <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>divided <span class=\"_ _4\"></span>into </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc9\">128,0<span class=\"_ _3\"></span>00,000 <span class=\"_ _5\"></span>no-par <span class=\"_ _5\"></span>value <span class=\"_ _3\"></span>bear<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _5\"></span>ordi<span class=\"_ _3\"></span>nary<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>with <span class=\"_ _d\"></span>voting <span class=\"_ _5\"></span>right<span class=\"_ _1\"></span>s. <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>Holding <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>own <span class=\"_ _3\"></span>shar<span class=\"_ _5\"></span>es <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>31 <span class=\"_ _5\"></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>202<span class=\"_ _3\"></span>2 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbca\">(2021: <span class=\"_ _1\"></span>non<span class=\"_ _3\"></span>e). <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>an, <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>ding t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>uthorisatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>hold<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _4\"></span>its<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>shar<span class=\"_ _3\"></span>ehold<span class=\"_ _3\"></span>ers\u2019 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcb\">equity <span class=\"_ _5\"></span>by <span class=\"_ _3\"></span>issui<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>commo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>prefer<span class=\"_ _3\"></span>red <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>individ<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>utho<span class=\"_ _3\"></span>risations <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>listed <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>Note <span class=\"_ _5\"></span>8. <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>eholder<span class=\"_ _3\"></span>s\u2019 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcc\">equity st<span class=\"_ _3\"></span>arting o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>age 112.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcd\">VI<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>up <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span> a<span class=\"_ _5\"></span>udi<span class=\"_ _5\"></span>to<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>-r<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>we<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>olv<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> de<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> 27<span class=\"_ _5\"></span>9.9<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> 31<span class=\"_ _5\"></span> De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbce\">(31 Dec<span class=\"_ _3\"></span>ember 2021: <span class=\"_ _3\"></span>249.5<span class=\"_ _3\"></span>%).<span class=\"_ _379\"> </span>  </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w14 h16 gs8d\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">9<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs8e\">Long-term<span class=\"_ _3\"></span> debt financi<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _a\"></span>had <span class=\"_ _c\"></span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated <span class=\"_ _a\"></span>bonds <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>wide <span class=\"_ _a\"></span>range <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities <span class=\"_ _4\"></span>outstandi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>31 <span class=\"_ _a\"></span>December <span class=\"_ _a\"></span>2022. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">Detailed <span class=\"_ _1\"></span>info<span class=\"_ _3\"></span>rmation <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Group <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d pro<span class=\"_ _3\"></span>gramme <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>provid<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Not<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>9. <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated <span class=\"_ _1\"></span>liabiliti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rting </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">on pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>16. <span class=\"_ _3\"></span>As s<span class=\"_ _3\"></span>hown b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities, <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>IG I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _5\"></span>ou<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s foc<span class=\"_ _3\"></span>us i<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>subor<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _3\"></span>that a<span class=\"_ _3\"></span>re el<span class=\"_ _3\"></span>igible <span class=\"_ _3\"></span>capi<span class=\"_ _3\"></span>tal. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">General <span class=\"_ _a\"></span>capital <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rket <span class=\"_ _a\"></span>conditions<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>othe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>circ<span class=\"_ _3\"></span>umstance<span class=\"_ _3\"></span>s <span class=\"_ _c\"> </span>that<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>aff<span class=\"_ _3\"></span>ect <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>financi<span class=\"_ _3\"></span>al <span class=\"_ _c\"> </span>servic<span class=\"_ _3\"></span>es <span class=\"_ _c\"> </span>secto<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>as <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>whol<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>or <span class=\"_ _c\"></span>V<span class=\"_ _3\"></span>IG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">Insurance <span class=\"_ _d\"></span>Group <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lar <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>have <span class=\"_ _5\"></span>an <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>dvers<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>cost <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>availabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>bt <span class=\"_ _5\"></span>financing. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>goal, <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">is to activ<span class=\"_ _3\"></span>ely ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ge <span class=\"_ _3\"></span>the capit<span class=\"_ _3\"></span>al struc<span class=\"_ _3\"></span>ture to k<span class=\"_ _3\"></span>eep refi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>anci<span class=\"_ _3\"></span>ng risks<span class=\"_ _3\"></span> as low <span class=\"_ _3\"></span>as possible.<span class=\"_ _3\"></span> </div>9<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> NOTES <span class=\"_ _3\"></span>TO <span class=\"_ _3\"></span>THE CONSOLIDA<span class=\"_ _5\"></span>TED BALANCE SHEET \u2013 <span class=\"_ _5\"></span>ASSETS<span class=\"ff49\"> </span>1.<span class=\"_ _10\"> </span>I<span class=\"_ _379\"> </span>NT<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>GIBLE <span class=\"_ _5\"></span>ASSETS<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Go<span class=\"_ _1\"></span>odwi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l <span class=\"_ _178\"> </span>1<span class=\"_ _1\"></span>,438,721<span class=\"_ _379\"> </span>1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Pur<span class=\"_ _1\"></span>chas<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce po<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tfol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d3\"> </span>59,576<span class=\"_ _379\"> </span>14,607<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ngi<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>586,448<span class=\"_ _379\"> </span>469,336<span class=\"_ _379\"> </span>Pur<span class=\"_ _1\"></span>chas<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>twa<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _20a\"> </span>446,797<span class=\"_ _379\"> </span>388,413<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _20b\"> </span>139,651<span class=\"_ _379\"> </span>80,923<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>2,084,745<span class=\"_ _379\"> </span>1,744,16<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Impairm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>angible <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eversals <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>impairm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tangibl<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>assets<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>included <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>se<span class=\"_ _3\"></span>parate <span class=\"_ _4\"></span>items<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> income s<span class=\"_ _3\"></span>tatement <span class=\"_ _3\"></span>betwee<span class=\"_ _3\"></span>n the Gro<span class=\"_ _3\"></span>up oper<span class=\"_ _3\"></span>ating res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt and <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>esult befor<span class=\"_ _5\"></span>e taxes.<span class=\"_ _3\"></span> 1.1.<span class=\"ff4b\"> </span>Goodwill<span class=\"_ _3\"></span> Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>1,886,33<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>1,865,61<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>irmen<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12.<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>ous<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span> <span class=\"_ _20e\"> </span>-626,109<span class=\"_ _1fa\"> </span><span class=\"fce\">-62<span class=\"_ _1\"></span>8,303<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d0\"> </span>1,260,226<span class=\"_ _379\"> </span>1,237,31<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _183\"> </span>-4<span class=\"_ _1\"></span>,026<span class=\"_ _1f5\"> </span><span class=\"fce\">22,91<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>1,<span class=\"_ _1\"></span>256,200<span class=\"_ _379\"> </span>1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>208,8<span class=\"_ _1\"></span>82<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _bb\"> </span>-26,361<span class=\"_ _13c\"> </span><span class=\"fce\">0<span class=\"_ _379\"> </span></span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _20f\"> </span>1,438,72<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>irmen<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12.<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>651,991<span class=\"_ _379\"> </span>626,109<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _210\"> </span>2,090,71<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>1,886,33<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Additions <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>mai<span class=\"_ _3\"></span>nly <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _4\"></span>from<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>purch<span class=\"_ _3\"></span>ases <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>Aego<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>H<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ary <span class=\"_ _4\"></span>(EU<span class=\"_ _3\"></span>R 188,573,0<span class=\"_ _3\"></span>00) <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Slovakian<span class=\"_ _3\"></span> pensio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> 365<span class=\"_ _3\"></span>.life (EU<span class=\"_ _3\"></span>R 19,970,0<span class=\"_ _3\"></span>00). The <span class=\"_ _6\"> </span>impairme<span class=\"_ _3\"></span>nts  i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _2\"> </span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _6\"> </span>year <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>edomi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>antly<span class=\"_ _3\"></span>  af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>cte<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>  t<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>Albania <span class=\"_ _6\"> </span>incl. <span class=\"_ _6\"> </span>Koso<span class=\"_ _3\"></span>vo <span class=\"_ _6\"> </span>(<span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>R 13,624,00<span class=\"_ _3\"></span>0) <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>North Macedoni<span class=\"_ _3\"></span>a (EUR 12,5<span class=\"_ _3\"></span>53,000) <span class=\"_ _3\"></span>CGU gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ps.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcb\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcb\"> </span>9<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Goo<span class=\"_ _1\"></span>dwill of CGU un<span class=\"_ _1\"></span>its (boo<span class=\"_ _1\"></span>k values)<span class=\"_ _1\"></span> <span class=\"_ _211\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _212\"> </span>301,716<span class=\"_ _379\"> </span>301,716<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _213\"> </span>468,097<span class=\"_ _379\"> </span>454,041<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _176\"> </span>140,560<span class=\"_ _379\"> </span>142,970<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>sov<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _214\"> </span>0<span class=\"_ _379\"> </span>13,416<span class=\"_ _379\"> </span>Bal<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _173\"> </span>75,481<span class=\"_ _379\"> </span>75,481<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a <span class=\"_ _65\"> </span>124,354<span class=\"_ _379\"> </span>124,354<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _179\"> </span>0<span class=\"_ _379\"> </span>12,551<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _215\"> </span>111,257<span class=\"_ _379\"> </span>111,257<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _215\"> </span>186<span class=\"_ _1\"></span>,759<span class=\"_ _379\"> </span>13,915<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _216\"> </span>30,497<span class=\"_ _379\"> </span>10,525<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>1,438,7<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>1,260,22<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Please s<span class=\"_ _3\"></span>ee the Impai<span class=\"_ _3\"></span>rment s<span class=\"_ _3\"></span>ection o<span class=\"_ _3\"></span>n page 47 f<span class=\"_ _3\"></span>or info<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>mati<span class=\"_ _3\"></span>on on t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> ass<span class=\"_ _3\"></span>umptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>used fo<span class=\"_ _3\"></span>r impairme<span class=\"_ _3\"></span>nt testing.<span class=\"_ _379\"> </span>1.2.<span class=\"ff4b\"> </span>Other intangib<span class=\"_ _3\"></span>le assets Developme<span class=\"_ _1\"></span>nt purcha<span class=\"_ _1\"></span>sed softwa<span class=\"_ _1\"></span>re <span class=\"_ _9e\"> </span><span class=\"fsc\">202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>1,440,574<span class=\"_ _379\"> </span>1,318,68<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _b3\"> </span>-1,052,161<span class=\"_ _1fa\"> </span><span class=\"fce\">-91<span class=\"_ _1\"></span>7,226<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _7b\"> </span>388,4<span class=\"_ _1\"></span>13<span class=\"_ _379\"> </span>401,463<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-151<span class=\"_ _218\"> </span><span class=\"fce\">1,375<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>388,262<span class=\"_ _379\"> </span>402,838<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _73\"> </span>-5,174<span class=\"_ _94\"> </span><span class=\"fce\">-7,517<span class=\"_ _379\"> </span></span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>124,435<span class=\"_ _379\"> </span>131,283<span class=\"_ _379\"> </span>Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>-5,953<span class=\"_ _21b\"> </span><span class=\"fce\">-287<span class=\"_ _379\"> </span></span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>24,423<span class=\"_ _379\"> </span>-126<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>edu<span class=\"_ _1\"></span>led<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on <span class=\"_ _1d7\"> </span>-79,196<span class=\"_ _9c\"> </span><span class=\"fce\">-137<span class=\"_ _1\"></span>,090<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _207\"> </span>0<span class=\"_ _379\"> </span>-688<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _209\"> </span>446,<span class=\"_ _1\"></span>797<span class=\"_ _379\"> </span>388,413<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>49<span class=\"_ _1\"></span>3,069<span class=\"_ _379\"> </span>1,052,16<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _1bc\"> </span>939,866<span class=\"_ _379\"> </span>1,440,57<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>2.<span class=\"_ _10\"> </span>INVESTMENTS<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fsc\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _20c\"> </span>3,12<span class=\"_ _1\"></span>8,977<span class=\"_ _379\"> </span>2,850,58<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _21c\"> </span>483,345<span class=\"_ _379\"> </span>472,303<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _21d\"> </span>2,645,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>287,960<span class=\"_ _379\"> </span>276,913<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>28,923,4<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>31,682,2<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>3,3<span class=\"_ _1\"></span>68,204<span class=\"_ _379\"> </span>3,028,29<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _21f\"> </span>25,555,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>28,653,9<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>Total <span class=\"_ _215\"> </span>32,340,<span class=\"_ _1\"></span>353<span class=\"_ _379\"> </span>34,809,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span>1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span><span class=\"_ _1\"></span>2.1.<span class=\"ff4b\"> </span>Property Owner<span class=\"_ _5\"></span>-occupied pr<span class=\"_ _3\"></span>operty<span class=\"_ _3\"></span> Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _17d\"> </span>773,344<span class=\"_ _379\"> </span>758,780<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _a8\"> </span>-3<span class=\"_ _1\"></span>01,041<span class=\"_ _1fa\"> </span><span class=\"fce\">-281,31<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>472,30<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>477,469<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>3,573<span class=\"_ _379\"> </span>5,822<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>4<span class=\"_ _1\"></span>75,876<span class=\"_ _379\"> </span>483,291<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _220\"> </span>-22,065<span class=\"_ _218\"> </span><span class=\"fce\">1,246<span class=\"_ _379\"> </span></span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>12,478<span class=\"_ _379\"> </span>9,886<span class=\"_ _379\"> </span>Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>-1<span class=\"_ _1\"></span>,586<span class=\"_ _94\"> </span><span class=\"fce\">-4,043<span class=\"_ _379\"> </span></span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>36,243<span class=\"_ _379\"> </span>-283<span class=\"_ _379\"> </span>App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _221\"> </span>0<span class=\"_ _379\"> </span>52<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>edu<span class=\"_ _1\"></span>led<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on <span class=\"_ _1d7\"> </span>-17,560<span class=\"_ _1fb\"> </span><span class=\"fce\">-16,829<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>-41<span class=\"_ _94\"> </span><span class=\"fce\">-1,017<span class=\"_ _379\"> </span></span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _223\"> </span>483,345<span class=\"_ _379\"> </span>472,303<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _e0\"> </span>298,407<span class=\"_ _379\"> </span>301,041<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _1bc\"> </span>7<span class=\"_ _1\"></span>81,752<span class=\"_ _379\"> </span>773,344<span class=\"_ _379\"> </span>Chang<span class=\"_ _3\"></span>es in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>cope of<span class=\"_ _3\"></span> consol<span class=\"_ _3\"></span>idation a<span class=\"_ _3\"></span>re m<span class=\"_ _3\"></span>ainly d<span class=\"_ _3\"></span>ue to th<span class=\"_ _3\"></span>e fi<span class=\"_ _3\"></span>rst-t<span class=\"_ _1\"></span>im<span class=\"_ _3\"></span>e incl<span class=\"_ _3\"></span>usion of<span class=\"_ _3\"></span> Aegon H<span class=\"_ _3\"></span>ungary <span class=\"_ _3\"></span>(EUR +23,22<span class=\"_ _3\"></span>8,000<span class=\"_ _3\"></span>) a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> Broc<span class=\"_ _3\"></span>kman<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gasse 32<span class=\"_ _3\"></span> Immo<span class=\"_ _3\"></span>bilienbesi<span class=\"_ _3\"></span>tz<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>GmbH (<span class=\"_ _3\"></span>EUR +12,90<span class=\"_ _3\"></span>4,000<span class=\"_ _3\"></span>).<span class=\"_ _379\"> </span> Investment <span class=\"_ _3\"></span>proper<span class=\"_ _3\"></span>ty Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>3,260,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>2,857,61<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _a8\"> </span>-8<span class=\"_ _1\"></span>82,342<span class=\"_ _1fa\"> </span><span class=\"fce\">-827,67<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d0\"> </span>2,378,285<span class=\"_ _379\"> </span>2,029,94<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-8<span class=\"_ _1\"></span>01<span class=\"_ _218\"> </span><span class=\"fce\">1,395<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>2,<span class=\"_ _1\"></span>377,484<span class=\"_ _379\"> </span>2,031,33<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _224\"> </span>22,646<span class=\"_ _379\"> </span>-2,051<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>238,8<span class=\"_ _1\"></span>61<span class=\"_ _379\"> </span>286,183<span class=\"_ _379\"> </span>Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>-2<span class=\"_ _1\"></span>,984<span class=\"_ _94\"> </span><span class=\"fce\">-6,409<span class=\"_ _379\"> </span></span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>82,365<span class=\"_ _379\"> </span>121,457<span class=\"_ _379\"> </span>App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>275<span class=\"_ _379\"> </span>3,333<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>edu<span class=\"_ _1\"></span>led<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on <span class=\"_ _1d7\"> </span>-60,779<span class=\"_ _1fb\"> </span><span class=\"fce\">-54,896<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _bb\"> </span>-12,236<span class=\"_ _22\"> </span><span class=\"fce\">-6<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span></span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _20f\"> </span>2,645,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _e0\"> </span>971,313<span class=\"_ _379\"> </span>882,342<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _210\"> </span>3,616,94<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>3,260,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>ntal<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> <span class=\"_ _73\"> </span>171,164<span class=\"_ _379\"> </span>140,360<span class=\"_ _379\"> </span>From<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> prop<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>y <span class=\"_ _225\"> </span>171,164<span class=\"_ _379\"> </span>140,360<span class=\"_ _379\"> </span>Oper<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>57,054<span class=\"_ _379\"> </span>38,478<span class=\"_ _379\"> </span>Oper<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cant <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty <span class=\"_ _227\"> </span>4,562<span class=\"_ _379\"> </span>7,970<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">The <span class=\"_ _4\"></span>changes <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>scope <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dation <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>mainly <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>first-time <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>lusio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>Atzlerg<span class=\"_ _3\"></span>asse <span class=\"_ _a\"></span>13-15 <span class=\"_ _1\"></span>GmbH <span class=\"_ _a\"></span>&amp; <span class=\"_ _4\"></span>Co <span class=\"_ _4\"></span>KG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">(EUR +11,<span class=\"_ _3\"></span>902,000), <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>erlot <span class=\"_ _3\"></span>Sp.<span class=\"_ _3\"></span>z.o.o. (<span class=\"_ _3\"></span>EUR +4<span class=\"_ _3\"></span>5,398,000<span class=\"_ _3\"></span>), N<span class=\"_ _3\"></span>ordba<span class=\"_ _3\"></span>hnhof <span class=\"_ _3\"></span>Pro<span class=\"_ _3\"></span>jekt <span class=\"_ _3\"></span>EPW8<span class=\"_ _3\"></span> Gm<span class=\"_ _3\"></span>bH <span class=\"_ _3\"></span>&amp; C<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>KG <span class=\"_ _3\"></span>(EUR +11,<span class=\"_ _3\"></span>560,0<span class=\"_ _3\"></span>00) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">and Nor<span class=\"_ _3\"></span>dba<span class=\"_ _3\"></span>hnhof Proj<span class=\"_ _3\"></span>ekt T<span class=\"_ _11\"></span>aborstr<span class=\"_ _3\"></span>a\u00dfe 123 <span class=\"_ _3\"></span>GmbH &amp; Co<span class=\"_ _3\"></span> KG <span class=\"_ _3\"></span>(E<span class=\"_ _1\"></span>UR <span class=\"_ _3\"></span>+12,830,<span class=\"_ _3\"></span>000). </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1ff\">Use of prop<span class=\"_ _3\"></span>erty<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsc7c\">Detail proper<span class=\"_ _1\"></span>ty <span class=\"_ _228\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc7d\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsc7e\"><div class=\"t m1 x6 h35 y963 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsc7f\">Ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>prop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _be\"> </span>483,345<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc80\">472,303<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc81\">se<span class=\"_ _1\"></span>lf-u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>461,882<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc82\">450,663<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc83\">ren<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se)<span class=\"_ _1\"></span> <span class=\"_ _229\"> </span>21,463<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc84\">21,640<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsc85\">Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>y <span class=\"_ _7e\"> </span>2,6<span class=\"_ _1\"></span>45,632<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc86\">2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc87\">se<span class=\"_ _1\"></span>lf-u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> <span class=\"_ _22a\"> </span>8,038<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc88\">3,940<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc89\">ren<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se)<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>2,637,59<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc8a\">2,374,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsade\">2.2.<span class=\"ff4b\"> </span>Shares in at equ<span class=\"_ _3\"></span>ity consolidated comp<span class=\"_ _3\"></span>anies </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsc8b\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc8c\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsc8d\"><div class=\"t m1 x6 h35 y226 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsc8e\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _7b\"> </span>276,9<span class=\"_ _1\"></span>13<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc8f\">291,561<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc90\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22c\"> </span>-2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc91\">-1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsc92\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>276,911<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc93\">291,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc94\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _22d\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc95\">11,804<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc96\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _14b\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc97\">-46,851<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc98\">Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> O<span class=\"_ _1\"></span>CI <span class=\"_ _22e\"> </span>-654<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc99\">178<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc9a\">Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>riod <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>20,757<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc9b\">27,209<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc9c\">Di<span class=\"_ _1\"></span>viden<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ayme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _220\"> </span>-9,054<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsc9d\">-6,987<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsc9e\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _209\"> </span>287,<span class=\"_ _1\"></span>960<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsc9f\">276,913<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsca0\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>Au<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span> <span class=\"_ _230\"> </span>180,998<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsca1\">170,124<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsca2\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>Pol<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _231\"> </span>139<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsca3\">141<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsca4\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>le s<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> Fun<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _7b\"> </span>106,823<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsca5\">106,648<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsca6\">Associate<span class=\"_ _3\"></span>d compa<span class=\"_ _3\"></span>nies ar<span class=\"_ _3\"></span>e meas<span class=\"_ _3\"></span>ured at <span class=\"_ _3\"></span>equity<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsb87\">Material s<span class=\"_ _3\"></span>hares in at<span class=\"_ _3\"></span> equity co<span class=\"_ _3\"></span>nsolidated<span class=\"_ _3\"></span> compan<span class=\"_ _3\"></span>ies </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs70d\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _dc\"> </span><span class=\"fs15\">2022 </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsca7\">  <span class=\"_ _124\"> </span><span class=\"fs15\">Be<span class=\"_ _1\"></span>teil<span class=\"_ _1\"></span>igung<span class=\"_ _3\"></span>s- u<span class=\"_ _1\"></span>nd </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsca8\">Wohnung<span class=\"_ _1\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsca9\">anlagen GmbH<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscaa\">Gewista-<span class=\"_ _1\"></span>Werbe-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscab\">gesellschaft </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscac\">m.b.H.<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscad\">\u00d6sterrei<span class=\"_ _1\"></span>chisch<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>s </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscae\">Verke<span class=\"_ _1\"></span>hrsb<span class=\"_ _3\"></span>\u00fcro A<span class=\"_ _1\"></span>G<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscaf\">Erste Hei<span class=\"_ _1\"></span>mst\u00e4tt<span class=\"_ _1\"></span>e </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscb0\">GmbH<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscb1\">VBV - Betri<span class=\"_ _1\"></span>ebliche </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscb2\">Alt<span class=\"_ _1\"></span>ersvorsorge AG<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gscb3\"><div class=\"t m1 x6 h35 y98d ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscb4\">Boo<span class=\"_ _1\"></span>k v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>3<span class=\"_ _1\"></span>5,541<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscb5\">38,544<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscb6\">18,017<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscb7\">48,433<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscb8\">70,857<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscb9\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _18c\"> </span>3<span class=\"_ _1\"></span>5,541<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscba\">38,544<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscbb\">18,017<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscbc\">48,433<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscbd\">70,857<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscbe\">Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> O<span class=\"_ _1\"></span>CI <span class=\"_ _12d\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscbf\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc0\">1,184<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc1\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc2\">-1,790<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc3\">Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>riod <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc4\">comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _232\"> </span>4,602<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc5\">7,945<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc6\">-4,246<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc7\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc8\">11,833<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscc9\">Di<span class=\"_ _1\"></span>viden<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ayme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _143\"> </span>-2,471<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gscca\">-3,947<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsccb\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsccc\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsccd\">-1,950<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscce\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _f7\"> </span>37<span class=\"_ _1\"></span>,672<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsccf\">42,542<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscd0\">14,955<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscd1\">48,433<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gscd2\">78,950<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Mate<span class=\"_ _1\"></span>rial sh<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in <span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>t equ<span class=\"_ _1\"></span>ity consoli<span class=\"_ _1\"></span>dated co<span class=\"_ _1\"></span>mpanie<span class=\"_ _1\"></span>s <span class=\"_ _11c\"> </span><span class=\"fsc\">2<span class=\"_ _1\"></span>022 </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd4\">Betei<span class=\"_ _1\"></span>ligungs<span class=\"_ _3\"></span>- <span class=\"_ _1\"></span>und </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd5\">Wohnung<span class=\"_ _1\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd6\">anlagen GmbH<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd7\">Gewista-<span class=\"_ _1\"></span>Werbe-<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd8\">gesellschaft </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscd9\">m.b.H.<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscda\">\u00d6sterrei<span class=\"_ _1\"></span>chisch<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>s </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscdb\">Verke<span class=\"_ _1\"></span>hrsb<span class=\"_ _3\"></span>\u00fcro A<span class=\"_ _1\"></span>G<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscdc\">Erste Hei<span class=\"_ _1\"></span>mst\u00e4tt<span class=\"_ _1\"></span>e </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscdd\">GmbH<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscde\">VBV - Betri<span class=\"_ _1\"></span>ebliche </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscdf\">Alt<span class=\"_ _1\"></span>ersvorsorge AG<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsce0\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsce1\">Gro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st i<span class=\"_ _1\"></span>n %<span class=\"_ _1\"></span> <span class=\"_ _11d\"> </span>25.00%<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsce2\">33.00%<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsce3\">36.58%<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsce4\">99.77%<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsce5\">25.32%<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsce6\">In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _cf\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsce7\">102,110<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsce8\">438,620<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsce9\">92,967<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscea\">81,526<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsceb\">Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span>-197<span class=\"_ _165\"> </span>-89,359<span class=\"_ _1f3\"> </span>-4<span class=\"_ _1\"></span>48,247<span class=\"_ _165\"> </span>-4<span class=\"_ _1\"></span>4,148<span class=\"_ _1fb\"> </span>-24,983<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs91b\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> <span class=\"_ _141\"> </span>17,508<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscec\">14,611<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsced\">-5,847<span class=\"_ _165\"> </span>-2<span class=\"_ _1\"></span>5,264<span class=\"_ _218\"> </span>5,620<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs91d\">Ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> <span class=\"_ _233\"> </span>1,095<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscee\">-3,287<span class=\"_ _167\"> </span>3,79<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscef\">-14<span class=\"_ _1fb\"> </span>-15,430<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs91f\">Re<span class=\"_ _1\"></span>sult f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d <span class=\"_ _f9\"> </span>18,406<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscf0\">24,075<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscf1\">-11,67<span class=\"_ _1\"></span>9<span class=\"_ _91\"> </span>23,5<span class=\"_ _1\"></span>41<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscf2\">46,733<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf3\">Pa<span class=\"_ _1\"></span>rent <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>ino<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ty <span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf4\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf5\">73<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf6\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf7\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf8\">Adju<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t i<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o p<span class=\"_ _1\"></span>rot<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ctiv<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>s o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e Au<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf9\">Non<span class=\"_ _1\"></span>-P<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Hou<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ct (<span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hnun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>einn<span class=\"_ _1\"></span>\u00fctz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>kei<span class=\"_ _1\"></span>tsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>etz<span class=\"_ _1\"></span> \u2013 </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscfa\">WGG<span class=\"_ _1\"></span>) </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscfb\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscfc\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscfd\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscfe\">-23,541<span class=\"_ _13c\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gscff\">Re<span class=\"_ _1\"></span>sult f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ss <span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>n-c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>troll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nter<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _1af\"> </span>18,40<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd00\">24,075<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd01\">-11,60<span class=\"_ _1\"></span>6<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd02\">46,733<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd03\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f N<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lling<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ests<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>414<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd04\">7,602<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd05\">-263<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd06\">1,051<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd07\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>y </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd08\">sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd09\">17,992<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd0a\">16,473<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd0b\">-11,416<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd0c\">45,682<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs777\">Share<span class=\"_ _1\"></span> of re<span class=\"_ _1\"></span>sult<span class=\"_ _3\"></span> <span class=\"_ _1ad\"> </span>4,602<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd0d\">7,945<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd0e\">-4,246<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd0f\">11,562<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd10\">Fix<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts <span class=\"_ _234\"> </span>340,336<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd11\">147,610<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd12\">322,049<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd13\">922,744<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd14\">375,764<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd15\">Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>) <span class=\"_ _156\"> </span>18<span class=\"_ _1\"></span>,706<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd16\">863<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd17\">171,654<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd18\">23,806<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd19\">13,768,7<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd1a\">Bor<span class=\"_ _1\"></span>row<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>-208,354<span class=\"_ _165\"> </span>-19<span class=\"_ _1\"></span>,558<span class=\"_ _1f3\"> </span>-440,4<span class=\"_ _1\"></span>04<span class=\"_ _1f3\"> </span>-618,2<span class=\"_ _1\"></span>63<span class=\"_ _1f4\"> </span>-1<span class=\"_ _1\"></span>3,832,698<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd1b\">Net<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>150,688<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd1c\">128,915<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd1d\">53,300<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd1e\">328,287<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd1f\">311,808<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd20\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f N<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lling<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ests<span class=\"_ _1\"></span> <span class=\"_ _168\"> </span>3,390<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd21\">40,705<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd22\">1,199<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd23\">92,198<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd24\">7,016<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd25\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>y </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd26\">sha<span class=\"_ _1\"></span>reh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _235\"> </span>147,298<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd27\">88,210<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd28\">52,101<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd29\">236,089<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd2a\">304,792<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd2b\">Share<span class=\"_ _1\"></span> of net<span class=\"_ _1\"></span> assets <span class=\"_ _144\"> </span>37,672<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd2c\">42,542<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd2d\">19,495<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd2e\">327,542<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd2f\">78,950<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd30\">Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>irmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd31\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd32\">-4,540<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd33\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd34\">Adju<span class=\"_ _1\"></span>stment item <span class=\"_ _1\"></span>due to protective pr<span class=\"_ _1\"></span>ovisions of the Au<span class=\"_ _1\"></span>strian Non-<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd35\">Profit Housing A<span class=\"_ _1\"></span>ct (Wohn<span class=\"_ _1\"></span>ungs<span class=\"_ _1\"></span>gemeinn\u00fc<span class=\"_ _1\"></span>tzigkeitsgesetz<span class=\"_ _1\"></span> \u2013 WGG<span class=\"_ _1\"></span>) </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd36\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd37\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd38\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd39\">-279,109<span class=\"_ _13c\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd3a\">Book val<span class=\"_ _1\"></span>ue of share<span class=\"_ _1\"></span>s in at equity con<span class=\"_ _1\"></span>solidat<span class=\"_ _1\"></span>ed companies<span class=\"_ _1\"></span> <span class=\"_ _13e\"> </span>37,672<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd3b\">42,542<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd3c\">14,955<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd3d\">48,433<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd3e\">78,950<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsd3f\">Materiali<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> is <span class=\"_ _3\"></span>gener<span class=\"_ _3\"></span>ally dete<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>min<span class=\"_ _3\"></span>ed based o<span class=\"_ _3\"></span>n the amo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nt of <span class=\"_ _3\"></span>the at equit<span class=\"_ _3\"></span>y boo<span class=\"_ _3\"></span>k value.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsd40\">Beteili<span class=\"_ _3\"></span>gun<span class=\"_ _1\"></span>gs<span class=\"_ _3\"></span>- <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>mmo<span class=\"_ _5\"></span>bilien <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>mbH<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>Beteilig<span class=\"_ _3\"></span>ungs- <span class=\"_ _1\"></span>und <span class=\"_ _4\"></span>W<span class=\"_ _3\"></span>ohnungs<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>lag<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>GmbH <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>included <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs933\">financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts with a di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>erent b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>date (30 <span class=\"_ _3\"></span>Septembe<span class=\"_ _3\"></span>r)<span class=\"_ _1\"></span>.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m3 h1e ff45 fs11 fc3 sc0 ls6 ws0 gs935\">2.3.<span class=\"ff4b\"> </span>Loans and<span class=\"_ _3\"></span> o<span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span> investments<span class=\"_ _3\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsd41\">Compositio<span class=\"_ _1\"></span>n of loans<span class=\"_ _1\"></span> and other<span class=\"_ _1\"></span> invest<span class=\"_ _1\"></span>ments <span class=\"_ _236\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsd42\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd43\"><div class=\"t m3 x6 h25 y144 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd44\">Loan<span class=\"_ _1\"></span>s <span class=\"_ _21a\"> </span>1,306,<span class=\"_ _1\"></span>237<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd45\">1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd46\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>91,834<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd47\">106,677<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd48\">Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _10a\"> </span>721,357<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd49\">775,754<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd4a\">Tota<span class=\"_ _1\"></span>l l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>2,119<span class=\"_ _1\"></span>,428<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsd4b\">2,156,06<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd4c\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>1,248,776<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd4d\">872,227<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd4e\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>k d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>1<span class=\"_ _1\"></span>,157,148<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd4f\">783,730<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsd50\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _237\"> </span>91,611<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsd51\">88,480<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsd52\">Total <span class=\"_ _176\"> </span>3,368,204<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsd53\">3,028,29<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Compositio<span class=\"_ _1\"></span>n of total <span class=\"_ _1\"></span>loans<span class=\"_ _1\"></span> <span class=\"_ _238\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd54\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd55\"><div class=\"t m1 x6 h35 y1f6 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd56\">Loa<span class=\"_ _1\"></span>ns <span class=\"_ _65\"> </span>1,<span class=\"_ _1\"></span>306,237<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd57\">1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd58\">Loan<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>affi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>es <span class=\"_ _239\"> </span>53,449<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd59\">75,424<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd5a\">Loan<span class=\"_ _1\"></span>s t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ici<span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>51,517<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd5b\">38,699<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd5c\">Mo<span class=\"_ _1\"></span>rtg<span class=\"_ _1\"></span>age <span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _bf\"> </span>346,<span class=\"_ _1\"></span>035<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd5d\">375,043<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd5e\">Po<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>y lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ayme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _68\"> </span>26,447<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd5f\">17,027<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd60\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>loan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _23a\"> </span>828,789<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd61\">767,440<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd62\">to <span class=\"_ _1\"></span>pub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _23b\"> </span>245,045<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd63\">220,158<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd64\">to <span class=\"_ _1\"></span>fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _23c\"> </span>139,437<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd65\">148,581<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd66\">to <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l b<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span> <span class=\"_ _23d\"> </span>302,752<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd67\">396,332<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd68\">to <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _23e\"> </span>141,555<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd69\">2,369<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd6a\">Re<span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ssifi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d lo<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ns <span class=\"_ _23f\"> </span>91,834<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd6b\">106,677<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd6c\">Bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s <span class=\"_ _23c\"> </span>7<span class=\"_ _1\"></span>21,357<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd6d\">775,754<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd6e\">to <span class=\"_ _1\"></span>pub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c au<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _20a\"> </span>108,750<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd6f\">109,894<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd70\">to <span class=\"_ _1\"></span>fina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>itu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _228\"> </span>575,440<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd71\">628,937<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd72\">to <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l b<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span> <span class=\"_ _240\"> </span>32,667<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd73\">32,423<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd74\">Oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _241\"> </span>4,500<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd75\">4,500<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd76\">Total <span class=\"_ _212\"> </span>2,119,4<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd77\">2,156,06<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsd78\">Public <span class=\"_ _4\"></span>sec<span class=\"_ _3\"></span>tor <span class=\"_ _4\"></span>borrow<span class=\"_ _3\"></span>ers <span class=\"_ _4\"></span>include <span class=\"_ _1\"></span>national, <span class=\"_ _1\"></span>state <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>local <span class=\"_ _1\"></span>authorities. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>loans <span class=\"_ _4\"></span>included <span class=\"_ _1\"></span>under <span class=\"_ _1\"></span>other<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>ans <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>ge<span class=\"_ _3\"></span>nerally </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsd79\">loans t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at ar<span class=\"_ _5\"></span>e not secu<span class=\"_ _3\"></span>red by i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> poli<span class=\"_ _3\"></span>cies. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsd7a\">Coll<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>ral <span class=\"_ _3\"></span>was pro<span class=\"_ _3\"></span>vided fo<span class=\"_ _3\"></span>r aro<span class=\"_ _3\"></span>und 52.78<span class=\"_ _3\"></span>% of the to<span class=\"_ _3\"></span>tal loa<span class=\"_ _3\"></span>ns repo<span class=\"_ _3\"></span>rted.<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsd7b\">Developme<span class=\"_ _1\"></span>nt of tota<span class=\"_ _1\"></span>l loans<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd7c\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd7d\"><div class=\"t m1 x6 h35 y9f4 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd7e\">Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>2,165,624<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd7f\">2,574,40<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd80\">Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _243\"> </span>-9,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd81\">-7,522<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd82\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>2,15<span class=\"_ _1\"></span>6,064<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd83\">2,566,88<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd84\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _244\"> </span>2,754<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd85\">8,100<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd86\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>2,158,818<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd87\">2,574,98<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd88\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _173\"> </span>3,032,855<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd89\">5,107,96<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd8a\">Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _245\"> </span>-3,072,45<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd8b\">-5,523,00<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd8c\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>12<span class=\"_ _1\"></span>,950<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd8d\">-500<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd8e\">App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _246\"> </span>69<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd8f\">115<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd90\">Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _247\"> </span>-12,814<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd91\">-3,500<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd92\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _20f\"> </span>2,119,428<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd93\">2,156,06<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd94\">Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _238\"> </span>6,122<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd95\">9,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsd96\">Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _210\"> </span>2,125,550<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd97\">2,165,62<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div>1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Maturity s<span class=\"_ _1\"></span>tructure o<span class=\"_ _1\"></span>f loans<span class=\"_ _1\"></span> <span class=\"_ _c0\"> </span><span class=\"fsc\">31.12.<span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _1d3\"> </span>1,306,23<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>153,700<span class=\"_ _379\"> </span>130,590<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>318,282<span class=\"_ _379\"> </span>294,558<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>193<span class=\"_ _1\"></span>,523<span class=\"_ _379\"> </span>198,515<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>640<span class=\"_ _1\"></span>,732<span class=\"_ _379\"> </span>649,970<span class=\"_ _379\"> </span>Bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s cla<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>sif<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>d a<span class=\"_ _1\"></span>s lo<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>s <span class=\"_ _88\"> </span>721,<span class=\"_ _1\"></span>357<span class=\"_ _379\"> </span>775,754<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>177,576<span class=\"_ _379\"> </span>75,220<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>250,968<span class=\"_ _379\"> </span>403,088<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>165<span class=\"_ _1\"></span>,648<span class=\"_ _379\"> </span>151,921<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>127<span class=\"_ _1\"></span>,165<span class=\"_ _379\"> </span>145,525<span class=\"_ _379\"> </span>2.4.<span class=\"ff4b\"> </span>Other financi<span class=\"_ _3\"></span>al assets Compositio<span class=\"_ _1\"></span>n <span class=\"_ _174\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Held<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ity <span class=\"_ _1\"></span>(in<span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _84\"> </span>2,434,790<span class=\"_ _379\"> </span>2,557,72<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Ava<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>le <span class=\"_ _24a\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>gh <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss<span class=\"_ _379\"> </span>* <span class=\"_ _239\"> </span>204,75<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>247,209<span class=\"_ _379\"> </span>Total <span class=\"_ _65\"> </span>25,555,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>28,653,9<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>*Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>Developme<span class=\"_ _1\"></span>nt <span class=\"_ _24b\"> </span><span class=\"fsc\">Held t<span class=\"_ _1\"></span>o mat<span class=\"_ _1\"></span>urity (incl. re<span class=\"_ _1\"></span>classified) <span class=\"_ _cd\"> </span>Available<span class=\"_ _1\"></span> for sal<span class=\"_ _1\"></span>e </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>2,559,890<span class=\"_ _379\"> </span>2,457,83<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _1fd\"> </span>-2,170<span class=\"_ _1f5\"> </span><span class=\"fce\">-1,401<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1ff\"> </span>2,55<span class=\"_ _1\"></span>7,720<span class=\"_ _379\"> </span>2,456,43<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>25,983,4<span class=\"_ _1\"></span>31<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24c\"> </span>40,452<span class=\"_ _379\"> </span>85,757<span class=\"_ _379\"> </span>101,320<span class=\"_ _379\"> </span>31,295<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>2,598,172<span class=\"_ _379\"> </span>2,542,19<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>25,950,3<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>26,014,7<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _1d9\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>15<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _24d\"> </span>217,793<span class=\"_ _379\"> </span>157,435<span class=\"_ _379\"> </span>4,809,35<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>3,458,43<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ayme<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _24e\"> </span>-380,776<span class=\"_ _1a0\"> </span><span class=\"fce\">-141,910<span class=\"_ _115\"> </span></span>-4,208,<span class=\"_ _1\"></span>145<span class=\"_ _1f7\"> </span><span class=\"fce\">-2,8<span class=\"_ _1\"></span>26,541<span class=\"_ _379\"> </span></span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>592,228<span class=\"_ _379\"> </span>-32,037<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ctl<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>in eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> <span class=\"_ _250\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-4,101,68<span class=\"_ _1\"></span>1<span class=\"_ _1f3\"> </span><span class=\"fce\">-745,708<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>-399<span class=\"_ _1f9\"> </span><span class=\"fce\">0<span class=\"_ _379\"> </span></span>-126,477<span class=\"_ _189\"> </span><span class=\"fce\">-19,823<span class=\"_ _379\"> </span></span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _127\"> </span>2,4<span class=\"_ _1\"></span>34,790<span class=\"_ _379\"> </span>2,557,72<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _111\"> </span>1,501<span class=\"_ _379\"> </span>2,170<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _251\"> </span>2,436,29<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>2,559,89<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>The chang<span class=\"_ _3\"></span>es recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y in equit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> for t<span class=\"_ _3\"></span>he \u201cFina<span class=\"_ _3\"></span>ncial assets a<span class=\"_ _3\"></span>vailable fo<span class=\"_ _3\"></span>r sale\u201d catego<span class=\"_ _3\"></span>ry wer<span class=\"_ _3\"></span>e mainly <span class=\"_ _3\"></span>due to t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>yield curve.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> <div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Compositio<span class=\"_ _1\"></span>n gover<span class=\"_ _1\"></span>nment bon<span class=\"_ _1\"></span>ds*<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsdd9\">(boo<span class=\"_ _1\"></span>k value) <span class=\"_ _15c\"> </span><span class=\"fs15\">He<span class=\"_ _1\"></span>ld to ma<span class=\"_ _1\"></span>turity (incl. r<span class=\"_ _1\"></span>eclassifie<span class=\"_ _1\"></span>d)<span class=\"_ _3\"></span> <span class=\"_ _cd\"> </span>Avai<span class=\"_ _1\"></span>lable f<span class=\"_ _1\"></span>or sale </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsdda\">  <span class=\"_ _252\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsddb\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsddc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsddd\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gsdde\"><div class=\"t m1 x6 h35 y1f8 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsddf\">Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _bd\"> </span>0.4<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsde0\">0.35<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsde1\">9.64<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsde2\">12.01<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsde3\">Ge<span class=\"_ _1\"></span>rman<span class=\"_ _1\"></span>y <span class=\"_ _253\"> </span>0.13<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsde4\">0.13<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsde5\">1.77<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsde6\">1.53<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsde7\">Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _254\"> </span>60.49<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsde8\">65.44<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsde9\">7.05<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdea\">7.51<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdeb\">Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _7b\"> </span>3<span class=\"_ _1\"></span>.76<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdec\">3.42<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsded\">5.41<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdee\">6.52<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdef\">Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _255\"> </span>18.49<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdf0\">16.45<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdf1\">12.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdf2\">12.05<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdf3\">Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _256\"> </span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdf4\">0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdf5\">6.38<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdf6\">5.41<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdf7\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _254\"> </span>16.70<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdf8\">14.21<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsdf9\">56.83<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsdfa\">54.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gsdfb\">*<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gsdfc\">Government bond<span class=\"_ _3\"></span>s also include bonds issued by sup<span class=\"_ _3\"></span>ranational organisations, government agencies,<span class=\"_ _3\"></span> fe<span class=\"_ _1\"></span>deral <span class=\"_ _3\"></span>or constituent states and municipal bond<span class=\"_ _3\"></span>s.<span class=\"_ _379\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsdfd\">Financial<span class=\"_ _3\"></span> assets he<span class=\"_ _3\"></span>ld to maturit<span class=\"_ _3\"></span>y </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs681\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _70\"> </span><span class=\"fs15\">Amo<span class=\"_ _1\"></span>rtised cost <span class=\"_ _45\"> </span>Fair value<span class=\"_ _1\"></span> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsdfe\">Financial as<span class=\"_ _1\"></span>sets held<span class=\"_ _1\"></span> to matu<span class=\"_ _1\"></span>rity <span class=\"_ _11c\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsdff\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse00\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse01\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse02\"><div class=\"t m1 x6 h35 ya40 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse03\">Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> hel<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _2b\"> </span>2<span class=\"_ _1\"></span>,278,932<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse04\">2,255,31<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse05\">2,044,09<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse06\">2,318,21<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse07\">Go<span class=\"_ _1\"></span>vernm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24e\"> </span>2,024,34<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse08\">1,994,15<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse09\">1,793,18<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse0a\">2,018,28<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse0b\">Cov<span class=\"_ _1\"></span>ered<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _257\"> </span>208,469<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse0c\">216,499<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse0d\">208,017<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse0e\">254,259<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse0f\">Corp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rate<span class=\"_ _1\"></span> bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _ce\"> </span>35,366<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse10\">33,616<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse11\">32,903<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse12\">34,371<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse13\">Bond<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>ban<span class=\"_ _1\"></span>ks<span class=\"_ _1\"></span> <span class=\"_ _258\"> </span>8,700<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse14\">9,032<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse15\">8,030<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse16\">9,291<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse17\">Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _b5\"> </span>2,055<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse18\">2,014<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse19\">1,961<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse1a\">2,002<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs9c6\">Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _257\"> </span><span class=\"fs15\">Amort<span class=\"_ _1\"></span>ised cost <span class=\"_ _11e\"> </span>F<span class=\"_ _1\"></span>air value </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsb60\">Financial as<span class=\"_ _1\"></span>sets held<span class=\"_ _1\"></span> to matu<span class=\"_ _1\"></span>rity <span class=\"_ _11c\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse1b\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse1c\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse1d\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse1e\"><div class=\"t m1 x6 h35 y6a9 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse1f\">Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> hel<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _2b\"> </span>2<span class=\"_ _1\"></span>,278,932<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse20\">2,255,31<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse21\">2,044,09<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse22\">2,318,21<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse23\">up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _1a2\"> </span>135,308<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse24\">222,304<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse25\">134,083<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse26\">223,871<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse27\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _259\"> </span>803,327<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse28\">737,539<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse29\">776,578<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse2a\">762,651<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse2b\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>796,961<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse2c\">798,380<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse2d\">676,748<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse2e\">778,985<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse2f\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _25a\"> </span>543,336<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse30\">497,095<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse31\">456,684<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse32\">552,705<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse33\">Rating cate<span class=\"_ _1\"></span>gories <span class=\"_ _248\"> </span><span class=\"fs15\">A<span class=\"_ _1\"></span>morti<span class=\"_ _1\"></span>sed cost </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse34\">Financial as<span class=\"_ _1\"></span>sets held<span class=\"_ _1\"></span> to matu<span class=\"_ _1\"></span>rity (incl<span class=\"_ _1\"></span>. reclass<span class=\"_ _1\"></span>ified)<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse35\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse36\"><div class=\"t m1 x6 h35 ya5e ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse37\">AAA<span class=\"_ _1\"></span> <span class=\"_ _25b\"> </span>82,774<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse38\">82,507<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse39\">AA <span class=\"_ _1da\"> </span>1,548,839<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse3a\">1,717,61<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse3b\">A <span class=\"_ _25c\"> </span>534,018<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse3c\">491,148<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse3d\">BBB<span class=\"_ _1\"></span> <span class=\"_ _25b\"> </span>71,606<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse3e\">87,403<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse3f\">BB <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> low<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>174,646<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse40\">159,485<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse41\">No <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>22,907<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse42\">19,567<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse43\">Total <span class=\"_ _212\"> </span>2,434,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse44\">2,557,72<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsbae\">Financial<span class=\"_ _3\"></span> assets ava<span class=\"_ _3\"></span>ilabl<span class=\"_ _3\"></span>e for sale </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse46\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _215\"> </span><span class=\"fs15\">F<span class=\"_ _1\"></span>air val<span class=\"_ _1\"></span>ue </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse47\">Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale <span class=\"_ _25d\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse48\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse49\"><div class=\"t m1 x6 h35 y66f ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse4a\">Bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _179\"> </span>20,41<span class=\"_ _1\"></span>3,191<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse4b\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse4c\">Go<span class=\"_ _1\"></span>vernm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _c8\"> </span>9,9<span class=\"_ _1\"></span>94,478<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse4d\">10,839,7<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse4e\">Cov<span class=\"_ _1\"></span>ered<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>1,189,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse4f\">1,258,55<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse50\">Corp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rate<span class=\"_ _1\"></span> bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _89\"> </span>4,990,050<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse51\">6,017,93<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse52\">Bond<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>ban<span class=\"_ _1\"></span>ks<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>3,317,43<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse53\">3,187,04<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse54\">Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _25e\"> </span>921,606<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse55\">1,001,90<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse56\">Shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>pat<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns*<span class=\"_ _1\"></span> <span class=\"_ _25f\"> </span>613,136<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse57\">770,933<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse58\">Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _54\"> </span>1,889,345<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse59\">2,772,92<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse5a\">Equ<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> fu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _260\"> </span>758,939<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse5b\">1,321,78<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse5c\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>fun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _220\"> </span>715,<span class=\"_ _1\"></span>984<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse5d\">1,035,57<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse5e\">Alt<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e fu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _23f\"> </span>88,123<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse5f\">47,786<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse60\">Rea<span class=\"_ _1\"></span>l es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> fu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _261\"> </span>118,459<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse61\">129,008<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse62\">Bal<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ced <span class=\"_ _1\"></span>fun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s <span class=\"_ _23f\"> </span>2<span class=\"_ _1\"></span>07,840<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse63\">238,770<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse64\">Total <span class=\"_ _65\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse65\">25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gse66\">* in<span class=\"_ _3\"></span>clu<span class=\"_ _1\"></span>des sh<span class=\"_ _3\"></span>ares<span class=\"_ _1\"></span> in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>non-consolidated <span class=\"_ _3\"></span>subsidiaries and other participations<span class=\"_ _3\"></span> of EUR 254,714,000<span class=\"_ _1\"></span> (EUR 2<span class=\"_ _3\"></span>79,51<span class=\"_ _1\"></span>6,000)<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse67\">Unrealise<span class=\"_ _1\"></span>d gains and<span class=\"_ _1\"></span> losses<span class=\"_ _1\"></span><span class=\"fc11\"> <span class=\"_ _262\"> </span></span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22 <span class=\"_ _15c\"> </span><span class=\"fc11\">31.12.2<span class=\"_ _1\"></span>021 </span></span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse68\">Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale <span class=\"_ _263\"> </span><span class=\"fs15\">Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse69\">Unreali<span class=\"_ _1\"></span>sed </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse6a\">gains<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse6b\">Unreali<span class=\"_ _1\"></span>sed </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse6c\">losses<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse6d\">Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse6e\">Unreali<span class=\"_ _1\"></span>sed </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse6f\">gains<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse70\">Unreali<span class=\"_ _1\"></span>sed </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse71\">losses<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse72\"><div class=\"t m1 x6 h35 y124 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse73\">Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _264\"> </span>20,413,1<span class=\"_ _1\"></span>91<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse74\">180,975<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse75\">-2,328,84<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse76\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse77\">1,924,73<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse78\">-246,918<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse79\">Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _19f\"> </span>613,136<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse7a\">106,799<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse7b\">-23,080<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse7c\">770,933<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse7d\">217,417<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse7e\">-12,761<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse7f\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _265\"> </span>1,889,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse80\">151,517<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse81\">-177,817<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse82\">2,772,92<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse83\">443,825<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse84\">-31,320<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse85\">Total <span class=\"_ _1ad\"> </span>22,915,67<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse86\">439,291<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse87\">-2,529<span class=\"_ _1\"></span>,739<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse88\">25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse89\">2,585,97<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse8a\">-290,9<span class=\"_ _1\"></span>99<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gse8b\">In the case of the \u201cFina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _3\"></span> a<span class=\"_ _1\"></span>sse<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>av<span class=\"_ _3\"></span>ailable for sal<span class=\"_ _3\"></span>e\u201d<span class=\"_ _1\"></span> categ<span class=\"_ _3\"></span>ory<span class=\"_ _d\"></span>, the <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>alance sheet v<span class=\"_ _3\"></span>alue equals fair valu<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>alised gai<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gse8c\">and loss<span class=\"_ _3\"></span>es re<span class=\"_ _3\"></span>presen<span class=\"_ _3\"></span>t the dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nce bet<span class=\"_ _3\"></span>ween amo<span class=\"_ _3\"></span>rtised cost<span class=\"_ _3\"></span> and fair <span class=\"_ _3\"></span>value. </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse8d\">Impairment<span class=\"_ _1\"></span>s<span class=\"fc11\"> <span class=\"_ _1a1\"> </span></span><span class=\"fs15\">31.12.202<span class=\"_ _1\"></span>2 <span class=\"_ _157\"> </span><span class=\"fc11\">3<span class=\"_ _1\"></span>1.12.2021 </span></span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse8e\">Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale <span class=\"_ _19\"> </span><span class=\"fs15\">Gross book val<span class=\"_ _1\"></span>ue<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse8f\">Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse90\">Net book<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse91\">Gross book val<span class=\"_ _1\"></span>ue<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse92\">Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse93\">Net book<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gse94\"><div class=\"t m1 x6 h35 y7f2 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse95\">Bo<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _266\"> </span>20,522,8<span class=\"_ _1\"></span>84<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse96\">109,693<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gse97\">20,413,1<span class=\"_ _1\"></span>91<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse98\">22,318,1<span class=\"_ _1\"></span>80<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse99\">12,968<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gse9a\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse9b\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span>20,289,9<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse9c\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse9d\">20,289,9<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse9e\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse9f\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsea0\">22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsea1\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>232,942<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsea2\">109,693<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsea3\">123,249<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsea4\">12,968<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsea5\">12,968<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsea6\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsea7\">Shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>413,492<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsea8\">55,070<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsea9\">358,422<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gseaa\">556,289<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gseab\">64,872<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gseac\">491,417<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsead\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>2<span class=\"_ _1\"></span>83,214<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gseae\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gseaf\">283,214<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb0\">342,859<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb1\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb2\">342,859<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gseb3\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>130,278<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gseb4\">55,070<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gseb5\">75,208<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb6\">213,430<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb7\">64,872<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseb8\">148,558<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gseb9\">Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _1be\"> </span>1,955,913<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gseba\">66,568<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsebb\">1,889,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsebc\">2,827,33<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsebd\">54,414<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsebe\">2,772,92<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsebf\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>1,809,23<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec0\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec1\">1,809,23<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsec2\">2,707,04<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsec3\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsec4\">2,707,04<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec5\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _268\"> </span>146,680<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec6\">66,568<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec7\">80,112<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsec8\">120,291<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsec9\">54,414<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gseca\">65,877<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsecb\">Total <span class=\"_ _36\"> </span>22,892,289<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsecc\">231,331<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsecd\">22,660,9<span class=\"_ _1\"></span>58<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsece\">25,701,8<span class=\"_ _1\"></span>07<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsecf\">132,254<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsed0\">25,569,5<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gsed1\">*Not incl<span class=\"_ _3\"></span>uding impairment of shares in affili<span class=\"_ _3\"></span>ated companies and other participations<span class=\"_ _379\"> </span> </div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _260\"> </span><span class=\"fs15\">F<span class=\"_ _1\"></span>air val<span class=\"_ _1\"></span>ue </span>Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale <span class=\"_ _147\"> </span><span class=\"fs15\">31.12.2<span class=\"_ _1\"></span>022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>no <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>2,48<span class=\"_ _1\"></span>3,989<span class=\"_ _379\"> </span>3,497,02<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>1,539,677<span class=\"_ _379\"> </span>1,837,78<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>7,676,855<span class=\"_ _379\"> </span>7,194,47<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>6,515,349<span class=\"_ _379\"> </span>7,319,35<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>4,699,802<span class=\"_ _379\"> </span>6,000,42<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Total <span class=\"_ _215\"> </span>22,915,<span class=\"_ _1\"></span>672<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>Rating cate<span class=\"_ _1\"></span>gories <span class=\"_ _26a\"> </span><span class=\"fs15\">Fair<span class=\"_ _1\"></span> value </span>Fixed-inte<span class=\"_ _1\"></span>rest fina<span class=\"_ _1\"></span>ncial assets<span class=\"_ _1\"></span> available<span class=\"_ _1\"></span> for sale<span class=\"_ _1\"></span> <span class=\"_ _76\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>AAA<span class=\"_ _1\"></span> <span class=\"_ _26b\"> </span>2,214,51<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>2,167,47<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>AA <span class=\"_ _1da\"> </span>4,720,287<span class=\"_ _379\"> </span>5,704,58<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>A <span class=\"_ _1bd\"> </span>6,717<span class=\"_ _1\"></span>,167<span class=\"_ _379\"> </span>7,876,61<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>BBB<span class=\"_ _1\"></span> <span class=\"_ _26b\"> </span>5,282,59<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>5,401,51<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>BB <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> low<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _26c\"> </span>1,336,47<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>898,178<span class=\"_ _379\"> </span>No <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>142<span class=\"_ _1\"></span>,145<span class=\"_ _379\"> </span>256,848<span class=\"_ _379\"> </span>Total <span class=\"_ _215\"> </span>20,413,<span class=\"_ _1\"></span>191<span class=\"_ _379\"> </span>22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>3.<span class=\"ff4b\"> </span>FIN<span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>NCIAL INSTRUMENTS <span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>OR UNIT<span class=\"_ _d\"></span>- A<span class=\"_ _3\"></span>ND IN<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span>EX-LINKE<span class=\"_ _3\"></span>D LIF<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span> INSURAN<span class=\"_ _3\"></span>CE Compositio<span class=\"_ _1\"></span>n <span class=\"_ _26d\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22 <span class=\"_ _1b6\"> </span><span class=\"fc11\">31.12.2021</span></span>  <span class=\"_ _72\"> </span><span class=\"fs15\">Un<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span>-linke<span class=\"_ _1\"></span>d<span class=\"_ _379\"> </span></span>Index-linked<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _a7\"> </span>6,601,70<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>6,601,70<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>7,404,97<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _26d\"> </span>0<span class=\"_ _379\"> </span>422,634<span class=\"_ _379\"> </span>422,634<span class=\"_ _379\"> </span>929,771<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span> <span class=\"_ _211\"> </span>0<span class=\"_ _379\"> </span>813<span class=\"_ _379\"> </span>813<span class=\"_ _379\"> </span>940<span class=\"_ _379\"> </span>Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _74\"> </span>131,<span class=\"_ _1\"></span>702<span class=\"_ _379\"> </span>2,857<span class=\"_ _379\"> </span>134,559<span class=\"_ _379\"> </span>179,053<span class=\"_ _379\"> </span>Dep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>it r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _26e\"> </span>10,171<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>10,171<span class=\"_ _379\"> </span>10,948<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>ivab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es <span class=\"_ _26f\"> </span>-5,756<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-5,756<span class=\"_ _379\"> </span>-359<span class=\"_ _379\"> </span>Total <span class=\"_ _8b\"> </span>6,737,825<span class=\"_ _379\"> </span>426,304<span class=\"_ _379\"> </span>7,164,12<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>8,525,33<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _85\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>no <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>6,73<span class=\"_ _1\"></span>7,080<span class=\"_ _379\"> </span>7,584,97<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _270\"> </span>31,100<span class=\"_ _379\"> </span>449,380<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>268,415<span class=\"_ _379\"> </span>220,851<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _55\"> </span>111,11<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>254,039<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>16,418<span class=\"_ _379\"> </span>16,090<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>7,164,1<span class=\"_ _1\"></span>29<span class=\"_ _379\"> </span>8,525,33<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> 4.<span class=\"_ _10\"> </span>R<span class=\"_ _379\"> </span>EINSURERS\u2019<span class=\"_ _3\"></span> SH<span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>RE IN UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS<span class=\"_ _379\"> </span>Developme<span class=\"_ _1\"></span>nt <span class=\"_ _272\"> </span><span class=\"fsc\">Book val<span class=\"_ _1\"></span>ue </span>as of 1.<span class=\"_ _1\"></span>1.<span class=\"_ _379\"> </span>Exchange rat<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rences<span class=\"_ _379\"> </span>Additio<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span>Amo<span class=\"_ _1\"></span>unt used/released<span class=\"_ _379\"> </span>Changes in scope of consolidati<span class=\"_ _1\"></span>on<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>une<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>17<span class=\"_ _1\"></span>2,273<span class=\"_ _379\"> </span>-19,550<span class=\"_ _7a\"> </span>1<span class=\"_ _1\"></span>96,581<span class=\"_ _379\"> </span>-85,760<span class=\"_ _91\"> </span>632<span class=\"_ _379\"> </span>264,176<span class=\"_ _379\"> </span>Mat<span class=\"_ _1\"></span>hem<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _273\"> </span>10,725<span class=\"_ _379\"> </span>-206<span class=\"_ _1e5\"> </span>13,162<span class=\"_ _379\"> </span>-13,722<span class=\"_ _274\"> </span>2,321<span class=\"_ _379\"> </span>12,280<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>tst<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _275\"> </span>1,363,85<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>-6,698<span class=\"_ _7a\"> </span>96<span class=\"_ _1\"></span>5,692<span class=\"_ _379\"> </span>-657,737<span class=\"_ _274\"> </span>2,009<span class=\"_ _379\"> </span>1,667,12<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span>-un<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ated <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>unds<span class=\"_ _1\"></span> <span class=\"_ _1b5\"> </span>14,6<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>189<span class=\"_ _379\"> </span>16,533<span class=\"_ _379\"> </span>-14,679<span class=\"_ _6f\"> </span>0<span class=\"_ _379\"> </span>16,659<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _266\"> </span>3,132<span class=\"_ _379\"> </span>-62<span class=\"_ _274\"> </span>2,340<span class=\"_ _379\"> </span>-3,039<span class=\"_ _167\"> </span>16<span class=\"_ _379\"> </span>2,387<span class=\"_ _379\"> </span>Total <span class=\"_ _f6\"> </span>1,564<span class=\"_ _1\"></span>,605<span class=\"_ _379\"> </span>-26,32<span class=\"_ _1\"></span>7<span class=\"_ _1c\"> </span>1,194,308<span class=\"_ _379\"> </span>-774,9<span class=\"_ _1\"></span>37<span class=\"_ _1a0\"> </span>4<span class=\"_ _1\"></span>,978<span class=\"_ _379\"> </span>1,962,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _217\"> </span><span class=\"fsc\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _1db\"> </span>952,6<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>780,551<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>5<span class=\"_ _1\"></span>40,531<span class=\"_ _379\"> </span>396,372<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _62\"> </span>237,41<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>204,841<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>231,9<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span>182,841<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>1,962,627<span class=\"_ _379\"> </span>1,564,60<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>5.<span class=\"_ _10\"> </span>RECEIV<span class=\"_ _5\"></span>ABLES<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>writ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng <span class=\"_ _224\"> </span>1,592,074<span class=\"_ _379\"> </span>1,377,53<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ct in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>1,109,97<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>906,961<span class=\"_ _379\"> </span>from<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>cyh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rs <span class=\"_ _219\"> </span>800,394<span class=\"_ _379\"> </span>680,569<span class=\"_ _379\"> </span>from<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>edi<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _e0\"> </span>168,866<span class=\"_ _379\"> </span>122,391<span class=\"_ _379\"> </span>from<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _277\"> </span>140,714<span class=\"_ _379\"> </span>104,001<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _278\"> </span>482,100<span class=\"_ _379\"> </span>470,570<span class=\"_ _379\"> </span>Non-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _17a\"> </span>7<span class=\"_ _1\"></span>49,601<span class=\"_ _379\"> </span>689,657<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>es <span class=\"_ _261\"> </span>749,601<span class=\"_ _379\"> </span>689,657<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>2,341,675<span class=\"_ _379\"> </span>2,067,18<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Compositio<span class=\"_ _1\"></span>n of <span class=\"_ _1\"></span>Other receiva<span class=\"_ _1\"></span>bles <span class=\"_ _279\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd54\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd55\"><div class=\"t m1 x6 h35 y1f6 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd56\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _27a\"> </span>55,918<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf51\">47,951<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf52\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cou<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _27b\"> </span>34,053<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf53\">34,050<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf54\">Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ou<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ren<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _27c\"> </span>364,621<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf55\">350,825<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf56\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>aut<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>(ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>x) <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>rom <span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f al<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>kind<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>44,113<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf57\">47,838<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf58\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>ales<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>inve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _230\"> </span>17,793<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf59\">10,722<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf5a\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>23,606<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf5b\">17,914<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf5c\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>ird<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>aims<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>25<span class=\"_ _1\"></span>,359<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf5d\">18,486<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf5e\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>reen<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>card <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>epo<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> su<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ety<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>54,7<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf5f\">66,242<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf60\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>re-p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _277\"> </span>19,266<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf61\">16,022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf62\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>es <span class=\"_ _23f\"> </span>110,096<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf63\">79,607<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf64\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> fr<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> <span class=\"_ _252\"> </span>29,3<span class=\"_ _1\"></span>11<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf65\">28,647<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsc87\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>eiv<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> fr<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>arg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _256\"> </span>12<span class=\"_ _1\"></span>,646<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf66\">12,786<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf67\">Total <span class=\"_ _241\"> </span>749,601<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsf68\">689,657<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsf69\">Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _253\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022 <span class=\"_ _1b6\"> </span><span class=\"fc11\">31.12.<span class=\"_ _1\"></span>2021</span></span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsf6a\">  <span class=\"_ _181\"> </span><span class=\"fs15\">Prem<span class=\"_ _1\"></span>ium </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf6b\">recei<span class=\"_ _1\"></span>vables due<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf6c\">Non-underwrit<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf6d\">Total<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsf6e\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsf6f\"><div class=\"t m1 x6 h35 yb18 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf70\">up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _138\"> </span>310,<span class=\"_ _1\"></span>242<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf71\">643,750<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf72\">953,992<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf73\">834,731<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf74\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _264\"> </span>18,643<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf75\">43,312<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf76\">61,955<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf77\">65,289<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf78\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _fc\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf79\">11,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf7a\">11,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf7b\">17,207<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf7c\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _254\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf7d\">51,275<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf7e\">51,275<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf7f\">52,651<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf80\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>328,885<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf81\">749,601<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf82\">1,078,48<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsf83\">969,878<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf84\">Prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>t d<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _27d\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _121\"> </span>582,66<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf85\">469,816<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf86\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _121\"> </span>482,10<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf87\">470,570<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf88\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _11d\"> </span>  <span class=\"_ _80\"> </span>  <span class=\"_ _121\"> </span>19<span class=\"_ _1\"></span>8,422<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf89\">156,924<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf8a\">Total <span class=\"_ _105\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1e6\"> </span>2,341,675<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsf8b\">2,067,18<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsf8c\">The <span class=\"_ _4\"></span>gross<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eceivables <span class=\"_ _1\"></span>are <span class=\"_ _4\"></span>of<span class=\"_ _5\"></span>fset <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>impairm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>(<span class=\"_ _3\"></span>directl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>educ<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>asset <span class=\"_ _4\"></span>item) <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>EUR 82,2<span class=\"_ _3\"></span>35,000 <span class=\"_ _1\"></span>(EUR 88,909<span class=\"_ _3\"></span>,00<span class=\"_ _3\"></span>0) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsf8d\">and pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons for ca<span class=\"_ _3\"></span>ncellations of <span class=\"_ _3\"></span>EUR 16,1<span class=\"_ _3\"></span>28,000 (<span class=\"_ _3\"></span>EUR 18<span class=\"_ _3\"></span>,502,000<span class=\"_ _3\"></span>). </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsf8e\">Ageing anal<span class=\"_ _1\"></span>ysis<span class=\"_ _1\"></span> <span class=\"_ _27f\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22 </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsf8f\">Overdue <span class=\"_ _1\"></span>receivables<span class=\"_ _1\"></span> <span class=\"_ _280\"> </span><span class=\"fs15\">1\u201360 <span class=\"_ _1\"></span>days<span class=\"_ _3\"></span> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf90\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf91\">61\u201390<span class=\"_ _1\"></span> days </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf92\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf93\">91\u201312<span class=\"_ _1\"></span>0 days </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf94\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf95\">more<span class=\"_ _1\"></span> than 120 </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf96\">days overdue<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf97\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsf98\"><div class=\"t m1 x6 h35 ya0f ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf99\">Prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s <span class=\"_ _1b8\"> </span>209<span class=\"_ _1\"></span>,450<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf9a\">54,209<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf9b\">22,261<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf9c\">78,660<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf9d\">364,580<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf9e\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>7<span class=\"_ _1\"></span>2,815<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf9f\">31,977<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa0\">14,014<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa1\">42,230<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa2\">161,036<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa3\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>136<span class=\"_ _1\"></span>,635<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa4\">22,232<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa5\">8,247<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa6\">36,430<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfa7\">203,544<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsfa8\">Non-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vable<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>18,533<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsfa9\">1,634<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsfaa\">2,462<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsfab\">25,258<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsfac\">47,887<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfad\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _7f\"> </span>1<span class=\"_ _1\"></span>5,001<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfae\">1,168<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfaf\">1,947<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb0\">5,902<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb1\">24,018<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb2\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _281\"> </span>3,532<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb3\">466<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb4\">515<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb5\">19,356<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsfb6\">23,869<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fce sc0 ls6 ws0 gsb3\">Ageing anal<span class=\"_ _1\"></span>ysis<span class=\"_ _1\"></span> <span class=\"_ _27f\"> </span><span class=\"fsc\">3<span class=\"_ _1\"></span>1.12.2021<span class=\"_ _1\"></span> </span></div><div class=\"t m3 h32 ff45 fs17 fce sc0 ls6 ws0 gsb4\">Overdue <span class=\"_ _1\"></span>receivables<span class=\"_ _1\"></span> <span class=\"_ _280\"> </span><span class=\"fsc\">1<span class=\"_ _1\"></span>\u201360 days </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfb8\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfb9\">61\u201390<span class=\"_ _1\"></span> days </div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfba\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfbb\">91\u201312<span class=\"_ _1\"></span>0 days </div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfbc\">overdue<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfbd\">more<span class=\"_ _1\"></span> than 120 </div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfbe\">days overdue<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfbf\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsfc0\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsa37\">Prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span>s <span class=\"_ _27d\"> </span>178,491<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfc1\">46,031<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfc2\">25,387<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfc3\">60,484<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfc4\">310,393<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfc5\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _82\"> </span>59,390<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfc6\">28,517<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfc7\">17,897<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfc8\">32,750<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfc9\">138,554<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfca\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>119,1<span class=\"_ _1\"></span>01<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfcb\">17,514<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfcc\">7,490<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfcd\">27,734<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfce\">171,839<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfcf\">Non-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vable<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>16,<span class=\"_ _1\"></span>953<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfd0\">1,295<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfd1\">1,966<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfd2\">23,441<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfd3\">43,655<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd4\">not<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>ju<span class=\"_ _1\"></span>sted<span class=\"_ _1\"></span> <span class=\"_ _82\"> </span>12,933<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd5\">751<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd6\">1,205<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd7\">8,097<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd8\">22,986<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfd9\">adj<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _281\"> </span>4<span class=\"_ _1\"></span>,020<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfda\">544<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfdb\">761<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfdc\">15,344<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfdd\">20,669<span class=\"_ _379\"> </span></div><div class=\"t m3 h1e ff45 fs11 fc3 sc0 ls6 ws0 gsb92\">6.<span class=\"_ _10\"> </span>DEFERRED <span class=\"_ _3\"></span>T<span class=\"_ _5\"></span>AXES<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsfde\">The defe<span class=\"_ _3\"></span>rred t<span class=\"_ _3\"></span>ax assets<span class=\"_ _3\"></span> (DT<span class=\"_ _5\"></span>A) a<span class=\"_ _3\"></span>nd liabiliti<span class=\"_ _3\"></span>es repo<span class=\"_ _3\"></span>rted r<span class=\"_ _3\"></span>elate t<span class=\"_ _3\"></span>o tempora<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ferences i<span class=\"_ _3\"></span>n the bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>heet items <span class=\"_ _3\"></span>listed in <span class=\"_ _3\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97e\">table belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>(The<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces were measu<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>using the appl<span class=\"_ _3\"></span>icable tax rates.) It <span class=\"_ _1\"></span>sho<span class=\"_ _3\"></span>uld be noted that deferr<span class=\"_ _3\"></span>ed taxes, as <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>ar </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">as <span class=\"_ _d\"></span>pe<span class=\"_ _1\"></span>rmissi<span class=\"_ _3\"></span>ble, <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of<span class=\"_ _3\"></span>fset <span class=\"_ _5\"></span>at <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>taxpay<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>level, <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nd, <span class=\"_ _d\"></span>accor<span class=\"_ _3\"></span>dingly<span class=\"_ _11\"></span>, <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>ba<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>nces <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>shown <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>her <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _5\"></span>liabil<span class=\"_ _3\"></span>ities </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97f\">on the bal<span class=\"_ _3\"></span>ance shee<span class=\"_ _3\"></span>t. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs980\">Deferr<span class=\"_ _3\"></span>ed tax assets ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised for unuse<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>tax loss<span class=\"_ _3\"></span>es, unused tax cre<span class=\"_ _3\"></span>dits and deductible tempo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ary dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces t<span class=\"_ _1\"></span>o t<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs981\">extent that it <span class=\"_ _1\"></span>is probable that the <span class=\"_ _1\"></span>def<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>tax asse<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>can be <span class=\"_ _1\"></span>used. Deferr<span class=\"_ _3\"></span>ed tax <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>exami<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed each balanc<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>sheet </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">date a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ced to <span class=\"_ _3\"></span>the ext<span class=\"_ _3\"></span>ent that i<span class=\"_ _3\"></span>t is no long<span class=\"_ _3\"></span>er prob<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ble <span class=\"_ _3\"></span>that the ass<span class=\"_ _3\"></span>ociated <span class=\"_ _3\"></span>tax benefi<span class=\"_ _3\"></span>ts can be r<span class=\"_ _5\"></span>ea<span class=\"_ _1\"></span>lis<span class=\"_ _3\"></span>ed. </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs11a\">Compositio<span class=\"_ _1\"></span>n<span class=\"fce\"> <span class=\"_ _282\"> </span></span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22 <span class=\"_ _283\"> </span><span class=\"fce\">31.12.20<span class=\"_ _1\"></span>21 </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsfdf\">Assets<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsfe0\">Liabil<span class=\"_ _1\"></span>ities<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfe1\">Assets<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gsfe2\">Liabil<span class=\"_ _1\"></span>ities<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsfe3\"><div class=\"t m3 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfe4\">Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _74\"> </span>8,011<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfe5\">39,352<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfe6\">19,478<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfe7\">16,386<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa72\">Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _76\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfe8\">39,013<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfe9\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsa79\">56,688<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfea\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gsfeb\">1</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfec\"> <span class=\"_ _254\"> </span>290,60<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfed\">106,318<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfee\">111,944<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsfef\">312,141<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff0\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gsff1\">2</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff2\"> <span class=\"_ _284\"> </span>55,840<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff3\">70,321<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsff4\">39,840<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsff5\">57,213<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff6\">Ac<span class=\"_ _1\"></span>cumu<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ses <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>arri<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span> <span class=\"_ _285\"> </span>31,551<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff7\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsff8\">33,081<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsff9\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsffa\">Ta<span class=\"_ _1\"></span>x-ex<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pt <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span> <span class=\"_ _286\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsffb\">9,450<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsffc\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gsffd\">10,647<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsffe\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gsfff\">3</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1000\"> <span class=\"_ _287\"> </span>461,187<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1001\">169,799<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1002\">369,923<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1003\">154,936<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1004\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _19b\"> </span>52,799<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1005\">7,272<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1006\">96,180<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1007\">4,084<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1008\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>the<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs1009\">4</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs100a\"> <span class=\"_ _f1\"> </span>94,084<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs100b\">23,264<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs100c\">91,811<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs100d\">26,829<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs100e\">Sum<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>befor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ua<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>llo<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _d7\"> </span>994,080<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs100f\">464,789<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1010\">762,257<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1011\">638,924<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa92\">Valu<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>allo<span class=\"_ _1\"></span>wan<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> DTA<span class=\"_ _1\"></span> <span class=\"_ _ef\"> </span>-36,820<span class=\"_ _1e4\"> </span><span class=\"fce\">-30,7<span class=\"_ _1\"></span>70<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsa98\">Tota<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>befo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nett<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _6e\"> </span>95<span class=\"_ _1\"></span>7,260<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1012\">464,789<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1013\">731,487<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1014\">638,924<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsa9e\">Net<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _288\"> </span>-387,371<span class=\"_ _1a0\"> </span>-387,371<span class=\"_ _1a0\"> </span><span class=\"fce\">-420,040<span class=\"_ _1fa\"> </span>-42<span class=\"_ _1\"></span>0,040<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gsaa0\">Net bala<span class=\"_ _1\"></span>nce <span class=\"_ _197\"> </span>569,889<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1015\">77,418<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1016\">311,447<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1017\">218,884<span class=\"_ _379\"> </span></div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1018\">1</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1019\"> <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng fi<span class=\"_ _3\"></span>nanc<span class=\"_ _1\"></span>ial <span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>nvestments for u<span class=\"_ _3\"></span>nit- and index-linked life insur<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>nce </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs101a\">2</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs101b\"> <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng cash<span class=\"_ _3\"></span> and cash equivalents </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs101c\">3</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs101d\"> <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng r<span class=\"_ _3\"></span>einsurers' share in underwriting provisi<span class=\"_ _379\"> </span></div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs101e\">ons as wel<span class=\"_ _3\"></span>l<span class=\"_ _1\"></span> as underw<span class=\"_ _3\"></span>riti<span class=\"_ _1\"></span>ng pr<span class=\"_ _3\"></span>ovisions for unit-<span class=\"_ _1\"></span> and<span class=\"_ _3\"></span> ind<span class=\"_ _1\"></span>ex-linked life <span class=\"_ _3\"></span>insurance<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs101f\">4</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1020\"> <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng su<span class=\"_ _3\"></span>bordinated liabilities </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1021\">Deferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>tax ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>even-year amortis<span class=\"_ _3\"></span>ation of <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>articip<span class=\"_ _3\"></span>ations <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>going con<span class=\"_ _3\"></span>cern<span class=\"_ _1\"></span> value wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecognised i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the amount </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1022\">of <span class=\"_ _3\"></span>EUR 1<span class=\"_ _3\"></span>5,041,00<span class=\"_ _3\"></span>0 (EUR 17,5<span class=\"_ _3\"></span>70,000). <span class=\"_ _3\"></span>Def<span class=\"_ _3\"></span>erred <span class=\"_ _3\"></span>tax l<span class=\"_ _3\"></span>iabilities <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd def<span class=\"_ _3\"></span>err<span class=\"_ _3\"></span>ed tax <span class=\"_ _3\"></span>assets <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>ted t<span class=\"_ _3\"></span>axable <span class=\"_ _3\"></span>entities <span class=\"_ _3\"></span>in t<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fb\">tax group<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>coll<span class=\"_ _3\"></span>ected by the same tax<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>aut<span class=\"_ _3\"></span>hor<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y were<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>netted, r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lti<span class=\"_ _3\"></span>ng in a <span class=\"_ _1\"></span>def<span class=\"_ _3\"></span>erred tax<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>asse<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>of EUR 112,<span class=\"_ _3\"></span>470,000<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>(deferr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1023\">tax <span class=\"_ _1\"></span>liabili<span class=\"_ _3\"></span>ties: <span class=\"_ _1\"></span>EUR 136,8<span class=\"_ _3\"></span>75,000<span class=\"_ _3\"></span>). <span class=\"_ _1\"></span>In a<span class=\"_ _3\"></span>cc<span class=\"_ _3\"></span>or<span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> IAS<span class=\"_ _3\"></span> 12<span class=\"_ _3\"></span>.39<span class=\"_ _3\"></span>, d<span class=\"_ _3\"></span>efe<span class=\"_ _3\"></span>rr<span class=\"_ _5\"></span>ed t<span class=\"_ _3\"></span>ax li<span class=\"_ _3\"></span>abi<span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>tie<span class=\"_ _3\"></span>s we<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e no<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>po<span class=\"_ _5\"></span>rte<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>rar<span class=\"_ _3\"></span>y di<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1024\">en<span class=\"_ _3\"></span>ces<span class=\"_ _5\"></span> f<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> s<span class=\"_ _5\"></span>har<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span> s<span class=\"_ _5\"></span>ubsi<span class=\"_ _5\"></span>dia<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>si<span class=\"_ _5\"></span>nce<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>hey<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>ld <span class=\"_ _5\"></span>not<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>n t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> fo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>le <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>utu<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span>  </div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span>T<span class=\"_ _3\"></span>he  d<span class=\"_ _3\"></span>if<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>enc<span class=\"_ _3\"></span>e  b<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>wee<span class=\"_ _3\"></span>n  t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>  bo<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>k  va<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>e  fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>  t<span class=\"_ _3\"></span>ax<span class=\"_ _3\"></span>  purp<span class=\"_ _5\"></span>os<span class=\"_ _3\"></span>es  a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>  th<span class=\"_ _3\"></span>e  I<span class=\"_ _3\"></span>FRS<span class=\"_ _5\"></span>  sha<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eh<span class=\"_ _3\"></span>ol<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>'  eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>i<span class=\"_ _3\"></span>s  E<span class=\"_ _3\"></span>UR   1,<span class=\"_ _3\"></span>425,483,<span class=\"_ _3\"></span>0<span class=\"_ _1\"></span>00 (EUR 2,018,85<span class=\"_ _3\"></span>9,000<span class=\"_ _3\"></span>). <span class=\"_ _4\"></span>Deferr<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>tax<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>undist<span class=\"_ _3\"></span>ributed <span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>sidiary <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>fits <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>EUR 15,666,00<span class=\"_ _3\"></span>0 <span class=\"_ _4\"></span>(EUR 16,<span class=\"_ _3\"></span>767,000) <span class=\"_ _1\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>not repo<span class=\"_ _3\"></span>rted beca<span class=\"_ _3\"></span>use a d<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>on to dis<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ib<span class=\"_ _3\"></span>ute the p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>ts had not<span class=\"_ _3\"></span> yet been m<span class=\"_ _3\"></span>ade.<span class=\"_ _3\"></span> EUR 26,138<span class=\"_ _3\"></span>,000 (<span class=\"_ _3\"></span>EUR 25,017,00<span class=\"_ _3\"></span>0) in <span class=\"_ _3\"></span>deferre<span class=\"_ _3\"></span>d taxes o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> loss<span class=\"_ _3\"></span> carry-forwa<span class=\"_ _3\"></span>rds <span class=\"_ _3\"></span>were no<span class=\"_ _3\"></span>t recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> 7.<span class=\"ff4b\"> </span>OTHER <span class=\"_ _3\"></span>ASSETS<span class=\"_ _3\"></span> Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Tang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span>* <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tori<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>1<span class=\"_ _1\"></span>39,135<span class=\"_ _379\"> </span>117,455<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> <span class=\"_ _289\"> </span>16,294<span class=\"_ _379\"> </span>26,263<span class=\"_ _379\"> </span>Asse<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> ac<span class=\"_ _1\"></span>cru<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>s <span class=\"_ _28a\"> </span>243,751<span class=\"_ _379\"> </span>247,175<span class=\"_ _379\"> </span>Total <span class=\"_ _241\"> </span>399,180<span class=\"_ _379\"> </span>390,893<span class=\"_ _379\"> </span>*amount of r<span class=\"_ _3\"></span>eported balance sheet value l<span class=\"_ _3\"></span>eased<span class=\"_ _1\"></span>: 4.99% <span class=\"_ _3\"></span>(6.42%) 1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> NOTES <span class=\"_ _3\"></span>TO <span class=\"_ _3\"></span>THE CONSOLIDA<span class=\"_ _5\"></span>TED BALANCE SHEET \u2013 LIABIL<span class=\"_ _3\"></span>ITIES <span class=\"_ _3\"></span>A<span class=\"_ _379\"> </span>ND SHAREHOLDERS\u2019 EQUITY 8.<span class=\"_ _10\"> </span>CONSOLIDA<span class=\"_ _5\"></span>TE<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> SHAREH<span class=\"_ _3\"></span>OLDERS\u2019 EQUITY<span class=\"_ _379\"> </span>The <span class=\"_ _3\"></span>items<span class=\"_ _3\"></span> shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd other <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>apit<span class=\"_ _3\"></span>al r<span class=\"_ _3\"></span>eserves <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>ude <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntributions <span class=\"_ _5\"></span>to s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ade <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>rs. Other <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>erves r<span class=\"_ _5\"></span>eport th<span class=\"_ _3\"></span>e sh<span class=\"_ _3\"></span>are of<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>ntributio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>paid <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>in excess <span class=\"_ _5\"></span>of th<span class=\"_ _3\"></span>e shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital. <span class=\"_ _3\"></span>The r<span class=\"_ _5\"></span>eserves <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced by exte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>al cos<span class=\"_ _3\"></span>ts dire<span class=\"_ _3\"></span>ctly r<span class=\"_ _3\"></span>elated to <span class=\"_ _3\"></span>corporate <span class=\"_ _3\"></span>actions af<span class=\"_ _3\"></span>fecti<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g equit<span class=\"_ _3\"></span>y after taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g tax <span class=\"_ _3\"></span>effects i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>to acco<span class=\"_ _3\"></span>unt.<span class=\"_ _379\"> </span>Retained <span class=\"_ _3\"></span>earnings<span class=\"_ _379\"> </span>ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>that s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es ha<span class=\"_ _3\"></span>ve ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed s<span class=\"_ _3\"></span>ince j<span class=\"_ _3\"></span>oini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up. T<span class=\"_ _3\"></span>hese <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced <span class=\"_ _3\"></span>by the <span class=\"_ _c\"> </span>divide<span class=\"_ _3\"></span>nds <span class=\"_ _c\"> </span>distrib<span class=\"_ _3\"></span>uted <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>VIG <span class=\"_ _c\"> </span>Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _c\"></span>Amo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nts <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _c\"></span>c<span class=\"_ _3\"></span>hanges <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>scop<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>consoli<span class=\"_ _3\"></span>dation <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _c\"> </span>al<span class=\"_ _3\"></span>so recog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>here.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>If c<span class=\"_ _3\"></span>hanges <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>ade <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _3\"></span>polici<span class=\"_ _3\"></span>es, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>adjustm<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>earlier <span class=\"_ _5\"></span>periods <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>ncluded<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the financial <span class=\"_ _5\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ecognised<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>ope<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bal<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>sheet <span class=\"_ _d\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etained <span class=\"_ _d\"></span>earn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>earliest <span class=\"_ _5\"></span>period <span class=\"_ _d\"></span>pres<span class=\"_ _3\"></span>ented. Other rese<span class=\"_ _3\"></span>rves co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sis<span class=\"_ _3\"></span>t of unre<span class=\"_ _3\"></span>alised gai<span class=\"_ _3\"></span>ns and loss<span class=\"_ _3\"></span>es from<span class=\"_ _3\"></span> the m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt of availabl<span class=\"_ _3\"></span>e for sale f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>instrume<span class=\"_ _3\"></span>nts and actuarial gai<span class=\"_ _3\"></span>ns and <span class=\"_ _1\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at are recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised in compr<span class=\"_ _3\"></span>ehe<span class=\"_ _3\"></span>nsive income in acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> wit<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>IAS 19. U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>alised gains a<span class=\"_ _3\"></span>nd loss<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _b\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>at <span class=\"_ _b\"> </span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity <span class=\"_ _b\"> </span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>associa<span class=\"_ _3\"></span>ted <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>tra<span class=\"_ _3\"></span>nslation <span class=\"_ _b\"> </span>dif<span class=\"_ _3\"></span>ferences <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ency translatio<span class=\"_ _3\"></span>n for for<span class=\"_ _3\"></span>eign s<span class=\"_ _3\"></span>ubsidiaries <span class=\"_ _3\"></span>are also<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eported i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> ot<span class=\"_ _3\"></span>her r<span class=\"_ _3\"></span>eserves. <span class=\"_ _3\"></span> Non-contr<span class=\"_ _3\"></span>olling <span class=\"_ _3\"></span>interes<span class=\"_ _3\"></span>ts<span class=\"_ _379\"> </span>are <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>show<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>as pa<span class=\"_ _3\"></span>rt of <span class=\"_ _5\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholders\u2019 <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>consist <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>shares <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>d parties <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the equity of co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed subsidi<span class=\"_ _3\"></span>aries t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t are <span class=\"_ _3\"></span>not dire<span class=\"_ _3\"></span>ctly or i<span class=\"_ _3\"></span>ndir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y entir<span class=\"_ _3\"></span>ely own<span class=\"_ _3\"></span>ed by VI<span class=\"_ _3\"></span>G Holding.<span class=\"_ _3\"></span> Detailed i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on on capital m<span class=\"_ _5\"></span>anageme<span class=\"_ _3\"></span>nt is pro<span class=\"_ _3\"></span>vided on <span class=\"_ _3\"></span>page 96.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> 8.1.<span class=\"ff4b\"> </span>Share<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capital and <span class=\"_ _3\"></span>vo<span class=\"_ _1\"></span>ting<span class=\"_ _3\"></span> rights The Com<span class=\"_ _5\"></span>pany <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>EUR <span class=\"_ _5\"></span>132,887,46<span class=\"_ _3\"></span>8.20. <span class=\"_ _3\"></span>It i<span class=\"_ _5\"></span>s divided<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>128,00<span class=\"_ _3\"></span>0,000 <span class=\"_ _5\"></span>no-par <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue or<span class=\"_ _5\"></span>dinary b<span class=\"_ _3\"></span>ear<span class=\"_ _3\"></span>er s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>es with <span class=\"_ _3\"></span>voting <span class=\"_ _3\"></span>rights, <span class=\"_ _3\"></span>with e<span class=\"_ _3\"></span>ach s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e repr<span class=\"_ _5\"></span>esenting <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>equal po<span class=\"_ _3\"></span>rtion <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e ca<span class=\"_ _3\"></span>pital. T<span class=\"_ _3\"></span>he n<span class=\"_ _3\"></span>umber o<span class=\"_ _3\"></span>f s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es i<span class=\"_ _3\"></span>ssued <span class=\"_ _3\"></span>remai<span class=\"_ _3\"></span>ns unchange<span class=\"_ _3\"></span>d. The Ma<span class=\"_ _3\"></span>naging Bo<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span> is not a<span class=\"_ _3\"></span>ware<span class=\"_ _3\"></span> of a<span class=\"_ _3\"></span>ny res<span class=\"_ _3\"></span>trictions o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng rig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> or the t<span class=\"_ _3\"></span>ransfe<span class=\"_ _3\"></span>r of s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>Employees<span class=\"_ _3\"></span> who <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>old <span class=\"_ _3\"></span>shar<span class=\"_ _5\"></span>es exer<span class=\"_ _3\"></span>cise their <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng rig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ts <span class=\"_ _3\"></span>without a pr<span class=\"_ _3\"></span>oxy d<span class=\"_ _3\"></span>uring <span class=\"_ _3\"></span>General M<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs. <span class=\"_ _3\"></span> The Man<span class=\"_ _3\"></span>aging Boa<span class=\"_ _3\"></span>rd m<span class=\"_ _3\"></span>ust have <span class=\"_ _3\"></span>at least t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ee a<span class=\"_ _3\"></span>nd no mor<span class=\"_ _3\"></span>e than <span class=\"_ _3\"></span>eight memb<span class=\"_ _3\"></span>ers. The<span class=\"_ _3\"></span> Supe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>visor<span class=\"_ _3\"></span>y Boar<span class=\"_ _3\"></span>d has a<span class=\"_ _3\"></span>t least t<span class=\"_ _3\"></span>hree<span class=\"_ _3\"></span> and <span class=\"_ _a\"></span>at <span class=\"_ _c\"> </span>mos<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>we<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ve <span class=\"_ _c\"> </span>mem<span class=\"_ _3\"></span>bers <span class=\"_ _a\"></span>(shar<span class=\"_ _3\"></span>eholder <span class=\"_ _a\"></span>repr<span class=\"_ _5\"></span>esentatives<span class=\"_ _5\"></span>)<span class=\"_ _1\"></span>. <span class=\"_ _a\"></span>W<span class=\"_ _1\"></span>iener <span class=\"_ _a\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>V<span class=\"_ _3\"></span>ersiche<span class=\"_ _3\"></span>rungsver<span class=\"_ _3\"></span>ein, <span class=\"_ _a\"></span>which <span class=\"_ _a\"></span>dire<span class=\"_ _3\"></span>ctly <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> indire<span class=\"_ _3\"></span>ctly <span class=\"_ _1\"></span>holds <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>ound <span class=\"_ _1\"></span>72.47<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> (72.47<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>capit<span class=\"_ _3\"></span>al, <span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s the <span class=\"_ _1\"></span>right <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>appoi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t up <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _1\"></span>third of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>mem<span class=\"_ _3\"></span>bers of the S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Boar<span class=\"_ _3\"></span>d i<span class=\"_ _3\"></span>f, <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>as l<span class=\"_ _3\"></span>ong as, <span class=\"_ _3\"></span>it <span class=\"_ _3\"></span>holds 5<span class=\"_ _3\"></span>0% or <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Company\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>voting s<span class=\"_ _3\"></span>hares. <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>en<span class=\"_ _3\"></span>eral <span class=\"_ _3\"></span>Meeting <span class=\"_ _3\"></span>resolutio<span class=\"_ _3\"></span>ns are <span class=\"_ _3\"></span>adopted b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a simple m<span class=\"_ _3\"></span>ajority<span class=\"_ _d\"></span>, unless <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> dif<span class=\"_ _5\"></span>ferent m<span class=\"_ _3\"></span>ajority is <span class=\"_ _3\"></span>requir<span class=\"_ _3\"></span>ed by la<span class=\"_ _3\"></span>w or the <span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cles of asso<span class=\"_ _3\"></span>ciation.<span class=\"_ _3\"></span> No <span class=\"_ _1\"></span>shares have <span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>ecial <span class=\"_ _1\"></span>rights of <span class=\"_ _1\"></span>contr<span class=\"_ _3\"></span>ol. <span class=\"_ _1\"></span>See <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sec<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>cated <span class=\"_ _1\"></span>abo<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>info<span class=\"_ _3\"></span>rmation <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _3\"></span>hts <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>ehold<span class=\"_ _3\"></span>er Wiener St\u00e4dtis<span class=\"_ _3\"></span>che V<span class=\"_ _5\"></span>ersicher<span class=\"_ _3\"></span>ungsver<span class=\"_ _3\"></span>ein. As of<span class=\"_ _3\"></span> the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet d<span class=\"_ _3\"></span>ate, t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any w<span class=\"_ _3\"></span>as not<span class=\"_ _3\"></span> party<span class=\"_ _3\"></span> to a<span class=\"_ _3\"></span>ny ma<span class=\"_ _3\"></span>terial ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nts that<span class=\"_ _3\"></span> would<span class=\"_ _3\"></span> com<span class=\"_ _3\"></span>e into <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ect, cha<span class=\"_ _3\"></span>nge or termi<span class=\"_ _3\"></span>nate <span class=\"_ _3\"></span>if <span class=\"_ _3\"></span>cont<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>Compa<span class=\"_ _3\"></span>ny wer<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e due <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>takeover <span class=\"_ _3\"></span>bid, <span class=\"_ _3\"></span>in particul<span class=\"_ _3\"></span>ar<span class=\"_ _d\"></span>, no <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>that wo<span class=\"_ _3\"></span>uld af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct participatio<span class=\"_ _3\"></span>ns <span class=\"_ _5\"></span>held <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>panies. <span class=\"_ _5\"></span>Existi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>eements <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>would <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>into <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fect <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>con<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>wer<span class=\"_ _3\"></span>e to cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge d<span class=\"_ _3\"></span>ue to a <span class=\"_ _3\"></span>takeover bi<span class=\"_ _3\"></span>d rel<span class=\"_ _3\"></span>ate to pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>ations <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>in other (<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>on-i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance) co<span class=\"_ _3\"></span>mpanies.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span>No <span class=\"_ _5\"></span>compe<span class=\"_ _3\"></span>nsation <span class=\"_ _5\"></span>agre<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>exist <span class=\"_ _d\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Comp<span class=\"_ _3\"></span>any <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>its<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Managing <span class=\"_ _d\"></span>Board <span class=\"_ _d\"></span>membe<span class=\"_ _3\"></span>rs, <span class=\"_ _3\"></span>Sup<span class=\"_ _3\"></span>ervisor<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Board <span class=\"_ _5\"></span>mem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s or emplo<span class=\"_ _3\"></span>yees co<span class=\"_ _3\"></span>vering the cas<span class=\"_ _3\"></span>e of a p<span class=\"_ _3\"></span>ublic tak<span class=\"_ _3\"></span>eover bid.<span class=\"_ _5\"></span> ANTICIP<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>OR<span class=\"_ _5\"></span>Y<span class=\"_ _1\"></span> RESOLU<span class=\"_ _3\"></span>TIONS The Managi<span class=\"_ _3\"></span>ng Board is autho<span class=\"_ _3\"></span>rised unde<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>\u00a7 169<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Austri<span class=\"_ _3\"></span>an Stock Corpo<span class=\"_ _3\"></span>ration Act (AktG<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>to incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the shar<span class=\"_ _3\"></span>e capital<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the Compa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>minal <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>unt <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>66,443<span class=\"_ _3\"></span>,734.10<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ing <span class=\"_ _5\"></span>64,000,0<span class=\"_ _3\"></span>00 <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>-par <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>bear<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>or <span class=\"_ _d\"></span>registe<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>es or a <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>bination<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the two i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>one<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>or more<span class=\"_ _3\"></span> tranches o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>or befor<span class=\"_ _3\"></span>e 20 May 2026 <span class=\"_ _3\"></span>against cash or in-ki<span class=\"_ _3\"></span>nd contributio<span class=\"_ _3\"></span>ns. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he terms o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e sh<span class=\"_ _3\"></span>ares, t<span class=\"_ _3\"></span>he ex<span class=\"_ _3\"></span>clusio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>sharehold<span class=\"_ _3\"></span>er pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-empti<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>rights, <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other t<span class=\"_ _3\"></span>erms a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>conditions <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>issue a<span class=\"_ _3\"></span>re decided <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d, <span class=\"_ _1\"></span>subj<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> to <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard a<span class=\"_ _1\"></span>ppro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al. <span class=\"_ _1\"></span>Pr<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>hout v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>rig<span class=\"_ _3\"></span>hts <span class=\"_ _1\"></span>may <span class=\"_ _1\"></span>also be <span class=\"_ _1\"></span>issued, <span class=\"_ _1\"></span>with rights <span class=\"_ _1\"></span>equivalen<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>those <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>existi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>eferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>issue <span class=\"_ _1\"></span>prices <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>commo<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>refe<span class=\"_ _3\"></span>rred <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s may dif<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>. T<span class=\"_ _3\"></span>he G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> Me<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> 21 <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 au<span class=\"_ _3\"></span>tho<span class=\"_ _5\"></span>ris<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> M<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>ng B<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o is<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ue,<span class=\"_ _3\"></span> s<span class=\"_ _3\"></span>ubj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>t t<span class=\"_ _3\"></span>o S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span>ory<span class=\"_ _3\"></span> Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d ap<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ova<span class=\"_ _3\"></span>l,<span class=\"_ _3\"></span> on<span class=\"_ _3\"></span>e or<span class=\"_ _3\"></span> m<span class=\"_ _3\"></span>or<span class=\"_ _5\"></span>e t<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> of<span class=\"_ _5\"></span> co<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>rti<span class=\"_ _5\"></span>ble<span class=\"_ _3\"></span> bo<span class=\"_ _5\"></span>nds<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>acc<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rd<span class=\"_ _5\"></span>ance<span class=\"_ _3\"></span> wi<span class=\"_ _5\"></span>th \u00a7<span class=\"_ _3\"></span> 1<span class=\"_ _3\"></span>74 A<span class=\"_ _3\"></span>kt<span class=\"_ _3\"></span>G w<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>h a<span class=\"_ _3\"></span> to<span class=\"_ _5\"></span>tal<span class=\"_ _5\"></span> nom<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> val<span class=\"_ _3\"></span>ue<span class=\"_ _3\"></span> of<span class=\"_ _5\"></span> up t<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> EU<span class=\"_ _3\"></span>R 2<span class=\"_ _3\"></span>,00<span class=\"_ _5\"></span>0,0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0,00<span class=\"_ _5\"></span>0.0<span class=\"_ _3\"></span>0 on <span class=\"_ _a\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>befor<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>20<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>May <span class=\"_ _a\"></span>2026, <span class=\"_ _a\"></span>with <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>nversion <span class=\"_ _a\"></span>or <span class=\"_ _c\"></span>subs<span class=\"_ _3\"></span>criptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>rights <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>30,<span class=\"_ _3\"></span>000,000 <span class=\"_ _4\"></span>be<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>er <span class=\"_ _c\"> </span>or<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _a\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>the Compa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>repr<span class=\"_ _3\"></span>esenting <span class=\"_ _c\"> </span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>hare <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>up <span class=\"_ _6\"> </span>to <span class=\"_ _c\"> </span>E<span class=\"_ _1\"></span>UR<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>31,1<span class=\"_ _3\"></span>45,50<span class=\"_ _3\"></span>0.36 <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>shar<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>capi<span class=\"_ _3\"></span>tal, <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _c\"> </span>authorisa<span class=\"_ _3\"></span>tion <span class=\"_ _6\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>excl<span class=\"_ _3\"></span>ude shar<span class=\"_ _3\"></span>eholder pr<span class=\"_ _5\"></span>e-<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ption righ<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e capi<span class=\"_ _5\"></span>tal has c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nseq<span class=\"_ _5\"></span>uentl<span class=\"_ _3\"></span>y bee<span class=\"_ _3\"></span>n rais<span class=\"_ _5\"></span>ed in ac<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce wi<span class=\"_ _3\"></span>th \u00a7 15<span class=\"_ _3\"></span>9 (2) n<span class=\"_ _3\"></span>o. 1 Akt<span class=\"_ _3\"></span>G by a co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nge<span class=\"_ _3\"></span>nt c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ase<span class=\"_ _3\"></span> of up to<span class=\"_ _3\"></span> EU<span class=\"_ _3\"></span>R 31,1<span class=\"_ _5\"></span>45,50<span class=\"_ _5\"></span>0.36<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>thr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>gh<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e is<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>e of up<span class=\"_ _3\"></span> to 30,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>000<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>er or<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>nar<span class=\"_ _3\"></span>y sha<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>es. T<span class=\"_ _3\"></span>he co<span class=\"_ _5\"></span>ntin<span class=\"_ _3\"></span>gent<span class=\"_ _3\"></span> capi<span class=\"_ _5\"></span>tal i<span class=\"_ _3\"></span>ncr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>e wil<span class=\"_ _3\"></span>l only be im<span class=\"_ _3\"></span>plement<span class=\"_ _3\"></span>ed to the exte<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t h<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>ers of co<span class=\"_ _3\"></span>nvertible bon<span class=\"_ _3\"></span>ds issued o<span class=\"_ _3\"></span>n the basis <span class=\"_ _3\"></span>of the General M<span class=\"_ _3\"></span>eeting r<span class=\"_ _3\"></span>esoluti<span class=\"_ _3\"></span>on of <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>May 20<span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>ercise <span class=\"_ _5\"></span>the s<span class=\"_ _3\"></span>ubscriptio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>r ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>igh<span class=\"_ _3\"></span>ts th<span class=\"_ _3\"></span>ey w<span class=\"_ _3\"></span>ere <span class=\"_ _5\"></span>granted. <span class=\"_ _5\"></span>The Ma<span class=\"_ _3\"></span>naging <span class=\"_ _5\"></span>Board <span class=\"_ _5\"></span>has <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>adopte<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>ny resol<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns to d<span class=\"_ _3\"></span>ate conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ning t<span class=\"_ _3\"></span>he issua<span class=\"_ _3\"></span>nce of co<span class=\"_ _3\"></span>nvertible b<span class=\"_ _3\"></span>onds based o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> th<span class=\"_ _3\"></span>e authoris<span class=\"_ _3\"></span>ation gra<span class=\"_ _3\"></span>nted on 21 <span class=\"_ _3\"></span>May 2021.<span class=\"_ _5\"></span> The <span class=\"_ _1\"></span>General <span class=\"_ _1\"></span>M<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>21 <span class=\"_ _1\"></span>May<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2021 <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>urther <span class=\"_ _1\"></span>authoris<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managing B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>issue, <span class=\"_ _1\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>upervisory B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>ap-<span class=\"_ _379\"> </span>prov<span class=\"_ _3\"></span>al in accord<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>with \u00a7 174 <span class=\"_ _3\"></span>(2)<span class=\"_ _1\"></span> Akt<span class=\"_ _3\"></span>G, income bo<span class=\"_ _3\"></span>nds wit<span class=\"_ _3\"></span>h a total nomi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al value of <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p to EU<span class=\"_ _3\"></span>R 2,000,00<span class=\"_ _3\"></span>0,000.00<span class=\"_ _3\"></span> in one or mor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>tran<span class=\"_ _3\"></span>ches on <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r befor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>20 Ma<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>2026, i<span class=\"_ _3\"></span>ncluding aut<span class=\"_ _3\"></span>horisation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to excl<span class=\"_ _3\"></span>ude <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holder pre-<span class=\"_ _3\"></span>emptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> rights.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span>aging <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>has not<span class=\"_ _3\"></span> adopte<span class=\"_ _3\"></span>d any r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>ns to da<span class=\"_ _3\"></span>te r<span class=\"_ _3\"></span>egardi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>he issu<span class=\"_ _3\"></span>ance of i<span class=\"_ _3\"></span>ncome bo<span class=\"_ _3\"></span>nds bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>his au<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>risation. The <span class=\"_ _3\"></span>Gener<span class=\"_ _3\"></span>al Meeti<span class=\"_ _3\"></span>ng o<span class=\"_ _3\"></span>f 2<span class=\"_ _3\"></span>1 Ma<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>21 a<span class=\"_ _3\"></span>uthoris<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>to ac<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>e b<span class=\"_ _3\"></span>earer <span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>dinary <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accord<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>th \u00a7 <span class=\"_ _1\"></span>65 <span class=\"_ _1\"></span>(1) <span class=\"_ _4\"></span>no. <span class=\"_ _1\"></span>8, <span class=\"_ _1\"></span>(1a) <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>1b<span class=\"_ _3\"></span>) <span class=\"_ _4\"></span>Akt<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>maxim<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>extent <span class=\"_ _1\"></span>permissible <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>law <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>period <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>30 <span class=\"_ _1\"></span>months <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he date the General Meeti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>resol<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tion was adopted. Th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>amount paid upon rep<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>chase <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y\u2019<span class=\"_ _d\"></span>s <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> shar<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ay not <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _1\"></span>than <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>aximum <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>50% <span class=\"_ _4\"></span>belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>han <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>maxim<span class=\"_ _3\"></span>um <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>above, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>verage <span class=\"_ _1\"></span>unwei<span class=\"_ _3\"></span>ghted <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>los<span class=\"_ _3\"></span>ing price <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Vi<span class=\"_ _3\"></span>enna <span class=\"_ _4\"></span>Stock <span class=\"_ _1\"></span>Exchang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>stock <span class=\"_ _1\"></span>exchange <span class=\"_ _1\"></span>trading <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>pre<span class=\"_ _3\"></span>ceding <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>epurc<span class=\"_ _3\"></span>hase. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> Boar<span class=\"_ _3\"></span>d may choos<span class=\"_ _3\"></span>e to make the p<span class=\"_ _3\"></span>urchas<span class=\"_ _3\"></span>e on the stock ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge, t<span class=\"_ _3\"></span>hroug<span class=\"_ _3\"></span>h a public of<span class=\"_ _5\"></span>fer<span class=\"_ _1\"></span> or in an<span class=\"_ _3\"></span>y other legall<span class=\"_ _3\"></span>y permissi<span class=\"_ _3\"></span>ble and <span class=\"_ _4\"></span>expedi<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>manner<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>If <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>purc<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>perform<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>public <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>calculatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>period <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>det<span class=\"_ _1\"></span>ermi<span class=\"_ _3\"></span>ned based on t<span class=\"_ _3\"></span>he date on whic<span class=\"_ _3\"></span>h the intentio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> to mak<span class=\"_ _3\"></span>e a public o<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> is annou<span class=\"_ _3\"></span>nced (\u00a7 5 (2) and (3) of<span class=\"_ _3\"></span> the<span class=\"_ _1\"></span> A<span class=\"_ _3\"></span>ustria<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> T<span class=\"_ _11\"></span>akeover <span class=\"_ _3\"></span>Act (\u00dcbernahmeg<span class=\"_ _3\"></span>esetz)).<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>Gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l <span class=\"_ _d\"></span>Meeting <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>21 <span class=\"_ _5\"></span>May <span class=\"_ _5\"></span>2021 <span class=\"_ _d\"></span>au<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>orise<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Managin<span class=\"_ _3\"></span>g <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>oard <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>five <span class=\"_ _d\"></span>y<span class=\"_ _1\"></span>ears <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>date <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>resolutio<span class=\"_ _3\"></span>n to use ow<span class=\"_ _3\"></span>n shar<span class=\"_ _3\"></span>es, whil<span class=\"_ _3\"></span>e excludi<span class=\"_ _3\"></span>ng shar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>r pre-em<span class=\"_ _3\"></span>ption rights,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>for servicing co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vertibl<span class=\"_ _3\"></span>e bonds is<span class=\"_ _3\"></span>sued base<span class=\"_ _3\"></span>d on th<span class=\"_ _3\"></span>e resol<span class=\"_ _3\"></span>ution ado<span class=\"_ _3\"></span>pted b<span class=\"_ _3\"></span>y the Gen<span class=\"_ _3\"></span>eral Meeti<span class=\"_ _3\"></span>ng of 21 Ma<span class=\"_ _3\"></span>y 2021; a<span class=\"_ _3\"></span>nd \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>for sales in a m<span class=\"_ _3\"></span>anner pe<span class=\"_ _3\"></span>rmitted b<span class=\"_ _3\"></span>y law ot<span class=\"_ _3\"></span>her than <span class=\"_ _3\"></span>via the sto<span class=\"_ _3\"></span>ck ma<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ke<span class=\"_ _3\"></span>t or by m<span class=\"_ _3\"></span>eans of a p<span class=\"_ _3\"></span>ublic of<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>. The <span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>ten r<span class=\"_ _3\"></span>eport on the r<span class=\"_ _3\"></span>easons f<span class=\"_ _3\"></span>or excl<span class=\"_ _3\"></span>usion of sh<span class=\"_ _3\"></span>arehold<span class=\"_ _3\"></span>er pre<span class=\"_ _3\"></span>-empti<span class=\"_ _3\"></span>on rights <span class=\"_ _3\"></span>wa<span class=\"_ _1\"></span>s s<span class=\"_ _3\"></span>ubmitted to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>General Me<span class=\"_ _3\"></span>eting.<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> 1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> The <span class=\"_ _4\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>not <span class=\"_ _4\"></span>made <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>authorisa<span class=\"_ _3\"></span>tions <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>date. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>none <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>its <span class=\"_ _1\"></span>own <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>the balanc<span class=\"_ _3\"></span>e sheet date.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> 8.2.<span class=\"ff4b\"> </span>Capital reserves \u2013 hybrid<span class=\"_ _3\"></span> capital Issue date<span class=\"_ _1\"></span> <span class=\"_ _263\"> </span><span class=\"fs15\">Outsta<span class=\"_ _1\"></span>nding vol<span class=\"_ _1\"></span>ume </span>Maturit<span class=\"_ _1\"></span>y<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in years<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>10.<span class=\"_ _1\"></span>6.2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>300,000<span class=\"_ _379\"> </span>unlimited<span class=\"_ _379\"> </span>First 10 yea<span class=\"_ _1\"></span>rs: 3.2125% p<span class=\"_ _1\"></span>.a.; thereafter variable<span class=\"_ _379\"> </span>193,830<span class=\"_ _379\"> </span>On <span class=\"_ _5\"></span>15 <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch <span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>1, <span class=\"_ _5\"></span>VI<span class=\"_ _3\"></span>G<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>d a <span class=\"_ _5\"></span>hyb<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pital <span class=\"_ _d\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>wit<span class=\"_ _3\"></span>h i<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>ehold<span class=\"_ _3\"></span>er<span class=\"_ _11\"></span>, <span class=\"_ _3\"></span>Wie<span class=\"_ _3\"></span>ner <span class=\"_ _3\"></span>St<span class=\"_ _3\"></span>\u00e4dti<span class=\"_ _5\"></span>sche<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>V<span class=\"_ _5\"></span>ersi<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>eru<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span>ve<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ein,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dur<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>priv<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>hy<span class=\"_ _3\"></span>brid<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sa<span class=\"_ _3\"></span>tisfi<span class=\"_ _5\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>capi<span class=\"_ _5\"></span>tal <span class=\"_ _1\"></span>cri<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>ria <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>IAS<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>32.1<span class=\"_ _5\"></span>6C <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>.16<span class=\"_ _5\"></span>D, <span class=\"_ _4\"></span>since <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> iss<span class=\"_ _3\"></span>uer <span class=\"_ _3\"></span>can fr<span class=\"_ _5\"></span>eel<span class=\"_ _3\"></span>y deci<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ab<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>t pay<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>nd th<span class=\"_ _3\"></span>e bon<span class=\"_ _3\"></span>d doe<span class=\"_ _3\"></span>s not<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span>ve a fix<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>te<span class=\"_ _3\"></span>rm. I<span class=\"_ _3\"></span>t als<span class=\"_ _3\"></span>o sa<span class=\"_ _3\"></span>tisf<span class=\"_ _3\"></span>ies t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy II req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents for r<span class=\"_ _3\"></span>estricte<span class=\"_ _3\"></span>d tier 1 i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents and <span class=\"_ _3\"></span>qualifi<span class=\"_ _3\"></span>es as capit<span class=\"_ _3\"></span>al based o<span class=\"_ _3\"></span>n the r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> of the S&amp;P<span class=\"_ _3\"></span> rating <span class=\"_ _3\"></span>agenc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>.  8.3.<span class=\"ff4b\"> </span>Other res<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ves Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _1\"></span> </span>  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span>and losses<span class=\"_ _379\"> </span>Cash flow he<span class=\"_ _1\"></span>dge reserve<span class=\"_ _379\"> </span>Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns and losses f<span class=\"_ _1\"></span>rom provision<span class=\"_ _1\"></span>s for employee<span class=\"_ _1\"></span> benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>Share<span class=\"_ _1\"></span> of other reserves of<span class=\"_ _1\"></span> at equity consolidate<span class=\"_ _1\"></span>d companies<span class=\"_ _379\"> </span>Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oss <span class=\"_ _107\"> </span>-2,090,44<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>-4<span class=\"_ _379\"> </span>-143,215<span class=\"_ _379\"> </span>-528<span class=\"_ _379\"> </span>-227,492<span class=\"_ _379\"> </span>-2,461,68<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>+/- E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>   <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le 8,861  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28b\"> </span>8,861<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>617,194<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>58,864  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>67<span class=\"_ _1\"></span>6,058<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _b7\"> </span>2<span class=\"_ _1\"></span>96,456<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>18,883  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>31<span class=\"_ _1\"></span>5,339<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _28c\"> </span>27,303<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>1,411<span class=\"_ _379\"> </span>32<span class=\"_ _379\"> </span>20,482<span class=\"_ _379\"> </span>49,230<span class=\"_ _379\"> </span>Net <span class=\"_ _1ff\"> </span>-1,140,63<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>-2<span class=\"_ _379\"> </span>-64,05<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>-496<span class=\"_ _379\"> </span>-207,0<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>-1,412<span class=\"_ _1\"></span>,199<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2021<span class=\"_ _1\"></span> </span>  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span>and losses<span class=\"_ _379\"> </span>Cash flow he<span class=\"_ _1\"></span>dge reserve<span class=\"_ _379\"> </span>Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns and losses f<span class=\"_ _1\"></span>rom provision<span class=\"_ _1\"></span>s for employee<span class=\"_ _1\"></span> benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>Share<span class=\"_ _1\"></span> of other reserves of<span class=\"_ _1\"></span> at equity consolidate<span class=\"_ _1\"></span>d companies<span class=\"_ _379\"> </span>Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oss <span class=\"_ _18f\"> </span>2,294,974<span class=\"_ _379\"> </span>-38<span class=\"_ _379\"> </span>-367,775<span class=\"_ _379\"> </span>126<span class=\"_ _379\"> </span>-197,696<span class=\"_ _379\"> </span>1,729,59<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l  <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span><span class=\"fc11\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le <span class=\"_ _28d\"> </span>10,235</span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28e\"> </span>10,235<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cal <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _40\"> </span>-673,5<span class=\"_ _1\"></span>35  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28f\"> </span>-673,535<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>-883,910<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>115,841  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-7<span class=\"_ _1\"></span>68,069<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _291\"> </span>-179,646<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>61,852  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-1<span class=\"_ _1\"></span>17,794<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>-9,835<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>3,158<span class=\"_ _379\"> </span>23<span class=\"_ _379\"> </span>1,877<span class=\"_ _379\"> </span>-4,776<span class=\"_ _379\"> </span>Net <span class=\"_ _19c\"> </span>558,2<span class=\"_ _1\"></span>83<span class=\"_ _379\"> </span>-37<span class=\"_ _379\"> </span>-186,9<span class=\"_ _1\"></span>24<span class=\"_ _379\"> </span>149<span class=\"_ _379\"> </span>-195,8<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span>175,652<span class=\"_ _379\"> </span>8.4.<span class=\"ff4b\"> </span>P<span class=\"_ _3\"></span>ayout Payout 2022 <span class=\"_ _1\"></span>for the<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> year 202<span class=\"_ _1\"></span>1 <span class=\"_ _292\"> </span><span class=\"fs15\">Per share<span class=\"_ _379\"> </span></span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R<span class=\"_ _379\"> </span>Ordi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _bb\"> </span><span>1.25<span class=\"_ _379\"> </span></span>160,000,<span class=\"_ _1\"></span>000<span class=\"_ _379\"> </span>8.5.<span class=\"ff4b\"> </span>Propos<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>d appropriati<span class=\"_ _3\"></span>on o<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span> profits VIENNA <span class=\"_ _5\"></span>I<span class=\"_ _1\"></span>NSU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span>ANC<span class=\"_ _3\"></span>E G<span class=\"_ _3\"></span>ROUP <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>G Wiener <span class=\"_ _5\"></span>V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herung <span class=\"_ _3\"></span>Gruppe <span class=\"_ _5\"></span>(V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g)<span class=\"_ _3\"></span> e<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>2022 <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h a <span class=\"_ _5\"></span>net <span class=\"_ _3\"></span>retain<span class=\"_ _3\"></span>ed prof<span class=\"_ _3\"></span>it of EUR 370<span class=\"_ _3\"></span>,431,503<span class=\"_ _3\"></span>.00. T<span class=\"_ _3\"></span>he following <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>opriation o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fits will<span class=\"_ _3\"></span> be propos<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e Annual<span class=\"_ _3\"></span> General <span class=\"_ _3\"></span>Meeting: <span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>128<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _1\"></span>shares <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>ll recei<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>di<span class=\"_ _3\"></span>vidend <span class=\"_ _1\"></span>of EUR <span>1.30</span><span class=\"_ _3\"></span> <span class=\"_ _4\"></span>per <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>paym<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>this dividend will <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>1 <span class=\"_ _4\"></span>J<span class=\"_ _3\"></span>une 2023,<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>recor<span class=\"_ _3\"></span>d dat<span class=\"_ _3\"></span>e 31 May 20<span class=\"_ _3\"></span>23, and <span class=\"_ _3\"></span>the ex-di<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>end date 30<span class=\"_ _3\"></span> May 2023<span class=\"_ _3\"></span>. A <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR <span><span class=\"gs10bb\" id=\"__115\">166, 400,000. 00</span></span> <span class=\"_ _1\"></span>will<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>efore be <span class=\"_ _1\"></span>distribut<span class=\"_ _3\"></span>ed. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eta<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ned <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>of E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 204,031<span class=\"_ _3\"></span>,503.00 remai<span class=\"_ _3\"></span>ning <span class=\"_ _1\"></span>for financial y<span class=\"_ _3\"></span>ear 2022 af<span class=\"_ _3\"></span>ter di<span class=\"_ _3\"></span>stribution of t<span class=\"_ _3\"></span>he divid<span class=\"_ _3\"></span>end is to be <span class=\"_ _3\"></span>carried fo<span class=\"_ _3\"></span>rward.<span class=\"_ _3\"></span> <div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1e ff45 fs11 fc3 sc0 ls6 ws0 gs65\">9.<span class=\"_ _10\"> </span>SU<span class=\"_ _379\"> </span></div><div class=\"t m3 h1e ff45 fs11 fc3 sc0 ls6 ws0 gs10bd\">BORDIN<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TED LIABILITIES<span class=\"_ _379\"> </span></div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs68\">Subordina<span class=\"_ _3\"></span>ted liabilit<span class=\"_ _3\"></span>ies of the<span class=\"_ _3\"></span> Group </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs10be\">Issuing com<span class=\"_ _1\"></span>pany <span class=\"_ _263\"> </span><span class=\"fsc\">Iss<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>date<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs10bf\">Outstanding <span class=\"_ _1\"></span>volume <span class=\"_ _3b\"> </span>Mat<span class=\"_ _1\"></span>urity<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs10c0\">Intere<span class=\"_ _1\"></span>st <span class=\"_ _293\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs10c1\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w33 h24 gs10c2\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in years<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs10c3\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs10c4\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10c5\">VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10c6\">9.10.201<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10c7\">284,400<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10c8\">30<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10c9\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ca\">First 10 yea<span class=\"_ _1\"></span>rs: 5.5% </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10cb\">p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>284,613<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10cc\">VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10cd\">2.3.2015<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ce\">400,000<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10cf\">31<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10d0\">2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d1\">First 11 yea<span class=\"_ _1\"></span>rs: 3.75% </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d2\">p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>379,912<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d3\">VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d4\">13.4.201<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d5\">200,000<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d6\">30<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10d7\">3<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d8\">First 10 yea<span class=\"_ _1\"></span>rs: 3.75% </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10d9\">p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>187,270<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf3\">VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10da\">15.6.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10db\">500,000<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10dc\">20<span class=\"_ _379\"> </span></div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10dd\">4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10de\">First 10 yea<span class=\"_ _1\"></span>rs: 4,875% </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10df\">p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>449,006<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gscf9\">Don<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _294\"> </span>15.4. + 2<span class=\"_ _1\"></span>1.5.2004<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e0\">9,500<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e1\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10e2\">5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e3\">4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e4\">9,285<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e5\">Don<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>1.7.1999<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e6\">1,500<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e7\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10e8\">6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10e9\">4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ea\">1,496<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10eb\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>1.3.1999<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ec\">8,250<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ed\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10ee\">7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10ef\">4.90% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f0\">240,050<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f1\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>2.7.2001<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f2\">16,100<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f3\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10f4\">8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f5\">6.10% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f6\">8,074<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f7\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _28b\"> </span>15.11.2<span class=\"_ _1\"></span>003<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f8\">19,110<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10f9\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10fa\">9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10fb\">4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10fc\">16,139<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1af\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>30.6.200<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10fd\">34,700<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs10fe\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs10ff\">10<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1100\">4.75% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1101\">18,781<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b1\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>11.5.201<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1102\">250,000<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1103\">10 </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs1104\">11<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1105\">3.50% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1106\">34,133<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b4\">Ko<span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span> (Cz<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ch <span class=\"_ _1\"></span>Rep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c)<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>22.12.2010<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1107\">22,806<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1108\">unlimited<span class=\"_ _1\"></span> </div><div class=\"t m3 h59 ff4c fs2e fc3 sc0 ls6 ws0 gs1109\">12</div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs110a\">  5.05% p<span class=\"_ _1\"></span>.a. <span class=\"_ _61\"> </span>21,369<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1b6\">Total <span class=\"_ _1ac\"> </span>1,746,366<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1b7\">1,650,12<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs110b\">1</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs110c\"> <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed effective 9 October <span class=\"_ _3\"></span>202<span class=\"_ _1\"></span>3. </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs110d\">2</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs110e\"> <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed effective 2 M<span class=\"_ _3\"></span>arch 2026.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs110f\">3</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1110\"> <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed after <span class=\"_ _3\"></span>10 years.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1111\">4</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1112\"> <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed after <span class=\"_ _3\"></span>10 years.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1113\">5</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1114\"> <span class=\"_ _6\"> </span>Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2025.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1115\">6</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1116\"> <span class=\"_ _6\"> </span>Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2025.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1117\">7</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1118\"> <span class=\"_ _6\"> </span>This <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span>ly be <span class=\"_ _5\"></span>canc<span class=\"_ _3\"></span>elle<span class=\"_ _3\"></span>d sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _3\"></span>ot les<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>han <span class=\"_ _3\"></span>5 ye<span class=\"_ _3\"></span>ars\u2019 <span class=\"_ _3\"></span>no<span class=\"_ _3\"></span>tice, <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>less <span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>an in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e regu<span class=\"_ _5\"></span>lators<span class=\"_ _3\"></span> ag<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>to r<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>ymen<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>eing <span class=\"_ _3\"></span>made <span class=\"_ _5\"></span>earl<span class=\"_ _3\"></span>y. Du<span class=\"_ _3\"></span>e to<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ancell<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> EUR <span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span>250,<span class=\"_ _3\"></span>000 <span class=\"_ _3\"></span>will <span class=\"_ _5\"></span>be rep<span class=\"_ _5\"></span>aid st<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ting <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>2025.<span class=\"_ _3\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1119\">8</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs111a\"> <span class=\"_ _6\"> </span>This <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span>ly be <span class=\"_ _5\"></span>canc<span class=\"_ _3\"></span>elle<span class=\"_ _3\"></span>d sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _3\"></span>ot les<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>han <span class=\"_ _3\"></span>5 ye<span class=\"_ _3\"></span>ars\u2019 <span class=\"_ _3\"></span>no<span class=\"_ _3\"></span>tice, <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>less <span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>an in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e regu<span class=\"_ _5\"></span>lators<span class=\"_ _3\"></span> ag<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>to r<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>ymen<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>eing <span class=\"_ _3\"></span>made <span class=\"_ _5\"></span>earl<span class=\"_ _3\"></span>y. Du<span class=\"_ _3\"></span>e to<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ancell<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> EUR <span class=\"_ _5\"></span>16,10<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>000 w<span class=\"_ _3\"></span>ill b<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>epai<span class=\"_ _3\"></span>d s<span class=\"_ _3\"></span>tarti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>24. </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gsa72\">9</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs111b\"> <span class=\"_ _6\"> </span>Th<span class=\"_ _5\"></span>is c<span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>ly <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>e ca<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ell<span class=\"_ _5\"></span>ed su<span class=\"_ _5\"></span>bje<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _5\"></span>ot l<span class=\"_ _3\"></span>ess<span class=\"_ _5\"></span> tha<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>5 y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>s\u2019 n<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>ice,<span class=\"_ _3\"></span> un<span class=\"_ _5\"></span>les<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>u<span class=\"_ _3\"></span>str<span class=\"_ _5\"></span>ian i<span class=\"_ _5\"></span>nsur<span class=\"_ _5\"></span>ance<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>egul<span class=\"_ _5\"></span>ator<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>repa<span class=\"_ _3\"></span>ym<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>ein<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>mad<span class=\"_ _5\"></span>e ea<span class=\"_ _3\"></span>rl<span class=\"_ _3\"></span>y. <span class=\"_ _3\"></span>Du<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>cell<span class=\"_ _5\"></span>ati<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> E<span class=\"_ _3\"></span>UR <span class=\"_ _5\"></span>19,<span class=\"_ _3\"></span>110,<span class=\"_ _5\"></span>000 w<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>l b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rep<span class=\"_ _5\"></span>aid b<span class=\"_ _5\"></span>etwe<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>24. </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs111c\">10</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs111d\"> This <span class=\"_ _3\"></span>can <span class=\"_ _3\"></span>only <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>celle<span class=\"_ _3\"></span>d sub<span class=\"_ _5\"></span>ject <span class=\"_ _3\"></span>to n<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span> l<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s than<span class=\"_ _3\"></span> 5 <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ars' <span class=\"_ _3\"></span>noti<span class=\"_ _3\"></span>ce, u<span class=\"_ _3\"></span>nle<span class=\"_ _5\"></span>ss Aus<span class=\"_ _3\"></span>trian<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>regu<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>tors <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee t<span class=\"_ _3\"></span>o r<span class=\"_ _3\"></span>epay<span class=\"_ _3\"></span>ment <span class=\"_ _3\"></span>bein<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>ade <span class=\"_ _3\"></span>earl<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>canc<span class=\"_ _3\"></span>ell<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s, <span class=\"_ _3\"></span>EUR <span class=\"_ _3\"></span>34,<span class=\"_ _3\"></span>700,<span class=\"_ _3\"></span>000 w<span class=\"_ _3\"></span>ill b<span class=\"_ _5\"></span>e repa<span class=\"_ _3\"></span>id s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>rting <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>2024.<span class=\"_ _3\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs111e\">11</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs111f\"> The right to ordi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ry and <span class=\"_ _3\"></span>extraordinary cancellatio<span class=\"_ _379\"> </span></div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1120\">n by the hold<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>r is excluded. No <span class=\"_ _3\"></span>provision<span class=\"_ _1\"></span> h<span class=\"_ _3\"></span>as been ma<span class=\"_ _1\"></span>de for r<span class=\"_ _3\"></span>egular cancellation by the issuer. </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs12a\">12 </div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1121\">Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2024<span class=\"_ _1\"></span>. </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs27b\">VIG Holding<span class=\"_ _3\"></span> subordina<span class=\"_ _3\"></span>ted liab<span class=\"_ _3\"></span>ilities </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27c\">Interes<span class=\"_ _3\"></span>t o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>upplem<span class=\"_ _3\"></span>entary <span class=\"_ _3\"></span>capital <span class=\"_ _5\"></span>bonds i<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>only <span class=\"_ _5\"></span>pa<span class=\"_ _1\"></span>id <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>to t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>extent <span class=\"_ _3\"></span>that <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs9aa\">annual pro<span class=\"_ _3\"></span>fit. T<span class=\"_ _3\"></span>he inter<span class=\"_ _3\"></span>est is, <span class=\"_ _3\"></span>however<span class=\"_ _d\"></span>, al<span class=\"_ _3\"></span>ways inclu<span class=\"_ _3\"></span>ded as a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> exp<span class=\"_ _3\"></span>ense. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs989\">On <span class=\"_ _4\"></span>9 Oct<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>2013 <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>subo<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>ond <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>omi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR <span class=\"_ _1\"></span>500,000<span class=\"_ _3\"></span>,000.00 <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27e\">term <span class=\"_ _1\"></span>of 30 years. VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g can <span class=\"_ _1\"></span>call<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the bond in <span class=\"_ _1\"></span>full<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>first time <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>9 O<span class=\"_ _1\"></span>ctob<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>2023<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and on each following coupo<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs27f\">date. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e subor<span class=\"_ _3\"></span>dinate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>bond bears inter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>at a <span class=\"_ _1\"></span>fixed rate of 5.50% p<span class=\"_ _1\"></span>.a. during the <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>st ten <span class=\"_ _1\"></span>yea<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>of its t<span class=\"_ _1\"></span>erm and variable </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs280\">inter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>after <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ate <span class=\"_ _5\"></span>bond <span class=\"_ _3\"></span>satisf<span class=\"_ _3\"></span>ies t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>quirem<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>Sol<span class=\"_ _3\"></span>vency <span class=\"_ _3\"></span>II. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>are <span class=\"_ _5\"></span>traded o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Vienna </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs281\">Stock <span class=\"_ _3\"></span>Exchange. <span class=\"_ _3\"></span>On 15 J<span class=\"_ _3\"></span>une 2022, a<span class=\"_ _3\"></span>n early pa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tial r<span class=\"_ _5\"></span>epurch<span class=\"_ _3\"></span>ase of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>ubordi<span class=\"_ _3\"></span>nated bon<span class=\"_ _3\"></span>ds issued o<span class=\"_ _3\"></span>n 9 Octob<span class=\"_ _3\"></span>er 2013 <span class=\"_ _3\"></span>was </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98a\">performed.<span class=\"_ _3\"></span> App<span class=\"_ _3\"></span>roxim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y 43<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(EUR 215.<span class=\"_ _3\"></span>6 mill<span class=\"_ _3\"></span>ion) got r<span class=\"_ _3\"></span>epur<span class=\"_ _3\"></span>chased. EU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span> 284.<span class=\"_ _3\"></span>4 m<span class=\"_ _3\"></span>illio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> in bo<span class=\"_ _3\"></span>nds sti<span class=\"_ _3\"></span>ll outst<span class=\"_ _3\"></span>anding co<span class=\"_ _3\"></span>ntin<span class=\"_ _3\"></span>ue </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs98b\">to be r<span class=\"_ _3\"></span>eporte<span class=\"_ _3\"></span>d under s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated liabil<span class=\"_ _3\"></span>ities.<span class=\"_ _379\"> </span> </div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _1\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated bond <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>otal<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>minal v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>400,000<span class=\"_ _3\"></span>,000.00 and <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>years<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>on  2 Marc<span class=\"_ _3\"></span>h 2015. V<span class=\"_ _3\"></span>IG Holdi<span class=\"_ _3\"></span>ng ca<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>all t<span class=\"_ _3\"></span>he bon<span class=\"_ _3\"></span>d in full<span class=\"_ _3\"></span> for the first tim<span class=\"_ _3\"></span>e on 2 Ma<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2026 and o<span class=\"_ _3\"></span>n ea<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowing co<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>pon da<span class=\"_ _3\"></span>te. The <span class=\"_ _4\"></span>subor<span class=\"_ _3\"></span>dinated <span class=\"_ _1\"></span>bond <span class=\"_ _4\"></span>bea<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>interest <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>fixed <span class=\"_ _4\"></span>rate <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>3.75% <span class=\"_ _4\"></span>p.a. <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>first <span class=\"_ _4\"></span>eleve<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>years <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>its <span class=\"_ _4\"></span>term <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>variabl<span class=\"_ _3\"></span>e inter<span class=\"_ _3\"></span>est <span class=\"_ _6\"> </span>after <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>at. <span class=\"_ _6\"> </span>The <span class=\"_ _6\"> </span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ate <span class=\"_ _6\"> </span>bond <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>atisfies <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>tier <span class=\"_ _6\"> </span>2 <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _3\"></span>ents <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>Solvenc<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>II<span class=\"_ _1\"></span>. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>bond <span class=\"_ _6\"> </span>is <span class=\"_ _b\"> </span>listed <span class=\"_ _b\"> </span>on <span class=\"_ _6\"> </span>the Luxembo<span class=\"_ _3\"></span>urg Stoc<span class=\"_ _3\"></span>k Exchang<span class=\"_ _3\"></span>e. A EUR <span class=\"_ _1\"></span>200,000<span class=\"_ _3\"></span>,000.00 s<span class=\"_ _3\"></span>ub<span class=\"_ _1\"></span>or<span class=\"_ _5\"></span>dinated bond was privatel<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>place<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>The subor<span class=\"_ _3\"></span>dinated bon<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>has a term of <span class=\"_ _1\"></span>30 years and VIG Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>call <span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>time<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ft<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>10 y<span class=\"_ _1\"></span>ears.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>It <span class=\"_ _1\"></span>satisfie<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tier <span class=\"_ _1\"></span>2 requir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>Solv<span class=\"_ _3\"></span>ency <span class=\"_ _1\"></span>II <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>qualifies <span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capital based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the req<span class=\"_ _3\"></span>uireme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>of the S&amp;P rating agency<span class=\"_ _d\"></span>. The <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ubordi<span class=\"_ _3\"></span>nated bond bears <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nterest at a<span class=\"_ _1\"></span> fixed rate of 3.75 %<span class=\"_ _1\"></span> p.a. during <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>ten y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>term and <span class=\"_ _1\"></span>variable <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st after <span class=\"_ _1\"></span>that. <span class=\"_ _1\"></span>Incl<span class=\"_ _3\"></span>usion <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>trading <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Third Market <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the V<span class=\"_ _1\"></span>ienna<span class=\"_ _3\"></span> Stock <span class=\"_ _3\"></span>Exchange to<span class=\"_ _3\"></span>ok place o<span class=\"_ _3\"></span>n 13 Ap<span class=\"_ _3\"></span>ril 2017<span class=\"_ _3\"></span>. A <span class=\"_ _4\"></span>tier<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>2 <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated <span class=\"_ _a\"></span>bo<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>a <span class=\"_ _4\"></span>total <span class=\"_ _4\"></span>nominal <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R 500,000,<span class=\"_ _3\"></span>000.00 <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>placed<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>on <span class=\"_ _a\"></span>15<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>June <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>sub-<span class=\"_ _379\"> </span>ordi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> bond <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>20 years <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>all <span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>time <span class=\"_ _1\"></span>after <span class=\"_ _1\"></span>10 y<span class=\"_ _1\"></span>ears. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> bond <span class=\"_ _1\"></span>bears <span class=\"_ _1\"></span>initial inter<span class=\"_ _3\"></span>est <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>fixed <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>4.875<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>p.<span class=\"_ _3\"></span>a. <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pay <span class=\"_ _1\"></span>variable <span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rest <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>15 <span class=\"_ _4\"></span>Ju<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>203<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>ng), <span class=\"_ _4\"></span>unless<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>called <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span>purch<span class=\"_ _3\"></span>ased befor<span class=\"_ _5\"></span>e this date. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e bon<span class=\"_ _3\"></span>ds ar<span class=\"_ _3\"></span>e traded o<span class=\"_ _3\"></span>n the Vien<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span> S<span class=\"_ _3\"></span>tock Exc<span class=\"_ _3\"></span>hange.<span class=\"_ _3\"></span> 10.<span class=\"ff4b\"> </span>UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>une<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _297\"> </span>2,232,40<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>1,863,19<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Mat<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>mati<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>21,484,3<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>21,937,0<span class=\"_ _1\"></span>30<span class=\"_ _379\"> </span>Gua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cy b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> <span class=\"_ _be\"> </span>20,947,713<span class=\"_ _379\"> </span>20,616,1<span class=\"_ _1\"></span>36<span class=\"_ _379\"> </span>All<span class=\"_ _1\"></span>oca<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span> <span class=\"_ _9b\"> </span>536,685<span class=\"_ _379\"> </span>647,359<span class=\"_ _379\"> </span>Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cal <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>e <span class=\"_ _59\"> </span>0<span class=\"_ _379\"> </span>673,535<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>tst<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>7,984,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>7,082,48<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> pre<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span> ref<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s <span class=\"_ _c0\"> </span>224,<span class=\"_ _1\"></span>450<span class=\"_ _379\"> </span>1,599,71<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>-re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>refun<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s <span class=\"_ _9e\"> </span>414,14<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>305,586<span class=\"_ _379\"> </span>Prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>-un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span>-r<span class=\"_ _1\"></span>efu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _299\"> </span>89,824<span class=\"_ _379\"> </span>87,560<span class=\"_ _379\"> </span>Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ough<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>fit <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oss<span class=\"_ _379\"> </span>1 <span class=\"_ _120\"> </span>396,54<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>438,495<span class=\"_ _379\"> </span>Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>ly i<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _379\"> </span>1 or<span class=\"_ _1\"></span> 2 <span class=\"_ _29a\"> </span>-676,058<span class=\"_ _379\"> </span>768,069<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _29b\"> </span>62,404<span class=\"_ _379\"> </span>63,801<span class=\"_ _379\"> </span>Total <span class=\"_ _215\"> </span>31,987,<span class=\"_ _1\"></span>870<span class=\"_ _379\"> </span>32,546,2<span class=\"_ _1\"></span>27<span class=\"_ _379\"> </span>1 The d<span class=\"_ _3\"></span>eferred profit participation is solely due <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> profit-related pr<span class=\"_ _3\"></span>emium refunds. 2 Due to the <span class=\"_ _3\"></span>missing coverage in the undisclosed pr<span class=\"_ _3\"></span>ofit commissions in the profit participation pu<span class=\"_ _3\"></span>rs<span class=\"_ _1\"></span>uant to the Austrian <span class=\"_ _3\"></span>Insurance Supervision Act (Ve<span class=\"_ _1\"></span>rsich<span class=\"_ _3\"></span>erungsaufsichtsgesetz \u2013 VAG), EUR 302,492,000 were<span class=\"_ _3\"></span> not recognised.<span class=\"_ _3\"></span><span class=\"ff4b\"> <span class=\"_ _15a\"> </span><span class=\"ff4a\"> </span></span>1<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span><span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> 10.1.<span class=\"ff4b\"> </span>Provisi<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span> unearned premiums<span class=\"_ _3\"></span> Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d0\"> </span>1,863,198<span class=\"_ _379\"> </span>1,711,48<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>-36,69<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>-29,592<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>1,<span class=\"_ _1\"></span>826,507<span class=\"_ _379\"> </span>1,681,89<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _173\"> </span>1,965<span class=\"_ _1\"></span>,769<span class=\"_ _379\"> </span>1,673,06<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Amou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ease<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _29c\"> </span>-1,603,41<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>-1,491,76<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>43<span class=\"_ _1\"></span>,541<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _20f\"> </span>2,232,40<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>1,863,19<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _217\"> </span><span class=\"fs15\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>1,901,76<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>1,620,52<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>2<span class=\"_ _1\"></span>62,446<span class=\"_ _379\"> </span>209,487<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _29d\"> </span>49,320<span class=\"_ _379\"> </span>25,581<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>18,8<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span>7,602<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>2,232,406<span class=\"_ _379\"> </span>1,863,19<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>10.2.<span class=\"ff4b\"> </span>Mathematical r<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>rve Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _12c\"> </span>21,937,030<span class=\"_ _379\"> </span>22,243,7<span class=\"_ _1\"></span>92<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>-38,45<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>81,088<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _14e\"> </span>21,898,57<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>22,324,8<span class=\"_ _1\"></span>80<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _173\"> </span>2,357<span class=\"_ _1\"></span>,415<span class=\"_ _379\"> </span>2,149,02<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Amou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ease<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _29c\"> </span>-3,350,99<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>-2,678,67<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>fer <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emiu<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>refu<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _26d\"> </span>295<span class=\"_ _379\"> </span>141,797<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _8f\"> </span>579,11<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _29e\"> </span>21,484,3<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>21,937,0<span class=\"_ _1\"></span>30<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _217\"> </span><span class=\"fs15\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>1,531,17<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>1,541,99<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>4,837,75<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>5,299,71<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>3,8<span class=\"_ _1\"></span>89,059<span class=\"_ _379\"> </span>3,850,47<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>11,226,411<span class=\"_ _379\"> </span>11,244,8<span class=\"_ _1\"></span>39<span class=\"_ _379\"> </span>Total <span class=\"_ _65\"> </span>21,484,3<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>21,937,0<span class=\"_ _1\"></span>30<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>1<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span>10.3.<span class=\"ff4b\"> </span>Provisi<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span> o<span class=\"_ _1\"></span>utst<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>ndin<span class=\"_ _3\"></span>g cl<span class=\"_ _3\"></span>aim<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>7,08<span class=\"_ _1\"></span>2,488<span class=\"_ _379\"> </span>6,345,91<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>-18,712<span class=\"_ _379\"> </span>12,595<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>7,063,776<span class=\"_ _379\"> </span>6,358,50<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>74<span class=\"_ _1\"></span>,468<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Ad<span class=\"_ _1\"></span>ditio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>sta<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>clai<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>s <span class=\"_ _195\"> </span>5,931,877<span class=\"_ _379\"> </span>5,217,59<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>for <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccur<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span> <span class=\"_ _282\"> </span>5,2<span class=\"_ _1\"></span>34,520<span class=\"_ _379\"> </span>4,493,35<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>for <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccur<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>s <span class=\"_ _5a\"> </span>69<span class=\"_ _1\"></span>7,357<span class=\"_ _379\"> </span>724,242<span class=\"_ _379\"> </span>Use<span class=\"_ _1\"></span>/rel<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prov<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>n <span class=\"_ _225\"> </span>-5,085,<span class=\"_ _1\"></span>909<span class=\"_ _379\"> </span>-4,493<span class=\"_ _1\"></span>,529<span class=\"_ _379\"> </span>for <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccur<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span> <span class=\"_ _6d\"> </span>-2,<span class=\"_ _1\"></span>960,354<span class=\"_ _379\"> </span>-2,505,50<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>for <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccur<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s p<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span>s <span class=\"_ _16b\"> </span>-2,12<span class=\"_ _1\"></span>5,5<span class=\"_ _1\"></span>55<span class=\"_ _379\"> </span>-1,<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>8,0<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _212\"> </span>0<span class=\"_ _379\"> </span>-85<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _298\"> </span>7,984,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>7,082,48<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _85\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _248\"> </span>3,544,453<span class=\"_ _379\"> </span>3,178,39<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>2,547,999<span class=\"_ _379\"> </span>2,208,48<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>1,027,287<span class=\"_ _379\"> </span>925,165<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>864,473<span class=\"_ _379\"> </span>770,447<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>7,984,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>7,082,48<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>EU<span class=\"_ _3\"></span>R 1<span class=\"_ _3\"></span>27,<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>7,00<span class=\"_ _3\"></span>0 <span class=\"_ _3\"></span>(EU<span class=\"_ _3\"></span>R 1<span class=\"_ _5\"></span>26,76<span class=\"_ _5\"></span>9,00<span class=\"_ _3\"></span>0)<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span> r<span class=\"_ _5\"></span>eco<span class=\"_ _3\"></span>urse<span class=\"_ _3\"></span> cl<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ms<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e d<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>uct<span class=\"_ _3\"></span>ed f<span class=\"_ _5\"></span>rom<span class=\"_ _5\"></span> t<span class=\"_ _3\"></span>he p<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n f<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r o<span class=\"_ _3\"></span>uts<span class=\"_ _3\"></span>tan<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>clai<span class=\"_ _3\"></span>ms<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>A <span class=\"_ _3\"></span>det<span class=\"_ _3\"></span>ail<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>ge i<span class=\"_ _3\"></span>n g<span class=\"_ _5\"></span>ros<span class=\"_ _3\"></span>s l<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span> r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ve f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>casu<span class=\"_ _3\"></span>alt<span class=\"_ _3\"></span>y li<span class=\"_ _5\"></span>ne of<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>usi<span class=\"_ _5\"></span>ness i<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>d o<span class=\"_ _3\"></span>n p<span class=\"_ _3\"></span>age<span class=\"_ _3\"></span> 9<span class=\"_ _3\"></span>3. <div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _379\"> </span><span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsbae\">10.4.<span class=\"ff4b\"> </span>Provisi<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span> premium refun<span class=\"_ _3\"></span>ds </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse46\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1179\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs117a\"><div class=\"t m1 x6 h35 y1fb ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs117b\">Provision fo<span class=\"_ _1\"></span>r premium r<span class=\"_ _1\"></span>efunds <span class=\"_ _53\"> </span>  <span class=\"_ _80\"> </span><span class=\"fc11\">  </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs117c\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d0\"> </span>393,146<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs117d\">393,873<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs117e\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _29c\"> </span>2,63<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs117f\">3,248<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1180\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>39<span class=\"_ _1\"></span>5,782<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1181\">397,121<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1182\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _270\"> </span>1,591,353<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1183\">427,892<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1184\">Amou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ease<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _21c\"> </span>-1,483<span class=\"_ _1\"></span>,091<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1185\">-290,070<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1186\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>218<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1187\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1188\">Tr<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>fer <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cal <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>e <span class=\"_ _238\"> </span>-295<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1189\">-141,797<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs118a\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. <span class=\"_ _69\"> </span>503,967<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs118b\">393,146<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs118c\">Deferr<span class=\"_ _1\"></span>ed profi<span class=\"_ _1\"></span>t participati<span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _29f\"> </span>  <span class=\"_ _1f9\"> </span><span class=\"fc11\">  </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs118d\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _2a0\"> </span>1,206,56<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs118e\">1,477,54<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs118f\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _29c\"> </span>2,44<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1190\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1191\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _298\"> </span>1,20<span class=\"_ _1\"></span>9,011<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1192\">1,477,54<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1193\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _db\"> </span>-50,495<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1194\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1195\">Unr<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>lise<span class=\"_ _1\"></span>d g<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s on<span class=\"_ _1\"></span> fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> av<span class=\"_ _1\"></span>aila<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e <span class=\"_ _d1\"> </span>-1<span class=\"_ _1\"></span>,501,104<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1196\">-323,279<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1197\">Ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>l g<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>ision<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>e b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>efits<span class=\"_ _1\"></span> <span class=\"_ _2a1\"> </span>56,977<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1198\">14,515<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1199\">Rev<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>roug<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> pr<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> <span class=\"_ _2a2\"> </span>6,094<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs119a\">37,785<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs119b\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. <span class=\"_ _225\"> </span>-279<span class=\"_ _1\"></span>,517<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs119c\">1,206,56<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs119d\">Provision fo<span class=\"_ _1\"></span>r premium r<span class=\"_ _1\"></span>efunds incl. def<span class=\"_ _1\"></span>erre<span class=\"_ _1\"></span>d profit <span class=\"_ _1\"></span>participat<span class=\"_ _1\"></span>ion <span class=\"_ _25a\"> </span>224,450<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs119e\">1,599,71<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs119f\">10.5.<span class=\"ff4b\"> </span>Other und<span class=\"_ _3\"></span>erwriting provisions<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs11a0\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11a1\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs11a2\"><div class=\"t m1 x6 h35 y9f7 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11a3\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _2a3\"> </span>63,801<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11a4\">57,445<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11a5\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-7<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11a6\">-42<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11a7\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _1df\"> </span>63,085<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11a8\">57,403<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11a9\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>16,148<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11aa\">25,252<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11ab\">Amou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ease<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>-18,303<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11ac\">-18,854<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11ad\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>1,474<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11ae\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11af\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _85\"> </span>62,404<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11b0\">63,801<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs11b1\">Other <span class=\"_ _a\"></span>underwriti<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>provisi<span class=\"_ _3\"></span>ons <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>pr<span class=\"_ _1\"></span>ima<span class=\"_ _3\"></span>rily <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>pro<span class=\"_ _3\"></span>vision <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>guaranteed <span class=\"_ _a\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _a\"></span>for <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>P<span class=\"_ _5\"></span>AC <span class=\"_ _c\"></span>D<span class=\"_ _3\"></span>overie <span class=\"_ _a\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>Bulga<span class=\"_ _3\"></span>ria <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs11b2\">provisi<span class=\"_ _3\"></span>on fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> can<span class=\"_ _3\"></span>cellatio<span class=\"_ _3\"></span>ns. </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs11b3\">Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _217\"> </span><span class=\"fs15\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11b4\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs11b5\"><div class=\"t m1 x6 h35 ybfc ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11b6\">up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _270\"> </span>2<span class=\"_ _1\"></span>2,700<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11b7\">20,666<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11b8\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>9,492<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11b9\">11,268<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11ba\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>1,668<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11bb\">1,381<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11bc\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>28,5<span class=\"_ _1\"></span>44<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11bd\">30,486<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11be\">Total <span class=\"_ _2a4\"> </span>62,404<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11bf\">63,801<span class=\"_ _379\"> </span></div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span>11.<span class=\"ff4b\"> </span>UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS FOR UNIT<span class=\"_ _d\"></span>-<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>AN<span class=\"_ _3\"></span>D <span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>DEX-LINKED LIFE INSURA<span class=\"_ _3\"></span>NCE Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EUR<span class=\"_ _1\"></span> '000<span class=\"_ _379\"> </span>Unit<span class=\"_ _1\"></span>-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>fe i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _e3\"> </span>6,499,93<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>7,302,87<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Ind<span class=\"_ _1\"></span>ex-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _88\"> </span>402,780<span class=\"_ _379\"> </span>885,917<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>6,902,7<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>8,188,79<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _227\"> </span>8,18<span class=\"_ _1\"></span>8,793<span class=\"_ _379\"> </span>7,617,21<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>-15,184<span class=\"_ _379\"> </span>42,741<span class=\"_ _379\"> </span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>8,173,609<span class=\"_ _379\"> </span>7,659,95<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>950,206<span class=\"_ _379\"> </span>1,624,30<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>Amou<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span>/r<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ease<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span>-2,401<span class=\"_ _1\"></span>,732<span class=\"_ _379\"> </span>-1,095,46<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _e0\"> </span>180,627<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _298\"> </span>6,902,7<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>8,188,79<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _85\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _1db\"> </span>269,432<span class=\"_ _379\"> </span>728,456<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _249\"> </span>1,243,196<span class=\"_ _379\"> </span>1,202,13<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _55\"> </span>979,99<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>1,183,71<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>4,410,092<span class=\"_ _379\"> </span>5,074,48<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>6,902,7<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>8,188,79<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>12.<span class=\"ff4b\"> </span>NON-UNDERWRITING PR<span class=\"_ _3\"></span>OVISIONS Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>sio<span class=\"_ _1\"></span>ns a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>simi<span class=\"_ _1\"></span>lar<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>bli<span class=\"_ _1\"></span>gati<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>314,119<span class=\"_ _379\"> </span>539,249<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>214,244<span class=\"_ _379\"> </span>436,191<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _2a7\"> </span>99,875<span class=\"_ _379\"> </span>103,058<span class=\"_ _379\"> </span>Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er e<span class=\"_ _1\"></span>mpl<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>yee <span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s <span class=\"_ _230\"> </span>59,848<span class=\"_ _379\"> </span>57,256<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>non<span class=\"_ _1\"></span>-un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _8f\"> </span>3<span class=\"_ _1\"></span>23,738<span class=\"_ _379\"> </span>293,684<span class=\"_ _379\"> </span>Total <span class=\"_ _241\"> </span>697,705<span class=\"_ _379\"> </span>890,189<span class=\"_ _379\"> </span><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _379\"> </span><span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsbae\">Provision for<span class=\"_ _3\"></span> pension<span class=\"_ _3\"></span> obligation<span class=\"_ _3\"></span>s </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse46\">Developme<span class=\"_ _1\"></span>nt of DBO<span class=\"_ _1\"></span> <span class=\"_ _bc\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1179\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs117a\"><div class=\"t m1 x6 h35 y1fb ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs117b\">Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bli<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>DB<span class=\"_ _1\"></span>O) a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of 3<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>12.<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> pre<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>us <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>828,764<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11ea\">894,169<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11eb\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-1<span class=\"_ _1\"></span>86<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11ec\">-7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11ed\">Pre<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>he o<span class=\"_ _1\"></span>bli<span class=\"_ _1\"></span>gat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>DB<span class=\"_ _1\"></span>O) a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of 1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>82<span class=\"_ _1\"></span>8,578<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11ee\">894,162<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11ef\">Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22c\"> </span>12,094<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11f0\">13,755<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11f1\">Pas<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _247\"> </span>55<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11f2\">8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11f3\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _1dd\"> </span>8<span class=\"_ _1\"></span>,120<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11f4\">6,561<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs11f5\">Rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>-224,429<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs11f6\">-53,82<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11f7\">Ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>l g<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>/l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>emo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>aph<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _29b\"> </span>19<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11f8\">-1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11f9\">Ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>l g<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>/l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al <span class=\"_ _2a8\"> </span>-210,521<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11fa\">-42,770<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11fb\">Exp<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _2a9\"> </span>-13,927<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11fc\">-11,058<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11fd\">Set<span class=\"_ _1\"></span>tlem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22a\"> </span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs11fe\">-1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs11ff\">Ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>aid <span class=\"_ _245\"> </span>-31,362<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1200\">-30,843<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1201\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>1,050<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1202\">-1,049<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1203\">Present val<span class=\"_ _1\"></span>ue of t<span class=\"_ _1\"></span>he obligat<span class=\"_ _1\"></span>ions (DBO<span class=\"_ _3\"></span>) a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 31.12. <span class=\"_ _24d\"> </span>594,10<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1204\">828,764<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1205\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>act<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>onn<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _180\"> </span>1<span class=\"_ _1\"></span>44,668<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1206\">254,349<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1207\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f DB<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>rees<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>44<span class=\"_ _1\"></span>9,440<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1208\">574,415<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1209\">Developme<span class=\"_ _1\"></span>nt of plan<span class=\"_ _1\"></span> assets<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs120a\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs120b\"><div class=\"t m1 x6 h35 y721 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs120c\">Pla<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>12.<span class=\"_ _1\"></span> of<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _133\"> </span>392,<span class=\"_ _1\"></span>573<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs120d\">408,549<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs120e\">Pla<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>. <span class=\"_ _217\"> </span>392,573<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs120f\">408,549<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1210\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2aa\"> </span>3,844<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1211\">3,007<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1212\">Rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>-187<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1213\">-325<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1214\">Net<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _87\"> </span>-187<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1215\">-325<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1216\">Con<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _2aa\"> </span>10,344<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1217\">7,930<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1218\">Ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>aid <span class=\"_ _245\"> </span>-26,710<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1219\">-26,588<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs121a\">Plan assets as of<span class=\"_ _1\"></span> 31.12.<span class=\"_ _1\"></span> <span class=\"_ _183\"> </span>379,<span class=\"_ _1\"></span>864<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs121b\">392,573<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs121c\">*<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs121d\">The contribu<span class=\"_ _3\"></span>tions<span class=\"_ _1\"></span> sh<span class=\"_ _3\"></span>own were paid in full by the employers. </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs121e\">Developme<span class=\"_ _1\"></span>nt of pro<span class=\"_ _1\"></span>vision<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs121f\">2021<span class=\"_ _379\"> </span></div><div class=\"c w2f h24 gs1220\"><div class=\"t m1 x6 h35 ya07 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R </div></div><div class=\"c w27 h24 gs1221\"><div class=\"t m1 x6 h35 ya07 ff4c fs15 fcf sc0 ls6 ws0\">'000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1222\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>436,19<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1223\">485,620<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1224\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-1<span class=\"_ _1\"></span>86<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1225\">-7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1226\">Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _219\"> </span>4<span class=\"_ _1\"></span>36,005<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1227\">485,613<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1228\">Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22c\"> </span>12,094<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1229\">13,755<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs122a\">Pas<span class=\"_ _1\"></span>t s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _247\"> </span>55<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsea6\">8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs122b\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _1dd\"> </span>4<span class=\"_ _1\"></span>,276<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs122c\">3,554<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs122d\">Rem<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>sure<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>-224,242<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs122e\">-53,50<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs122f\">Net<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>tur<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _1bc\"> </span>187<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1230\">325<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1231\">Ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>l g<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>/l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>emo<span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>aph<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _29b\"> </span>19<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1232\">-1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsebf\">Ac<span class=\"_ _1\"></span>tua<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span>l g<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>/l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al <span class=\"_ _2a8\"> </span>-210,521<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1233\">-42,770<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsec5\">Exp<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>dju<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _2a9\"> </span>-13,927<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1234\">-11,058<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1235\">Con<span class=\"_ _1\"></span>trib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _2ab\"> </span>-10,344<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1236\">-7,930<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1237\">Set<span class=\"_ _1\"></span>tlem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ym<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22a\"> </span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1238\">-1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1239\">Ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>aid <span class=\"_ _173\"> </span>-4,652<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs123a\">-4,255<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs123b\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _52\"> </span>1,050<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs123c\">-1,049<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs123d\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _223\"> </span>214,244<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs123e\">436,191<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs123f\">*<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1240\">The contribu<span class=\"_ _3\"></span>tions<span class=\"_ _1\"></span> sh<span class=\"_ _3\"></span>own were paid in full by the employers.<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs8e\">Additional<span class=\"_ _3\"></span> informatio<span class=\"_ _3\"></span>n for the A<span class=\"_ _3\"></span>ustrian com<span class=\"_ _3\"></span>pani<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">The plan <span class=\"_ _3\"></span>assets co<span class=\"_ _3\"></span>nsist of <span class=\"_ _3\"></span>the follo<span class=\"_ _3\"></span>wing: </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1241\">Structure of <span class=\"_ _1\"></span>financia<span class=\"_ _1\"></span>l investme<span class=\"_ _1\"></span>nts in <span class=\"_ _1\"></span>the mathematica<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>serve fo<span class=\"_ _1\"></span>r occupatio<span class=\"_ _1\"></span>nal grou<span class=\"_ _1\"></span>p insurance<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span><span class=\"fs15\">31.12.<span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1242\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gs1243\"><div class=\"t m1 x6 h35 y66f ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1244\">Wie<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4<span class=\"_ _1\"></span>dti<span class=\"_ _1\"></span>sc<span class=\"_ _1\"></span>he a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Hol<span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1245\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1246\">Fix<span class=\"_ _1\"></span>ed-<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>curit<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>95.46<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1247\">92.93<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1248\">Loan<span class=\"_ _1\"></span>s <span class=\"_ _2ac\"> </span>1.40<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1249\">1.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs124a\">Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>1.37<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs124b\">3.74<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs124c\">Sha<span class=\"_ _1\"></span>res,<span class=\"_ _1\"></span> su<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>pl<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>enta<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>tal,<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> ri<span class=\"_ _1\"></span>ght<span class=\"_ _1\"></span>s,<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span>ipa<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _2ae\"> </span>1.77<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs124d\">1.86<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs124e\">Dona<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>Ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ung<span class=\"_ _1\"></span> <span class=\"_ _22c\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs124f\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1250\">Fix<span class=\"_ _1\"></span>ed-<span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>curit<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _10b\"> </span>97.04<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1251\">99.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1252\">Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2ad\"> </span>2.96<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1253\">0.08<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">The asset <span class=\"_ _3\"></span>alloca<span class=\"_ _3\"></span>tion of the <span class=\"_ _3\"></span>actuarial r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>rve for o<span class=\"_ _3\"></span>ccupatio<span class=\"_ _3\"></span>nal gr<span class=\"_ _3\"></span>oup ins<span class=\"_ _3\"></span>urance is st<span class=\"_ _3\"></span>ructur<span class=\"_ _3\"></span>ed acco<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> to the m<span class=\"_ _3\"></span>aturity of t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">liabil<span class=\"_ _3\"></span>ities. <span class=\"_ _f\"> </span>Pen<span class=\"_ _1\"></span>sion <span class=\"_ _f\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tributio<span class=\"_ _3\"></span>ns <span class=\"_ _49\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _49\"> </span>expect<span class=\"_ _3\"></span>ed <span class=\"_ _49\"> </span>to <span class=\"_ _49\"> </span>be <span class=\"_ _f\"> </span>EUR 22,1<span class=\"_ _3\"></span>10,000 <span class=\"_ _f\"> </span>in <span class=\"_ _49\"> </span>fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _e\"> </span>y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _49\"> </span>2023 <span class=\"_ _e\"> </span>(ACTUA<span class=\"_ _3\"></span>L <span class=\"_ _4c\"> </span>in <span class=\"_ _49\"> </span>20<span class=\"_ _3\"></span>22: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">EUR 10,344<span class=\"_ _3\"></span>,000 in<span class=\"_ _3\"></span>cl. tra<span class=\"_ _3\"></span>nsfer<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>). </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1254\">Pension se<span class=\"_ _1\"></span>nsitivity<span class=\"_ _1\"></span> analysis<span class=\"_ _1\"></span> <span class=\"_ _186\"> </span><span class=\"fs15\">Var<span class=\"_ _1\"></span>iati<span class=\"_ _1\"></span>on<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1255\">DBO<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1256\">Change<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gs1257\"><div class=\"t m1 x6 h35 y694 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs1258\"><div class=\"t m1 x6 h35 y694 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs1259\"><div class=\"t m1 x6 h35 y694 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs125a\">Ba<span class=\"_ _1\"></span>se p<span class=\"_ _1\"></span>ara<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>  <span class=\"_ _121\"> </span>583,746<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs125b\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _dd\"> </span>+0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs125c\">551,285<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs125d\">-5.56</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs125e\">  <span class=\"_ _2af\"> </span>-0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs125f\">619,671<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1260\">6.15<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1261\">Futu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e sa<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ry <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>es <span class=\"_ _2b0\"> </span>+0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1262\">587,475<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1263\">0.64</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1264\">  <span class=\"_ _2af\"> </span>-0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1265\">580,286<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1266\">-0.59<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1267\">Futu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>reas<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _2b1\"> </span>+0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1268\">615,956<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1269\">5.52</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126a\">  <span class=\"_ _2af\"> </span>-0.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126b\">554,076<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126c\">-5.08<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126d\">Emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yee <span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rno<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>er <span class=\"_ _db\"> </span>+2.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126e\">567,478<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs126f\">-2.79</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1270\">  <span class=\"_ _2af\"> </span>-2.5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1271\">584,930<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1272\">0.20<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1273\">Mo<span class=\"_ _1\"></span>rtal<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _298\"> </span>+5.0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1274\">574,340<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1275\">-1.61</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1276\">  <span class=\"_ _2af\"> </span>-5.0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1277\">592,810<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1278\">1.55<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsa8\">13.<span class=\"ff4b\"> </span>LIABILITIES EXC<span class=\"_ _3\"></span>L. S<span class=\"_ _3\"></span>UBORDINA<span class=\"_ _5\"></span>TED LIABILITIES<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs93c\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1279\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs127a\"><div class=\"t m1 x6 h35 y7f5 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs127b\">Und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>writ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng <span class=\"_ _26c\"> </span>1,3<span class=\"_ _1\"></span>36,601<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs127c\">1,166,27<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs127d\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _2a6\"> </span>1,098,20<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs127e\">1,008,91<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs127f\">to <span class=\"_ _1\"></span>poli<span class=\"_ _1\"></span>cyh<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lde<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _28a\"> </span>54<span class=\"_ _1\"></span>3,931<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1280\">562,792<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1281\">to <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranc<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> <span class=\"_ _2b2\"> </span>325,630<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1282\">269,732<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1283\">to <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranc<span class=\"_ _1\"></span>e c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _2b3\"> </span>228,639<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1284\">176,388<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1285\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>215,288<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1286\">133,544<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1287\">Dep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>ced<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>23,1<span class=\"_ _1\"></span>13<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1288\">23,814<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1289\">Non-<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nder<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _89\"> </span>1,851,7<span class=\"_ _1\"></span>74<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs128a\">1,734,01<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs128b\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _23d\"> </span>343,8<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs128c\">351,087<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs128d\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _2b4\"> </span>1,507,87<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs128e\">1,382,92<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs128f\">Total <span class=\"_ _212\"> </span>3,188,3<span class=\"_ _1\"></span>75<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1290\">2,900,28<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div>1<span class=\"_ _379\"> </span><span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Compositio<span class=\"_ _1\"></span>n of <span class=\"_ _1\"></span>Other liabilitie<span class=\"_ _1\"></span>s <span class=\"_ _62\"> </span><span class=\"fs15\">31.<span class=\"_ _1\"></span>12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>x li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>(ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span>),<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>vies<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _2b5\"> </span>116,432<span class=\"_ _379\"> </span>96,683<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>soc<span class=\"_ _1\"></span>ial <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y <span class=\"_ _88\"> </span>23,1<span class=\"_ _1\"></span>58<span class=\"_ _379\"> </span>21,949<span class=\"_ _379\"> </span>Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>agem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t, b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ild<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>rac<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>tran<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _2b6\"> </span>24,870<span class=\"_ _379\"> </span>16,821<span class=\"_ _379\"> </span>Pe<span class=\"_ _1\"></span>rsonn<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>-r<span class=\"_ _1\"></span>ela<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _14b\"> </span>172,174<span class=\"_ _379\"> </span>153,998<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>npa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>oi<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>1<span class=\"_ _1\"></span>42,771<span class=\"_ _379\"> </span>126,598<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>yab<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r su<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ordi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es <span class=\"_ _26d\"> </span>42,914<span class=\"_ _379\"> </span>32,313<span class=\"_ _379\"> </span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _224\"> </span>183,126<span class=\"_ _379\"> </span>181,048<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>reti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _2b7\"> </span>66,231<span class=\"_ _379\"> </span>59,816<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>* <span class=\"_ _54\"> </span>594,958<span class=\"_ _379\"> </span>597,319<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _73\"> </span>141,242<span class=\"_ _379\"> </span>96,378<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>1,507,876<span class=\"_ _379\"> </span>1,382,92<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>*Inclu<span class=\"_ _3\"></span>des derivativ<span class=\"_ _1\"></span>e li<span class=\"_ _3\"></span>abilities and other financing li<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>bilities Maturity s<span class=\"_ _1\"></span>tructure <span class=\"_ _256\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022 <span class=\"_ _1b6\"> </span><span class=\"fc11\">31.12.2<span class=\"_ _1\"></span>021</span></span>  <span class=\"_ _2a2\"> </span><span class=\"fs15\">Underwriti<span class=\"_ _1\"></span>ng<span class=\"_ _379\"> </span></span>Non-underwrit<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _2b8\"> </span>1,273,12<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>961,093<span class=\"_ _379\"> </span>2,234,21<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>1,912,78<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _1\"></span>up <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span> ye<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _264\"> </span>39,752<span class=\"_ _379\"> </span>207,549<span class=\"_ _379\"> </span>247,301<span class=\"_ _379\"> </span>295,545<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>ten<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>year<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _ab\"> </span>1<span class=\"_ _1\"></span>7,745<span class=\"_ _379\"> </span>87,558<span class=\"_ _379\"> </span>105,303<span class=\"_ _379\"> </span>92,351<span class=\"_ _379\"> </span>mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears<span class=\"_ _1\"></span> <span class=\"_ _c9\"> </span>5,981<span class=\"_ _379\"> </span>595,574<span class=\"_ _379\"> </span>601,555<span class=\"_ _379\"> </span>599,601<span class=\"_ _379\"> </span>Total <span class=\"_ _8b\"> </span>1,336,6<span class=\"_ _1\"></span>01<span class=\"_ _379\"> </span>1,851,77<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>3,188,37<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>2,900,28<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>14.<span class=\"ff4b\"> </span>CONTINGENT LIAB<span class=\"_ _3\"></span>ILITIES <span class=\"_ _3\"></span>AND RECEIV<span class=\"_ _5\"></span>ABLES Litigation<span class=\"_ _3\"></span> relating to<span class=\"_ _3\"></span> coverage In <span class=\"_ _a\"></span>thei<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>capacity <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>com<span class=\"_ _3\"></span>panies, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Group <span class=\"_ _4\"></span>compani<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>involve<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>a <span class=\"_ _4\"></span>number <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>ourt <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>oceedi<span class=\"_ _3\"></span>ngs <span class=\"_ _a\"></span>as <span class=\"_ _4\"></span>de-<span class=\"_ _379\"> </span>fendants o<span class=\"_ _3\"></span>r have be<span class=\"_ _3\"></span>en t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>atened <span class=\"_ _3\"></span>with li<span class=\"_ _3\"></span>tigation. In <span class=\"_ _3\"></span>addition, th<span class=\"_ _3\"></span>ere are <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>eedings, <span class=\"_ _3\"></span>in whic<span class=\"_ _3\"></span>h the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es ar<span class=\"_ _3\"></span>e not involved<span class=\"_ _3\"></span> as <span class=\"_ _5\"></span>parties,<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>ut m<span class=\"_ _3\"></span>ay <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>aff<span class=\"_ _3\"></span>ected <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the o<span class=\"_ _3\"></span>utcome<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ch <span class=\"_ _3\"></span>laws<span class=\"_ _3\"></span>uits <span class=\"_ _5\"></span>due to<span class=\"_ _3\"></span> ag<span class=\"_ _3\"></span>reem<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h ot<span class=\"_ _3\"></span>her <span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>rs <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cerni<span class=\"_ _3\"></span>ng participatio<span class=\"_ _3\"></span>n in claims. I<span class=\"_ _3\"></span>n the opinio<span class=\"_ _3\"></span>n of the Gro<span class=\"_ _3\"></span>up, adeq<span class=\"_ _3\"></span>uate pr<span class=\"_ _3\"></span>ovisions p<span class=\"_ _3\"></span>ropor<span class=\"_ _3\"></span>tionate to th<span class=\"_ _3\"></span>e amount i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> dispu<span class=\"_ _3\"></span>te have been establis<span class=\"_ _3\"></span>hed for all<span class=\"_ _3\"></span> claims in <span class=\"_ _3\"></span>accorda<span class=\"_ _3\"></span>nce with <span class=\"_ _3\"></span>the la<span class=\"_ _3\"></span>w.<span class=\"_ _379\"> </span><span class=\"_ _5\"></span> Off-balance <span class=\"_ _1\"></span>sheet clai<span class=\"_ _1\"></span>ms <span class=\"_ _2b9\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Con<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>9,08<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>314<span class=\"_ _379\"> </span>The incr<span class=\"_ _3\"></span>ease i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>contingen<span class=\"_ _3\"></span>t receiv<span class=\"_ _3\"></span>ables is d<span class=\"_ _3\"></span>ue to a b<span class=\"_ _3\"></span>ank g<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>antee gra<span class=\"_ _3\"></span>nted. Off-balance <span class=\"_ _1\"></span>sheet co<span class=\"_ _1\"></span>mmitment<span class=\"_ _1\"></span>s <span class=\"_ _2ba\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>liti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>0<span class=\"_ _379\"> </span>750<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h37 ff45 fs19 fc11 sc0 ls6 ws0 gs8e\">NOTES <span class=\"_ _3\"></span>TO <span class=\"_ _3\"></span>THE CONSOLIDA<span class=\"_ _5\"></span>TED INCOME ST<span class=\"_ _d\"></span>A<span class=\"_ _5\"></span>TEMENT<span class=\"ff49\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs1fd\">15.<span class=\"ff4b\"> </span>PREMIUMS <span class=\"_ _3\"></span>WRITT<span class=\"_ _3\"></span>EN \u2013 GROSS<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs12a4\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _7b\"> </span><span class=\"fs15\">2022 </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1244\">  <span class=\"_ _19c\"> </span><span class=\"fs15\">Motor<span class=\"_ _1\"></span> own </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12a5\">damage </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12a6\">insurance </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12a7\">(Casco)<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12a8\">Motor<span class=\"_ _1\"></span> third </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12a9\">party lia<span class=\"_ _1\"></span>bility </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12aa\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12ab\">Other proper<span class=\"_ _1\"></span>ty </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12ac\">and casual<span class=\"_ _1\"></span>ty </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12ad\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12ae\">Lif<span class=\"_ _1\"></span>e insurance </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12af\">\u2013 re<span class=\"_ _1\"></span>gular </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b0\">premium<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b1\">Lif<span class=\"_ _1\"></span>e insurance </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b2\">\u2013 single </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b3\">premium<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b4\">Heal<span class=\"_ _1\"></span>th </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b5\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12b6\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs12b7\"><div class=\"t m1 x6 h35 y210 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12b8\">Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _2bb\"> </span>337,099<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12b9\">340,237<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12ba\">1,592,05<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12bb\">1,206,92<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12bc\">182,067<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12bd\">480,009<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12be\">4,138,38<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12bf\">Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _2bc\"> </span>327,324<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c0\">389,016<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c1\">632,102<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c2\">721,013<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c3\">28,019<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c4\">24,647<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c5\">2,122,12<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c6\">Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _13b\"> </span>20<span class=\"_ _1\"></span>0,604<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c7\">307,037<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c8\">498,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12c9\">165,049<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12ca\">142,972<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12cb\">38,593<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12cc\">1,352,88<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12cd\">Ext<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> CE<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>673,547<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12ce\">809,842<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12cf\">830,881<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d0\">647,191<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d1\">423,245<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d2\">208,538<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d3\">3,593,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d4\">Spe<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Mar<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ets <span class=\"_ _2bd\"> </span>88,788<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d5\">90,099<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d6\">334,760<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d7\">199,900<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d8\">83,853<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12d9\">48,787<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12da\">846,187<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12db\">Gr<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12dc\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12dd\">2,223,27<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12de\">40,176<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12df\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12e0\">34,377<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12e1\">2,297,82<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e2\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>1,627,362<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e3\">1,936,23<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e4\">6,111,69<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e5\">2,980,25<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e6\">860,156<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e7\">834,951<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12e8\">14,350,6<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs12e9\">Con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _263\"> </span>  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _100\"> </span>-1<span class=\"_ _1\"></span>,791,400<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs12ea\">Total <span class=\"_ _1a8\"> </span>  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _4f\"> </span>  <span class=\"_ _75\"> </span>12,559,2<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs12eb\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _7b\"> </span><span class=\"fs15\">2021 </span></div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs12ec\">  <span class=\"_ _19c\"> </span><span class=\"fs15\">Motor<span class=\"_ _1\"></span> own </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12ed\">damage </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12ee\">insurance </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12ef\">(Casco)<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f0\">Motor<span class=\"_ _1\"></span> third </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f1\">party lia<span class=\"_ _1\"></span>bility </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f2\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f3\">Other proper<span class=\"_ _1\"></span>ty </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f4\">and casual<span class=\"_ _1\"></span>ty </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f5\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f6\">Lif<span class=\"_ _1\"></span>e insurance </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f7\">\u2013 re<span class=\"_ _1\"></span>gular </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f8\">premium<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12f9\">Lif<span class=\"_ _1\"></span>e insurance </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12fa\">\u2013 single </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12fb\">premium<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12fc\">Heal<span class=\"_ _1\"></span>th </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12fd\">insurance<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs12fe\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs12ff\"><div class=\"t m1 x6 h35 y6d1 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1300\">Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _2bb\"> </span>316,921<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1301\">327,699<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1302\">1,499,76<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1303\">1,208,15<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1304\">228,008<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1305\">467,890<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1306\">4,048,44<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1307\">Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _2bc\"> </span>279,235<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1308\">349,310<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1309\">526,050<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130a\">659,140<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130b\">30,204<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130c\">21,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130d\">1,864,93<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130e\">Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _13b\"> </span>19<span class=\"_ _1\"></span>2,220<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs130f\">310,739<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1310\">444,957<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1311\">166,804<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1312\">135,654<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1313\">29,417<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1314\">1,279,79<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsb72\">Ext<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> CE<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>566,526<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1315\">584,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1316\">621,151<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1317\">527,891<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1318\">423,819<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1319\">162,786<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131a\">2,886,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsb76\">Spe<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Mar<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ets <span class=\"_ _2bd\"> </span>47,251<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131b\">39,958<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131c\">270,776<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131d\">88,844<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131e\">50,900<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs131f\">33,957<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsb78\">531,686<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsb79\">Gr<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e8\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1320\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1321\">1,904,41<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1322\">32,535<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1323\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1324\">28,070<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsb7a\">1,965,01<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsb7b\">Su<span class=\"_ _1\"></span>btota<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _112\"> </span>1,402,153<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1325\">1,612,26<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1326\">5,267,11<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1327\">2,683,37<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1328\">868,585<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1329\">743,120<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs132a\">12,576,6<span class=\"_ _1\"></span>09<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs132b\">Con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>ida<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _47\"> </span> </div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs132c\">-1,574,04<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs132d\">Total <span class=\"_ _2be\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs132e\">11,002,5<span class=\"_ _1\"></span>66<span class=\"_ _379\"> </span></div>1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> 16.<span class=\"_ _10\"> </span>F<span class=\"_ _379\"> </span>INANCIAL<span class=\"_ _3\"></span> R<span class=\"_ _1\"></span>ESU<span class=\"_ _3\"></span>L<span class=\"_ _d\"></span>T EXCL.<span class=\"_ _3\"></span> RESU<span class=\"_ _3\"></span>L<span class=\"_ _d\"></span>T FROM SHARES IN <span class=\"_ _d\"></span>AT<span class=\"_ _3\"></span> EQUITY <span class=\"_ _3\"></span>CONSOLIDA<span class=\"_ _3\"></span>TE<span class=\"_ _3\"></span>D <span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>MP<span class=\"_ _5\"></span>ANIES<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _11f\"> </span><span class=\"fsc\">Aus<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ria <span class=\"_ _100\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>Po<span class=\"_ _1\"></span>land <span class=\"_ _1a7\"> </span>Extended CE<span class=\"_ _1\"></span>E </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _28e\"> </span>659,11<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>646,176<span class=\"_ _379\"> </span>94,030<span class=\"_ _379\"> </span>73,422<span class=\"_ _379\"> </span>37,889<span class=\"_ _379\"> </span>23,216<span class=\"_ _379\"> </span>151,514<span class=\"_ _379\"> </span>115,924<span class=\"_ _379\"> </span>App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>1,729<span class=\"_ _379\"> </span>1,517<span class=\"_ _379\"> </span>1,543<span class=\"_ _379\"> </span>4,461<span class=\"_ _379\"> </span>491<span class=\"_ _379\"> </span>1,503<span class=\"_ _379\"> </span>7,674<span class=\"_ _379\"> </span>5,526<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>irm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>337<span class=\"_ _379\"> </span>334<span class=\"_ _379\"> </span>Gai<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>fro<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _9f\"> </span>138<span class=\"_ _1\"></span>,750<span class=\"_ _379\"> </span>55,039<span class=\"_ _379\"> </span>22,250<span class=\"_ _379\"> </span>17,918<span class=\"_ _379\"> </span>143<span class=\"_ _379\"> </span>9,351<span class=\"_ _379\"> </span>13,320<span class=\"_ _379\"> </span>19,536<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1e3\"> </span>60<span class=\"_ _1\"></span>,188<span class=\"_ _379\"> </span>59,812<span class=\"_ _379\"> </span>7,064<span class=\"_ _379\"> </span>10,066<span class=\"_ _379\"> </span>6,652<span class=\"_ _379\"> </span>7,544<span class=\"_ _379\"> </span>41,412<span class=\"_ _379\"> </span>29,495<span class=\"_ _379\"> </span>Total<span class=\"_ _1\"></span> income <span class=\"_ _1e4\"> </span>859,778<span class=\"_ _379\"> </span>762,544<span class=\"_ _379\"> </span>124,887<span class=\"_ _379\"> </span>105,867<span class=\"_ _379\"> </span>45,175<span class=\"_ _379\"> </span>41,614<span class=\"_ _379\"> </span>213,920<span class=\"_ _379\"> </span>170,481<span class=\"_ _379\"> </span>Dep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> <span class=\"_ _263\"> </span>169,1<span class=\"_ _1\"></span>85<span class=\"_ _379\"> </span>56,411<span class=\"_ _379\"> </span>4,776<span class=\"_ _379\"> </span>4,950<span class=\"_ _379\"> </span>3,234<span class=\"_ _379\"> </span>5,911<span class=\"_ _379\"> </span>29,460<span class=\"_ _379\"> </span>9,062<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>t <span class=\"_ _3e\"> </span>11<span class=\"_ _1\"></span>2,555<span class=\"_ _379\"> </span>6,635<span class=\"_ _379\"> </span>37<span class=\"_ _379\"> </span>916<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>4,000<span class=\"_ _379\"> </span>7,514<span class=\"_ _379\"> </span>228<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _28d\"> </span>0<span class=\"_ _379\"> </span>-127<span class=\"_ _2c0\"> </span><span class=\"fc3\">287<span class=\"_ _379\"> </span></span>2,280<span class=\"_ _379\"> </span>-248<span class=\"_ _2c0\"> </span><span class=\"fce\">145<span class=\"_ _379\"> </span></span>-8,739<span class=\"_ _ca\"> </span><span class=\"fce\">1<span class=\"_ _1\"></span>,596<span class=\"_ _379\"> </span></span>Los<span class=\"_ _1\"></span>ses <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al <span class=\"_ _3f\"> </span>26,028<span class=\"_ _379\"> </span>10,702<span class=\"_ _379\"> </span>28,743<span class=\"_ _379\"> </span>11,235<span class=\"_ _379\"> </span>1,192<span class=\"_ _379\"> </span>804<span class=\"_ _379\"> </span>26,204<span class=\"_ _379\"> </span>1,066<span class=\"_ _379\"> </span>Inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>5<span class=\"_ _1\"></span>0,647<span class=\"_ _379\"> </span>55,792<span class=\"_ _379\"> </span>15,415<span class=\"_ _379\"> </span>5,034<span class=\"_ _379\"> </span>13,098<span class=\"_ _379\"> </span>1,487<span class=\"_ _379\"> </span>14,289<span class=\"_ _379\"> </span>5,489<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>erson<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _1e7\"> </span>4,4<span class=\"_ _1\"></span>86<span class=\"_ _379\"> </span>3,632<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>liti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>tut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> 1,899<span class=\"_ _379\"> </span>2,159<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>4<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _2c1\"> </span>840<span class=\"_ _379\"> </span>978<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>350<span class=\"_ _379\"> </span>221<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rdin<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> 35,989<span class=\"_ _379\"> </span>35,966<span class=\"_ _379\"> </span>1,131<span class=\"_ _379\"> </span>1,083<span class=\"_ _379\"> </span>612<span class=\"_ _379\"> </span>39<span class=\"_ _379\"> </span>3,097<span class=\"_ _379\"> </span>893<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>ase<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span> <span class=\"_ _1ce\"> </span>1,564<span class=\"_ _379\"> </span>1,772<span class=\"_ _379\"> </span>993<span class=\"_ _379\"> </span>774<span class=\"_ _379\"> </span>174<span class=\"_ _379\"> </span>118<span class=\"_ _379\"> </span>751<span class=\"_ _379\"> </span>714<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _2c2\"> </span>5,869<span class=\"_ _379\"> </span>11,285<span class=\"_ _379\"> </span>13,291<span class=\"_ _379\"> </span>3,177<span class=\"_ _379\"> </span>12,312<span class=\"_ _379\"> </span>1,330<span class=\"_ _379\"> </span>10,087<span class=\"_ _379\"> </span>3,661<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>s <span class=\"_ _4b\"> </span>57,236<span class=\"_ _379\"> </span>59,665<span class=\"_ _379\"> </span>8,064<span class=\"_ _379\"> </span>11,389<span class=\"_ _379\"> </span>8,350<span class=\"_ _379\"> </span>9,321<span class=\"_ _379\"> </span>24,520<span class=\"_ _379\"> </span>23,179<span class=\"_ _379\"> </span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rtfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>ees<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span>4,520<span class=\"_ _379\"> </span>4,367<span class=\"_ _379\"> </span>1,416<span class=\"_ _379\"> </span>1,394<span class=\"_ _379\"> </span>1,838<span class=\"_ _379\"> </span>3,494<span class=\"_ _379\"> </span>1,317<span class=\"_ _379\"> </span>1,212<span class=\"_ _379\"> </span>Asse<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _21b\"> </span>52,<span class=\"_ _1\"></span>133<span class=\"_ _379\"> </span>54,880<span class=\"_ _379\"> </span>3,616<span class=\"_ _379\"> </span>2,848<span class=\"_ _379\"> </span>4,732<span class=\"_ _379\"> </span>4,579<span class=\"_ _379\"> </span>21,299<span class=\"_ _379\"> </span>21,331<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>583<span class=\"_ _379\"> </span>418<span class=\"_ _379\"> </span>3,032<span class=\"_ _379\"> </span>7,147<span class=\"_ _379\"> </span>1,780<span class=\"_ _379\"> </span>1,248<span class=\"_ _379\"> </span>1,904<span class=\"_ _379\"> </span>636<span class=\"_ _379\"> </span>Total<span class=\"_ _1\"></span> expenses <span class=\"_ _46\"> </span>303,096<span class=\"_ _379\"> </span>182,443<span class=\"_ _379\"> </span>57,285<span class=\"_ _379\"> </span>34,888<span class=\"_ _379\"> </span>25,626<span class=\"_ _379\"> </span>17,668<span class=\"_ _379\"> </span>85,734<span class=\"_ _379\"> </span>40,392<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _2c3\"> </span><span class=\"fs15\">Specia<span class=\"_ _1\"></span>l Marke<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _27\"> </span>Gro<span class=\"_ _1\"></span>up Functions <span class=\"_ _6f\"> </span>Consoli<span class=\"_ _1\"></span>dation <span class=\"_ _1f\"> </span>Tota<span class=\"_ _1\"></span>l </span>  <span class=\"_ _e7\"> </span><span class=\"fs15\">2<span class=\"_ _1\"></span>022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _28b\"> </span>57,991<span class=\"_ _379\"> </span>34,270<span class=\"_ _379\"> </span>121,635<span class=\"_ _379\"> </span>82,411<span class=\"_ _379\"> </span>-88,513<span class=\"_ _379\"> </span>-60,453<span class=\"_ _379\"> </span>1,033,65<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>914,966<span class=\"_ _379\"> </span>App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>7<span class=\"_ _379\"> </span>66<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>3,100<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>11,444<span class=\"_ _379\"> </span>16,173<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>rev<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> im<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>irm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>7<span class=\"_ _379\"> </span>66<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>3,100<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>344<span class=\"_ _379\"> </span>3,500<span class=\"_ _379\"> </span>Gai<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>fro<span class=\"_ _1\"></span>m d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _46\"> </span>661<span class=\"_ _379\"> </span>595<span class=\"_ _379\"> </span>6,303<span class=\"_ _379\"> </span>8,745<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>181,427<span class=\"_ _379\"> </span>111,184<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>485<span class=\"_ _379\"> </span>654<span class=\"_ _379\"> </span>17,565<span class=\"_ _379\"> </span>10,633<span class=\"_ _379\"> </span>-433<span class=\"_ _379\"> </span>-1,007<span class=\"_ _379\"> </span>132,933<span class=\"_ _379\"> </span>117,197<span class=\"_ _379\"> </span>Total<span class=\"_ _1\"></span> income <span class=\"_ _1ae\"> </span>59<span class=\"_ _1\"></span>,144<span class=\"_ _379\"> </span>35,585<span class=\"_ _379\"> </span>145,503<span class=\"_ _379\"> </span>104,889<span class=\"_ _379\"> </span>-88,94<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>-61,46<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>1,359,46<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>1,159,52<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Dep<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ation<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>2,72<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>546<span class=\"_ _379\"> </span>46,137<span class=\"_ _379\"> </span>27,403<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>255,517<span class=\"_ _379\"> </span>104,283<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>t <span class=\"_ _1ea\"> </span>2<span class=\"_ _1\"></span>,179<span class=\"_ _379\"> </span>33<span class=\"_ _379\"> </span>17,682<span class=\"_ _379\"> </span>13,200<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>139,967<span class=\"_ _379\"> </span>25,012<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2e\"> </span>-99,491<span class=\"_ _379\"> </span>-2,851<span class=\"_ _379\"> </span>943<span class=\"_ _379\"> </span>6,193<span class=\"_ _379\"> </span>-193<span class=\"_ _379\"> </span>-163<span class=\"_ _379\"> </span>-107,441<span class=\"_ _379\"> </span>7,073<span class=\"_ _379\"> </span>Los<span class=\"_ _1\"></span>ses <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>rom<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>isp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>al <span class=\"_ _2c4\"> </span>560<span class=\"_ _379\"> </span>97<span class=\"_ _379\"> </span>17,278<span class=\"_ _379\"> </span>11,829<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>100,005<span class=\"_ _379\"> </span>35,733<span class=\"_ _379\"> </span>Inte<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>st e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>88<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>221<span class=\"_ _379\"> </span>91,377<span class=\"_ _379\"> </span>90,653<span class=\"_ _379\"> </span>-83,83<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>-56,12<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>101,878<span class=\"_ _379\"> </span>102,551<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>erson<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l pr<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _2c5\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>704<span class=\"_ _379\"> </span>520<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>5,190<span class=\"_ _379\"> </span>4,152<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>liti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>sti<span class=\"_ _1\"></span>tut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> 0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>3,146<span class=\"_ _379\"> </span>3,276<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>5,049<span class=\"_ _379\"> </span>5,435<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ng liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _2c5\"> </span>32<span class=\"_ _379\"> </span>54<span class=\"_ _379\"> </span>26,794<span class=\"_ _379\"> </span>30,090<span class=\"_ _379\"> </span>-21,445<span class=\"_ _379\"> </span>-25,597<span class=\"_ _379\"> </span>6,571<span class=\"_ _379\"> </span>5,746<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rdin<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> 0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>56,894<span class=\"_ _379\"> </span>50,000<span class=\"_ _379\"> </span>-24,735<span class=\"_ _379\"> </span>-22,432<span class=\"_ _379\"> </span>72,988<span class=\"_ _379\"> </span>65,549<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> le<span class=\"_ _1\"></span>ase<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>316<span class=\"_ _379\"> </span>56<span class=\"_ _379\"> </span>87<span class=\"_ _379\"> </span>47<span class=\"_ _379\"> </span>-465<span class=\"_ _379\"> </span>-341<span class=\"_ _379\"> </span>3,420<span class=\"_ _379\"> </span>3,140<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>tere<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _3e\"> </span>539<span class=\"_ _379\"> </span>111<span class=\"_ _379\"> </span>3,752<span class=\"_ _379\"> </span>6,720<span class=\"_ _379\"> </span>-37,190<span class=\"_ _379\"> </span>-7,755<span class=\"_ _379\"> </span>8,660<span class=\"_ _379\"> </span>18,529<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>s <span class=\"_ _1b6\"> </span>1,919<span class=\"_ _379\"> </span>1,931<span class=\"_ _379\"> </span>130,826<span class=\"_ _379\"> </span>198,413<span class=\"_ _379\"> </span>-360<span class=\"_ _379\"> </span>-1,036<span class=\"_ _379\"> </span>230,555<span class=\"_ _379\"> </span>302,862<span class=\"_ _379\"> </span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rtfo<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>o f<span class=\"_ _1\"></span>ees<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>9,091<span class=\"_ _379\"> </span>10,467<span class=\"_ _379\"> </span>Asse<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a3\"> </span>1,856<span class=\"_ _379\"> </span>1,800<span class=\"_ _379\"> </span>104,634<span class=\"_ _379\"> </span>157,466<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>188,270<span class=\"_ _379\"> </span>242,904<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _2c3\"> </span>63<span class=\"_ _379\"> </span>131<span class=\"_ _379\"> </span>26,192<span class=\"_ _379\"> </span>40,947<span class=\"_ _379\"> </span>-360<span class=\"_ _379\"> </span>-1,036<span class=\"_ _379\"> </span>33,194<span class=\"_ _379\"> </span>49,491<span class=\"_ _379\"> </span>Total<span class=\"_ _1\"></span> expenses <span class=\"_ _4b\"> </span>-93,400<span class=\"_ _379\"> </span>-56<span class=\"_ _379\"> </span>286,561<span class=\"_ _379\"> </span>334,491<span class=\"_ _379\"> </span>-84,38<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>-57,32<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>580,514<span class=\"_ _379\"> </span>552,502<span class=\"_ _379\"> </span>Informatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n oper<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng expe<span class=\"_ _3\"></span>nses for i<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>t prop<span class=\"_ _3\"></span>erty is pr<span class=\"_ _3\"></span>ovided i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> No<span class=\"_ _3\"></span>te 2.1. Pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty on pag<span class=\"_ _3\"></span>e 100.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> 1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Compositio<span class=\"_ _1\"></span>n<span class=\"fce\"> <span class=\"_ _2c6\"> </span></span><span class=\"fsc\">2022 <span class=\"_ _2c7\"> </span><span class=\"fce\">2021 </span></span>Income<span class=\"_ _1\"></span> <span class=\"_ _f6\"> </span><span class=\"fsc\">Curre<span class=\"_ _1\"></span>nt </span>income<span class=\"_ _379\"> </span>Apprecia<span class=\"_ _1\"></span>tion<span class=\"_ _379\"> </span>Gains fro<span class=\"_ _1\"></span>m disposal<span class=\"_ _379\"> </span>Current income<span class=\"_ _379\"> </span>Apprecia<span class=\"_ _1\"></span>tion<span class=\"_ _379\"> </span>Gains fro<span class=\"_ _1\"></span>m disposal<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _234\"> </span>11<span class=\"_ _1\"></span>3,854<span class=\"_ _379\"> </span>275<span class=\"_ _379\"> </span>4,479<span class=\"_ _379\"> </span>101,972<span class=\"_ _379\"> </span>3,385<span class=\"_ _379\"> </span>4,470<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _146\"> </span>80,281<span class=\"_ _379\"> </span>69<span class=\"_ _379\"> </span>231<span class=\"_ _379\"> </span>77,326<span class=\"_ _379\"> </span>115<span class=\"_ _379\"> </span>9,147<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s <span class=\"_ _2c8\"> </span>44,441<span class=\"_ _379\"> </span>69<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>41,243<span class=\"_ _379\"> </span>115<span class=\"_ _379\"> </span>9,138<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>4,409<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>202<span class=\"_ _379\"> </span>7,775<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>31<span class=\"_ _1\"></span>,431<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>28<span class=\"_ _379\"> </span>28,308<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>9<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y \u2013<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>69,715<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,426<span class=\"_ _379\"> </span>67,227<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>9<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y \u2013<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _21b\"> </span>12,039<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>14,091<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span> <span class=\"_ _2ca\"> </span>683,887<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>159,729<span class=\"_ _379\"> </span>605,638<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>86,419<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>591,32<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>54,949<span class=\"_ _379\"> </span>534,566<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>39,665<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>46,771<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>31,989<span class=\"_ _379\"> </span>22,713<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>21,773<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>27,147<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>162<span class=\"_ _379\"> </span>9,024<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>2,117<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _13d\"> </span>45,788<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>72,791<span class=\"_ _379\"> </span>48,359<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>24,981<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd loss<span class=\"_ _1\"></span>* <span class=\"_ _24f\"> </span>3<span class=\"_ _1\"></span>,379<span class=\"_ _379\"> </span>11,100<span class=\"_ _379\"> </span>15,539<span class=\"_ _379\"> </span>3,241<span class=\"_ _379\"> </span>12,673<span class=\"_ _379\"> </span>9,986<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _2cc\"> </span>27,712<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>23<span class=\"_ _379\"> </span>20,973<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,153<span class=\"_ _379\"> </span>Unit<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>42,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>24,498<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Total <span class=\"_ _f6\"> </span>1,033<span class=\"_ _1\"></span>,657<span class=\"_ _379\"> </span>11,444<span class=\"_ _379\"> </span>181,427<span class=\"_ _379\"> </span>914,966<span class=\"_ _379\"> </span>16,173<span class=\"_ _379\"> </span>111,184<span class=\"_ _379\"> </span>*Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>EUR 286,25<span class=\"_ _3\"></span>4,000 (<span class=\"_ _3\"></span>EUR 75,<span class=\"_ _3\"></span>060,000) of<span class=\"_ _3\"></span> finan<span class=\"_ _3\"></span>cial assets <span class=\"_ _3\"></span>avail<span class=\"_ _3\"></span>able for s<span class=\"_ _3\"></span>ale wer<span class=\"_ _3\"></span>e recl<span class=\"_ _3\"></span>assified fr<span class=\"_ _3\"></span>om s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holders\u2019 eq<span class=\"_ _3\"></span>uity to t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> income s<span class=\"_ _3\"></span>tatement i<span class=\"_ _3\"></span>n the curr<span class=\"_ _5\"></span>ent repor<span class=\"_ _3\"></span>ting period.<span class=\"_ _5\"></span> Compositio<span class=\"_ _1\"></span>n<span class=\"fce\"> <span class=\"_ _2c6\"> </span></span><span class=\"fsc\">2022 <span class=\"_ _2c7\"> </span><span class=\"fce\">2021 </span></span>Expenses<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span><span class=\"fsc\">Deprecia<span class=\"_ _1\"></span>tion<span class=\"_ _379\"> </span></span>Exchange rat<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rences<span class=\"_ _379\"> </span>Losses from disposal<span class=\"_ _379\"> </span>Depreciat<span class=\"_ _1\"></span>ion<span class=\"_ _379\"> </span>Exchange rat<span class=\"_ _1\"></span>e diffe<span class=\"_ _1\"></span>rences<span class=\"_ _379\"> </span>Losses from disposal<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>90,6<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>97<span class=\"_ _379\"> </span>73,413<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>30<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _146\"> </span>12,814<span class=\"_ _379\"> </span>143<span class=\"_ _379\"> </span>620<span class=\"_ _379\"> </span>3,500<span class=\"_ _379\"> </span>188<span class=\"_ _379\"> </span>183<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s <span class=\"_ _191\"> </span>814<span class=\"_ _379\"> </span>-17<span class=\"_ _91\"> </span>500<span class=\"_ _379\"> </span>3,500<span class=\"_ _379\"> </span>-24<span class=\"_ _21b\"> </span>9<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _51\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>174<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>12<span class=\"_ _1\"></span>,000<span class=\"_ _379\"> </span>160<span class=\"_ _379\"> </span>120<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>212<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y \u2013<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>399<span class=\"_ _379\"> </span>-1,055<span class=\"_ _293\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>827<span class=\"_ _379\"> </span>3<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y \u2013<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>ond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2cd\"> </span>0<span class=\"_ _379\"> </span>17<span class=\"_ _379\"> </span>87<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>46<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span> <span class=\"_ _2ca\"> </span>126,478<span class=\"_ _379\"> </span>-106,2<span class=\"_ _1\"></span>16<span class=\"_ _1e5\"> </span>70,993<span class=\"_ _379\"> </span>19,824<span class=\"_ _379\"> </span>3,367<span class=\"_ _379\"> </span>19,440<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>100,92<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>-105,796<span class=\"_ _1e5\"> </span>45,444<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>2,696<span class=\"_ _379\"> </span>4,843<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>10,477<span class=\"_ _379\"> </span>115<span class=\"_ _379\"> </span>4,093<span class=\"_ _379\"> </span>19,461<span class=\"_ _379\"> </span>202<span class=\"_ _379\"> </span>3,697<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _13d\"> </span>15,074<span class=\"_ _379\"> </span>-535<span class=\"_ _1e5\"> </span>21,456<span class=\"_ _379\"> </span>363<span class=\"_ _379\"> </span>469<span class=\"_ _379\"> </span>10,900<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd loss<span class=\"_ _1\"></span>* <span class=\"_ _2b6\"> </span>25,210<span class=\"_ _379\"> </span>1,758<span class=\"_ _379\"> </span>27,543<span class=\"_ _379\"> </span>7,546<span class=\"_ _379\"> </span>2,280<span class=\"_ _379\"> </span>13,449<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _139\"> </span>0<span class=\"_ _379\"> </span>-2,088<span class=\"_ _91\"> </span>665<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>365<span class=\"_ _379\"> </span>2,628<span class=\"_ _379\"> </span>Total <span class=\"_ _8e\"> </span>255,5<span class=\"_ _1\"></span>17<span class=\"_ _379\"> </span>-107,4<span class=\"_ _1\"></span>41<span class=\"_ _7a\"> </span>100,005<span class=\"_ _379\"> </span>104,283<span class=\"_ _379\"> </span>7,073<span class=\"_ _379\"> </span>35,733<span class=\"_ _379\"> </span>*Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>Interes<span class=\"_ _3\"></span>t <span class=\"_ _b\"> </span>expe<span class=\"_ _3\"></span>nses <span class=\"_ _b\"> </span>and <span class=\"_ _c\"> </span>other <span class=\"_ _c\"></span>exp<span class=\"_ _3\"></span>enses <span class=\"_ _c\"> </span>result <span class=\"_ _c\"> </span>fro<span class=\"_ _3\"></span>m <span class=\"_ _b\"> </span>items <span class=\"_ _c\"></span>on <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _c\"> </span>side <span class=\"_ _c\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>bala<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _c\"> </span>shee<span class=\"_ _3\"></span>t <span class=\"_ _b\"> </span>or <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>busi<span class=\"_ _3\"></span>ness operations <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e cannot <span class=\"_ _3\"></span>be dir<span class=\"_ _3\"></span>ectly allo<span class=\"_ _3\"></span>cated to a<span class=\"_ _3\"></span>n investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt class.<span class=\"_ _5\"></span> G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>2<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span>17.<span class=\"ff4b\"> </span>RESUL<span class=\"_ _d\"></span>T FROM<span class=\"_ _3\"></span> SH<span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>RES IN <span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>T EQUITY C<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>NSO<span class=\"_ _3\"></span>LIDA<span class=\"_ _3\"></span>TED C<span class=\"_ _3\"></span>OMP<span class=\"_ _3\"></span>AN<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>ES Compositio<span class=\"_ _1\"></span>n <span class=\"_ _d6\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Inco<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e <span class=\"_ _2ce\"> </span>18,287<span class=\"_ _379\"> </span>24,872<span class=\"_ _379\"> </span>Cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ult<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>18,287<span class=\"_ _379\"> </span>24,872<span class=\"_ _379\"> </span>18.<span class=\"ff4b\"> </span>OTHER INCOME <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>ND <span class=\"_ _1\"></span>EXPE<span class=\"_ _3\"></span>NSES Compositio<span class=\"_ _1\"></span>n <span class=\"_ _d6\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>inc<span class=\"_ _1\"></span>ome<span class=\"_ _1\"></span> <span class=\"_ _22a\"> </span>185,859<span class=\"_ _379\"> </span>165,789<span class=\"_ _379\"> </span>Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>94,328<span class=\"_ _379\"> </span>100,649<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>91,531<span class=\"_ _379\"> </span>65,140<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>s <span class=\"_ _220\"> </span>421,480<span class=\"_ _379\"> </span>317,902<span class=\"_ _379\"> </span>Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _2d0\"> </span>325,108<span class=\"_ _379\"> </span>219,804<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>96,372<span class=\"_ _379\"> </span>98,098<span class=\"_ _379\"> </span>Details of othe<span class=\"_ _1\"></span>r ex<span class=\"_ _1\"></span>penses <span class=\"_ _223\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>s <span class=\"_ _220\"> </span>421,480<span class=\"_ _379\"> </span>317,902<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>llow<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>es fo<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>bles<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>e-o<span class=\"_ _1\"></span>ffs<span class=\"_ _1\"></span> <span class=\"_ _8e\"> </span>61,586<span class=\"_ _379\"> </span>39,858<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f w<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>te-d<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>foli<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cus<span class=\"_ _1\"></span>tom<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> ba<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _1a4\"> </span>30,210<span class=\"_ _379\"> </span>8,677<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oke<span class=\"_ _1\"></span>ring<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _2d1\"> </span>2,205<span class=\"_ _379\"> </span>2,037<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _7e\"> </span>1<span class=\"_ _1\"></span>20,289<span class=\"_ _379\"> </span>48,754<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>exc<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span> rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>osses<span class=\"_ _1\"></span> <span class=\"_ _dd\"> </span>47,277<span class=\"_ _379\"> </span>43,997<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elat<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _77\"> </span>27,688<span class=\"_ _379\"> </span>28,584<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ibut<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>es <span class=\"_ _2d2\"> </span>19,023<span class=\"_ _379\"> </span>14,191<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>gov<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>-im<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>rib<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _105\"> </span>27,216<span class=\"_ _379\"> </span>27,038<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>visi<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _271\"> </span>18,256<span class=\"_ _379\"> </span>30,575<span class=\"_ _379\"> </span>The <span class=\"_ _4\"></span>incr<span class=\"_ _3\"></span>ease <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>und<span class=\"_ _3\"></span>erwriting <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ax<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>predom<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tly <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>addi<span class=\"_ _3\"></span>tional <span class=\"_ _1\"></span>insurance <span class=\"_ _4\"></span>tax <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>Hungary<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>tails <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>sted <span class=\"_ _4\"></span>on<span class=\"_ _3\"></span> page 55.<span class=\"_ _379\"> </span>19.<span class=\"ff4b\"> </span>EXPE<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>SES FOR C<span class=\"_ _3\"></span>LAIMS A<span class=\"_ _3\"></span>ND INSURAN<span class=\"_ _3\"></span>CE B<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span>NEFITS \u2013 RETENTI<span class=\"_ _3\"></span>ON All <span class=\"_ _4\"></span>pa<span class=\"_ _1\"></span>yments <span class=\"_ _4\"></span>to <span class=\"_ _c\"></span>pol<span class=\"_ _3\"></span>icyhold<span class=\"_ _3\"></span>ers <span class=\"_ _a\"></span>ar<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>oss <span class=\"_ _a\"></span>events, <span class=\"_ _a\"></span>claim<span class=\"_ _3\"></span>s <span class=\"_ _c\"></span>settleme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>expens<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>elated <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _a\"></span>loss <span class=\"_ _4\"></span>events, <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> internal cos<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>attrib<span class=\"_ _3\"></span>utable to<span class=\"_ _5\"></span> claims <span class=\"_ _5\"></span>settleme<span class=\"_ _3\"></span>nt u<span class=\"_ _3\"></span>nder <span class=\"_ _3\"></span>the al<span class=\"_ _3\"></span>locatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ccor<span class=\"_ _3\"></span>ding to <span class=\"_ _5\"></span>origin <span class=\"_ _3\"></span>prin<span class=\"_ _3\"></span>ciple, a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>as ex<span class=\"_ _3\"></span>penses <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r claims <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _c\"> </span>benefits. <span class=\"_ _c\"> </span>Expens<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>for <span class=\"_ _c\"> </span>loss <span class=\"_ _c\"> </span>preventi<span class=\"_ _3\"></span>on <span class=\"_ _b\"> </span>are <span class=\"_ _c\"> </span>also <span class=\"_ _c\"> </span>repo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ted <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>this <span class=\"_ _c\"> </span>item. <span class=\"_ _b\"> </span>Expens<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>for <span class=\"_ _c\"> </span>claims <span class=\"_ _c\"> </span>and insuranc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>benefi<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>red<span class=\"_ _3\"></span>uced <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>gain<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>using <span class=\"_ _1\"></span>existing <span class=\"_ _1\"></span>contrac<span class=\"_ _3\"></span>tual <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>tatutory <span class=\"_ _1\"></span>avenues <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecour<span class=\"_ _3\"></span>se (this <span class=\"_ _1\"></span>applies <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cular <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>prop<span class=\"_ _3\"></span>erty <span class=\"_ _1\"></span>and casualty <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span>). <span class=\"_ _1\"></span>Changes <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>underwriti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>rovisio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporte<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in expenses fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> claims<span class=\"_ _3\"></span> and i<span class=\"_ _3\"></span>nsurance b<span class=\"_ _3\"></span>enefits.<span class=\"_ _3\"></span> 1<span class=\"_ _379\"> </span><span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Compositio<span class=\"_ _1\"></span>n <span class=\"_ _174\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nsura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s \u2013<span class=\"_ _1\"></span> gr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ss <span class=\"_ _ed\"> </span>8,951,79<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>8,081,69<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Pa<span class=\"_ _1\"></span>ymen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fits<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>8,701,691<span class=\"_ _379\"> </span>7,754,86<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>out<span class=\"_ _1\"></span>stan<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>847,376<span class=\"_ _379\"> </span>712,195<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve <span class=\"_ _2d3\"> </span>-824,453<span class=\"_ _379\"> </span>-537,988<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _9b\"> </span>-1,560<span class=\"_ _379\"> </span>3,012<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it-un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>remi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>efu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _2d4\"> </span>228,744<span class=\"_ _379\"> </span>149,612<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nsura<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>nef<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>s \u2013<span class=\"_ _1\"></span> rei<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>sure<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s\u00b4 <span class=\"_ _1\"></span>sha<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _24f\"> </span>-1,<span class=\"_ _1\"></span>039,762<span class=\"_ _379\"> </span>-945,1<span class=\"_ _1\"></span>30<span class=\"_ _379\"> </span>Pa<span class=\"_ _1\"></span>ymen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fits<span class=\"_ _1\"></span> <span class=\"_ _256\"> </span>-661<span class=\"_ _1\"></span>,135<span class=\"_ _379\"> </span>-545,920<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>out<span class=\"_ _1\"></span>stan<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _236\"> </span>-351,738<span class=\"_ _379\"> </span>-373,713<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve <span class=\"_ _58\"> </span>-14<span class=\"_ _379\"> </span>-520<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _2d5\"> </span>681<span class=\"_ _379\"> </span>1,763<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit-<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lat<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>um <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>efun<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _195\"> </span>-27<span class=\"_ _1\"></span>,556<span class=\"_ _379\"> </span>-26,740<span class=\"_ _379\"> </span>Expenses f<span class=\"_ _1\"></span>or clai<span class=\"_ _1\"></span>ms and insurance be<span class=\"_ _1\"></span>nefit<span class=\"_ _1\"></span>s \u2013 ret<span class=\"_ _1\"></span>ention <span class=\"_ _1d4\"> </span>7,912,0<span class=\"_ _1\"></span>36<span class=\"_ _379\"> </span>7,136,56<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Pa<span class=\"_ _1\"></span>ymen<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>s an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fits<span class=\"_ _1\"></span> <span class=\"_ _6b\"> </span>8,040,556<span class=\"_ _379\"> </span>7,208,94<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>out<span class=\"_ _1\"></span>stan<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>495,638<span class=\"_ _379\"> </span>338,482<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cal<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve <span class=\"_ _2d3\"> </span>-824,467<span class=\"_ _379\"> </span>-538,508<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>othe<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovi<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span>-879<span class=\"_ _379\"> </span>4,775<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fit-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it-un<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>remi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>efu<span class=\"_ _1\"></span>nds<span class=\"_ _1\"></span> <span class=\"_ _2d4\"> </span>201,188<span class=\"_ _379\"> </span>122,872<span class=\"_ _379\"> </span>20.<span class=\"ff4b\"> </span>ACQUISITION <span class=\"_ _5\"></span>AND <span class=\"_ _3\"></span>ADMINISTRA<span class=\"_ _5\"></span>TIVE EXP<span class=\"_ _3\"></span>ENSES The acquisitio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> and admi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>istr<span class=\"_ _3\"></span>ative e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>item is brok<span class=\"_ _3\"></span>en down into ac<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uisition expenses, admi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>istrati<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>exp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>le<span class=\"_ _3\"></span>ss reins<span class=\"_ _3\"></span>urance <span class=\"_ _c\"></span>com<span class=\"_ _3\"></span>missio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>profit <span class=\"_ _c\"></span>com<span class=\"_ _3\"></span>missio<span class=\"_ _3\"></span>ns <span class=\"_ _c\"> </span>for <span class=\"_ _c\"> </span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _c\"> </span>cessio<span class=\"_ _3\"></span>ns. <span class=\"_ _c\"> </span>It <span class=\"_ _c\"> </span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _c\"> </span>in<span class=\"_ _3\"></span>cludes <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"></span>Ins<span class=\"_ _3\"></span>urance <span class=\"_ _c\"></span>Gro<span class=\"_ _3\"></span>up person<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>l a<span class=\"_ _3\"></span>nd mat<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ials <span class=\"_ _3\"></span>expe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ses <span class=\"_ _3\"></span>allocat<span class=\"_ _3\"></span>ed accor<span class=\"_ _3\"></span>ding to t<span class=\"_ _3\"></span>he origi<span class=\"_ _3\"></span>n principl<span class=\"_ _3\"></span>e. Compositio<span class=\"_ _1\"></span>n <span class=\"_ _174\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _223\"> </span>2,560,636<span class=\"_ _379\"> </span>2,211,12<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>ssio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s* <span class=\"_ _14b\"> </span>1,861,517<span class=\"_ _379\"> </span>1,573,07<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _277\"> </span>417,303<span class=\"_ _379\"> </span>377,940<span class=\"_ _379\"> </span>Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>rial<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es <span class=\"_ _2d6\"> </span>281,816<span class=\"_ _379\"> </span>260,110<span class=\"_ _379\"> </span>Adm<span class=\"_ _1\"></span>ini<span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _242\"> </span>5<span class=\"_ _1\"></span>78,992<span class=\"_ _379\"> </span>510,949<span class=\"_ _379\"> </span>Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>nne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _277\"> </span>272,535<span class=\"_ _379\"> </span>237,997<span class=\"_ _379\"> </span>Pro <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>rial<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es <span class=\"_ _2d6\"> </span>306,457<span class=\"_ _379\"> </span>272,952<span class=\"_ _379\"> </span>Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>comm<span class=\"_ _1\"></span>iss<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _21f\"> </span>-209,163<span class=\"_ _379\"> </span>-185,246<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>2,930,465<span class=\"_ _379\"> </span>2,536,82<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>*Inclu<span class=\"_ _3\"></span>des commissions of EUR 1,802,169,000 (EU<span class=\"_ _1\"></span>R 1,<span class=\"_ _3\"></span>481<span class=\"_ _1\"></span>,50<span class=\"_ _3\"></span>3,000) for direct <span class=\"_ _3\"></span>insurance business<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span>21.<span class=\"ff4b\"> </span>T<span class=\"_ _5\"></span>AXES Compositio<span class=\"_ _1\"></span>n <span class=\"_ _d6\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Act<span class=\"_ _1\"></span>ual t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2d7\"> </span>88,538<span class=\"_ _379\"> </span>270,566<span class=\"_ _379\"> </span>from<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riod<span class=\"_ _1\"></span> <span class=\"_ _223\"> </span>78,6<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>263,908<span class=\"_ _379\"> </span>from<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ods<span class=\"_ _1\"></span> <span class=\"_ _5b\"> </span>9<span class=\"_ _1\"></span>,922<span class=\"_ _379\"> </span>6,658<span class=\"_ _379\"> </span>Defe<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>s <span class=\"_ _23e\"> </span>9,59<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>-147,2<span class=\"_ _1\"></span>27<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of d<span class=\"_ _1\"></span>efe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>red t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>xes <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _2d8\"> </span>10,621<span class=\"_ _379\"> </span>-131,532<span class=\"_ _379\"> </span>Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>axes<span class=\"_ _1\"></span> du<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> tem<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>ry d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>atin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ods<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>206<span class=\"_ _379\"> </span>-12,467<span class=\"_ _379\"> </span>Def<span class=\"_ _1\"></span>err<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>axes<span class=\"_ _1\"></span> du<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> los<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>car<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y fo<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>atin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>ods<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>-1,234<span class=\"_ _379\"> </span>-3,228<span class=\"_ _379\"> </span>Total <span class=\"_ _2a4\"> </span>98,131<span class=\"_ _379\"> </span>123,339<span class=\"_ _379\"> </span>Reconciliation<span class=\"_ _1\"></span> <span class=\"_ _2d9\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ax r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span> %<span class=\"_ _1\"></span> <span class=\"_ _22e\"> </span>25.0%<span class=\"_ _379\"> </span>25.0%<span class=\"_ _379\"> </span>Resu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ore <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>xes<span class=\"_ _1\"></span> <span class=\"_ _261\"> </span>56<span class=\"_ _1\"></span>2,422<span class=\"_ _379\"> </span>511,333<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>pect<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d ta<span class=\"_ _1\"></span>x e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>nse<span class=\"_ _1\"></span>s <span class=\"_ _223\"> </span>140,60<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>127,833<span class=\"_ _379\"> </span>Adjusted fo<span class=\"_ _1\"></span>r tax ef<span class=\"_ _1\"></span>fect<span class=\"_ _1\"></span>s du<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to: <span class=\"_ _278\"> </span>  <span class=\"_ _1f9\"> </span><span class=\"fc11\">  </span>Dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>al t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> rat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _21d\"> </span>-28,<span class=\"_ _1\"></span>412<span class=\"_ _379\"> </span>-41,668<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span> rat<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _54\"> </span>-2<span class=\"_ _1\"></span>,788<span class=\"_ _379\"> </span>476<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-de<span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>ctib<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es <span class=\"_ _298\"> </span>95<span class=\"_ _1\"></span>,793<span class=\"_ _379\"> </span>110,625<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> no<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>sub<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ct <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> tax<span class=\"_ _1\"></span> <span class=\"_ _e3\"> </span>-97,1<span class=\"_ _1\"></span>96<span class=\"_ _379\"> </span>-93,774<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>xes f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>evi<span class=\"_ _1\"></span>ous<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _59\"> </span>8,894<span class=\"_ _379\"> </span>-9,037<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>ition<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> ta<span class=\"_ _1\"></span>x <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>ry<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>ffe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ces<span class=\"_ _1\"></span> <span class=\"_ _139\"> </span>5,67<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>1,936<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>ition<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ctio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> ta<span class=\"_ _1\"></span>x <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ue t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>oss<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>rry<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>orwa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1ad\"> </span>5,<span class=\"_ _1\"></span>160<span class=\"_ _379\"> </span>3,355<span class=\"_ _379\"> </span>Eff<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>s du<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> g<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion/p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>it t<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nsf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs <span class=\"_ _e5\"> </span>458<span class=\"_ _379\"> </span>3,859<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>x ef<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>cts <span class=\"_ _1\"></span>du<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span>red<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _e1\"> </span>-44,208<span class=\"_ _379\"> </span>9,421<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span> <span class=\"_ _222\"> </span>14,1<span class=\"_ _1\"></span>49<span class=\"_ _379\"> </span>10,313<span class=\"_ _379\"> </span>Effect<span class=\"_ _1\"></span>ive ta<span class=\"_ _1\"></span>x expens<span class=\"_ _3\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _2da\"> </span>98,131<span class=\"_ _379\"> </span>123,339<span class=\"_ _379\"> </span>Eff<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>% <span class=\"_ _54\"> </span>17.4%<span class=\"_ _379\"> </span>24.1%<span class=\"_ _379\"> </span>The incom<span class=\"_ _3\"></span>e tax ra<span class=\"_ _3\"></span>te of the <span class=\"_ _3\"></span>parent com<span class=\"_ _5\"></span>pany is used <span class=\"_ _3\"></span>as the g<span class=\"_ _3\"></span>roup tax <span class=\"_ _3\"></span>rate.<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>non-ded<span class=\"_ _3\"></span>uctible <span class=\"_ _4\"></span>exp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>consist <span class=\"_ _4\"></span>prim<span class=\"_ _3\"></span>arily <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>depre<span class=\"_ _3\"></span>ciation <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bje<span class=\"_ _3\"></span>ct <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>tax <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>mainly<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _4\"></span>of appr<span class=\"_ _3\"></span>eciation, di<span class=\"_ _3\"></span>vidends <span class=\"_ _3\"></span>and inter<span class=\"_ _3\"></span>est re<span class=\"_ _3\"></span>ceived.<span class=\"_ _3\"></span> 22.<span class=\"ff4b\"> </span>EARNINGS PER S<span class=\"_ _3\"></span>HARE Earnings pe<span class=\"_ _1\"></span>r share<span class=\"_ _1\"></span> <span class=\"_ _1d9\"> </span><span class=\"fs15\">  <span class=\"_ _e6\"> </span>2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>Resu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iod <span class=\"_ _1d9\"> </span>EU<span class=\"_ _1\"></span>R '00<span class=\"_ _1\"></span>0<span class=\"_ _3\"></span> <span class=\"_ _1c2\"> </span>464,29<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>387,994<span class=\"_ _379\"> </span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>lling<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ests<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>et <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iod<span class=\"_ _1\"></span> <span class=\"_ _11d\"> </span>EU<span class=\"_ _1\"></span>R '000 <span class=\"_ _294\"> </span>1,650<span class=\"_ _379\"> </span>-12,264<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>sult f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r t<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>peri<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d le<span class=\"_ _1\"></span>ss <span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>n-c<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>troll<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nter<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _272\"> </span>EUR '000 <span class=\"_ _1c6\"> </span>465,941<span class=\"_ _379\"> </span>375,730<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>ybrid<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _287\"> </span>E<span class=\"_ _1\"></span>UR '0<span class=\"_ _1\"></span>00 <span class=\"_ _2db\"> </span>7,469<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>Att<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>but<span class=\"_ _1\"></span>able<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>sult<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>EUR '000<span class=\"_ _1\"></span> <span class=\"_ _2dc\"> </span>458,472<span class=\"_ _379\"> </span>375,730<span class=\"_ _379\"> </span>Numb<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>sha<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>clo<span class=\"_ _1\"></span>sing<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e <span class=\"_ _2c6\"> </span>units <span class=\"_ _1c6\"> </span>128,0<span class=\"_ _1\"></span>00,000<span class=\"_ _379\"> </span>128,000,<span class=\"_ _1\"></span>000<span class=\"_ _379\"> </span>Earnings per s<span class=\"_ _1\"></span>hare* <span class=\"_ _2dd\"> </span>EUR <span class=\"_ _11b\"> </span>3.58<span class=\"_ _379\"> </span>2.94<span class=\"_ _379\"> </span>*The calcul<span class=\"_ _3\"></span>ation of these figures considers th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>interest exp<span class=\"_ _3\"></span>enses for hybrid capital. The undilu<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> earnings per <span class=\"_ _3\"></span>share equals the diluted earnings per<span class=\"_ _3\"></span> s<span class=\"_ _1\"></span>hare<span class=\"_ _379\"> </span>. <div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h37 ff45 fs19 fc11 sc0 ls6 ws0 gsbae\">NOTES <span class=\"_ _3\"></span>TO <span class=\"_ _3\"></span>THE CONSOLIDA<span class=\"_ _5\"></span>TED CASH FLOW ST<span class=\"_ _d\"></span>A<span class=\"_ _5\"></span>TEMENT </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsbb0\">23.<span class=\"ff4b\"> </span>LIABILITIES <span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>R<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>M FI<span class=\"_ _3\"></span>NANCING <span class=\"_ _3\"></span>ACTIVIT<span class=\"_ _3\"></span>IES </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs160c\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _e5\"> </span><span class=\"fs15\">31.12<span class=\"_ _1\"></span>.2022 </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs160d\">  <span class=\"_ _111\"> </span><span class=\"fs15\">Subordinat<span class=\"_ _1\"></span>ed liabil<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs160e\">(including inte<span class=\"_ _1\"></span>rest)<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs160f\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1610\">Liabil<span class=\"_ _1\"></span>ities to f<span class=\"_ _1\"></span>inancial </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1611\">instituti<span class=\"_ _1\"></span>ons<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1612\">Lea<span class=\"_ _1\"></span>se liabili<span class=\"_ _1\"></span>ties<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1613\">Financing liabil<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1614\">2<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1615\"><div class=\"t m1 x6 h35 ydd7 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1616\">Boo<span class=\"_ _1\"></span>k v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>1,493,599<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1617\">351,087<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1618\">181,048<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1619\">594,632<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs161a\">Ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ges<span class=\"_ _1\"></span> <span class=\"_ _92\"> </span>223,687<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs161b\">-12,59<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs161c\">-34,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs161d\">-6,915<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs161e\">Cash<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ows<span class=\"_ _1\"></span> <span class=\"_ _92\"> </span>50<span class=\"_ _1\"></span>0,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs161f\">55,007<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1620\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1621\">13,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1622\">Pa<span class=\"_ _1\"></span>ymen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _284\"> </span>-215<span class=\"_ _1\"></span>,600<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1623\">-63,117<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1624\">-34,244<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1625\">-13,714<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1626\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>-60,7<span class=\"_ _1\"></span>13<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1627\">-4,489<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1628\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1629\">-6,201<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs162a\">Non-<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s <span class=\"_ _2de\"> </span>71,995<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs162b\">5,410<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs162c\">36,322<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs162d\">5,181<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs162e\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>71<span class=\"_ _1\"></span>,327<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs162f\">5,410<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1630\">34,736<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1631\">6,567<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1632\">Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1633\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1634\">-20<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1635\">-981<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1636\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _273\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1637\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1638\">203<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1639\">1,436<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163a\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _1b1\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163b\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163c\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163d\">-1,823<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163e\">Me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _82\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs163f\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1640\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1641\">-19<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1642\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _10f\"> </span>66<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1643\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1644\">1,403<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1645\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1646\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _2df\"> </span>1,789,28<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1647\">343,898<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1648\">183,126<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1649\">592,898<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs164a\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs164b\"> <span class=\"_ _6\"> </span>The in<span class=\"_ _3\"></span>terest payable for subordinated liabi<span class=\"_ _3\"></span>l<span class=\"_ _1\"></span>ities is in<span class=\"_ _3\"></span>cl<span class=\"_ _1\"></span>uded in other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>liabi<span class=\"_ _3\"></span>l<span class=\"_ _1\"></span>ities. </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs164c\">2</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs164d\"> <span class=\"_ _6\"> </span>Contains <span class=\"_ _3\"></span>derivative liabilities from financing li<span class=\"_ _3\"></span>ab<span class=\"_ _1\"></span>ilities <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d other <span class=\"_ _3\"></span>fi<span class=\"_ _1\"></span>nancin<span class=\"_ _3\"></span>g<span class=\"_ _1\"></span> liabilities </div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs164e\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _e5\"> </span><span class=\"fs15\">31.12<span class=\"_ _1\"></span>.2021 </span></div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs164f\">  <span class=\"_ _111\"> </span><span class=\"fs15\">Subordinat<span class=\"_ _1\"></span>ed liabil<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1650\">(including inte<span class=\"_ _1\"></span>rest)<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1651\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1652\">Liabil<span class=\"_ _1\"></span>ities to f<span class=\"_ _1\"></span>inancial </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1653\">instituti<span class=\"_ _1\"></span>ons<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1654\">Lea<span class=\"_ _1\"></span>se liabili<span class=\"_ _1\"></span>ties<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1655\">Financing liabil<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1656\">2<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1657\"><div class=\"t m1 x6 h35 y6d2 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gse85\">Boo<span class=\"_ _1\"></span>k v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>viou<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>1,496,361<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1658\">325,267<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1659\">189,762<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs165a\">102,204<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs165b\">Ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ges<span class=\"_ _1\"></span> <span class=\"_ _fe\"> </span>-68,34<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs165c\">19,596<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs165d\">-28,53<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs165e\">486,944<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs165f\">Cash<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>fl<span class=\"_ _1\"></span>ows<span class=\"_ _1\"></span> <span class=\"_ _19a\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1660\">35,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1661\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1662\">488,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1663\">Pa<span class=\"_ _1\"></span>ymen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>-3,790<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1664\">-10,733<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1665\">-28,535<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1666\">-33<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1667\">Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>-64,5<span class=\"_ _1\"></span>51<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1668\">-4,671<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1669\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs166a\">-1,023<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs166b\">Non-<span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>h c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s <span class=\"_ _2de\"> </span>65,579<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs166c\">6,224<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs166d\">19,821<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs166e\">5,484<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs166f\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>64<span class=\"_ _1\"></span>,431<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1670\">6,221<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1671\">16,093<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1672\">5,741<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1673\">Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1674\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1675\">-17<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1676\">-260<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1677\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _273\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1678\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1679\">828<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167a\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167b\">Me<span class=\"_ _1\"></span>asu<span class=\"_ _1\"></span>rem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>han<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _82\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167c\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167d\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167e\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs167f\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _272\"> </span>1,148<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1680\">3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1681\">2,917<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1682\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1683\">Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _2df\"> </span>1,493,59<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1684\">351,087<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1685\">181,048<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1686\">594,632<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1687\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1688\"> <span class=\"_ _6\"> </span>The in<span class=\"_ _3\"></span>terest payable for subordinated liabi<span class=\"_ _3\"></span>l<span class=\"_ _1\"></span>ities is in<span class=\"_ _3\"></span>cl<span class=\"_ _1\"></span>uded in other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>liabi<span class=\"_ _3\"></span>l<span class=\"_ _1\"></span>ities. </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1689\">2</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs168a\"> <span class=\"_ _6\"> </span>Contains <span class=\"_ _3\"></span>derivative liabilities from financing li<span class=\"_ _3\"></span>ab<span class=\"_ _1\"></span>ilities <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d other <span class=\"_ _3\"></span>fi<span class=\"_ _1\"></span>nancin<span class=\"_ _3\"></span>g<span class=\"_ _1\"></span> liabilities </div>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span>ADDITIONAL DISCLOSURES<span class=\"ff49\"> </span>24.<span class=\"ff4b\"> </span>FINANCIAL INST<span class=\"_ _3\"></span>R<span class=\"_ _1\"></span>UMENTS <span class=\"_ _5\"></span>AND F<span class=\"_ _5\"></span>AIR V<span class=\"_ _d\"></span>A<span class=\"_ _1\"></span>LUE<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>MEASU<span class=\"_ _3\"></span>REMENT HIE<span class=\"_ _3\"></span>RARCHY Fair values<span class=\"_ _1\"></span> and book<span class=\"_ _1\"></span> values of<span class=\"_ _1\"></span> financial <span class=\"_ _1\"></span>instrument<span class=\"_ _1\"></span>s and <span class=\"_ _1\"></span>investment<span class=\"_ _1\"></span>s <span class=\"_ _ec\"> </span><span class=\"fs15\">31.1<span class=\"_ _1\"></span>2.2022 </span>  <span class=\"_ _256\"> </span><span class=\"fs15\">Book<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></span>Level 1<span class=\"_ _379\"> </span>Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _379\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _2e0\"> </span>3,128,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>83,589<span class=\"_ _379\"> </span>5,041,46<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>5,125,05<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _281\"> </span>483,345<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>39,007<span class=\"_ _379\"> </span>820,867<span class=\"_ _379\"> </span>859,874<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _193\"> </span>2,645,632<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>44,582<span class=\"_ _379\"> </span>4,220,60<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>4,265,18<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>Shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s <span class=\"_ _96\"> </span>287<span class=\"_ _1\"></span>,960<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _237\"> </span>2,119<span class=\"_ _1\"></span>,428<span class=\"_ _379\"> </span>188,803<span class=\"_ _379\"> </span>1,750,38<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>46,392<span class=\"_ _379\"> </span>1,985,58<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s <span class=\"_ _2e1\"> </span>1,306,23<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>140,612<span class=\"_ _379\"> </span>994,247<span class=\"_ _379\"> </span>28,485<span class=\"_ _379\"> </span>1,163,34<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>91<span class=\"_ _1\"></span>,834<span class=\"_ _379\"> </span>29,262<span class=\"_ _379\"> </span>69,354<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>98,616<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _284\"> </span>721,3<span class=\"_ _1\"></span>57<span class=\"_ _379\"> </span>18,929<span class=\"_ _379\"> </span>686,788<span class=\"_ _379\"> </span>17,907<span class=\"_ _379\"> </span>723,624<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _1b1\"> </span>25,555,21<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>20,665,5<span class=\"_ _1\"></span>67<span class=\"_ _379\"> </span>3,776,22<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>874,407<span class=\"_ _379\"> </span>25,316,1<span class=\"_ _1\"></span>94<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _1bb\"> </span>2,278,932<span class=\"_ _379\"> </span>1,566,20<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>466,374<span class=\"_ _379\"> </span>11,515<span class=\"_ _379\"> </span>2,044,09<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y <span class=\"_ _18e\"> </span>155,8<span class=\"_ _1\"></span>58<span class=\"_ _379\"> </span>141,504<span class=\"_ _379\"> </span>10,175<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>151,679<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>22,915,<span class=\"_ _1\"></span>672<span class=\"_ _379\"> </span>18,847,2<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span>3,264,59<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>803,822<span class=\"_ _379\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>1 <span class=\"_ _41\"> </span>204,750<span class=\"_ _379\"> </span>110,606<span class=\"_ _379\"> </span>35,074<span class=\"_ _379\"> </span>59,070<span class=\"_ _379\"> </span>204,750<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2e2\"> </span>1,248,77<span class=\"_ _1\"></span>6  <span class=\"_ _26\"> </span>  <span class=\"_ _26\"> </span>  <span class=\"_ _33\"> </span>1,24<span class=\"_ _1\"></span>8,776<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>unit-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>7,164,12<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>7,164,12<span class=\"_ _1\"></span>9  <span class=\"_ _26\"> </span>  <span class=\"_ _33\"> </span>7<span class=\"_ _1\"></span>,164,129<span class=\"_ _379\"> </span>Su<span class=\"_ _1\"></span>bor<span class=\"_ _1\"></span>dinat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _1b1\"> </span>1<span class=\"_ _1\"></span>,746,366<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,628,75<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>21,369<span class=\"_ _379\"> </span>1,650,12<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to<span class=\"_ _1\"></span> fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nstit<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>3<span class=\"_ _1\"></span>43,898  <span class=\"_ _26\"> </span>  <span class=\"_ _26\"> </span>  <span class=\"_ _13c\"> </span>343,8<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>2 <span class=\"_ _18b\"> </span>592,898<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>320,939<span class=\"_ _379\"> </span>101,154<span class=\"_ _379\"> </span>422,093<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for <span class=\"_ _3\"></span>tradi<span class=\"_ _1\"></span>ng 2 <span class=\"_ _6\"> </span>Not incl<span class=\"_ _3\"></span>uding derivative liabilities<span class=\"_ _379\"> </span> Fair values<span class=\"_ _1\"></span> and book<span class=\"_ _1\"></span> values of<span class=\"_ _1\"></span> financial <span class=\"_ _1\"></span>instrument<span class=\"_ _1\"></span>s and <span class=\"_ _1\"></span>investment<span class=\"_ _1\"></span>s <span class=\"_ _ec\"> </span><span class=\"fs15\">31.1<span class=\"_ _1\"></span>2.2021 </span>  <span class=\"_ _256\"> </span><span class=\"fs15\">Book<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></span>Level 1<span class=\"_ _379\"> </span>Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _379\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _2e0\"> </span>2,850,58<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>64,483<span class=\"_ _379\"> </span>4,617,61<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>4,682,09<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _281\"> </span>472,303<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>26,866<span class=\"_ _379\"> </span>788,603<span class=\"_ _379\"> </span>815,469<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _193\"> </span>2,378,285<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>37,617<span class=\"_ _379\"> </span>3,829,01<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>3,866,63<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Shar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s i<span class=\"_ _1\"></span>n a<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s <span class=\"_ _96\"> </span>276<span class=\"_ _1\"></span>,913<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _237\"> </span>2,156<span class=\"_ _1\"></span>,064<span class=\"_ _379\"> </span>58,403<span class=\"_ _379\"> </span>2,280,84<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>40,412<span class=\"_ _379\"> </span>2,379,65<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s <span class=\"_ _2e1\"> </span>1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,322,84<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>26,155<span class=\"_ _379\"> </span>1,349,00<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>106,<span class=\"_ _1\"></span>677<span class=\"_ _379\"> </span>33,681<span class=\"_ _379\"> </span>92,792<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>126,473<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _284\"> </span>775,7<span class=\"_ _1\"></span>54<span class=\"_ _379\"> </span>24,722<span class=\"_ _379\"> </span>865,201<span class=\"_ _379\"> </span>14,257<span class=\"_ _379\"> </span>904,180<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _1b1\"> </span>28,653,99<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>23,486,9<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>4,427,17<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>838,085<span class=\"_ _379\"> </span>28,752,2<span class=\"_ _1\"></span>45<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _1bb\"> </span>2,255,318<span class=\"_ _379\"> </span>1,767,51<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>541,052<span class=\"_ _379\"> </span>9,646<span class=\"_ _379\"> </span>2,318,21<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y <span class=\"_ _18e\"> </span>302,4<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span>327,417<span class=\"_ _379\"> </span>10,338<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>337,755<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>25,849,<span class=\"_ _1\"></span>069<span class=\"_ _379\"> </span>21,260,6<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span>3,829,91<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>758,532<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>1 <span class=\"_ _41\"> </span>247,209<span class=\"_ _379\"> </span>131,432<span class=\"_ _379\"> </span>45,870<span class=\"_ _379\"> </span>69,907<span class=\"_ _379\"> </span>247,209<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a4\"> </span>872,22<span class=\"_ _1\"></span>7  <span class=\"_ _26\"> </span>  <span class=\"_ _26\"> </span>  <span class=\"_ _13c\"> </span>872,2<span class=\"_ _1\"></span>27<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>unit-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _a4\"> </span>8,525,33<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>8,525,33<span class=\"_ _1\"></span>1  <span class=\"_ _26\"> </span>  <span class=\"_ _33\"> </span>8<span class=\"_ _1\"></span>,525,331<span class=\"_ _379\"> </span>Su<span class=\"_ _1\"></span>bor<span class=\"_ _1\"></span>dinat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _1b1\"> </span>1<span class=\"_ _1\"></span>,461,286<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>1,586,04<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>21,199<span class=\"_ _379\"> </span>1,607,24<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Liab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s to<span class=\"_ _1\"></span> fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nstit<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>3<span class=\"_ _1\"></span>51,087  <span class=\"_ _26\"> </span>  <span class=\"_ _26\"> </span>  <span class=\"_ _13c\"> </span>351,0<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>2 <span class=\"_ _18b\"> </span>594,614<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>487,493<span class=\"_ _379\"> </span>102,870<span class=\"_ _379\"> </span>590,363<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for <span class=\"_ _3\"></span>tradi<span class=\"_ _1\"></span>ng 2 <span class=\"_ _6\"> </span>Not incl<span class=\"_ _3\"></span>uding derivative liabilities<span class=\"_ _379\"> </span> 1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Informatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n the natur<span class=\"_ _3\"></span>e and exten<span class=\"_ _3\"></span>t of risks arisi<span class=\"_ _3\"></span>ng from <span class=\"_ _3\"></span>financial instrum<span class=\"_ _3\"></span>ents is <span class=\"_ _3\"></span>provided in th<span class=\"_ _3\"></span>e F<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ancial inst<span class=\"_ _3\"></span>ruments and<span class=\"_ _3\"></span> risk ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement se<span class=\"_ _3\"></span>ction on <span class=\"_ _3\"></span>page 71.<span class=\"_ _3\"></span> Property (<span class=\"_ _1\"></span>fair values<span class=\"_ _1\"></span>) <span class=\"_ _242\"> </span><span class=\"fs15\">31.12.2<span class=\"_ _1\"></span>022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>prop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>859,874<span class=\"_ _379\"> </span>815,469<span class=\"_ _379\"> </span>eva<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t <span class=\"_ _249\"> </span>394,979<span class=\"_ _379\"> </span>348,034<span class=\"_ _379\"> </span>eva<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt <span class=\"_ _2e3\"> </span>464,895<span class=\"_ _379\"> </span>467,435<span class=\"_ _379\"> </span>Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>y <span class=\"_ _c8\"> </span>4,265,182<span class=\"_ _379\"> </span>3,866,63<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>eva<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t e<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t* <span class=\"_ _2b0\"> </span>1,017,714<span class=\"_ _379\"> </span>916,684<span class=\"_ _379\"> </span>eva<span class=\"_ _1\"></span>lua<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d b<span class=\"_ _1\"></span>y an<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l ex<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rt <span class=\"_ _23d\"> </span>3,247,4<span class=\"_ _1\"></span>68<span class=\"_ _379\"> </span>2,949,94<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>*This corr<span class=\"_ _3\"></span>esponds to 23.86% (23.71%) of the fai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> value of i<span class=\"_ _3\"></span>nvestment property.<span class=\"_ _379\"> </span> Measurem<span class=\"_ _3\"></span>ent proc<span class=\"_ _3\"></span>ess The <span class=\"_ _c\"></span>me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ement <span class=\"_ _a\"></span>proc<span class=\"_ _3\"></span>ess <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ims<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>determine <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>fair <span class=\"_ _a\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>finan<span class=\"_ _1\"></span>cial <span class=\"_ _a\"></span>assets <span class=\"_ _a\"></span>using <span class=\"_ _a\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ce <span class=\"_ _c\"> </span>q<span class=\"_ _3\"></span>uotations <span class=\"_ _a\"></span>that <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>public<span class=\"_ _3\"></span>ly available <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>active <span class=\"_ _4\"></span>mar<span class=\"_ _3\"></span>ket<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valuatio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>based <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>economi<span class=\"_ _3\"></span>c <span class=\"_ _4\"></span>model<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>using <span class=\"_ _4\"></span>obs<span class=\"_ _3\"></span>ervable <span class=\"_ _4\"></span>inp<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ts. <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>public <span class=\"_ _4\"></span>pri<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> quotations<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>obs<span class=\"_ _3\"></span>ervable <span class=\"_ _4\"></span>mark<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>available<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _a\"></span>an <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>gener<span class=\"_ _3\"></span>ally <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng valuatio<span class=\"_ _3\"></span>n  repo<span class=\"_ _3\"></span>rts <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>by<span class=\"_ _1\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>ppraise<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>(e<span class=\"_ _1\"></span>.g. <span class=\"_ _6\"> </span>expert <span class=\"_ _6\"> </span>reports<span class=\"_ _3\"></span>).  T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _2\"> </span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>nal <span class=\"_ _2\"> </span>units <span class=\"_ _6\"> </span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _2\"> </span>for <span class=\"_ _6\"> </span>appraisal<span class=\"_ _5\"></span>  of investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> ar<span class=\"_ _3\"></span>e inde<span class=\"_ _3\"></span>pendent of<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>units t<span class=\"_ _3\"></span>hat ass<span class=\"_ _3\"></span>ume t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _5\"></span>k e<span class=\"_ _1\"></span>xpos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e of th<span class=\"_ _3\"></span>e investm<span class=\"_ _3\"></span>ents, t<span class=\"_ _3\"></span>hereb<span class=\"_ _3\"></span>y ens<span class=\"_ _3\"></span>uring sep<span class=\"_ _3\"></span>aration <span class=\"_ _5\"></span>of<span class=\"_ _1\"></span> functions <span class=\"_ _3\"></span>and r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities. As <span class=\"_ _3\"></span>a rule, <span class=\"_ _3\"></span>the aim<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>use t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>sam<span class=\"_ _3\"></span>e price <span class=\"_ _3\"></span>within <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>Insuran<span class=\"_ _3\"></span>ce Gro<span class=\"_ _3\"></span>up to <span class=\"_ _5\"></span>value a <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ular s<span class=\"_ _3\"></span>ecurity o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>each <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n dat<span class=\"_ _3\"></span>e. In p<span class=\"_ _3\"></span>ractice, <span class=\"_ _3\"></span>howe<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, s<span class=\"_ _3\"></span>ituatio<span class=\"_ _3\"></span>ns occ<span class=\"_ _3\"></span>ur w<span class=\"_ _3\"></span>hen t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>cost <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>ess <span class=\"_ _3\"></span>compliance <span class=\"_ _5\"></span>would <span class=\"_ _3\"></span>be in<span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>priate. <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>or ex<span class=\"_ _3\"></span>ample, <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>ocal provisi<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>some<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>untr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in whic<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>VIG Insu<span class=\"_ _3\"></span>rance Group <span class=\"_ _3\"></span>operates requir<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>the ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>anies ther<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to use pric<span class=\"_ _3\"></span>es on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>stock exchang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>value c<span class=\"_ _1\"></span>ertai<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>this case, <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>the same <span class=\"_ _1\"></span>sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>held by <span class=\"_ _1\"></span>other companies<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e compa<span class=\"_ _3\"></span>nies might <span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span>her price so<span class=\"_ _3\"></span>urce fo<span class=\"_ _3\"></span>r valua<span class=\"_ _3\"></span>tion. Institutio<span class=\"_ _3\"></span>nal <span class=\"_ _a\"></span>funds <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>anot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _4\"></span>exampl<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>where <span class=\"_ _4\"></span>uniform <span class=\"_ _4\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>can <span class=\"_ _a\"></span>only <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>achieved <span class=\"_ _4\"></span>at <span class=\"_ _a\"></span>an <span class=\"_ _4\"></span>inordi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>tel<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>high <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>ost. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Austrian <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies <span class=\"_ _a\"></span>hold <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>aryi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>amo<span class=\"_ _3\"></span>unts <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>institutional<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>funds<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>requir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>under <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>included <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the consolida<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents. <span class=\"_ _1\"></span>Howev<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>valua<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>ogic <span class=\"_ _1\"></span>of a<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>institutio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fund requir<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fund v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>(NA<span class=\"_ _5\"></span>V) <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>a particul<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>date <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>be c<span class=\"_ _3\"></span>alculat<span class=\"_ _3\"></span>ed usi<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(in <span class=\"_ _3\"></span>general, <span class=\"_ _3\"></span>closi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>prices o<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he pr<span class=\"_ _3\"></span>evious <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ay<span class=\"_ _5\"></span>. I<span class=\"_ _3\"></span>n this <span class=\"_ _3\"></span>case, <span class=\"_ _5\"></span>a sec<span class=\"_ _3\"></span>urity t<span class=\"_ _3\"></span>hat i<span class=\"_ _3\"></span>s bo<span class=\"_ _3\"></span>th held i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> instit<span class=\"_ _3\"></span>utional f<span class=\"_ _3\"></span>und and dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y held <span class=\"_ _3\"></span>will be val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>using dif<span class=\"_ _5\"></span>ferent prices.<span class=\"_ _3\"></span> The follo<span class=\"_ _3\"></span>wing items a<span class=\"_ _3\"></span>re me<span class=\"_ _3\"></span>asure<span class=\"_ _3\"></span>d at f<span class=\"_ _3\"></span>air value:<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _3\"></span>vailable f<span class=\"_ _3\"></span>or sale, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>nised at fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it and los<span class=\"_ _3\"></span>s (incl. held for <span class=\"_ _3\"></span>trading<span class=\"_ _3\"></span>), \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Der<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>ative finan<span class=\"_ _3\"></span>cial instrum<span class=\"_ _3\"></span>ents (asse<span class=\"_ _3\"></span>ts/li<span class=\"_ _3\"></span>abilities), and<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial instr<span class=\"_ _3\"></span>uments for <span class=\"_ _3\"></span>unit- and i<span class=\"_ _3\"></span>ndex-link<span class=\"_ _3\"></span>ed life ins<span class=\"_ _3\"></span>urance<span class=\"_ _3\"></span>. Balanc<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>items <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>reporte<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>fair <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>bject <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>non<span class=\"_ _1\"></span>-recurr<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>measurem<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue. <span class=\"_ _1\"></span>The<span class=\"_ _1\"></span>se items <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>measured <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _a\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _4\"></span>when <span class=\"_ _a\"></span>events <span class=\"_ _4\"></span>occu<span class=\"_ _1\"></span>r <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>indicate <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>book <span class=\"_ _a\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>might <span class=\"_ _a\"></span>no <span class=\"_ _a\"></span>longer <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>coverable (impairment).<span class=\"_ _379\"> </span>  G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span>The follo<span class=\"_ _3\"></span>wing items a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not r<span class=\"_ _3\"></span>eported at f<span class=\"_ _3\"></span>air value:<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>held to m<span class=\"_ _3\"></span>aturity<span class=\"_ _d\"></span>, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Sh<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es in at <span class=\"_ _3\"></span>equity consol<span class=\"_ _3\"></span>idate<span class=\"_ _3\"></span>d compa<span class=\"_ _3\"></span>nies, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Propert<span class=\"_ _3\"></span>y (<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wner<span class=\"_ _5\"></span>-occupied <span class=\"_ _3\"></span>and inves<span class=\"_ _3\"></span>tment p<span class=\"_ _3\"></span>ropert<span class=\"_ _3\"></span>y)<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>L<span class=\"_ _1\"></span>oans, a<span class=\"_ _3\"></span>nd \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>eceiv<span class=\"_ _3\"></span>ables. REAL ES<span class=\"_ _3\"></span>TA<span class=\"_ _d\"></span>TE <span class=\"_ _5\"></span>VALUA<span class=\"_ _d\"></span>TION The ca<span class=\"_ _3\"></span>pitalised <span class=\"_ _3\"></span>earnin<span class=\"_ _1\"></span>gs <span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _3\"></span> and <span class=\"_ _3\"></span>discounted <span class=\"_ _3\"></span>cash fl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>method <span class=\"_ _3\"></span>are th<span class=\"_ _3\"></span>e main <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>used in<span class=\"_ _3\"></span> VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>up to calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>e the f<span class=\"_ _3\"></span>air value of pr<span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ties. Each <span class=\"_ _1\"></span>time <span class=\"_ _1\"></span>valuation <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>perfo<span class=\"_ _3\"></span>rmed, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ethods <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>verifi<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>which <span class=\"_ _1\"></span>allow <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fai<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>value<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>prop<span class=\"_ _3\"></span>erty <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>calculate<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up mainl<span class=\"_ _3\"></span>y u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es the <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>alised e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs m<span class=\"_ _3\"></span>ethod. In <span class=\"_ _3\"></span>rare c<span class=\"_ _3\"></span>ases, a dis<span class=\"_ _3\"></span>counte<span class=\"_ _3\"></span>d cash flow m<span class=\"_ _3\"></span>ethod is<span class=\"_ _3\"></span> also us<span class=\"_ _3\"></span>ed, provid<span class=\"_ _3\"></span>ed it ca<span class=\"_ _3\"></span>n be used to <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>ne the hig<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>est a<span class=\"_ _3\"></span>nd best <span class=\"_ _3\"></span>use value fo<span class=\"_ _3\"></span>r the pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y type.<span class=\"_ _3\"></span> Capitalised<span class=\"_ _3\"></span> e<span class=\"_ _1\"></span>arni<span class=\"_ _3\"></span>ngs meth<span class=\"_ _3\"></span>od In t<span class=\"_ _3\"></span>his m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od, <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>value of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>determin<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>priate <span class=\"_ _3\"></span>inter<span class=\"_ _5\"></span>est <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>apitalise <span class=\"_ _5\"></span>expected <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r r<span class=\"_ _3\"></span>eceiv<span class=\"_ _3\"></span>ed future <span class=\"_ _1\"></span>gross <span class=\"_ _1\"></span>profits <span class=\"_ _1\"></span>over <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>useful <span class=\"_ _1\"></span>life. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>perating <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>come <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>calculated <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>ded<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>actual <span class=\"_ _4\"></span>operati<span class=\"_ _5\"></span>ng,<span class=\"_ _1\"></span> maintena<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>admi<span class=\"_ _3\"></span>nistrative <span class=\"_ _5\"></span>expenses<span class=\"_ _3\"></span> (m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es). <span class=\"_ _3\"></span>An <span class=\"_ _3\"></span>allow<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>for l<span class=\"_ _3\"></span>ost <span class=\"_ _5\"></span>rental <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>any <span class=\"_ _3\"></span>liq<span class=\"_ _3\"></span>uidation proce<span class=\"_ _3\"></span>eds a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>costs a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>take<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>into <span class=\"_ _3\"></span>accou<span class=\"_ _3\"></span>nt. T<span class=\"_ _3\"></span>he ra<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed to <span class=\"_ _3\"></span>calc<span class=\"_ _3\"></span>ulate <span class=\"_ _3\"></span>capitalis<span class=\"_ _3\"></span>ed e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>nings <span class=\"_ _5\"></span>is based <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>achie<span class=\"_ _3\"></span>vable ret<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>n o<span class=\"_ _3\"></span>n i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>Net <span class=\"_ _3\"></span>operati<span class=\"_ _3\"></span>ng in<span class=\"_ _3\"></span>come m<span class=\"_ _3\"></span>inus <span class=\"_ _3\"></span>the r<span class=\"_ _5\"></span>eturn on <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>and i<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>alised <span class=\"_ _3\"></span>at t<span class=\"_ _3\"></span>his ra<span class=\"_ _3\"></span>te o<span class=\"_ _3\"></span>ver th<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>aini<span class=\"_ _3\"></span>ng us<span class=\"_ _3\"></span>efu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>calculate the capit<span class=\"_ _3\"></span>alised earn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>value of the structur<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>facili<span class=\"_ _3\"></span>ty<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>is is added to the <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d value to calculate the total capitali<span class=\"_ _3\"></span>sed earnings v<span class=\"_ _3\"></span>alue of th<span class=\"_ _3\"></span>e prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> Discounte<span class=\"_ _3\"></span>d cash flow met<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _3\"></span> The <span class=\"_ _3\"></span>discount<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>cash f<span class=\"_ _3\"></span>low m<span class=\"_ _5\"></span>ethod i<span class=\"_ _3\"></span>s a <span class=\"_ _5\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>hod t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>discou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>cash f<span class=\"_ _3\"></span>lows <span class=\"_ _3\"></span>during <span class=\"_ _5\"></span>the f<span class=\"_ _3\"></span>ore<span class=\"_ _3\"></span>cast <span class=\"_ _3\"></span>phase <span class=\"_ _3\"></span>(ph<span class=\"_ _3\"></span>ase I<span class=\"_ _3\"></span>) b<span class=\"_ _3\"></span>ack to the valuation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>date. Disco<span class=\"_ _3\"></span>unti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g is perfo<span class=\"_ _3\"></span>rmed u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng a rate for a c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>arable risk<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>inves<span class=\"_ _3\"></span>tment with pro<span class=\"_ _3\"></span>perty<span class=\"_ _3\"></span>- <span class=\"_ _1\"></span>and ma<span class=\"_ _3\"></span>rket-<span class=\"_ _379\"> </span>specific  pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms. <span class=\"_ _2\"> </span>Th<span class=\"_ _3\"></span>e  gross <span class=\"_ _2\"> </span>pro<span class=\"_ _3\"></span>fit  for  the <span class=\"_ _2\"> </span>year  plus <span class=\"_ _6\"> </span>vacancy  r<span class=\"_ _3\"></span>ental  (at  curr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt  m<span class=\"_ _3\"></span>arket  r<span class=\"_ _3\"></span>ent)  minus  no<span class=\"_ _3\"></span>n-alloca<span class=\"_ _3\"></span>ble managem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>costs <span class=\"_ _3\"></span>equals <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>net op<span class=\"_ _3\"></span>erating <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e m<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od <span class=\"_ _3\"></span>allows <span class=\"_ _5\"></span>preci<span class=\"_ _3\"></span>se a<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ysis <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ndividual <span class=\"_ _5\"></span>years of <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>initial <span class=\"_ _1\"></span>fore<span class=\"_ _3\"></span>cast <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>so <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>vaca<span class=\"_ _3\"></span>ncies <span class=\"_ _4\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>assign<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ndividual<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>years a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>accou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in advanc<span class=\"_ _3\"></span>e. In p<span class=\"_ _3\"></span>hase <span class=\"_ _3\"></span>II, th<span class=\"_ _3\"></span>e pro<span class=\"_ _3\"></span>ceeds f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fictitious <span class=\"_ _3\"></span>disposal <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>the e<span class=\"_ _3\"></span>nd of <span class=\"_ _3\"></span>the for<span class=\"_ _3\"></span>ecas<span class=\"_ _3\"></span>t phase <span class=\"_ _3\"></span>(m<span class=\"_ _3\"></span>ax. 10<span class=\"_ _3\"></span> years) <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>calcul<span class=\"_ _3\"></span>ated by <span class=\"_ _3\"></span>capitali<span class=\"_ _3\"></span>sing <span class=\"_ _3\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>flows. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>rate <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>is <span class=\"_ _5\"></span>calcul<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>rate <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>compara<span class=\"_ _3\"></span>bly <span class=\"_ _3\"></span>risk<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>investment <span class=\"_ _5\"></span>plus <span class=\"_ _5\"></span>market- and pro<span class=\"_ _3\"></span>perty<span class=\"_ _3\"></span>-specific pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>ums, less t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expected i<span class=\"_ _3\"></span>ncr<span class=\"_ _3\"></span>ease in value.<span class=\"_ _3\"></span> OTHER DIS<span class=\"_ _3\"></span>CLOSUR<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> A<span class=\"_ _3\"></span>BOUT <span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>HE<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>VALU<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TION PRO<span class=\"_ _3\"></span>CESS<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dif<span class=\"_ _5\"></span>ferent <span class=\"_ _1\"></span>pricing <span class=\"_ _1\"></span>mod<span class=\"_ _3\"></span>els <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d assumptions can <span class=\"_ _1\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esults <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>fai<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue. <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>hanges <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>estimat<span class=\"_ _3\"></span>es and <span class=\"_ _1\"></span>assump<span class=\"_ _3\"></span>tions<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>determi<span class=\"_ _3\"></span>ne <span class=\"_ _1\"></span>the fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of assets in<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>mar<span class=\"_ _3\"></span>ket <span class=\"_ _1\"></span>price<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>uotations<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>may<span class=\"_ _3\"></span> necessita<span class=\"_ _3\"></span>te a write-up or write-do<span class=\"_ _3\"></span>wn of the book valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>qu<span class=\"_ _3\"></span>estion and the re<span class=\"_ _3\"></span>cognitio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the corr<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>ng income o<span class=\"_ _3\"></span>r expense i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement. <span class=\"_ _3\"></span> Certain inves<span class=\"_ _3\"></span>tments whos<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> fair val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e is norm<span class=\"_ _3\"></span>ally not r<span class=\"_ _3\"></span>epeate<span class=\"_ _3\"></span>dly measur<span class=\"_ _3\"></span>ed ar<span class=\"_ _3\"></span>e measur<span class=\"_ _3\"></span>ed once at fair <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue when events <span class=\"_ _3\"></span>or changes i<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>cumst<span class=\"_ _3\"></span>ances indica<span class=\"_ _3\"></span>te that the book <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue might no longe<span class=\"_ _3\"></span>r be recov<span class=\"_ _3\"></span>erable. If fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial ass<span class=\"_ _3\"></span>ets are m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span>d at<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> 1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue when <span class=\"_ _1\"></span>imp<span class=\"_ _3\"></span>airment <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>mi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sell<span class=\"_ _3\"></span>ing <span class=\"_ _1\"></span>costs <span class=\"_ _1\"></span>is used as <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _5\"></span>ent <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nce with <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>5, <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>disclos<span class=\"_ _3\"></span>ure <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>his <span class=\"_ _d\"></span>effect<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>includ<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Note <span class=\"_ _5\"></span>16.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Financial <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esult <span class=\"_ _5\"></span>excl. <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>consoli<span class=\"_ _3\"></span>dated companies s<span class=\"_ _3\"></span>tarting o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> page 1<span class=\"_ _3\"></span>26 or N<span class=\"_ _3\"></span>ote 18. <span class=\"_ _3\"></span>Other income <span class=\"_ _3\"></span>and exp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> pag<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span> 129.<span class=\"_ _379\"> </span>Measurem<span class=\"_ _3\"></span>ent hi<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>rar<span class=\"_ _3\"></span>chy \u2013 Finan<span class=\"_ _3\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>l instrum<span class=\"_ _3\"></span>ents recog<span class=\"_ _3\"></span>nised at f<span class=\"_ _3\"></span>air v<span class=\"_ _3\"></span>alue Mea<span class=\"_ _1\"></span>surement hie<span class=\"_ _1\"></span>rarchy<span class=\"_ _1\"></span><span class=\"fc11\"> <span class=\"_ _1bb\"> </span></span><span class=\"fs15\">31.12.2022 <span class=\"_ _15c\"> </span><span class=\"fc11\">31<span class=\"_ _1\"></span>.12.2021 </span></span>Financial i<span class=\"_ _1\"></span>nstrument<span class=\"_ _1\"></span>s reco<span class=\"_ _1\"></span>gnised at fa<span class=\"_ _1\"></span>ir value<span class=\"_ _1\"></span> <span class=\"_ _2c2\"> </span><span class=\"fs15\">Le<span class=\"_ _1\"></span>vel 1<span class=\"_ _379\"> </span></span>Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _379\"> </span>Level 1<span class=\"_ _379\"> </span>Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Financial<span class=\"_ _1\"></span> assets <span class=\"_ _15a\"> </span>  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _293\"> </span><span class=\"fc11\">  <span class=\"_ _293\"> </span>  <span class=\"_ _4f\"> </span>  </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>ble<span class=\"_ _1\"></span> for<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>ale<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>18,847,25<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>3,264,59<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>803,822<span class=\"_ _379\"> </span>21,260,6<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span>3,829,91<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>758,532<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _fb\"> </span>16,932,1<span class=\"_ _1\"></span>67<span class=\"_ _379\"> </span>3,212,27<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>268,747<span class=\"_ _379\"> </span>18,334,7<span class=\"_ _1\"></span>52<span class=\"_ _379\"> </span>3,721,35<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>249,107<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>292,941<span class=\"_ _379\"> </span>7,779<span class=\"_ _379\"> </span>312,416<span class=\"_ _379\"> </span>425,500<span class=\"_ _379\"> </span>4,427<span class=\"_ _379\"> </span>341,006<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _157\"> </span>1<span class=\"_ _1\"></span>,622,145<span class=\"_ _379\"> </span>44,541<span class=\"_ _379\"> </span>222,659<span class=\"_ _379\"> </span>2,500,37<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>104,131<span class=\"_ _379\"> </span>168,419<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l i<span class=\"_ _1\"></span>nve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>unit-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd i<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>nke<span class=\"_ _1\"></span>d l<span class=\"_ _1\"></span>ife ins<span class=\"_ _1\"></span>ura<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _2e4\"> </span>7,164,12<span class=\"_ _1\"></span>9  <span class=\"_ _293\"> </span>  <span class=\"_ _2e5\"> </span><span class=\"fc11\">8,525,33<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></span>The <span class=\"_ _3\"></span>unr<span class=\"_ _3\"></span>ealised <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fect <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>result <span class=\"_ _5\"></span>(net <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or<span class=\"_ _3\"></span> l<span class=\"_ _3\"></span>oss) f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>evel <span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> inst<span class=\"_ _3\"></span>ruments <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e stil<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>in t<span class=\"_ _3\"></span>he po<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>tfoli<span class=\"_ _3\"></span>o a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>who<span class=\"_ _3\"></span>se fair value is r<span class=\"_ _5\"></span>ecognised i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> prof<span class=\"_ _3\"></span>it or l<span class=\"_ _3\"></span>oss was EU<span class=\"_ _3\"></span>R -345,0<span class=\"_ _3\"></span>00 duri<span class=\"_ _3\"></span>ng the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>year (EUR -57<span class=\"_ _3\"></span>8,000<span class=\"_ _3\"></span>). Rec<span class=\"_ _3\"></span>lassification<span class=\"_ _3\"></span> of finan<span class=\"_ _3\"></span>ci<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>l instrumen<span class=\"_ _3\"></span>ts The <span class=\"_ _1\"></span>companies in<span class=\"_ _1\"></span> VIG <span class=\"_ _1\"></span>Insurance Group <span class=\"_ _1\"></span>reg<span class=\"_ _3\"></span>ularly <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ew <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>validity <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>last <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _1\"></span>perform<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>each valuatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>date. <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>example, <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>reclassi<span class=\"_ _3\"></span>ficatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>pe<span class=\"_ _1\"></span>rfor<span class=\"_ _3\"></span>med, <span class=\"_ _3\"></span>if <span class=\"_ _5\"></span>needed <span class=\"_ _3\"></span>inpu<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>are <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>longer <span class=\"_ _5\"></span>directly <span class=\"_ _5\"></span>observable <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>marke<span class=\"_ _3\"></span>t. Reclassi<span class=\"_ _3\"></span>fications <span class=\"_ _4\"></span>betwe<span class=\"_ _3\"></span>en <span class=\"_ _a\"></span>Level <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>2 <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>ima<span class=\"_ _3\"></span>rily <span class=\"_ _a\"></span>oc<span class=\"_ _3\"></span>cur <span class=\"_ _a\"></span>if <span class=\"_ _4\"></span>liquidity<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>tradi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>freq<span class=\"_ _3\"></span>uency <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>radi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>vity <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>partic<span class=\"_ _3\"></span>ular financial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>nce ag<span class=\"_ _3\"></span>ain, or <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>o l<span class=\"_ _3\"></span>onger all<span class=\"_ _3\"></span>ows o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e to <span class=\"_ _3\"></span>concl<span class=\"_ _3\"></span>ud<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>that an ac<span class=\"_ _3\"></span>tive ma<span class=\"_ _3\"></span>rket exists. <span class=\"_ _3\"></span>For exam<span class=\"_ _3\"></span>ple, t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e m<span class=\"_ _3\"></span>ark<span class=\"_ _3\"></span>et maker fo<span class=\"_ _3\"></span>r a s<span class=\"_ _3\"></span>ecurity fr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>entl<span class=\"_ _3\"></span>y cha<span class=\"_ _3\"></span>nges, wit<span class=\"_ _3\"></span>h corr<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>ndin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> changes o<span class=\"_ _5\"></span>n the liq<span class=\"_ _3\"></span>uidity<span class=\"_ _d\"></span>. A s<span class=\"_ _3\"></span>imilar ex<span class=\"_ _3\"></span>ample i<span class=\"_ _3\"></span>s when<span class=\"_ _3\"></span> shares<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>re included<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> (or<span class=\"_ _1\"></span> remo<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om) a<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>ind<span class=\"_ _3\"></span>ex <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _1\"></span>acts <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>benchma<span class=\"_ _3\"></span>rk <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>man<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>funds. In <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>case, the <span class=\"_ _1\"></span>classifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>can <span class=\"_ _1\"></span>also<span class=\"_ _3\"></span> change. As<span class=\"_ _3\"></span> a res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt of t<span class=\"_ _3\"></span>he de<span class=\"_ _3\"></span>centralised s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e of V<span class=\"_ _3\"></span>IG Insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p,<span class=\"_ _3\"></span> the cl<span class=\"_ _3\"></span>assifications <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e generally <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>wed by t<span class=\"_ _3\"></span>he local <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>anies at <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>end <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the period. Any <span class=\"_ _1\"></span>recl<span class=\"_ _3\"></span>assificatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s are <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esented as <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>they h<span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>aken <span class=\"_ _1\"></span>place at <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>end <span class=\"_ _1\"></span>of the period. Reclassifica<span class=\"_ _1\"></span>tion financ<span class=\"_ _1\"></span>ial inst<span class=\"_ _1\"></span>ruments<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span><span class=\"fs15\">2022 </span>  <span class=\"_ _2e6\"> </span><span class=\"fs15\">Between L<span class=\"_ _1\"></span>evel 1 </span>and Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 1<span class=\"_ _379\"> </span>Level 1<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 3<span class=\"_ _379\"> </span>Level 3<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 2<span class=\"_ _379\"> </span>Level 2<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 3<span class=\"_ _379\"> </span>Numb<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>33<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>31<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>11<span class=\"_ _379\"> </span>The r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>classi<span class=\"_ _3\"></span>ficatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>bet<span class=\"_ _3\"></span>ween <span class=\"_ _3\"></span>Level 1<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>L<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>el <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>changes <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>liquidity<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>eque<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cy <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>trading <span class=\"_ _3\"></span>activit<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>. T<span class=\"_ _3\"></span>he reclassi<span class=\"_ _3\"></span>ficatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Level <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>Level <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>improv<span class=\"_ _3\"></span>ements in <span class=\"_ _4\"></span>trading <span class=\"_ _1\"></span>acti<span class=\"_ _3\"></span>vity<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>classifi<span class=\"_ _3\"></span>cations <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om L<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>to Level 3<span class=\"_ _5\"></span> ar<span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>rima<span class=\"_ _3\"></span>rily b<span class=\"_ _3\"></span>ased <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>worse<span class=\"_ _3\"></span>ning of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>quali<span class=\"_ _3\"></span>ty o<span class=\"_ _3\"></span>r li<span class=\"_ _3\"></span>quidity <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>a c<span class=\"_ _3\"></span>hange <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>liquidit<span class=\"_ _3\"></span>y as<span class=\"_ _3\"></span> pa<span class=\"_ _3\"></span>rt of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the s<span class=\"_ _5\"></span>anctions against R<span class=\"_ _3\"></span>ussia. T<span class=\"_ _3\"></span>he re<span class=\"_ _3\"></span>classifi<span class=\"_ _3\"></span>cat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns fro<span class=\"_ _3\"></span>m Le<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>el 2 <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>Level 3 <span class=\"_ _3\"></span>are prima<span class=\"_ _3\"></span>rily r<span class=\"_ _3\"></span>elated to<span class=\"_ _3\"></span> a wors<span class=\"_ _3\"></span>ening of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>dit q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ality<span class=\"_ _3\"></span> or liq<span class=\"_ _3\"></span>uidity<span class=\"_ _d\"></span>.<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span>Reclassifica<span class=\"_ _1\"></span>tion financ<span class=\"_ _1\"></span>ial inst<span class=\"_ _1\"></span>ruments<span class=\"_ _1\"></span> <span class=\"_ _2c6\"> </span><span class=\"fs15\">2021 </span>  <span class=\"_ _26f\"> </span><span class=\"fs15\">Betwee<span class=\"_ _1\"></span>n Level 1 </span>and Level 2<span class=\"_ _379\"> </span>Level 3<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 1<span class=\"_ _379\"> </span>Level 1<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 3<span class=\"_ _379\"> </span>Level 3<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 2<span class=\"_ _379\"> </span>Level 2<span class=\"_ _1\"></span> to L<span class=\"_ _1\"></span>evel 3<span class=\"_ _379\"> </span>Numb<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _131\"> </span>65<span class=\"_ _379\"> </span>3<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>4<span class=\"_ _379\"> </span>20<span class=\"_ _379\"> </span>Unobserva<span class=\"_ _3\"></span>ble input f<span class=\"_ _3\"></span>actors<span class=\"_ _3\"></span> Asset clas<span class=\"_ _1\"></span>s<span class=\"fc11\"> <span class=\"_ _97\"> </span></span><span class=\"fs15\">Measurement </span>metho<span class=\"_ _1\"></span>ds Unob-serva<span class=\"_ _1\"></span>ble input fact<span class=\"_ _1\"></span>ors <span class=\"_ _d0\"> </span>Range<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span>2022 <span class=\"_ _2e7\"> </span><span class=\"fc11\">2021 </span> <span class=\"_ _217\"> </span><span class=\"fs15\">from<span class=\"_ _379\"> </span></span>to<span class=\"_ _379\"> </span>from<span class=\"_ _379\"> </span>to<span class=\"_ _379\"> </span>Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> Capitalised ea<span class=\"_ _1\"></span>rnings value Capitalisation r<span class=\"_ _1\"></span>ate <span class=\"_ _293\"> </span>in <span class=\"_ _1\"></span>% <span class=\"_ _12e\"> </span>0.30<span class=\"_ _379\"> </span>7.47<span class=\"_ _379\"> </span>1.00<span class=\"_ _379\"> </span>7.50  <span class=\"_ _126\"> </span>  <span class=\"_ _1af\"> </span>R<span class=\"_ _1\"></span>ental income<span class=\"_ _1\"></span> in EU<span class=\"_ _1\"></span>R '000 7<span class=\"_ _379\"> </span>3,999<span class=\"_ _379\"> </span>3<span class=\"_ _379\"> </span>3,765  <span class=\"_ _126\"> </span>  <span class=\"_ _1af\"> </span>Lan<span class=\"_ _1\"></span>d price in EU<span class=\"_ _1\"></span>R '000 0<span class=\"_ _379\"> </span>12<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>11  <span class=\"_ _126\"> </span>Discounted Cash<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span> <span class=\"_ _b2\"> </span>Capitalisation r<span class=\"_ _1\"></span>ate <span class=\"_ _43\"> </span>in % <span class=\"_ _12e\"> </span>3.56<span class=\"_ _379\"> </span>8.26<span class=\"_ _379\"> </span>3.56<span class=\"_ _379\"> </span>8.03  <span class=\"_ _126\"> </span>  <span class=\"_ _1af\"> </span>R<span class=\"_ _1\"></span>ental income<span class=\"_ _1\"></span> in EU<span class=\"_ _1\"></span>R '000 102<span class=\"_ _379\"> </span>5,699<span class=\"_ _379\"> </span>96.56<span class=\"_ _379\"> </span>6,913<span class=\"_ _379\"> </span>Buil<span class=\"_ _3\"></span>ding ri<span class=\"_ _3\"></span>ghts <span class=\"_ _3\"></span>\u2013 capit<span class=\"_ _3\"></span>alised<span class=\"_ _3\"></span> earni<span class=\"_ _3\"></span>ngs value<span class=\"_ _3\"></span> Capitalisation r<span class=\"_ _1\"></span>ate <span class=\"_ _43\"> </span>in % <span class=\"_ _40\"> </span>2.5<span class=\"_ _379\"> </span>4<span class=\"_ _379\"> </span>2.5<span class=\"_ _379\"> </span>4  <span class=\"_ _126\"> </span>  <span class=\"_ _1af\"> </span>R<span class=\"_ _1\"></span>ental income<span class=\"_ _1\"></span> in EU<span class=\"_ _1\"></span>R '000 83<span class=\"_ _379\"> </span>4,378<span class=\"_ _379\"> </span>76.75<span class=\"_ _379\"> </span>4,377  <span class=\"_ _126\"> </span>  <span class=\"_ _1af\"> </span>Lan<span class=\"_ _1\"></span>d prices<span class=\"_ _1\"></span> in EU<span class=\"_ _1\"></span>R '000 0.3<span class=\"_ _379\"> </span>0.73<span class=\"_ _379\"> </span>0.25<span class=\"_ _379\"> </span>0.73<span class=\"_ _379\"> </span>Construction inter<span class=\"_ _1\"></span>est actua<span class=\"_ _1\"></span>lly paid in % <span class=\"_ _40\"> </span>0.9<span class=\"_ _379\"> </span>5.7<span class=\"_ _379\"> </span>0.2<span class=\"_ _379\"> </span>5.7<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span> for <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> Present value meth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _2e8\"> </span>Spreads <span class=\"_ _3a\"> </span>in<span class=\"_ _1\"></span> % <span class=\"_ _293\"> </span>-0<span class=\"_ _1\"></span>.52<span class=\"_ _379\"> </span>11.00<span class=\"_ _379\"> </span>-0.13<span class=\"_ _379\"> </span>4.13<span class=\"_ _379\"> </span>Sensitivit<span class=\"_ _3\"></span>ies With <span class=\"_ _5\"></span>respec<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _d\"></span>using <span class=\"_ _5\"></span>a <span class=\"_ _d\"></span>L<span class=\"_ _1\"></span>evel<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>3 <span class=\"_ _d\"></span>meth<span class=\"_ _1\"></span>od <span class=\"_ _d\"></span>(multiples <span class=\"_ _d\"></span>appr<span class=\"_ _3\"></span>oac<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>), <span class=\"_ _d\"></span>VIG <span class=\"_ _5\"></span>Ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _11\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>ass<span class=\"_ _3\"></span>umes that alternativ<span class=\"_ _3\"></span>e inputs <span class=\"_ _3\"></span>and alte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> me<span class=\"_ _3\"></span>thods do <span class=\"_ _3\"></span>not lead t<span class=\"_ _3\"></span>o sig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>can<span class=\"_ _1\"></span>t c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n value.<span class=\"_ _3\"></span> The <span class=\"_ _3\"></span>spr<span class=\"_ _3\"></span>ead <span class=\"_ _5\"></span>assump<span class=\"_ _3\"></span>tion <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>critical <span class=\"_ _d\"></span>fact<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>changes <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>Level <span class=\"_ _d\"></span>3 <span class=\"_ _3\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>\u201cFi<span class=\"_ _3\"></span>nancial <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span> available f<span class=\"_ _3\"></span>or sale\u201d c<span class=\"_ _3\"></span>ategory a<span class=\"_ _3\"></span>nd as a <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt, t<span class=\"_ _3\"></span>he sensiti<span class=\"_ _3\"></span>vity to <span class=\"_ _3\"></span>this factor is<span class=\"_ _3\"></span> of partic<span class=\"_ _3\"></span>ular inter<span class=\"_ _5\"></span>est. The most impo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>nds measur<span class=\"_ _3\"></span>ed using a Level 3 meth<span class=\"_ _3\"></span>od in<span class=\"_ _1\"></span> the \u201cFi<span class=\"_ _3\"></span>nancial instr<span class=\"_ _3\"></span>uments available<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for sale\u201d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ego<span class=\"_ _3\"></span>ry are<span class=\"_ _3\"></span> held by t<span class=\"_ _3\"></span>he Austria<span class=\"_ _3\"></span>n and Pol<span class=\"_ _3\"></span>ish Gr<span class=\"_ _3\"></span>oup comp<span class=\"_ _3\"></span>anies a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>how<span class=\"_ _3\"></span> the<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowi<span class=\"_ _3\"></span>ng sensitivities:<span class=\"_ _5\"></span> Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale \u2013 bo<span class=\"_ _1\"></span>nds <span class=\"_ _242\"> </span><span class=\"fs15\">Fai<span class=\"_ _1\"></span>r Value<span class=\"_ _379\"> </span></span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> 31<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>2.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _2e9\"> </span>268,747<span class=\"_ _379\"> </span>Spr<span class=\"_ _1\"></span>ead<span class=\"_ _1\"></span> +<span class=\"_ _1\"></span>50b<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _2ea\"> </span>-3,234<span class=\"_ _379\"> </span>Eff<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span> on<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>atem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eh<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2d1\"> </span>-3,234<span class=\"_ _379\"> </span><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbae\">The follo<span class=\"_ _3\"></span>wing se<span class=\"_ _3\"></span>nsitivities r<span class=\"_ _3\"></span>esult fo<span class=\"_ _3\"></span>r a part of<span class=\"_ _3\"></span> the po<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>fol<span class=\"_ _3\"></span>io fr<span class=\"_ _3\"></span>om calculatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s usi<span class=\"_ _3\"></span>ng the Sol<span class=\"_ _3\"></span>vency II pa<span class=\"_ _3\"></span>rtial inte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>al model<span class=\"_ _3\"></span>: </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gse46\">Property <span class=\"_ _2eb\"> </span><span class=\"fs15\">Fair<span class=\"_ _1\"></span> Value<span class=\"_ _379\"> </span></span></div><div class=\"c w1f h24 gs117a\"><div class=\"t m1 x6 h35 y1fb ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs117b\">Fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> 31<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>2.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _10d\"> </span>4<span class=\"_ _1\"></span>,450,470<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f4\">Rent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> -5<span class=\"_ _1\"></span>% <span class=\"_ _2ec\"> </span>4,282,45<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f5\">Rent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> +5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _2ed\"> </span>4,626,32<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f6\">Cap<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sati<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>-5<span class=\"_ _1\"></span>0bp<span class=\"_ _1\"></span> <span class=\"_ _221\"> </span>4,758,678<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f7\">Cap<span class=\"_ _1\"></span>ita<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>sati<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>+5<span class=\"_ _1\"></span>0bp<span class=\"_ _1\"></span> <span class=\"_ _2ee\"> </span>4,197,70<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f8\">Lan<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ices<span class=\"_ _1\"></span> -5<span class=\"_ _1\"></span>% <span class=\"_ _2ef\"> </span>4,420,31<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs17f9\">Lan<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ices<span class=\"_ _1\"></span> +<span class=\"_ _1\"></span>5%<span class=\"_ _1\"></span> <span class=\"_ _2f0\"> </span>4,487,85<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs17fa\">Since <span class=\"_ _1\"></span>prope<span class=\"_ _3\"></span>rty <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t cost, <span class=\"_ _1\"></span>negative <span class=\"_ _1\"></span>sensiti<span class=\"_ _3\"></span>vities <span class=\"_ _1\"></span>would <span class=\"_ _1\"></span>only <span class=\"_ _1\"></span>af<span class=\"_ _3\"></span>fect <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>rofit or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>if<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>fell<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>below <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>ok </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs17fb\">value. <span class=\"_ _3\"></span>Other comp<span class=\"_ _3\"></span>rehensi<span class=\"_ _3\"></span>ve income i<span class=\"_ _3\"></span>s ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e unaf<span class=\"_ _5\"></span>fec<span class=\"_ _1\"></span>ted.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs17fc\">Financial<span class=\"_ _3\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _3\"></span>strument<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nciliation<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs17fd\">Developme<span class=\"_ _1\"></span>nt <span class=\"_ _1ac\"> </span><span class=\"fs15 fc3\">2022 <span class=\"_ _200\"> </span><span class=\"fc11\">20<span class=\"_ _1\"></span>21 </span></span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs17fe\">Financial as<span class=\"_ _1\"></span>sets ava<span class=\"_ _1\"></span>ilable fo<span class=\"_ _1\"></span>r sale <span class=\"_ _f4\"> </span><span class=\"fs15\">Level 1<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs17ff\">Level 2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1800\">Level 3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1801\">Level 1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1802\">Level 2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1803\">Level 3<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1804\"><div class=\"t m1 x6 h35 y223 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1805\">Fair<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue at<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.<span class=\"_ _1\"></span>12 <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>21,260,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1806\">3,829,91<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1807\">758,532<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1808\">21,517,9<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1809\">3,806,39<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs180a\">659,133<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs180b\">Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2c7\"> </span>99,058<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs180c\">2,118<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs180d\">144<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs180e\">23,856<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs180f\">7,257<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1810\">182<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1811\">Fair<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue at<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _2f1\"> </span>21,359,6<span class=\"_ _1\"></span>84<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1812\">3,832,02<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1813\">758,676<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1814\">21,541,7<span class=\"_ _1\"></span>58<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1815\">3,813,65<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1816\">659,315<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1817\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion b<span class=\"_ _1\"></span>etw<span class=\"_ _4\"></span>een <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>cur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ateg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _e6\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1818\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1819\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs181a\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs181b\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs181c\">15<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs181d\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>40,2<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs181e\">21,802<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs181f\">196,599<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1820\">9,421<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1821\">65,879<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1822\">50,951<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1823\">Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>om <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>l <span class=\"_ _268\"> </span>-207,587<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1824\">-47,205<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1825\">-3,862<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1826\">-93,988<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1827\">-20,560<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1828\">-11,703<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1829\">Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _2b\"> </span>4,032<span class=\"_ _1\"></span>,490<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs182a\">640,775<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs182b\">136,093<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs182c\">2,640,36<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs182d\">625,106<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs182e\">192,969<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs182f\">Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _13f\"> </span>-3,5<span class=\"_ _1\"></span>76,183<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1830\">-550,474<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1831\">-81,488<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1832\">-2,199,86<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1833\">-530,097<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1834\">-96,578<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1835\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1e7\"> </span>64<span class=\"_ _1\"></span>5,218<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1836\">18,243<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1837\">-71,233<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1838\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1839\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs183a\">-32,037<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs183b\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ogn<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>loss<span class=\"_ _1\"></span> <span class=\"_ _28b\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs183c\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs183d\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs183e\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs183f\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1840\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1841\">Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>nis<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ctl<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>in eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ity<span class=\"_ _1\"></span> <span class=\"_ _28e\"> </span>-3,411,639<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1842\">-649,444<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1843\">-40,598<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1844\">-637,023<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1845\">-123,926<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1846\">15,241<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1847\">Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _2f2\"> </span>-34,983<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1848\">-1,129<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1849\">-90,365<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs184a\">-38<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs184b\">-144<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs184c\">-19,641<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs184d\">Fair<span class=\"_ _1\"></span> value at<span class=\"_ _1\"></span> 31.12. <span class=\"_ _47\"> </span>18,84<span class=\"_ _1\"></span>7,253<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs184e\">3,264,59<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs184f\">803,822<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1850\">21,260,6<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1851\">3,829,91<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1852\">758,532<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1853\">For inform<span class=\"_ _3\"></span>ation o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he ef<span class=\"_ _3\"></span>fects of <span class=\"_ _3\"></span>changes i<span class=\"_ _3\"></span>n value r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> pro<span class=\"_ _3\"></span>fit o<span class=\"_ _3\"></span>r loss, pl<span class=\"_ _3\"></span>ease ref<span class=\"_ _3\"></span>er to No<span class=\"_ _3\"></span>te 16. Fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt ex<span class=\"_ _3\"></span>cl. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1854\">result fr<span class=\"_ _3\"></span>om s<span class=\"_ _3\"></span>hares i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> at eq<span class=\"_ _3\"></span>uity co<span class=\"_ _3\"></span>nsolidated com<span class=\"_ _5\"></span>panies on p<span class=\"_ _3\"></span>age 126.<span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs11b1\">25.<span class=\"ff4b\"> </span>NUMBER OF EMPL<span class=\"_ _3\"></span>OYEE<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>AND PERSON<span class=\"_ _3\"></span>NEL EXPENSES<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1855\">Number of em<span class=\"_ _1\"></span>ployee<span class=\"_ _1\"></span>s <span class=\"_ _89\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1856\">2021<span class=\"_ _379\"> </span></div><div class=\"c w2d h24 gs1857\"><div class=\"t m1 x6 h35 yc2c ff4c fs15 fcf sc0 ls6 ws0\">Numb<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1858\">Sa<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>rep<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>14,79<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1859\">13,142<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs185a\">Offi<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>f <span class=\"_ _172\"> </span>14,03<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs185b\">12,542<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs185c\">Total <span class=\"_ _2a4\"> </span>28,832<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs185d\">25,684<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs185e\">The emplo<span class=\"_ _3\"></span>yee figu<span class=\"_ _3\"></span>res s<span class=\"_ _3\"></span>hown are <span class=\"_ _3\"></span>ave<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ge <span class=\"_ _3\"></span>values bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> full<span class=\"_ _3\"></span>-time equi<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>le<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>3<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Personnel<span class=\"_ _1\"></span> expense<span class=\"_ _1\"></span>s <span class=\"_ _2f3\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs185f\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd55\"><div class=\"t m1 x6 h35 y1f6 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd56\">Wag<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>sala<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _28a\"> </span>695<span class=\"_ _1\"></span>,669<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1860\">624,170<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf52\">Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _146\"> </span>7,218<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1861\">8,624<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf54\">Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>reti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> pro<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span>s <span class=\"_ _22b\"> </span>17,538<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1862\">18,970<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf56\">Mand<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ry s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l se<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>but<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2f4\"> </span>190,522<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1863\">171,955<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf58\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l s<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _58\"> </span>27,8<span class=\"_ _1\"></span>93<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf59\">22,619<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf5a\">Total <span class=\"_ _241\"> </span>938,840<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1864\">846,338<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1865\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span> <span class=\"_ _de\"> </span>411,189<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1866\">378,722<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1867\">the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>off<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>e st<span class=\"_ _1\"></span>aff<span class=\"_ _1\"></span> <span class=\"_ _89\"> </span>527<span class=\"_ _1\"></span>,651<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1868\">467,616<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsdfd\">26.<span class=\"ff4b\"> </span>AUDITING FEES <span class=\"_ _5\"></span>AND <span class=\"_ _3\"></span>AUDITING SE<span class=\"_ _3\"></span>RVICES<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1869\">KPMG <span class=\"_ _4\"></span>Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _4\"></span>W<span class=\"_ _1\"></span>irtsc<span class=\"_ _3\"></span>haftspr<span class=\"_ _3\"></span>\u00fc<span class=\"_ _1\"></span>fungs- <span class=\"_ _4\"></span>und <span class=\"_ _4\"></span>Steuerbe<span class=\"_ _3\"></span>ratungsg<span class=\"_ _3\"></span>esellsc<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>ft <span class=\"_ _4\"></span>(KPMG <span class=\"_ _4\"></span>Austri<span class=\"_ _3\"></span>a <span class=\"_ _a\"></span>GmbH) <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>auditor <span class=\"_ _4\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs186a\">these <span class=\"_ _a\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _a\"></span>financial <span class=\"_ _a\"></span>st<span class=\"_ _3\"></span>atements. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>followi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _a\"></span>expenses <span class=\"_ _a\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>recog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>during <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>financial <span class=\"_ _4\"></span>year <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _a\"></span>servic<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs186b\">provid<span class=\"_ _3\"></span>ed by KPM<span class=\"_ _3\"></span>G A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria GmbH a<span class=\"_ _3\"></span>nd the A<span class=\"_ _3\"></span>ustrian m<span class=\"_ _3\"></span>ember f<span class=\"_ _3\"></span>irms (KPM<span class=\"_ _3\"></span>G Austria-wid<span class=\"_ _3\"></span>e): </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs186c\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">2022 <span class=\"_ _110\"> </span><span class=\"fc11\">2021</span></span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs186d\">  <span class=\"_ _ef\"> </span><span class=\"fs15\">KP<span class=\"_ _1\"></span>MG Austria wide<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs186e\">KPMG A<span class=\"_ _1\"></span>ustria GmbH*<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs186f\">Total<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1870\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1871\"><div class=\"t m1 x6 h35 ycb3 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6b5\">Aud<span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1872\">745<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1873\">745<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1874\">265<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6bd\">Aud<span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _160\"> </span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c1\">62<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1875\">62<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1876\">59<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs6c5\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>aud<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>273<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1877\">718<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1878\">991<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1879\">423<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs187a\">Ta<span class=\"_ _1\"></span>x ad<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ry f<span class=\"_ _1\"></span>ees<span class=\"_ _1\"></span> <span class=\"_ _2f5\"> </span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs187b\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs187c\">3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs187d\">9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs187e\">Fees<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> au<span class=\"_ _1\"></span>dit-<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vices<span class=\"_ _1\"></span> <span class=\"_ _11d\"> </span>40<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs187f\">136<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1880\">176<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1881\">608<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1882\">Total <span class=\"_ _1a2\"> </span>316<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1883\">1,661<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1884\">1,977<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1885\">1,364<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1886\">*<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1887\">Reference i<span class=\"_ _3\"></span>s made to the decision of the supervisory auth<span class=\"_ _3\"></span>ority for financial statement auditors dated <span class=\"_ _3\"></span>14 <span class=\"_ _1\"></span>April 2022 and <span class=\"_ _3\"></span>to the amending decision dated 20 Apri<span class=\"_ _3\"></span>l 2022, which sets out the release <span class=\"_ _3\"></span>of KPMG Aust<span class=\"_ _1\"></span>ria </div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1888\">GmbH Wi<span class=\"_ _3\"></span>rtschaftspr\u00fcfungs- und Steuerberatungsgesellsch<span class=\"_ _3\"></span>aft as auditor of VIG from its requi<span class=\"_ _3\"></span>reme<span class=\"_ _1\"></span>nts pursuan<span class=\"_ _3\"></span>t to Art. 4 (2) (1<span class=\"_ _1\"></span>) Regulation <span class=\"_ _3\"></span>EU No. 537/20<span class=\"_ _1\"></span>14. The d<span class=\"_ _3\"></span>ecision was i<span class=\"_ _3\"></span>ssued in connection with the </div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1889\">review of an <span class=\"_ _3\"></span>annual financial statement as <span class=\"_ _3\"></span>of<span class=\"_ _1\"></span> 31 March <span class=\"_ _3\"></span>202<span class=\"_ _1\"></span>2, wh<span class=\"_ _3\"></span>ic<span class=\"_ _1\"></span>h became <span class=\"_ _3\"></span>necessary as a result of a bond issuan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>, and the associated <span class=\"_ _3\"></span>payments. </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs65a\">27.<span class=\"ff4b\"> </span>MEMBERS OF MA<span class=\"_ _3\"></span>NAGEMENT IN KE<span class=\"_ _3\"></span>Y POSITIONS<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs188a\">Superviso<span class=\"_ _1\"></span>ry Board <span class=\"_ _2f6\"> </span><span class=\"fs15\">  </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188b\">Ch<span class=\"_ _1\"></span>airm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _cf\"> </span>G\u00fcn<span class=\"_ _1\"></span>ter Geyer </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188c\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs188d\">st</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188e\"> D<span class=\"_ _1\"></span>epu<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> Cha<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>Rudolf E<span class=\"_ _1\"></span>rtl </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188f\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1890\">nd</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1891\"> D<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>y Ch<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _2f7\"> </span>Robert Lassh<span class=\"_ _1\"></span>ofer </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1892\">Memb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _2f8\"> </span>Martina Dob<span class=\"_ _1\"></span>ringer </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1893\">  <span class=\"_ _197\"> </span>Zsuzsanna E<span class=\"_ _1\"></span>ifert </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1894\">  <span class=\"_ _197\"> </span>Gerhard Fabisch<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1895\">  <span class=\"_ _197\"> </span>Peter Mih\u00f3k </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1896\">  <span class=\"_ _197\"> </span>Andr\u00e1s Koz<span class=\"_ _1\"></span>ma (since 20 May 2022<span class=\"_ _1\"></span>) </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1897\">  <span class=\"_ _197\"> </span>Heinz \u00d6hler </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1898\">  <span class=\"_ _197\"> </span>Georg Riedl (un<span class=\"_ _1\"></span>til 20 May 2022)<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1899\">  <span class=\"_ _197\"> </span>Gabriele Semmelr<span class=\"_ _1\"></span>ock-Werzer<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs189a\">  <span class=\"_ _197\"> </span>Katarina Slez\u00e1<span class=\"_ _1\"></span>kov\u00e1 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs189b\">  <span class=\"_ _197\"> </span>Gertrude Tum<span class=\"_ _1\"></span>pel-Gug<span class=\"_ _1\"></span>erell<span class=\"_ _379\"> </span> </div>1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Mana<span class=\"_ _1\"></span>ging Board <span class=\"_ _fc\"> </span><span class=\"fs15\">  </span>Ch<span class=\"_ _1\"></span>airw<span class=\"_ _1\"></span>oma<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _2f9\"> </span>Elisabeth <span class=\"_ _1\"></span>Stadler Depu<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Chai<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _2fa\"> </span>Hartwig L\u00f6ger<span class=\"_ _1\"></span> Memb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _2f8\"> </span>Liane Hirner   <span class=\"_ _197\"> </span>Peter H\u00f6finger   <span class=\"_ _197\"> </span>Gerhard Lahner<span class=\"_ _1\"></span>   <span class=\"_ _197\"> </span>G\u00e1bor Lehel<span class=\"_ _1\"></span>   <span class=\"_ _197\"> </span>Harald Riener   <span class=\"_ _197\"> </span>Peter Thirring<span class=\"_ _1\"></span> Changes dur<span class=\"_ _3\"></span>ing and<span class=\"_ _3\"></span> after the<span class=\"_ _3\"></span> end of the<span class=\"_ _3\"></span> financia<span class=\"_ _3\"></span>l ye<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span> The VI<span class=\"_ _3\"></span>G Holding Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Board wil<span class=\"_ _3\"></span>l have th<span class=\"_ _3\"></span>e following m<span class=\"_ _3\"></span>embers fr<span class=\"_ _3\"></span>om 1 J<span class=\"_ _3\"></span>uly 2023: M<span class=\"_ _3\"></span>r L\u00f6ger<span class=\"_ _d\"></span>, C<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>rman of th<span class=\"_ _3\"></span>e Managi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>(Gen<span class=\"_ _3\"></span>era<span class=\"_ _1\"></span>l <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>nager), <span class=\"_ _4\"></span>Mr H\u00f6fing<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>Dep<span class=\"_ _3\"></span>uty <span class=\"_ _4\"></span>Chairman <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>(Deputy <span class=\"_ _4\"></span>Gen<span class=\"_ _3\"></span>eral <span class=\"_ _4\"></span>Manager), <span class=\"_ _4\"></span>Ms Hi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ner<span class=\"_ _11\"></span>, Mr La<span class=\"_ _3\"></span>hner<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>Mr Lehel <span class=\"_ _3\"></span>and M<span class=\"_ _3\"></span>r Rie<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _d\"></span>. A<span class=\"_ _3\"></span>ll <span class=\"_ _3\"></span>Mana<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boa<span class=\"_ _3\"></span>rd <span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ms <span class=\"_ _3\"></span>w<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>l expi<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>on 30 June <span class=\"_ _3\"></span>2027. <span class=\"_ _5\"></span>Ms Stadler a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>Mr Thir<span class=\"_ _3\"></span>ring <span class=\"_ _3\"></span>will, at their o<span class=\"_ _3\"></span>wn r<span class=\"_ _3\"></span>equest, not <span class=\"_ _3\"></span>extend t<span class=\"_ _3\"></span>heir terms<span class=\"_ _3\"></span> on the Ma<span class=\"_ _3\"></span>nagin<span class=\"_ _3\"></span>g Boar<span class=\"_ _3\"></span>d when th<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expire o<span class=\"_ _3\"></span>n 30 J<span class=\"_ _3\"></span>une 2023.<span class=\"_ _3\"></span> 28.<span class=\"ff4b\"> </span>AFFILIA<span class=\"_ _5\"></span>TED COMP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>IES <span class=\"_ _5\"></span>AND P<span class=\"_ _3\"></span>ART<span class=\"_ _3\"></span>ICIP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TIONS<span class=\"_ _3\"></span> Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fs15\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Full<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>date<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s <span class=\"_ _2fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  <span class=\"_ _43\"> </span></span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  </span>\"BU<span class=\"_ _1\"></span>LS<span class=\"_ _1\"></span>TRA<span class=\"_ _1\"></span>D L<span class=\"_ _1\"></span>IFE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span> ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK<span class=\"_ _1\"></span> COMPA<span class=\"_ _4\"></span>NY,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> Bulg<span class=\"_ _1\"></span>aria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>12,018<span class=\"_ _379\"> </span>27,375<span class=\"_ _379\"> </span>\"Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\",<span class=\"_ _1\"></span> AD<span class=\"_ _1\"></span>B,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>ius<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,895<span class=\"_ _379\"> </span>86,338<span class=\"_ _379\"> </span>\"Gr\u00fc<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>aum<span class=\"_ _1\"></span>\" <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>es.m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _c3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>40,043<span class=\"_ _379\"> </span>39,996<span class=\"_ _379\"> </span>365<span class=\"_ _1\"></span>.l<span class=\"_ _1\"></span>ife,<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> a.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">13,820<span class=\"_ _379\"> </span></span>AB <span class=\"_ _1\"></span>Mod<span class=\"_ _1\"></span>\u0159i<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _131\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">9,332<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> \u00c1l<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l\u00e1n<span class=\"_ _1\"></span>os B<span class=\"_ _4\"></span>iztos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3 <span class=\"_ _1\"></span>Z\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00  <span class=\"_ _2fd\"> </span><span class=\"fc3\">100,137<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si A<span class=\"_ _1\"></span>lap<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>el\u0151 <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>\u00e1rt<span class=\"_ _1\"></span>k\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u0151<span class=\"_ _1\"></span> R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">8,415<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>\u00e9nzt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>olg<span class=\"_ _1\"></span>\u00e1lt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>\u00f3 Z<span class=\"_ _1\"></span>\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>apes<span class=\"_ _1\"></span>t Hungary 100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,959<span class=\"_ _379\"> </span></span>And<span class=\"_ _1\"></span>\u011bl <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Pr<span class=\"_ _1\"></span>ah<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _75\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,465<span class=\"_ _379\"> </span>24,052<span class=\"_ _379\"> </span>Anif<span class=\"_ _1\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>16,617<span class=\"_ _379\"> </span>16,597<span class=\"_ _379\"> </span>Asigu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ea R<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>\u00e2ne<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>c\u0103 <span class=\"_ _1\"></span>- A<span class=\"_ _1\"></span>SI<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>M <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>., Buch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> Roman<span class=\"_ _1\"></span>ia 99.79<span class=\"_ _379\"> </span>99.79<span class=\"_ _379\"> </span>79,442<span class=\"_ _379\"> </span>79,960<span class=\"_ _379\"> </span>ATB<span class=\"_ _1\"></span>IH G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>158,521<span class=\"_ _379\"> </span>173,509<span class=\"_ _379\"> </span>ATR<span class=\"_ _1\"></span>IUM<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>ER S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OS<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>17,867<span class=\"_ _379\"> </span>18,559<span class=\"_ _379\"> </span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00  <span class=\"_ _1e6\"> </span><span class=\"fc3\">3<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>Austria <span class=\"_ _a4\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">10,199<span class=\"_ _379\"> </span></span>AUT<span class=\"_ _1\"></span>ODR<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>OSN<span class=\"_ _1\"></span>OV\u00c1<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span> \u010c<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>k\u00e9 <span class=\"_ _1\"></span>L\u00edp<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _2a\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,563<span class=\"_ _379\"> </span></span>BCR A<span class=\"_ _4\"></span>sigu<span class=\"_ _1\"></span>r\u0103<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>a\u0163\u0103 <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _25\"> </span>Romania <span class=\"_ _154\"> </span>93.98<span class=\"_ _379\"> </span>93.98<span class=\"_ _379\"> </span>51,794<span class=\"_ _379\"> </span>48,074<span class=\"_ _379\"> </span>Blizz<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _103\"> </span>Polan<span class=\"_ _1\"></span>d <span class=\"_ _1aa\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,602<span class=\"_ _379\"> </span>3,347<span class=\"_ _379\"> </span>Bro<span class=\"_ _1\"></span>ckm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>nga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>32 <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1b4\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00  <span class=\"_ _1af\"> </span><span class=\"fc3\">3,559<span class=\"_ _379\"> </span></span>BTA<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ic <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>Latvia  <span class=\"_ _41\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,934<span class=\"_ _379\"> </span>64,005<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ki I<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ti A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>OOD<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Sofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>Bulgaria <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-1,065<span class=\"_ _379\"> </span>-1,284<span class=\"_ _379\"> </span>Busin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span> Ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _1b3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>33,456<span class=\"_ _379\"> </span>33,983<span class=\"_ _379\"> </span>CAP<span class=\"_ _1\"></span>IT<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>kcio<span class=\"_ _1\"></span>v\u00e1<span class=\"_ _1\"></span> sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lo\u010dn<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>\u0165, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _117\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,681<span class=\"_ _379\"> </span>1,562<span class=\"_ _379\"> </span>CENT<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>elb<span class=\"_ _1\"></span>etr<span class=\"_ _1\"></span>ieb<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2ff\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>80.00<span class=\"_ _379\"> </span>80.00<span class=\"_ _379\"> </span>41<span class=\"_ _379\"> </span>10<span class=\"_ _379\"> </span>Cen<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Poin<span class=\"_ _1\"></span>t I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>T-S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> Liq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _df\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,634<span class=\"_ _379\"> </span>10,952<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>\u010ces<span class=\"_ _1\"></span>k\u00e1<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>lsk<span class=\"_ _1\"></span>\u00e1 p<span class=\"_ _1\"></span>oji\u0161<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ovna<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _301\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>108,073<span class=\"_ _379\"> </span>114,722<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nia d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r\u0103ri<span class=\"_ _1\"></span> \"D<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>ARI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NC<span class=\"_ _1\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iun<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>Chi<span class=\"_ _1\"></span>\u0219in<span class=\"_ _1\"></span>\u0103u<span class=\"_ _1\"></span> Moldova<span class=\"_ _1\"></span> 99.99<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>6,251<span class=\"_ _379\"> </span>5,639<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a Li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _28d\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>17,151<span class=\"_ _379\"> </span>45,469<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 N<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 99.97<span class=\"_ _379\"> </span>99.97<span class=\"_ _379\"> </span>58,860<span class=\"_ _379\"> </span>59,036<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 99.95<span class=\"_ _379\"> </span>99.94<span class=\"_ _379\"> </span>82,233<span class=\"_ _379\"> </span>96,104<span class=\"_ _379\"> </span>CP <span class=\"_ _1\"></span>Solu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Pra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,514<span class=\"_ _379\"> </span>12,849<span class=\"_ _379\"> </span>DBL<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span> &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _28e\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,544<span class=\"_ _379\"> </span>3,025<span class=\"_ _379\"> </span>DBR<span class=\"_ _1\"></span>-Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Stu<span class=\"_ _1\"></span>ttg<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt <span class=\"_ _1b5\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,477<span class=\"_ _379\"> </span>8,247<span class=\"_ _379\"> </span>Deu<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>chm<span class=\"_ _1\"></span>eist<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rpl<span class=\"_ _1\"></span>atz<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span> Ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ktv<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,343<span class=\"_ _379\"> </span>2,963<span class=\"_ _379\"> </span>Don<span class=\"_ _1\"></span>au B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>kerlin<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s-S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>101,394<span class=\"_ _379\"> </span>96,047<span class=\"_ _379\"> </span>DON<span class=\"_ _1\"></span>AU <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _cd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>111,462<span class=\"_ _379\"> </span>108,482<span class=\"_ _379\"> </span>DVIB<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alph<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _18f\"> </span>Austria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>18,506<span class=\"_ _379\"> </span>8,373<span class=\"_ _379\"> </span>DVIB<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>101,186<span class=\"_ _379\"> </span>95,420<span class=\"_ _379\"> </span>DV <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>44,200<span class=\"_ _379\"> </span>22,854<span class=\"_ _379\"> </span>EL<span class=\"_ _1\"></span>VP B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>23,276<span class=\"_ _379\"> </span>23,324<span class=\"_ _379\"> </span>EUR<span class=\"_ _1\"></span>OPE<span class=\"_ _1\"></span>UM<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s.<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,301<span class=\"_ _379\"> </span>8,634<span class=\"_ _379\"> </span>Flor<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>sdo<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span> am<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> 4<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obil<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>env<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _1fa\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>18,819<span class=\"_ _379\"> </span>18,545<span class=\"_ _379\"> </span>Ges<span class=\"_ _1\"></span>undh<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>tsp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rk <span class=\"_ _1\"></span>Wi<span class=\"_ _1\"></span>en-<span class=\"_ _1\"></span>Obe<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>aa G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>llsc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>29,199<span class=\"_ _379\"> </span>29,446<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _164\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,754<span class=\"_ _379\"> </span>6,134<span class=\"_ _379\"> </span>Han<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>3-5<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obi<span class=\"_ _1\"></span>lien<span class=\"_ _1\"></span>bes<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1f\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31,121<span class=\"_ _379\"> </span>28,751<span class=\"_ _379\"> </span>HUN<span class=\"_ _1\"></span> BM<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1to<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>l\u0151s<span class=\"_ _1\"></span>s\u00e9g<span class=\"_ _1\"></span>\u0171 <span class=\"_ _1\"></span>T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _1f\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>4,416<span class=\"_ _379\"> </span>4,830<span class=\"_ _379\"> </span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>.d.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, Sa<span class=\"_ _1\"></span>raje<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> Bosnia-Herzeg<span class=\"_ _1\"></span>ovina  100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,735<span class=\"_ _379\"> </span>11,649<span class=\"_ _379\"> </span>INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>ONE<span class=\"_ _1\"></span>-SHA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>EH<span class=\"_ _1\"></span>OLDE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OCK<span class=\"_ _1\"></span> CO<span class=\"_ _1\"></span>MPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y BU<span class=\"_ _1\"></span>LST<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AD VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P EA<span class=\"_ _4\"></span>D, S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span> Bulg<span class=\"_ _1\"></span>aria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>70,096<span class=\"_ _379\"> </span>76,845<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Leben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>-AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>esb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en Germany<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>23,518<span class=\"_ _379\"> </span>23,518<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ystw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ezp<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ecze\u0144<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>. V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>43,675<span class=\"_ _379\"> </span>72,346<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vers<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ungs<span class=\"_ _1\"></span>-A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>iesb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _18\"> </span>G<span class=\"_ _1\"></span>ermany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,670<span class=\"_ _379\"> </span>56,120<span class=\"_ _379\"> </span>INTER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>ENNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>INS<span class=\"_ _1\"></span>URA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>h.A<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ti<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>a <span class=\"_ _302\"> </span>Alban<span class=\"_ _1\"></span>ia <span class=\"_ _45\"> </span>89.98<span class=\"_ _379\"> </span>89.98<span class=\"_ _379\"> </span>7,295<span class=\"_ _379\"> </span>6,648<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y GP<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lisi<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>Georgia <span class=\"_ _1c7\"> </span>9<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>90.00<span class=\"_ _379\"> </span>20,461<span class=\"_ _379\"> </span>15,100<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>erna<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>IRA<span class=\"_ _1\"></span>O,<span class=\"_ _1\"></span> Tb<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span> <span class=\"_ _303\"> </span>Georgia<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,249<span class=\"_ _379\"> </span>4,832<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>INN<span class=\"_ _1\"></span>ER-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Grou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> Skop<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span> North Macedonia<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,097<span class=\"_ _379\"> </span>7,461<span class=\"_ _379\"> </span>Ka<span class=\"_ _1\"></span>iser<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 11<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _2c1\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,979<span class=\"_ _379\"> </span>2,798<span class=\"_ _379\"> </span>K\u00c1L<span class=\"_ _1\"></span>VIN<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWER<span class=\"_ _4\"></span> Ing<span class=\"_ _1\"></span>atl<span class=\"_ _1\"></span>anf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>jlesz<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span> \u00e9<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e1z\u00e1<span class=\"_ _1\"></span>si K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Fele<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0151ss\u00e9g<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ape<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,231<span class=\"_ _379\"> </span>2,309<span class=\"_ _379\"> </span>KAPI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,600<span class=\"_ _379\"> </span>1,920<span class=\"_ _379\"> </span>KKB R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a <span class=\"_ _18f\"> </span>Latvia <span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>20,766<span class=\"_ _379\"> </span>20,472<span class=\"_ _379\"> </span>KOM<span class=\"_ _1\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pois<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ov\u0148<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>isla<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a <span class=\"_ _c5\"> </span>Slov<span class=\"_ _3\"></span>ak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>52,644<span class=\"_ _379\"> </span>74,869<span class=\"_ _379\"> </span>KOO<span class=\"_ _1\"></span>PER<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>VA p<span class=\"_ _1\"></span>ois<span class=\"_ _1\"></span>\u0165o<span class=\"_ _1\"></span>v\u0148<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _192\"> </span>98.47<span class=\"_ _379\"> </span>98.47<span class=\"_ _379\"> </span>231,548<span class=\"_ _379\"> </span>385,574<span class=\"_ _379\"> </span>Ko<span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>ji<span class=\"_ _1\"></span>\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _a0\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a7\"> </span>97.28<span class=\"_ _379\"> </span>97.28<span class=\"_ _379\"> </span>596,911<span class=\"_ _379\"> </span>682,480<span class=\"_ _379\"> </span>LVP <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>626,967<span class=\"_ _379\"> </span>622,534<span class=\"_ _379\"> </span>MAP-<span class=\"_ _1\"></span>WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>iligu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Austria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>368,793<span class=\"_ _379\"> </span>307,688<span class=\"_ _379\"> </span>MC <span class=\"_ _1\"></span>EIN<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>19,630<span class=\"_ _379\"> </span>19,726<span class=\"_ _379\"> </span>MER<span class=\"_ _1\"></span>LOT<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NVE<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> SP<span class=\"_ _1\"></span>\u00d3\u0141<span class=\"_ _1\"></span>KA <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>IAL<span class=\"_ _1\"></span>NO\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">31,881<span class=\"_ _379\"> </span></span>MH <span class=\"_ _1\"></span>54<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>anl<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>Austria <span class=\"_ _1aa\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,819<span class=\"_ _379\"> </span>26,356<span class=\"_ _379\"> </span>NNC<span class=\"_ _1\"></span> REA<span class=\"_ _4\"></span>L EST<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>E S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z O<span class=\"_ _1\"></span>GRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>O\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>20,099<span class=\"_ _379\"> </span>20,284<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _2fd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>19,187<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t\u00e4<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _cd\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>34<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>Austria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,142<span class=\"_ _379\"> </span>1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fsc\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e4r G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _113\"> </span>Aust<span class=\"_ _1\"></span>ria <span class=\"_ _28d\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>36<span class=\"_ _379\"> </span>Nu\u00dfd<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>r St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a\u00dfe<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span>0-9<span class=\"_ _1\"></span>2 P<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jek<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ntw<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cklu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _d0\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>38,364<span class=\"_ _379\"> </span>39,450<span class=\"_ _379\"> </span>OMN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>SIG<span class=\"_ _1\"></span> VIE<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SURA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>R<span class=\"_ _1\"></span>omania <span class=\"_ _154\"> </span>99.54<span class=\"_ _379\"> </span>99.54<span class=\"_ _379\"> </span>149,548<span class=\"_ _379\"> </span>143,913<span class=\"_ _379\"> </span>O\u00dc <span class=\"_ _1\"></span>Liv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>On P<span class=\"_ _1\"></span>ae<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le, T<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>86<span class=\"_ _379\"> </span>92<span class=\"_ _379\"> </span>Pa<span class=\"_ _1\"></span>lais<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _100\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>56.5<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>56.55<span class=\"_ _379\"> </span>35,859<span class=\"_ _379\"> </span>37,277<span class=\"_ _379\"> </span>Pas<span class=\"_ _1\"></span>sat <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>War<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-1,361<span class=\"_ _ca\"> </span><span class=\"fce\">-1<span class=\"_ _1\"></span>,191<span class=\"_ _379\"> </span></span>Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on A<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny D<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rie A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _3e\"> </span>Bulgaria <span class=\"_ _192\"> </span>82.59<span class=\"_ _379\"> </span>92.58<span class=\"_ _379\"> </span>32,890<span class=\"_ _379\"> </span>31,402<span class=\"_ _379\"> </span>PFG<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Austria <span class=\"_ _300\"> </span>89.23<span class=\"_ _379\"> </span>89.23<span class=\"_ _379\"> </span>77,992<span class=\"_ _379\"> </span>78,376<span class=\"_ _379\"> </span>PFG<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>tsb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irts<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aftu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _ae\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>92<span class=\"_ _1\"></span>.88<span class=\"_ _379\"> </span>92.88<span class=\"_ _379\"> </span>12,663<span class=\"_ _379\"> </span>12,478<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>rzel<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 4<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>altu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _304\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,576<span class=\"_ _379\"> </span>12,983<span class=\"_ _379\"> </span>PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"IN<span class=\"_ _1\"></span>SURA<span class=\"_ _4\"></span>NCE <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>OMP<span class=\"_ _1\"></span>ANY<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>KN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>ZHA LIFE<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>RAN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _4\"></span>OUP\"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v Ukraine<span class=\"_ _1\"></span> 99.81<span class=\"_ _379\"> </span>99.81<span class=\"_ _379\"> </span>2,922<span class=\"_ _379\"> </span>3,407<span class=\"_ _379\"> </span>Priv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>int-S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y \"<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> \"U<span class=\"_ _1\"></span>SG<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v <span class=\"_ _30\"> </span>Ukraine <span class=\"_ _1e6\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>16,528<span class=\"_ _379\"> </span>18,653<span class=\"_ _379\"> </span>PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"UK<span class=\"_ _1\"></span>RA<span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>IAN<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>COMPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y \"KNI<span class=\"_ _1\"></span>AZ<span class=\"_ _1\"></span>HA<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA <span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v Ukraine<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>10,219<span class=\"_ _379\"> </span>11,478<span class=\"_ _379\"> </span>PRO<span class=\"_ _1\"></span>GRE<span class=\"_ _1\"></span>SS <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.m.<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _23\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>70.00<span class=\"_ _379\"> </span>70.00<span class=\"_ _379\"> </span>17,769<span class=\"_ _379\"> </span>15,825<span class=\"_ _379\"> </span>Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>esm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _202\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>14,106<span class=\"_ _379\"> </span>15,065<span class=\"_ _379\"> </span>Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Austria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>14,183<span class=\"_ _379\"> </span>14,185<span class=\"_ _379\"> </span>Rath<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 8<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _33\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,087<span class=\"_ _379\"> </span>1,656<span class=\"_ _379\"> </span>Ray<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>igor<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span> A.<span class=\"_ _1\"></span>\u015e.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Istan<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>T\u00fcrkiye <span class=\"_ _28f\"> </span>94.9<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>94.96<span class=\"_ _379\"> </span>44,622<span class=\"_ _379\"> </span>28,867<span class=\"_ _379\"> </span>R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>rei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>11,841<span class=\"_ _379\"> </span>11,552<span class=\"_ _379\"> </span>R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> Zw<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _e6\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>30,241<span class=\"_ _379\"> </span>29,583<span class=\"_ _379\"> </span>S -<span class=\"_ _1\"></span> bud<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vy, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _ec\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,189<span class=\"_ _379\"> </span>3,059<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>ulr<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rohau<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verm<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,737<span class=\"_ _379\"> </span>7,744<span class=\"_ _379\"> </span>SECU<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>maj<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>kov<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>pr\u00e1<span class=\"_ _1\"></span>vna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ielo<span class=\"_ _1\"></span>v\u00e1 s<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,505<span class=\"_ _379\"> </span>10,305<span class=\"_ _379\"> </span>Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rerp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> Ve<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-6,998<span class=\"_ _ca\"> </span><span class=\"fce\">-6<span class=\"_ _1\"></span>,749<span class=\"_ _379\"> </span></span>Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ldid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwal<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s Gmb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a Aus<span class=\"_ _1\"></span>tria 66.70<span class=\"_ _379\"> </span>66.70<span class=\"_ _379\"> </span>8,146<span class=\"_ _379\"> </span>8,211<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>lau<span class=\"_ _1\"></span>ks<span class=\"_ _1\"></span>ta 1<span class=\"_ _1\"></span>3/<span class=\"_ _1\"></span>15\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>937<span class=\"_ _379\"> </span>971<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0113rij<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> 35<span class=\"_ _1\"></span>\u201d,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _45\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,146<span class=\"_ _379\"> </span>918<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201c\u0122<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tr\u016b<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>21\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _305\"> </span>Latvia <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,414<span class=\"_ _379\"> </span>3,379<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> As<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tic\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>287<span class=\"_ _379\"> </span>277<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>Latvia <span class=\"_ _1ee\"> </span>70.00<span class=\"_ _379\"> </span>70.00<span class=\"_ _379\"> </span>26,699<span class=\"_ _379\"> </span>21,530<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tirn<span class=\"_ _1\"></span>u\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,696<span class=\"_ _379\"> </span>1,702<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On<span class=\"_ _1\"></span> Te<span class=\"_ _1\"></span>rbat<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c7\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,191<span class=\"_ _379\"> </span>5,201<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"U<span class=\"_ _1\"></span>rban<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e\",<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>481<span class=\"_ _379\"> </span>481<span class=\"_ _379\"> </span>Sigm<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>alb<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>.a<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>ira<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>A<span class=\"_ _1\"></span>lbania <span class=\"_ _11e\"> </span>8<span class=\"_ _1\"></span>9.05<span class=\"_ _379\"> </span>89.05<span class=\"_ _379\"> </span>17,077<span class=\"_ _379\"> </span>16,501<span class=\"_ _379\"> </span>SK B<span class=\"_ _1\"></span>M s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,345<span class=\"_ _379\"> </span>13,136<span class=\"_ _379\"> </span>SMAR<span class=\"_ _1\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _1\"></span> DE<span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OP<span class=\"_ _1\"></span>MENT<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.R<span class=\"_ _1\"></span>.L.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>Romania <span class=\"_ _1c9\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,022<span class=\"_ _379\"> </span>-51<span class=\"_ _379\"> </span>Sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd R<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce M<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>KED<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>IJA <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kop<span class=\"_ _1\"></span>je <span class=\"_ _1\"></span>- Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kopj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> North Macedonia<span class=\"_ _1\"></span> 94.36<span class=\"_ _379\"> </span>94.26<span class=\"_ _379\"> </span>25,898<span class=\"_ _379\"> </span>27,280<span class=\"_ _379\"> </span>SVZ <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _187\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>203,598<span class=\"_ _379\"> </span>176,329<span class=\"_ _379\"> </span>SVZD<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _265\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>62,031<span class=\"_ _379\"> </span>73,285<span class=\"_ _379\"> </span>SVZ<span class=\"_ _1\"></span>I G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _1b8\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>200,314<span class=\"_ _379\"> </span>171,480<span class=\"_ _379\"> </span>T 12<span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,179<span class=\"_ _379\"> </span>9,012<span class=\"_ _379\"> </span>TEC<span class=\"_ _1\"></span>HBA<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span> Sc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _307\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,649<span class=\"_ _379\"> </span>17,829<span class=\"_ _379\"> </span>twin<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _308\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,403<span class=\"_ _379\"> </span>2,887<span class=\"_ _379\"> </span>UAB<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On <span class=\"_ _1\"></span>Lin<span class=\"_ _1\"></span>km<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,660<span class=\"_ _379\"> </span>4,188<span class=\"_ _379\"> </span>UNI<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>s\u00ed<span class=\"_ _1\"></span>t\u00f3 Z<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t., B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Hu<span class=\"_ _1\"></span>ngary <span class=\"_ _a4\"> </span>9<span class=\"_ _1\"></span>8.64<span class=\"_ _379\"> </span>98.64<span class=\"_ _379\"> </span>36,082<span class=\"_ _379\"> </span>50,774<span class=\"_ _379\"> </span>Unte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e D<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>aul\u00e4n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e 40<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>11,383<span class=\"_ _379\"> </span>11,340<span class=\"_ _379\"> </span>Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> O\u00dc,<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1e4\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _154\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>44<span class=\"_ _379\"> </span>73<span class=\"_ _379\"> </span>Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>SIA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span> <span class=\"_ _275\"> </span>L<span class=\"_ _3\"></span>atvia <span class=\"_ _309\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,624<span class=\"_ _379\"> </span>1,630<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>bez<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 n<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie <span class=\"_ _1\"></span>S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,971<span class=\"_ _379\"> </span>4,976<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>V\u0130EN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span>L\u0130<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> EME<span class=\"_ _1\"></span>KL<span class=\"_ _1\"></span>\u0130<span class=\"_ _1\"></span>L\u0130K <span class=\"_ _1\"></span>VE <span class=\"_ _1\"></span>HAY<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span>N\u0130M<span class=\"_ _1\"></span> \u015e<span class=\"_ _1\"></span>\u0130RK<span class=\"_ _1\"></span>ET\u0130<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tanb<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>T\u00fcrkiye <span class=\"_ _28d\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">38,063<span class=\"_ _379\"> </span></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-L<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cher<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>G <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span> <span class=\"_ _30a\"> </span>Liechtenstein <span class=\"_ _1\"></span> <span class=\"_ _30b\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,313<span class=\"_ _379\"> </span>9,535<span class=\"_ _379\"> </span>VIG-A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>354,694<span class=\"_ _379\"> </span>352,832<span class=\"_ _379\"> </span>VIG-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>Z R<span class=\"_ _1\"></span>eal <span class=\"_ _1\"></span>Est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _30c\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>147,548<span class=\"_ _379\"> </span>147,538<span class=\"_ _379\"> </span>V.I.<span class=\"_ _1\"></span>G. <span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _188\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>99,386<span class=\"_ _379\"> </span>94,959<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ska<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>\u0142ka<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>\u0105 odp<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ln<span class=\"_ _1\"></span>o\u015bc<span class=\"_ _1\"></span>i\u0105,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>18,256<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>FU<span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>276,262<span class=\"_ _379\"> </span>275,189<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s.r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _15e\"> </span>Slovak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,905<span class=\"_ _379\"> </span>21,897<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>.V.<span class=\"_ _1\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>Netherland<span class=\"_ _1\"></span>s <span class=\"_ _30d\"> </span>55.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>., T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Hag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1e4\"> </span>Netherlands <span class=\"_ _30d\"> </span>55.<span class=\"_ _1\"></span>00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>orsz<span class=\"_ _1\"></span>\u00e1g B<span class=\"_ _4\"></span>efe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si Z<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> Hungary 55.00  <span class=\"_ _97\"> </span><span class=\"fc3\">197<span class=\"_ _1\"></span>,606<span class=\"_ _379\"> </span></span>VIG <span class=\"_ _1\"></span>Of<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _30e\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>15,945<span class=\"_ _379\"> </span>16,003<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>erti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _192\"> </span>99.97<span class=\"_ _379\"> </span>99.97<span class=\"_ _379\"> </span>1,084<span class=\"_ _379\"> </span>3,748<span class=\"_ _379\"> </span>VIG R<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>aj<span class=\"_ _1\"></span>i\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _2c5\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>140,255<span class=\"_ _379\"> </span>179,835<span class=\"_ _379\"> </span>VIG R<span class=\"_ _1\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>EST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>OO, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lgr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>S<span class=\"_ _1\"></span>erbia <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,672<span class=\"_ _379\"> </span>10,432<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>kr<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>C, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>iv <span class=\"_ _c7\"> </span>Ukrai<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,239<span class=\"_ _379\"> </span>1,438<span class=\"_ _379\"> </span>VIG T<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>iye<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>oldin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V.,<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>terd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>N<span class=\"_ _1\"></span>etherlands <span class=\"_ _14\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">32,288<span class=\"_ _379\"> </span></span>VIVE<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _2ca\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31,175<span class=\"_ _379\"> </span>WGP<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Hol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _112\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>105,287<span class=\"_ _379\"> </span>107,003<span class=\"_ _379\"> </span>WIBG<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,258<span class=\"_ _379\"> </span>80,098<span class=\"_ _379\"> </span>WIBG<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>kten<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>klun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _310\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,191<span class=\"_ _379\"> </span>80,031<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Osig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>d, B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ja<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ka <span class=\"_ _1f5\"> </span>Bos<span class=\"_ _1\"></span>nia-Herzegovina <span class=\"_ _1\"></span> <span class=\"_ _167\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>8,898<span class=\"_ _379\"> </span>8,919<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>je V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u010dko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>u\u0161t<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>agre<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span> Croatia 97.82<span class=\"_ _379\"> </span>97.82<span class=\"_ _379\"> </span>39,009<span class=\"_ _379\"> </span>98,736<span class=\"_ _379\"> </span>\"WIE<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>R R<span class=\"_ _1\"></span>E\"<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>kci<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>ko <span class=\"_ _1\"></span>dru<span class=\"_ _1\"></span>\u0161t<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> za<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e, B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Serbia<span class=\"_ _1\"></span> <span class=\"_ _311\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,305<span class=\"_ _379\"> </span>7,491<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> OSI<span class=\"_ _1\"></span>GUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>JE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>akci<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>anje<span class=\"_ _1\"></span>, Belg<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e Serbia<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>39,289<span class=\"_ _379\"> </span>55,964<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> VER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NG <span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 97.75<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>633,264<span class=\"_ _379\"> </span>559,209<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>ZYS<span class=\"_ _1\"></span>TW<span class=\"_ _1\"></span>O U<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>ZP<span class=\"_ _1\"></span>IECZ<span class=\"_ _1\"></span>E\u0143 <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3<span class=\"_ _1\"></span>\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OUP,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>43,631<span class=\"_ _379\"> </span>34,035<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> VER<span class=\"_ _4\"></span>EIN <span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>STA<span class=\"_ _1\"></span>TTU<span class=\"_ _1\"></span>NG<span class=\"_ _1\"></span>S- <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>ND <span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>RS<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NGS<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>VICE<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span>GESE<span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CHA<span class=\"_ _1\"></span>FT<span class=\"_ _1\"></span> M.B<span class=\"_ _1\"></span>.H<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,116<span class=\"_ _379\"> </span>1,938<span class=\"_ _379\"> </span>WI<span class=\"_ _1\"></span>LA G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _312\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>37,119<span class=\"_ _379\"> </span>31,685<span class=\"_ _379\"> </span>WIN<span class=\"_ _1\"></span>O Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _313\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>64,713<span class=\"_ _379\"> </span>46,117<span class=\"_ _379\"> </span>WN<span class=\"_ _1\"></span>H Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>esit<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,187<span class=\"_ _379\"> </span>5,363<span class=\"_ _379\"> </span>WSB<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eil<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,371<span class=\"_ _379\"> </span>24,125<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>eta <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>93,136<span class=\"_ _379\"> </span>73,972<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VA <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>55,423<span class=\"_ _379\"> </span>43,310<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VB <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>41,611<span class=\"_ _379\"> </span>41,496<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VC L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>egen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>tb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,327<span class=\"_ _379\"> </span>21,341<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ohold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>582,027<span class=\"_ _379\"> </span>511,862<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V T<span class=\"_ _1\"></span>rie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erst<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>\u00dfe<span class=\"_ _1\"></span> 91<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co K<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _61\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,979<span class=\"_ _379\"> </span>81,865<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V V<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>\u00f6g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _1\"></span>rwa<span class=\"_ _1\"></span>ltu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1a9\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,695<span class=\"_ _379\"> </span>7,487<span class=\"_ _379\"> </span>WWG<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1ee\"> </span>87.0<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>87.07<span class=\"_ _379\"> </span>83,665<span class=\"_ _379\"> </span>93,289<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> 2 <span class=\"_ _6\"> </span>The capital <span class=\"_ _3\"></span>value shown corresponds <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> latest local <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> statements availabl<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span>1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _2bd\"> </span><span class=\"fsc\">Countr<span class=\"_ _1\"></span>y of domicil<span class=\"_ _1\"></span>e <span class=\"_ _1c5\"> </span>Interest 202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>At <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> \"S<span class=\"_ _1\"></span>chw<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>l\" G<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>- un<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>edl<span class=\"_ _1\"></span>ung<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>-G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>171,108<span class=\"_ _379\"> </span>165,442<span class=\"_ _379\"> </span>Alpe<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>\u00e4nd<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e Ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ige <span class=\"_ _1\"></span>Woh<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>bau<span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>nsb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span> <span class=\"_ _12e\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>94.84<span class=\"_ _379\"> </span>94.84<span class=\"_ _379\"> </span>246,770<span class=\"_ _379\"> </span>229,840<span class=\"_ _379\"> </span>Bet<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Lin<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>Austria <span class=\"_ _28d\"> </span>25.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>25.00<span class=\"_ _379\"> </span>20,405<span class=\"_ _379\"> </span>19,878<span class=\"_ _379\"> </span>Bet<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>lag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Linz<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28d\"> </span>25.00<span class=\"_ _379\"> </span>25.00<span class=\"_ _379\"> </span>237,778<span class=\"_ _379\"> </span>229,253<span class=\"_ _379\"> </span>CR<span class=\"_ _1\"></span>OWN<span class=\"_ _1\"></span>-WS<span class=\"_ _1\"></span>F s<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>l.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.o.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _160\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _315\"> </span>30.00<span class=\"_ _379\"> </span>30.00<span class=\"_ _379\"> </span>7,740<span class=\"_ _379\"> </span>8,882<span class=\"_ _379\"> </span>EGW <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>n\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ohnun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>esel<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft <span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>99.77<span class=\"_ _379\"> </span>99.77<span class=\"_ _379\"> </span>325,567<span class=\"_ _379\"> </span>309,955<span class=\"_ _379\"> </span>ERST<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>o. -<span class=\"_ _1\"></span> za<span class=\"_ _1\"></span> up<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>vlj<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span> ob<span class=\"_ _1\"></span>vezn<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span> do<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vljni<span class=\"_ _1\"></span>m m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>kim<span class=\"_ _1\"></span> fond<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vima<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Zag<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span> Croatia 25.30<span class=\"_ _379\"> </span>25.30<span class=\"_ _379\"> </span>16,131<span class=\"_ _379\"> </span>15,481<span class=\"_ _379\"> </span>Gem<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Ind<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie-W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>kti<span class=\"_ _1\"></span>eng<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t, <span class=\"_ _1\"></span>Leo<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>55.00<span class=\"_ _379\"> </span>55.00<span class=\"_ _379\"> </span>346,173<span class=\"_ _379\"> </span>332,045<span class=\"_ _379\"> </span>Gem<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>M\u00fc<span class=\"_ _1\"></span>rz-Y<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>iedlu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>anl<span class=\"_ _1\"></span>agen<span class=\"_ _1\"></span>-G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Kap<span class=\"_ _1\"></span>fen<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>99.92<span class=\"_ _379\"> </span>99.92<span class=\"_ _379\"> </span>157,424<span class=\"_ _379\"> </span>148,588<span class=\"_ _379\"> </span>Gew<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a-W<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>beg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>llsc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _117\"> </span>Austria <span class=\"_ _28d\"> </span>33.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>33.00<span class=\"_ _379\"> </span>128,915<span class=\"_ _379\"> </span>116,801<span class=\"_ _379\"> </span>NEU<span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>HEIM<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ober<span class=\"_ _1\"></span>\u00f6s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>ich <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd Si<span class=\"_ _1\"></span>edlu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>smb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>inz<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 99.82<span class=\"_ _379\"> </span>99.82<span class=\"_ _379\"> </span>229,323<span class=\"_ _379\"> </span>212,512<span class=\"_ _379\"> </span>Neu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ohnb<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>-Ge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>., V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _ae\"> </span>Austria <span class=\"_ _28d\"> </span>61<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>61.00<span class=\"_ _379\"> </span>112,011<span class=\"_ _379\"> </span>109,955<span class=\"_ _379\"> </span>\u00d6ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>isch<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>kehr<span class=\"_ _1\"></span>sb\u00fc<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ktie<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> (Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>atem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 36.58<span class=\"_ _379\"> </span>36.58<span class=\"_ _379\"> </span>53,300<span class=\"_ _379\"> </span>61,670<span class=\"_ _379\"> </span>SOZ<span class=\"_ _1\"></span>IAL<span class=\"_ _1\"></span>BA<span class=\"_ _1\"></span>U g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hnu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>akt<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>sell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _15\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>54.1<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>54.17<span class=\"_ _379\"> </span>352,888<span class=\"_ _379\"> </span>342,450<span class=\"_ _379\"> </span>Tow<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>o Ub<span class=\"_ _1\"></span>ezp<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cze\u0144 W<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>aje<span class=\"_ _1\"></span>mn<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ch \u201e<span class=\"_ _1\"></span>TUW\"<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _1d\"> </span>P<span class=\"_ _1\"></span>oland <span class=\"_ _1aa\"> </span>52.16<span class=\"_ _379\"> </span>52.16<span class=\"_ _379\"> </span>49,703<span class=\"_ _379\"> </span>57,690<span class=\"_ _379\"> </span>Urb<span class=\"_ _1\"></span>anb<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Gem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>-, W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span> Sta<span class=\"_ _1\"></span>dt<span class=\"_ _1\"></span>erneu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>m.b<span class=\"_ _1\"></span>.H<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 51.46<span class=\"_ _379\"> </span>51.46<span class=\"_ _379\"> </span>147,896<span class=\"_ _379\"> </span>142,492<span class=\"_ _379\"> </span>VB<span class=\"_ _1\"></span>V - B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Al<span class=\"_ _1\"></span>ters<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>orso<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> (Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>atem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 25.32<span class=\"_ _379\"> </span>25.32<span class=\"_ _379\"> </span>311,808<span class=\"_ _379\"> </span>279,847<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> 2 <span class=\"_ _6\"> </span>The capital <span class=\"_ _3\"></span>value shown corresponds <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> latest local <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> statements availabl<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fsc\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Non-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s \" As<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>\" U<span class=\"_ _1\"></span>kra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>n As<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce\" <span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>C, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>iv <span class=\"_ _312\"> </span>Ukraine <span class=\"_ _316\"> </span>100.00<span class=\"_ _379\"> </span>\"Eis<span class=\"_ _1\"></span>enh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>\" G<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ige <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _2fe\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>20.13<span class=\"_ _379\"> </span>\"JA<span class=\"_ _1\"></span>HOR<span class=\"_ _1\"></span>INA<span class=\"_ _1\"></span> AU<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>O\" d<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>a Lu<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>a <span class=\"_ _c9\"> </span>B<span class=\"_ _1\"></span>osnia-Herzegovina <span class=\"_ _1ed\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>\"LI<span class=\"_ _1\"></span>FETR<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>ST\"<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>td,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> <span class=\"_ _149\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>\"Neu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>eima<span class=\"_ _1\"></span>t\" <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>adt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rneu<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>inz<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>83.42<span class=\"_ _379\"> </span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>\u00f6zv<span class=\"_ _1\"></span>et\u00edt<span class=\"_ _1\"></span>\u0151<span class=\"_ _1\"></span> \u00e9s<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span>etin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Z\u00e1<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R\u00e9<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt\u00e1<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _f4\"> </span>55.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>AIS <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>s,<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.o<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Brn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _27f\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _11b\"> </span>98.10<span class=\"_ _379\"> </span>Ak<span class=\"_ _1\"></span>cion<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsk<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>ru\u017e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a \u017e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>votn<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4dti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>odg<span class=\"_ _1\"></span>ori<span class=\"_ _1\"></span>ca,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>odg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca <span class=\"_ _318\"> </span>Monteneg<span class=\"_ _1\"></span>ro <span class=\"_ _4b\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>ALBA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _24d\"> </span>Austria <span class=\"_ _7d\"> </span>48.87<span class=\"_ _379\"> </span>Amad<span class=\"_ _1\"></span>i G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>sba<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span> <span class=\"_ _319\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>AQU<span class=\"_ _1\"></span>ILA<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12a\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97<span class=\"_ _1\"></span>.75<span class=\"_ _379\"> </span>ARE<span class=\"_ _1\"></span>AL<span class=\"_ _1\"></span>IS <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ftsm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span>arit<span class=\"_ _1\"></span>hm<span class=\"_ _1\"></span>eti<span class=\"_ _1\"></span>ca <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _ce\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>98.3<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>AUT<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span> BR<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o., <span class=\"_ _1\"></span>Brn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _237\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a9\"> </span>9<span class=\"_ _1\"></span>8.10<span class=\"_ _379\"> </span>Auto<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>g SR<span class=\"_ _1\"></span>L,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t <span class=\"_ _2d8\"> </span>R<span class=\"_ _1\"></span>omania <span class=\"_ _2ca\"> </span>99.54<span class=\"_ _379\"> </span>B&amp;A<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> Con<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lti<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, M<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>vs<span class=\"_ _1\"></span>k\u00e1 <span class=\"_ _1\"></span>Ost<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _31a\"> </span>48.45<span class=\"_ _379\"> </span>BB <span class=\"_ _1\"></span>Par<span class=\"_ _1\"></span>kin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>s.r<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>atis<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>Slov<span class=\"_ _3\"></span>ak<span class=\"_ _1\"></span>ia <span class=\"_ _267\"> </span>98.47<span class=\"_ _379\"> </span>BEE<span class=\"_ _1\"></span>SA<span class=\"_ _1\"></span>FE <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> Z<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>NI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ZONA <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>OWIE<span class=\"_ _1\"></span>DZ<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OS<span class=\"_ _1\"></span>CIA,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _2bb\"> </span>Poland <span class=\"_ _269\"> </span>99<span class=\"_ _1\"></span>.99<span class=\"_ _379\"> </span>Ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ia U<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>zpi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>czeni<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ka z<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>dpo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lnos<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia, W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _1b7\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.95<span class=\"_ _379\"> </span>Boh<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>\u017dat<span class=\"_ _1\"></span>ec <span class=\"_ _31b\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span>Boh<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>HY<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>O s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> \u017da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>c <span class=\"_ _186\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>BSA<span class=\"_ _1\"></span> +<span class=\"_ _1\"></span> OF<span class=\"_ _1\"></span>K <span class=\"_ _1\"></span>Germ<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Est<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Fra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>kfu<span class=\"_ _1\"></span>rt <span class=\"_ _31c\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>97.75<span class=\"_ _379\"> </span>Buls<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span> Tr<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ova <span class=\"_ _1\"></span>Med<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>zin<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _31d\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _32\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>Cam<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>k un<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Cons<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lting<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _27d\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>92.8<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fs15\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1c05\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c06\">CARP<span class=\"_ _1\"></span>LU<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _144\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97<span class=\"_ _1\"></span>.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c07\">Ch<span class=\"_ _1\"></span>r\u00e1\u0161\u0165<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y k<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er\u010d<span class=\"_ _1\"></span>n\u00ed<span class=\"_ _1\"></span> ar<span class=\"_ _1\"></span>e\u00e1<span class=\"_ _1\"></span>l a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>e <span class=\"_ _31e\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c08\">CLA<span class=\"_ _1\"></span>IM<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>XPER<span class=\"_ _1\"></span>T S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.R.<span class=\"_ _1\"></span>L.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _31f\"> </span>Roman<span class=\"_ _1\"></span>ia <span class=\"_ _316\"> </span>99.<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c09\">Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a D<span class=\"_ _1\"></span>yst<span class=\"_ _1\"></span>ryb<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cja <span class=\"_ _1\"></span>Sp.<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span> o.<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span> <span class=\"_ _1ac\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0a\">\u010cPP<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>is, <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _320\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0b\">DBL<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _321\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0c\">DBR<span class=\"_ _1\"></span>-Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>altun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tut<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>G<span class=\"_ _1\"></span>ermany <span class=\"_ _151\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0d\">DEL<span class=\"_ _1\"></span>OIS <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>o., B<span class=\"_ _4\"></span>rati<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98<span class=\"_ _1\"></span>.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0e\">DEL<span class=\"_ _1\"></span>OIS <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>a <span class=\"_ _6b\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98<span class=\"_ _1\"></span>.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0f\">Dom<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>c\u00ed p<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span>\u010de H<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>\u00e1 s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span> <span class=\"_ _322\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>63.23<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c10\">DV <span class=\"_ _1\"></span>Ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>agem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t E<span class=\"_ _1\"></span>AD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _286\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c11\">DV <span class=\"_ _1\"></span>CO<span class=\"_ _1\"></span>NSU<span class=\"_ _1\"></span>LTI<span class=\"_ _1\"></span>NG <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>OD, S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span> <span class=\"_ _282\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c12\">DV <span class=\"_ _1\"></span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> EA<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>a <span class=\"_ _27c\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c13\">EBV<span class=\"_ _1\"></span>-L<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> Ge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>scha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H.<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f8\"> </span>Austria <span class=\"_ _317\"> </span>47.9<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c14\">EGW <span class=\"_ _1\"></span>Da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>rb<span class=\"_ _1\"></span>eitu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>Ges<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _8d\"> </span>Austria <span class=\"_ _7d\"> </span>71.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c15\">EGW <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ieg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>scha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>sv<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _323\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>71.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c16\">EGW<span class=\"_ _1\"></span>-N<span class=\"_ _1\"></span>OE <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>ste g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nun<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft <span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>iene<span class=\"_ _1\"></span>r N<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>adt<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Austria <span class=\"_ _317\"> </span>71.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c17\">EKG U<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span> N<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, K<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>nfu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span> <span class=\"_ _2f4\"> </span>Austria <span class=\"_ _317\"> </span>24.<span class=\"_ _1\"></span>46<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c18\">Els<span class=\"_ _1\"></span>\u00f6 M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>eszs<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>\u00fcgy<span class=\"_ _1\"></span>i H<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>oz<span class=\"_ _1\"></span>at Z<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>Hungary <span class=\"_ _267\"> </span>26.58<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c19\">ERST<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> Biz<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>s\u00ed<span class=\"_ _1\"></span>t\u00e1si<span class=\"_ _1\"></span> Al<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>usz<span class=\"_ _1\"></span> Kf<span class=\"_ _1\"></span>t,<span class=\"_ _1\"></span> Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _31e\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _f4\"> </span>54.2<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1a\">Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> &amp; R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>rs Lt<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Lon<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span> <span class=\"_ _324\"> </span>United<span class=\"_ _1\"></span> Kingdom <span class=\"_ _192\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1b\">EXP<span class=\"_ _1\"></span>ERTA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Sch<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nr<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>Ges<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span> mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _182\"> </span>Austria <span class=\"_ _7d\"> </span>99.44<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1c\">Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rtn<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _78\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1d\">Fin<span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>s P<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _186\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1e\">For<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lity<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>vestU<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ie\", <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span> <span class=\"_ _f9\"> </span>Belarus <span class=\"_ _316\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c1f\">GELU<span class=\"_ _1\"></span>P G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _181\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>32.58<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c20\">GGV<span class=\"_ _1\"></span>ier<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt-Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _282\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>53.<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c21\">Gla<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>etei<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>igung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>altu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\"Be<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>\" K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _31c\"> </span>Austria <span class=\"_ _317\"> </span>42<span class=\"_ _1\"></span>.76<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c22\">GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>O.<span class=\"_ _1\"></span>O. B<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>rad<span class=\"_ _1\"></span>e <span class=\"_ _26f\"> </span>S<span class=\"_ _1\"></span>erbia <span class=\"_ _159\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c23\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>LLC<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>Georgia <span class=\"_ _159\"> </span>95.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c24\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e P<span class=\"_ _1\"></span>ols<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>Sp<span class=\"_ _1\"></span>.z<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _31f\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.99<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c25\">GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _1c7\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c26\">GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> SR<span class=\"_ _1\"></span>L,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _2b6\"> </span>Romania <span class=\"_ _2ca\"> </span>99.23<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c27\">GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span>KIA<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _118\"> </span>Slovakia <span class=\"_ _267\"> </span>99.22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c28\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ardu<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>98.10<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c29\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r P\u00e9<span class=\"_ _1\"></span>\u010de,<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>.\u00fa<span class=\"_ _1\"></span>., P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _153\"> </span>C<span class=\"_ _3\"></span>z<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a9\"> </span>63<span class=\"_ _1\"></span>.23<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188b\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r Zd<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>av\u00ed,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _1d4\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _31a\"> </span>63.2<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188c\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _325\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>63.23<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs188f\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>air <span class=\"_ _1\"></span>Cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>98.10<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2a\">Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lga<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JSC,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> <span class=\"_ _326\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _32\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2b\">Hau<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span> Ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ktb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2f6\"> </span>Austria <span class=\"_ _7d\"> </span>20.72<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2c\">Help<span class=\"_ _1\"></span>24 <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>olt<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>l\u0151<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>\u00e9g\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>dap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _194\"> </span>Hu<span class=\"_ _1\"></span>ngary <span class=\"_ _f4\"> </span>5<span class=\"_ _1\"></span>5.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2d\">HOTE<span class=\"_ _1\"></span>LY<span class=\"_ _1\"></span> SR<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _1\"></span>a.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2e\">Hote<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Vol<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> Liqu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, <span class=\"_ _1\"></span>Zag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span> <span class=\"_ _105\"> </span>Croatia <span class=\"_ _317\"> </span>97.82<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1897\">HORI<span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>ONT<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al-,<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>eam<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> O<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cklun<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _160\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>98.29<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1898\">Imm<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>20.72<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1899\">IM<span class=\"_ _1\"></span>OVE <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rwe<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>-v<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _1b2\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>20.72<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c2f\">INS<span class=\"_ _1\"></span>HIFT<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>K\u00f6ln<span class=\"_ _1\"></span> <span class=\"_ _327\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>23.53<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c30\">insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eX I<span class=\"_ _1\"></span>T G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _328\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>98.87<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c31\">Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k I<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>orma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>k Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Wi<span class=\"_ _1\"></span>esb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _31e\"> </span>Germany <span class=\"_ _f0\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c32\">ITI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Spo<span class=\"_ _1\"></span>lk<span class=\"_ _1\"></span>a z<span class=\"_ _1\"></span> og<span class=\"_ _1\"></span>rani<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>zon<span class=\"_ _1\"></span>\u0105 od<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span>zial<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ci\u0105 <span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>koma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>yt<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>Poland <span class=\"_ _269\"> </span>99.9<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c33\">ITI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Sp.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _4\"></span> <span class=\"_ _27f\"> </span>Poland <span class=\"_ _269\"> </span>9<span class=\"_ _1\"></span>9.99<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c34\">Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Cu<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>o\",<span class=\"_ _1\"></span> Tb<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>i <span class=\"_ _108\"> </span>Georgia<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>90.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c35\">Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>INN<span class=\"_ _1\"></span>ER <span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> - <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>kopj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>North<span class=\"_ _1\"></span> Macedonia<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gsb3\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fsc\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs1c37\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c38\">Kit<span class=\"_ _1\"></span>zb\u00fch<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>esta<span class=\"_ _1\"></span>ttu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>V Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Ki<span class=\"_ _1\"></span>tzb\u00fc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _120\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c39\">KUPA<span class=\"_ _1\"></span>LA<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>arus<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>n-Au<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> Cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>Joi<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y, <span class=\"_ _1\"></span>Min<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k <span class=\"_ _329\"> </span>Belarus <span class=\"_ _275\"> </span>98.2<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3a\">KW<span class=\"_ _1\"></span>C Ca<span class=\"_ _1\"></span>mpu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Kl<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>enf<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _324\"> </span>Austria <span class=\"_ _317\"> </span>48.8<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3b\">LD <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>m\u00f6<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>Austria <span class=\"_ _317\"> </span>98<span class=\"_ _1\"></span>.65<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3c\">Lead<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span>.P<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ate E<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ty M<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>lstan<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>sfin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>21.59<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3d\">LiS<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>V Mu<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _122\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>42.76<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3e\">Mai<span class=\"_ _1\"></span>n P<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>t K<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u00edn <span class=\"_ _1\"></span>II.,<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _76\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c3f\">Mon<span class=\"_ _1\"></span>ey <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Mor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P\u00e9n<span class=\"_ _1\"></span>z\u00fcg<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>an\u00e1<span class=\"_ _1\"></span>csa<span class=\"_ _1\"></span>d\u00f3<span class=\"_ _1\"></span> Z\u00e1<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>k\u00f6r<span class=\"_ _1\"></span>\u0171e<span class=\"_ _1\"></span>n M\u0171<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _28e\"> </span>Hung<span class=\"_ _1\"></span>ary <span class=\"_ _f4\"> </span>54.25<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c40\">Nad<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cia <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>is\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>e K<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>OPERA<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98.<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c41\">PFG<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>tsb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irts<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aftu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>73.69<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c42\">POL<span class=\"_ _1\"></span>ISA <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>\u017bY<span class=\"_ _1\"></span>CIE<span class=\"_ _1\"></span> U<span class=\"_ _1\"></span>bez<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>czeni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Sp.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _232\"> </span>Polan<span class=\"_ _1\"></span>d <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c43\">Priv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> Jo<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any \"<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>WN <span class=\"_ _1\"></span>SER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span>\", <span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>yiv<span class=\"_ _1\"></span> <span class=\"_ _118\"> </span>Ukraine<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c44\">Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roje<span class=\"_ _1\"></span>ktm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>Bau<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Ge<span class=\"_ _1\"></span>smb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>54.51<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c45\">Ren<span class=\"_ _1\"></span>ais<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce H<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>l R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>lb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>40.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c46\">Ris<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t Bu<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _267\"> </span>51.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c47\">Ris<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t P<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lsk<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>p.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _26e\"> </span>Poland <span class=\"_ _269\"> </span>68.1<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c48\">RISK<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>CONSU<span class=\"_ _4\"></span>LT S<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rhei<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd R<span class=\"_ _4\"></span>isi<span class=\"_ _1\"></span>ko- <span class=\"_ _1\"></span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>atun<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _3e\"> </span>Austria <span class=\"_ _317\"> </span>5<span class=\"_ _1\"></span>1.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c49\">Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span> Ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k v<span class=\"_ _1\"></span>e Ha<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r D<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>k Hiz<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>etl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>l <span class=\"_ _112\"> </span>T\u00fcrkiye <span class=\"_ _32a\"> </span>64.19<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4a\">Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>s R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>iko<span class=\"_ _1\"></span> Eng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f5\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>12.24<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4b\">Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _2dd\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _267\"> </span>51.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4c\">Ris<span class=\"_ _1\"></span>k L<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>cs <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>kob<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>51.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4d\">sam<span class=\"_ _1\"></span>avu<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>atis<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98.<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4e\">San<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>oriu<span class=\"_ _1\"></span>m A<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ia, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rlsba<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _1a9\"> </span>97.<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c4f\">SB <span class=\"_ _1\"></span>Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>40.2<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c50\">S.<span class=\"_ _1\"></span>C. R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t &amp;<span class=\"_ _1\"></span> En<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ering<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nia <span class=\"_ _1\"></span>S.R<span class=\"_ _1\"></span>.L<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>est<span class=\"_ _a5\"> </span>Roman<span class=\"_ _1\"></span>ia <span class=\"_ _316\"> </span>51<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c51\">S.<span class=\"_ _1\"></span>C. S<span class=\"_ _1\"></span>OC<span class=\"_ _1\"></span>IET<span class=\"_ _1\"></span>ATE<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>TRA<span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>ING<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IGURA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>S.R<span class=\"_ _1\"></span>.L<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _140\"> </span>Rom<span class=\"_ _1\"></span>ania <span class=\"_ _2ca\"> </span>99.16<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c52\">se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>act<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s-G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _fb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c53\">S.<span class=\"_ _1\"></span>O.S.<span class=\"_ _1\"></span>- E<span class=\"_ _1\"></span>XP<span class=\"_ _1\"></span>ERT<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>o. <span class=\"_ _1\"></span>za<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>retn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>Za<span class=\"_ _1\"></span>greb<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>Croatia <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c54\">Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tzi<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>Be<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>ebsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c55\">Sl<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>erta<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r.o.,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lein<span class=\"_ _1\"></span> <span class=\"_ _2a2\"> </span>Slovakia <span class=\"_ _267\"> </span>98.70<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsfea\">So<span class=\"_ _1\"></span>leta<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ltu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _32c\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>42.76<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff0\">Spa<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>-Ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsff6\">Sp\u00f3<span class=\"_ _1\"></span>\u0142dz<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ln<span class=\"_ _1\"></span>ia U<span class=\"_ _1\"></span>s\u0142u<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span> VI<span class=\"_ _1\"></span>G E<span class=\"_ _1\"></span>KSP<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>T <span class=\"_ _1\"></span>W <span class=\"_ _1\"></span>WAR<span class=\"_ _1\"></span>SZA<span class=\"_ _1\"></span>WIE<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _198\"> </span>Poland <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsffa\">SUR<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>O, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _1d8\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _31a\"> </span>97.<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gsffe\">TAU<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>S C<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co K<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>19.55<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1004\">TAU<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>S C<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>emen<span class=\"_ _1\"></span>t G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>Austria <span class=\"_ _317\"> </span>25.30<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c56\">Tel<span class=\"_ _1\"></span>eD<span class=\"_ _1\"></span>oc <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _32d\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>25.01<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c57\">TGM<span class=\"_ _1\"></span>Z T<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>m G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>ediz<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> Z<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tren<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _32e\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>39.10<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c58\">TOG<span class=\"_ _1\"></span>ET<span class=\"_ _1\"></span>HER <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _e1\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>24<span class=\"_ _1\"></span>.71<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c59\">UAB<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span> Lif<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ribu<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>n\"<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lniu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>Lithuan<span class=\"_ _1\"></span>ia  <span class=\"_ _32f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5a\">UNI<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>-E<span class=\"_ _1\"></span>rted <span class=\"_ _1\"></span>El<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>\u00f6 K<span class=\"_ _1\"></span>orl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>old <span class=\"_ _1\"></span>Fe<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>el\u00f6ss<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>\u00fc T<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>sag<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ape<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Hungary <span class=\"_ _f4\"> </span>5<span class=\"_ _1\"></span>4.25<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5b\">Vers<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>sb<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>ro D<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span> Ign<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _18c\"> </span>Austria <span class=\"_ _317\"> </span>47.90<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5c\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ters<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _d1\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5d\">vies<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _330\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>98.87<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5e\">VIG A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l E<span class=\"_ _1\"></span>stat<span class=\"_ _1\"></span>e,<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _322\"> </span>Czech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c5f\">VIG A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c60\">VIG <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>Dig<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12b\"> </span>Austria <span class=\"_ _f4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c61\">VIG M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce SR<span class=\"_ _4\"></span>L, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _cf\"> </span>Rom<span class=\"_ _1\"></span>ania <span class=\"_ _2ca\"> </span>99.16<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c62\">VIG <span class=\"_ _1\"></span>PO<span class=\"_ _1\"></span>LS<span class=\"_ _1\"></span>KA R<span class=\"_ _1\"></span>EA<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span> ES<span class=\"_ _1\"></span>TAT<span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>SP\u00d3<span class=\"_ _1\"></span>\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Z OGR<span class=\"_ _4\"></span>ANI<span class=\"_ _1\"></span>CZ<span class=\"_ _1\"></span>ONA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODPO<span class=\"_ _1\"></span>WI<span class=\"_ _1\"></span>ED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OSC<span class=\"_ _1\"></span>IA,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c63\">VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es B<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ria <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _ed\"> </span>B<span class=\"_ _1\"></span>ulgaria <span class=\"_ _1bf\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c64\">VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es S<span class=\"_ _1\"></span>hq<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>eri <span class=\"_ _1\"></span>Sh.<span class=\"_ _1\"></span>p.K<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a <span class=\"_ _109\"> </span>A<span class=\"_ _1\"></span>lbania <span class=\"_ _275\"> </span>8<span class=\"_ _1\"></span>9.52<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c65\">VIG <span class=\"_ _1\"></span>ZP<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s. <span class=\"_ _1\"></span>r. o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>a <span class=\"_ _276\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _267\"> </span>99.22<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c66\">VIG/<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>-QUA<span class=\"_ _1\"></span>DRA<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWA<span class=\"_ _1\"></span>RZ<span class=\"_ _1\"></span>YST<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>O FU<span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>US<span class=\"_ _1\"></span>ZY <span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>STY<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNY<span class=\"_ _1\"></span>CH <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>AK<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNA<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _1af\"> </span>Poland <span class=\"_ _269\"> </span>50.99<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c67\">V\u00d6B <span class=\"_ _1\"></span>Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>kt <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>agen<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span> <span class=\"_ _32c\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fs15\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1c05\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c06\">Wi<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>342<span class=\"_ _1\"></span>0 A<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> AG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _16d\"> </span>Austria <span class=\"_ _7d\"> </span>23.92<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c07\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _331\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c08\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Be<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>attu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sbe<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ieb<span class=\"_ _1\"></span>e Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Kr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>ch <span class=\"_ _f8\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c09\">WOF<span class=\"_ _1\"></span>IN <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hnu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f5\"> </span>Austria <span class=\"_ _317\"> </span>20.<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0a\">Woh<span class=\"_ _1\"></span>nqu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>er 1<span class=\"_ _1\"></span>1b <span class=\"_ _1\"></span>Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _250\"> </span>Austria <span class=\"_ _f4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0b\">Woh<span class=\"_ _1\"></span>nqu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>er 1<span class=\"_ _1\"></span>2b <span class=\"_ _1\"></span>Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _250\"> </span>Austria <span class=\"_ _317\"> </span>9<span class=\"_ _1\"></span>7.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0c\">WSB<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eil<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _332\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c0d\">zuu<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span>98.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gsacf\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1c68\"> <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c69\">Please see the Scope and methods of consoli<span class=\"_ _3\"></span>dation sectio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>starti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> page 61 <span class=\"_ _1\"></span>for informa<span class=\"_ _3\"></span>tion on changes in the <span class=\"_ _1\"></span>sco<span class=\"_ _3\"></span>pe </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c6a\">of consol<span class=\"_ _3\"></span>idation.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c6b\">The <span class=\"_ _c\"></span>info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>equire<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>der <span class=\"_ _a\"></span>\u00a7 <span class=\"_ _a\"></span>265(2) <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>o. <span class=\"_ _a\"></span>4 <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>A<span class=\"_ _3\"></span>ustrian <span class=\"_ _a\"></span>Corporatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>Code <span class=\"_ _c\"></span>(U<span class=\"_ _3\"></span>GB) <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>provided <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>overview <span class=\"_ _4\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c6c\">participatio<span class=\"_ _3\"></span>ns in th<span class=\"_ _3\"></span>e separat<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs1c6d\">29.<span class=\"ff4b\"> </span>RELA<span class=\"_ _3\"></span>TED<span class=\"_ _3\"></span> P<span class=\"_ _3\"></span>ARTIE<span class=\"_ _3\"></span>S </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1c6e\">Related par<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c6f\">Related <span class=\"_ _5\"></span>parties <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>af<span class=\"_ _3\"></span>fili<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>compa<span class=\"_ _3\"></span>nies, <span class=\"_ _3\"></span>joint <span class=\"_ _5\"></span>vent<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>res <span class=\"_ _5\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>associated <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>panies <span class=\"_ _5\"></span>listed <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Note <span class=\"_ _5\"></span>28. <span class=\"_ _5\"></span>Affi<span class=\"_ _3\"></span>liated <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c70\">and <span class=\"_ _1\"></span>particip<span class=\"_ _3\"></span>ations <span class=\"_ _1\"></span>starting <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>age <span class=\"_ _4\"></span>140.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>membe<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managing Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>ervisor<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> Board <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>VIG<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c71\">Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g also q<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>fy as <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elated pa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ties. Wiener<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>St\u00e4dtis<span class=\"_ _3\"></span>che V<span class=\"_ _5\"></span>ersicheru<span class=\"_ _3\"></span>ngsver<span class=\"_ _3\"></span>ein dire<span class=\"_ _3\"></span>ctly and indir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y holds aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>72.4<span class=\"_ _3\"></span>7%<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c72\">(aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>72.47<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span>), and therefo<span class=\"_ _3\"></span>re a <span class=\"_ _1\"></span>majo<span class=\"_ _3\"></span>rity <span class=\"_ _1\"></span>of th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>voting right<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>of VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng. <span class=\"_ _1\"></span>Base<span class=\"_ _3\"></span>d on<span class=\"_ _1\"></span> this contr<span class=\"_ _3\"></span>olli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g inter<span class=\"_ _3\"></span>est, it <span class=\"_ _1\"></span>and the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c73\">membe<span class=\"_ _3\"></span>rs of its ma<span class=\"_ _3\"></span>naging boa<span class=\"_ _3\"></span>rd a<span class=\"_ _3\"></span>nd super<span class=\"_ _3\"></span>visory bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>are t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e als<span class=\"_ _3\"></span>o rela<span class=\"_ _3\"></span>ted parties.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c74\">Membe<span class=\"_ _3\"></span>rs <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _6\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>Super<span class=\"_ _3\"></span>visory <span class=\"_ _b\"> </span>Board<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>did <span class=\"_ _b\"> </span>n<span class=\"_ _1\"></span>ot <span class=\"_ _b\"> </span>rec<span class=\"_ _3\"></span>eive <span class=\"_ _b\"> </span>any <span class=\"_ _b\"> </span>advances <span class=\"_ _c\"> </span>or<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>loans <span class=\"_ _b\"> </span>and <span class=\"_ _c\"> </span>had <span class=\"_ _b\"> </span>no <span class=\"_ _b\"> </span>loans </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c75\">outstandi<span class=\"_ _3\"></span>ng during<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>reporti<span class=\"_ _3\"></span>ng periods<span class=\"_ _3\"></span>. Th<span class=\"_ _3\"></span>ere w<span class=\"_ _3\"></span>ere al<span class=\"_ _3\"></span>so n<span class=\"_ _3\"></span>o guarant<span class=\"_ _3\"></span>ees ou<span class=\"_ _3\"></span>tstanding f<span class=\"_ _3\"></span>or memb<span class=\"_ _3\"></span>ers of<span class=\"_ _3\"></span> the M<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g Bo<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c76\">or Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y Boar<span class=\"_ _3\"></span>d d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>ng the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>periods.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1c77\">T<span class=\"_ _d\"></span>ransactions w<span class=\"_ _3\"></span>ith related <span class=\"_ _3\"></span>companies<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c78\">T<span class=\"_ _11\"></span>r<span class=\"_ _1\"></span>ansacti<span class=\"_ _3\"></span>ons <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-consolida<span class=\"_ _3\"></span>ted <span class=\"_ _3\"></span>aff<span class=\"_ _3\"></span>iliated <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>associ<span class=\"_ _3\"></span>ated <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>ompani<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>mainly <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>elate <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>financing <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>charges <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>service<span class=\"_ _3\"></span>s.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c79\">T<span class=\"_ _11\"></span>r<span class=\"_ _1\"></span>ansacti<span class=\"_ _3\"></span>ons <span class=\"_ _4\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>full<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _4\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ded <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _4\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>eliminated<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c7a\">during co<span class=\"_ _3\"></span>nsolidati<span class=\"_ _3\"></span>on and ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efore <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>uded in th<span class=\"_ _3\"></span>e n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>tes. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1c7b\">T<span class=\"_ _d\"></span>ransactions w<span class=\"_ _3\"></span>ith Wien<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>t\u00e4dtisch<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> V<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>che<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ungsverein<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c7c\">Wiener <span class=\"_ _3\"></span>St\u00e4d<span class=\"_ _3\"></span>tische <span class=\"_ _d\"></span>Ve<span class=\"_ _3\"></span>rsiche<span class=\"_ _3\"></span>rungsver<span class=\"_ _3\"></span>ein <span class=\"_ _3\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>majo<span class=\"_ _3\"></span>rity <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>areh<span class=\"_ _3\"></span>older <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>VIG <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>ng. <span class=\"_ _3\"></span>It <span class=\"_ _d\"></span>ha<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>legal <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>rm <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ual <span class=\"_ _5\"></span>insurance<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c7d\">associatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>that <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _5\"></span>spun <span class=\"_ _5\"></span>off<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>insurance <span class=\"_ _5\"></span>operati<span class=\"_ _3\"></span>ons <span class=\"_ _5\"></span>under <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Aust<span class=\"_ _3\"></span>rian <span class=\"_ _3\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>uperv<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>Act <span class=\"_ _5\"></span>(VA<span class=\"_ _5\"></span>G) <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nseque<span class=\"_ _3\"></span>ntly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c7e\">has <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>busi<span class=\"_ _3\"></span>ness <span class=\"_ _1\"></span>operatio<span class=\"_ _3\"></span>ns. <span class=\"_ _4\"></span>Du<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>utsourc<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>ner <span class=\"_ _4\"></span>St\u00e4d<span class=\"_ _3\"></span>tische <span class=\"_ _1\"></span>V<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>sic<span class=\"_ _3\"></span>herung <span class=\"_ _1\"></span>AG <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _4\"></span>took place <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c7f\">that t<span class=\"_ _1\"></span>ime, its only respo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sibil<span class=\"_ _3\"></span>ities are <span class=\"_ _1\"></span>those as a <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ajority <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>olde<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>of VIG Holding, so <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>ny <span class=\"_ _1\"></span>cha<span class=\"_ _3\"></span>rges within </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c80\">VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of minor impo<span class=\"_ _3\"></span>rtance. Th<span class=\"_ _3\"></span>ey <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>bas<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d on service<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>agr<span class=\"_ _3\"></span>eements bet<span class=\"_ _3\"></span>ween VIG Insura<span class=\"_ _3\"></span>nce Group an<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c81\">Wiener <span class=\"_ _6\"> </span>St<span class=\"_ _3\"></span>\u00e4dt<span class=\"_ _1\"></span>isc<span class=\"_ _3\"></span>he <span class=\"_ _b\"> </span>V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herungsve<span class=\"_ _3\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>int<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rcomp<span class=\"_ _3\"></span>any <span class=\"_ _b\"> </span>charges <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>internal <span class=\"_ _b\"> </span>audit <span class=\"_ _b\"> </span>services, <span class=\"_ _6\"> </span>fin<span class=\"_ _3\"></span>ance <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>accounti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1c82\">provisi<span class=\"_ _3\"></span>on of p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>nnel and of<span class=\"_ _5\"></span>fice leases b<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the arm\u2019<span class=\"_ _11\"></span>s l<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>gt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>rinciple.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1c84\">Open item<span class=\"_ _1\"></span>s with<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>lated co<span class=\"_ _1\"></span>mpanie<span class=\"_ _1\"></span>s <span class=\"_ _333\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1c85\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1c86\"><div class=\"t m1 x6 h35 y1f6 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1c87\">Loa<span class=\"_ _1\"></span>ns <span class=\"_ _2ee\"> </span>174,060<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1c88\">178,630<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c89\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _183\"> </span>109,74<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c8a\">115,417<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c8b\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>64,313<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c8c\">63,213<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1c8d\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vable<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _245\"> </span>151,7<span class=\"_ _1\"></span>25<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1c8e\">147,524<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c8f\">Pa<span class=\"_ _1\"></span>rent <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _2cf\"> </span>131,141<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c90\">108,690<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c91\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _20a\"> </span>3,0<span class=\"_ _1\"></span>84<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c92\">27,441<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c93\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>17,500<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c94\">11,393<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1c95\">Liab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ubo<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>s <span class=\"_ _334\"> </span>122,816<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1c96\">158,605<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c97\">Pa<span class=\"_ _1\"></span>rent <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _2cf\"> </span>101,595<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c98\">136,836<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c99\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _22c\"> </span>369<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c9a\">6,381<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1c9b\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>20,852<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1c9c\">15,388<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1c9d\">Transactio<span class=\"_ _1\"></span>ns with relate<span class=\"_ _1\"></span>d com<span class=\"_ _1\"></span>panies<span class=\"_ _1\"></span> <span class=\"_ _335\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1c9e\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1c9f\"><div class=\"t m1 x6 h35 yd38 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1ca0\">Loa<span class=\"_ _1\"></span>ns <span class=\"_ _1da\"> </span>17,919<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1ca1\">4,743<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ca2\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _20a\"> </span>5,6<span class=\"_ _1\"></span>70<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ca3\">364<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ca4\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>12,249<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ca5\">4,379<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1ca6\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vable<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _245\"> </span>115,5<span class=\"_ _1\"></span>54<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1ca7\">110,567<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ca8\">Pa<span class=\"_ _1\"></span>rent <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _17d\"> </span>31,872<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ca9\">24,470<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1caa\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>60,480<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cab\">56,088<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cac\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>23,202<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cad\">30,009<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1cae\">Liab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ubo<span class=\"_ _1\"></span>rdi<span class=\"_ _1\"></span>nat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> lia<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>tie<span class=\"_ _1\"></span>s <span class=\"_ _334\"> </span>306,046<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1caf\">283,286<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cb0\">Pa<span class=\"_ _1\"></span>rent <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _17d\"> </span>74,179<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cb1\">134,131<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cb2\">Asso<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>52,304<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cb3\">13,111<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cb4\">Subs<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ries<span class=\"_ _1\"></span> n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>clud<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al s<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> <span class=\"_ _5d\"> </span>179,56<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cb5\">136,044<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cb6\">The trans<span class=\"_ _3\"></span>actions do <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>de cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>pen items <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ulting fro<span class=\"_ _3\"></span>m a cha<span class=\"_ _3\"></span>nge in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> sco<span class=\"_ _3\"></span>pe of co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n. </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1cb7\">Open item<span class=\"_ _1\"></span>s with<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>lated pe<span class=\"_ _1\"></span>rsons<span class=\"_ _1\"></span> <span class=\"_ _dc\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cb8\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1cb9\"><div class=\"t m1 x6 h35 y6b7 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cba\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _336\"> </span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cbb\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cbc\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> Su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _231\"> </span>82<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cbd\">77<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1cbe\">Transactio<span class=\"_ _1\"></span>ns with relate<span class=\"_ _1\"></span>d par<span class=\"_ _1\"></span>ties <span class=\"_ _be\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cbf\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1cc0\"><div class=\"t m1 x6 h35 y747 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cc1\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les<span class=\"_ _1\"></span> <span class=\"_ _337\"> </span>217<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cc2\">196<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cc3\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>cl.<span class=\"_ _1\"></span> Su<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ated<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>itie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _2a7\"> </span>2,14<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cc4\">1,850<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cc5\">The <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>elated <span class=\"_ _a\"></span>party <span class=\"_ _c\"> </span>it<span class=\"_ _3\"></span>ems <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>incom<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>atement <span class=\"_ _a\"></span>do <span class=\"_ _c\"></span>not <span class=\"_ _a\"></span>exceed <span class=\"_ _a\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 3,000,0<span class=\"_ _3\"></span>00 <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>prima<span class=\"_ _3\"></span>rily <span class=\"_ _c\"> </span>consi<span class=\"_ _3\"></span>st <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>P<span class=\"_ _3\"></span>ayme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cc6\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d membe<span class=\"_ _3\"></span>rs.<span class=\"_ _379\"> </span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>4<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs8e\">Compensa<span class=\"_ _3\"></span>tion of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>mana<span class=\"_ _3\"></span>gement <span class=\"_ _3\"></span>in key posi<span class=\"_ _3\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _3\"></span>s </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsae9\">Superviso<span class=\"_ _1\"></span>ry boar<span class=\"_ _1\"></span>d and mana<span class=\"_ _1\"></span>ging boa<span class=\"_ _1\"></span>rd remuneratio<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>(gr<span class=\"_ _3\"></span>o<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>) <span class=\"_ _338\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cc7\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1cc8\"><div class=\"t m1 x6 h35 y1fb ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cc9\">Remu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>aid<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o S<span class=\"_ _1\"></span>upe<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>viso<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y B<span class=\"_ _1\"></span>oar<span class=\"_ _1\"></span>d m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _252\"> </span>7<span class=\"_ _1\"></span>58<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cca\">695<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ccb\">Tot<span class=\"_ _1\"></span>al p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nts<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>form<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs o<span class=\"_ _1\"></span>f t<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>g B<span class=\"_ _1\"></span>oa<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span> or <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>r s<span class=\"_ _1\"></span>urv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>vors<span class=\"_ _1\"></span> <span class=\"_ _22f\"> </span>1,075<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ccc\">1,330<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ccd\">Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>fut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sion<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> se<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e ob<span class=\"_ _1\"></span>lig<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>oard<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span> <span class=\"_ _140\"> </span>2,265<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cce\">3,159<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ccf\">Prov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fut<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>lon<span class=\"_ _1\"></span>g-<span class=\"_ _1\"></span>term<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>Bo<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>emb<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rs <span class=\"_ _d1\"> </span>6,758<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cd0\">6,374<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cd1\">Remu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>tion<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>aid<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ctiv<span class=\"_ _1\"></span>e M<span class=\"_ _1\"></span>anag<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> Bo<span class=\"_ _1\"></span>ard <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span> <span class=\"_ _243\"> </span>7,948<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cd2\">7,243<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1cd3\">Total <span class=\"_ _2a4\"> </span>18,804<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cd4\">18,801<span class=\"_ _379\"> </span></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1cd5\">Remun<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ratio<span class=\"_ _3\"></span>n for Ma<span class=\"_ _3\"></span>naging Board<span class=\"_ _3\"></span> members<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cd6\">Managing Bo<span class=\"_ _3\"></span>ard r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>uneratio<span class=\"_ _3\"></span>n ta<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>es into acco<span class=\"_ _3\"></span>unt the impor<span class=\"_ _3\"></span>tance of the Gr<span class=\"_ _3\"></span>oup a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e res<span class=\"_ _3\"></span>ponsibil<span class=\"_ _3\"></span>ity that goes wit<span class=\"_ _3\"></span>h it, the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cd7\">economi<span class=\"_ _3\"></span>c situatio<span class=\"_ _3\"></span>n of the Com<span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>, and <span class=\"_ _3\"></span>the appro<span class=\"_ _3\"></span>priat<span class=\"_ _3\"></span>eness o<span class=\"_ _3\"></span>f the rem<span class=\"_ _3\"></span>uneratio<span class=\"_ _3\"></span>n in the ma<span class=\"_ _3\"></span>rket e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>viro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cd8\">The variable <span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rtion <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>unera<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>emph<span class=\"_ _3\"></span>asises the <span class=\"_ _1\"></span>ne<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>for su<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>ac<span class=\"_ _3\"></span>hiev<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>it fully <span class=\"_ _1\"></span>depe<span class=\"_ _3\"></span>nds <span class=\"_ _1\"></span>criti<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> on </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cd9\">an analysis<span class=\"_ _3\"></span> of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>ustainable p<span class=\"_ _3\"></span>erforma<span class=\"_ _3\"></span>nce of th<span class=\"_ _3\"></span>e Compan<span class=\"_ _3\"></span>y that exte<span class=\"_ _3\"></span>nds beyo<span class=\"_ _3\"></span>nd a single <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rting year<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cda\">The <span class=\"_ _b\"> </span>perfo<span class=\"_ _3\"></span>rmance-r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>emuneration <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>limited. <span class=\"_ _c\"> </span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>maxim<span class=\"_ _3\"></span>um <span class=\"_ _b\"> </span>performa<span class=\"_ _3\"></span>nce-rel<span class=\"_ _3\"></span>ated <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>emuner<span class=\"_ _3\"></span>ation <span class=\"_ _c\"> </span>that <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Managi<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdb\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>an <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>ceive <span class=\"_ _c\"> </span>by<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>achieving<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>traditional <span class=\"_ _c\"> </span>t<span class=\"_ _1\"></span>arge<span class=\"_ _3\"></span>ts <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>financial <span class=\"_ _c\"> </span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _b\"> </span>2022 <span class=\"_ _c\"> </span>is <span class=\"_ _b\"> </span>aro<span class=\"_ _3\"></span>und<span class=\"ff4b\"> <span class=\"_ _b\"> </span></span>30% <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>aro<span class=\"_ _3\"></span>und <span class=\"_ _b\"> </span>40% <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>tot<span class=\"_ _3\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdc\">remu<span class=\"_ _3\"></span>neration. <span class=\"_ _1\"></span>Special b<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nus <span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>uneratio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>can <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>be <span class=\"_ _4\"></span>earned <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>appro<span class=\"_ _3\"></span>priate <span class=\"_ _1\"></span>target <span class=\"_ _1\"></span>achie<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ent, <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>remu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdd\">overachie<span class=\"_ _3\"></span>vement<span class=\"_ _3\"></span> in <span class=\"_ _5\"></span>certain <span class=\"_ _5\"></span>target <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>eas. <span class=\"_ _3\"></span>In <span class=\"_ _5\"></span>tota<span class=\"_ _1\"></span>l, <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>memb<span class=\"_ _3\"></span>ers <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _5\"></span>Board <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>earn <span class=\"_ _3\"></span>variable <span class=\"_ _5\"></span>remu<span class=\"_ _3\"></span>neration <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>ual </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cde\">to a maxim<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m of <span class=\"_ _3\"></span>arou<span class=\"_ _3\"></span>nd 45% to 50<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span> of t<span class=\"_ _3\"></span>heir total r<span class=\"_ _5\"></span>emuneration i<span class=\"_ _3\"></span>n this wa<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdf\">Large p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e-relat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>uneration <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>only paid <span class=\"_ _1\"></span>after a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delay<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>del<span class=\"_ _3\"></span>ay <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>extends to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce0\">2026.<span class=\"_ _3\"></span> The<span class=\"_ _1\"></span> d<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d portio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>award<span class=\"_ _3\"></span>ed based <span class=\"_ _3\"></span>on the s<span class=\"_ _3\"></span>ustainabl<span class=\"_ _3\"></span>e perform<span class=\"_ _3\"></span>ance of <span class=\"_ _3\"></span>the Gro<span class=\"_ _3\"></span>up. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce1\">The <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>not <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>itled<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perform<span class=\"_ _3\"></span>ance-rela<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>remu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>eratio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>if <span class=\"_ _1\"></span>performa<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>fails<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>meet <span class=\"_ _1\"></span>certain <span class=\"_ _1\"></span>thres<span class=\"_ _3\"></span>holds.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce2\">Even if<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e targe<span class=\"_ _3\"></span>ts ar<span class=\"_ _5\"></span>e fully <span class=\"_ _3\"></span>met <span class=\"_ _3\"></span>in a <span class=\"_ _3\"></span>giv<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>fina<span class=\"_ _3\"></span>ncial y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>, b<span class=\"_ _3\"></span>eca<span class=\"_ _3\"></span>use of <span class=\"_ _5\"></span>the foc<span class=\"_ _3\"></span>us on <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>stai<span class=\"_ _3\"></span>nabili<span class=\"_ _3\"></span>ty<span class=\"_ _5\"></span>, th<span class=\"_ _3\"></span>e full<span class=\"_ _3\"></span> variable <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>emuner<span class=\"_ _3\"></span>ation </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce3\">is only a<span class=\"_ _3\"></span>warde<span class=\"_ _3\"></span>d if the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>also achie<span class=\"_ _3\"></span>ves sustai<span class=\"_ _3\"></span>nable perfo<span class=\"_ _3\"></span>rmanc<span class=\"_ _3\"></span>e in the t<span class=\"_ _3\"></span>hree fol<span class=\"_ _3\"></span>lowing <span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ears.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce4\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d rem<span class=\"_ _3\"></span>uneratio<span class=\"_ _3\"></span>n does <span class=\"_ _3\"></span>not include sto<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>k optio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s or sim<span class=\"_ _3\"></span>ilar i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ents.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce5\">Membe<span class=\"_ _3\"></span>rs of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Comp<span class=\"_ _3\"></span>any\u2019<span class=\"_ _11\"></span>s M<span class=\"_ _3\"></span>anaging<span class=\"_ _3\"></span> Bo<span class=\"_ _3\"></span>ard <span class=\"_ _5\"></span>who <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>ctive <span class=\"_ _5\"></span>as of<span class=\"_ _3\"></span> 31 <span class=\"_ _5\"></span>Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>19 <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e e<span class=\"_ _3\"></span>ntitled <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> fu<span class=\"_ _3\"></span>nded <span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>efin<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>t </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce6\">pensio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s \u2013 <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>ased, among other things, on the <span class=\"_ _1\"></span>lengt<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>of ser<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ice in VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>\u2013 equal to a <span class=\"_ _1\"></span>maximu<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>of 40% of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce7\">the <span class=\"_ _3\"></span>measur<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>t bas<span class=\"_ _3\"></span>e if<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>hey r<span class=\"_ _3\"></span>emain<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>until <span class=\"_ _3\"></span>age 6<span class=\"_ _3\"></span>5. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ent b<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>equal <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>eir st<span class=\"_ _3\"></span>andar<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce8\">fixed <span class=\"_ _3\"></span>rem<span class=\"_ _3\"></span>uneratio<span class=\"_ _3\"></span>n. This <span class=\"_ _5\"></span>pensio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>amou<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>can b<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eased <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>individ<span class=\"_ _3\"></span>ual c<span class=\"_ _3\"></span>ases i<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>work co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>nues p<span class=\"_ _3\"></span>ast t<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>aximum <span class=\"_ _5\"></span>pensi<span class=\"_ _3\"></span>on </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce9\">age, sin<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a pensio<span class=\"_ _3\"></span>n is not dra<span class=\"_ _3\"></span>wn duri<span class=\"_ _3\"></span>ng this pe<span class=\"_ _3\"></span>riod. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cea\">Starting as <span class=\"_ _1\"></span>of 1 January <span class=\"_ _1\"></span>2020<span class=\"_ _3\"></span>, newly <span class=\"_ _1\"></span>appoi<span class=\"_ _3\"></span>nted <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>embers of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d can <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ranted entitlem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>to defin<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ceb\">benefit <span class=\"_ _1\"></span>pensions <span class=\"_ _4\"></span>(alte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ely <span class=\"_ _4\"></span>entitl<span class=\"_ _3\"></span>ements <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>efin<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>contributio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>pensions<span class=\"_ _3\"></span>). <span class=\"_ _4\"></span>As <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>rule, <span class=\"_ _4\"></span>entitlem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>req<span class=\"_ _3\"></span>uire <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>lea<span class=\"_ _1\"></span>st <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ne </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cec\">reap<span class=\"_ _3\"></span>pointme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>, <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>gra<span class=\"_ _3\"></span>nted <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>sta<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es, <span class=\"_ _c\"> </span>so <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>maxi<span class=\"_ _3\"></span>mum <span class=\"_ _c\"></span>en<span class=\"_ _3\"></span>titlement <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>40% <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>fixed <span class=\"_ _a\"></span>remu<span class=\"_ _3\"></span>neration <span class=\"_ _c\"> </span>c<span class=\"_ _3\"></span>annot <span class=\"_ _a\"></span>be </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ced\">rea<span class=\"_ _3\"></span>ched until a<span class=\"_ _1\"></span>ge 65 after at least 10 years <span class=\"_ _1\"></span>of se<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _3\"></span>ce a<span class=\"_ _1\"></span>s a member of the <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>naging Board.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>If a member of the <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>naging<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cee\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>eviously<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>served in <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ther <span class=\"_ _1\"></span>positio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>for a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>least<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>years,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>entitlem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>can alread<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>ranted<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cef\">the begi<span class=\"_ _3\"></span>nn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m of<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span>fice.<span class=\"_ _379\"> </span>  </div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbae\">Pen<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span> ar<span class=\"_ _3\"></span>e no<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>ll<span class=\"_ _3\"></span>y re<span class=\"_ _3\"></span>cei<span class=\"_ _3\"></span>ved<span class=\"_ _3\"></span> (r<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>ardl<span class=\"_ _5\"></span>ess<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>niti<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> app<span class=\"_ _3\"></span>oi<span class=\"_ _3\"></span>ntm<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>e) o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y if<span class=\"_ _3\"></span> a Man<span class=\"_ _3\"></span>agi<span class=\"_ _3\"></span>ng B<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span> mem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r\u2019<span class=\"_ _11\"></span>s pos<span class=\"_ _3\"></span>itio<span class=\"_ _5\"></span>n <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>s not<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbaf\">ext<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ded<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>is <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>at <span class=\"_ _5\"></span>faul<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>ck <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nsio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _5\"></span>or <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>reti<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>due<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>ill<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>age.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb1\">The <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Empl<span class=\"_ _3\"></span>oyee <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>E<span class=\"_ _1\"></span>mplo<span class=\"_ _3\"></span>yme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>Pr<span class=\"_ _5\"></span>ov<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _3\"></span>Act <span class=\"_ _d\"></span>(Mitarbeit<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>- <span class=\"_ _d\"></span>un<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>Selbsts<span class=\"_ _3\"></span>t\u00e4ndige<span class=\"_ _3\"></span>n-V<span class=\"_ _5\"></span>or<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>rgegese<span class=\"_ _3\"></span>tz) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb2\">(\u201cnew se<span class=\"_ _3\"></span>verance\u201d<span class=\"_ _3\"></span>) a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ply to th<span class=\"_ _3\"></span>e contracts o<span class=\"_ _3\"></span>f the M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Board m<span class=\"_ _3\"></span>embe<span class=\"_ _3\"></span>rs. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf0\">Only <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>Managing <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>memb<span class=\"_ _3\"></span>ers <span class=\"_ _5\"></span>wh<span class=\"_ _1\"></span>o <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _d\"></span>been <span class=\"_ _3\"></span>active <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>long <span class=\"_ _5\"></span>time <span class=\"_ _3\"></span>provid<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>severa<span class=\"_ _3\"></span>nce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb4\">payme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>str<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ctu<span class=\"_ _3\"></span>red <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>accor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Austrian <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>mplo<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ee <span class=\"_ _4\"></span>Act <span class=\"_ _4\"></span>(Angest<span class=\"_ _3\"></span>elltengese<span class=\"_ _3\"></span>tz), <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>versio<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb5\">prior <span class=\"_ _1\"></span>to 2003, in <span class=\"_ _1\"></span>combi<span class=\"_ _3\"></span>nation with <span class=\"_ _1\"></span>appl<span class=\"_ _3\"></span>icable indust<span class=\"_ _3\"></span>ry-speci<span class=\"_ _3\"></span>fic provisions. This allows these Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>mem<span class=\"_ _3\"></span>bers to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb6\">rec<span class=\"_ _3\"></span>eive <span class=\"_ _a\"></span>a <span class=\"_ _4\"></span>seve<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>payme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>ual <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>tw<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>twelv<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nths\u2019 <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>emuner<span class=\"_ _3\"></span>ation, <span class=\"_ _4\"></span>dependi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>period <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>ser<span class=\"_ _3\"></span>vice, <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>a </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb7\">supplem<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> 50<span class=\"_ _5\"></span>% i<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>ember <span class=\"_ _5\"></span>retir<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>leaves <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ft<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>long-te<span class=\"_ _3\"></span>rm i<span class=\"_ _3\"></span>llness.<span class=\"_ _3\"></span> A <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _3\"></span>memb<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>who <span class=\"_ _3\"></span>lea<span class=\"_ _3\"></span>ves <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>their </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb8\">own <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hoice, <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>hout <span class=\"_ _4\"></span>agr<span class=\"_ _3\"></span>eeme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>with <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Com<span class=\"_ _5\"></span>pany<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>befor<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>etireme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>possi<span class=\"_ _3\"></span>ble, <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>leaves <span class=\"_ _1\"></span>due <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>their <span class=\"_ _4\"></span>ow<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>fa<span class=\"_ _3\"></span>ult, <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>no<span class=\"_ _3\"></span>t </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf1\">entitled to s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>veran<span class=\"_ _3\"></span>ce payme<span class=\"_ _3\"></span>nt. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbba\">Managing <span class=\"_ _5\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>mem<span class=\"_ _3\"></span>bers <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ided <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>company <span class=\"_ _5\"></span>car <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>both <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>personal <span class=\"_ _5\"></span>use. <span class=\"_ _3\"></span>The <span class=\"_ _5\"></span>membe<span class=\"_ _3\"></span>rs <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Managi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbb\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>eceived <span class=\"_ _a\"></span>EUR 7,<span class=\"_ _3\"></span>948,000 <span class=\"_ _4\"></span>(EUR 7,243,00<span class=\"_ _3\"></span>0) <span class=\"_ _a\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>the <span class=\"_ _a\"></span>Compa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>during <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>repo<span class=\"_ _3\"></span>rting <span class=\"_ _a\"></span>period <span class=\"_ _a\"></span>for <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>heir <span class=\"_ _a\"></span>services. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbc\">membe<span class=\"_ _3\"></span>rs of the Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Board r<span class=\"_ _3\"></span>ecei<span class=\"_ _3\"></span>ved EUR 978,0<span class=\"_ _3\"></span>00 (E<span class=\"_ _3\"></span>UR 774,00<span class=\"_ _3\"></span>0) from <span class=\"_ _3\"></span>subsidi<span class=\"_ _3\"></span>aries d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>ng the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>period.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf2\">Former m<span class=\"_ _3\"></span>embers of<span class=\"_ _3\"></span> the Ma<span class=\"_ _3\"></span>naging Boa<span class=\"_ _3\"></span>rd r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ceive<span class=\"_ _3\"></span>d EUR 1,0<span class=\"_ _5\"></span>75,000 (EUR 1,330<span class=\"_ _3\"></span>,000<span class=\"_ _3\"></span>). </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbf\">The Man<span class=\"_ _3\"></span>aging Boa<span class=\"_ _3\"></span>rd <span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>eight memb<span class=\"_ _3\"></span>ers i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>t financial <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsbc1\">30.<span class=\"ff4b\"> </span>LEASES </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf3\">The inte<span class=\"_ _3\"></span>rest exp<span class=\"_ _3\"></span>enses f<span class=\"_ _3\"></span>or leases <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>cognised i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>period ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> sho<span class=\"_ _3\"></span>wn in No<span class=\"_ _3\"></span>te 16.  Fi<span class=\"_ _3\"></span>nanci<span class=\"_ _3\"></span>al res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt ex<span class=\"_ _3\"></span>cl. res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt fr<span class=\"_ _3\"></span>om </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc3\">shar<span class=\"_ _3\"></span>es in at equit<span class=\"_ _3\"></span>y consoli<span class=\"_ _3\"></span>dated com<span class=\"_ _3\"></span>pani<span class=\"_ _3\"></span>es starting o<span class=\"_ _3\"></span>n page 1<span class=\"_ _3\"></span>26.  </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsbc5\">30.1.<span class=\"ff4b\"> </span>Lesse<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf4\">The sig<span class=\"_ _3\"></span>nificant c<span class=\"_ _3\"></span>ash<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>utflows fo<span class=\"_ _3\"></span>r leases <span class=\"_ _3\"></span>from l<span class=\"_ _3\"></span>essees amo<span class=\"_ _5\"></span>unt to a to<span class=\"_ _3\"></span>tal of EUR 52,2<span class=\"_ _3\"></span>14,000 <span class=\"_ _3\"></span>(EUR 39<span class=\"_ _3\"></span>,989,000<span class=\"_ _3\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gsbc8\">30.2.<span class=\"ff4b\"> </span>Lessors<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>\u2013<span class=\"_ _3\"></span> o<span class=\"_ _1\"></span>peratin<span class=\"_ _3\"></span>g leases </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbca\">Operatio<span class=\"_ _3\"></span>nal leases fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> whic<span class=\"_ _3\"></span>h VIG Ins<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>up is the les<span class=\"_ _5\"></span>sor e<span class=\"_ _1\"></span>xis<span class=\"_ _3\"></span>t primarily i<span class=\"_ _3\"></span>n con<span class=\"_ _3\"></span>nection wit<span class=\"_ _3\"></span>h real est<span class=\"_ _3\"></span>ate leasi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g.<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gsaa1\">Maturity ana<span class=\"_ _1\"></span>lysis of <span class=\"_ _1\"></span>undiscou<span class=\"_ _1\"></span>nted lea<span class=\"_ _1\"></span>se payment<span class=\"_ _1\"></span>s <span class=\"_ _b3\"> </span><span class=\"fs15\">31<span class=\"_ _1\"></span>.12.2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gsd54\">31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gsd55\"><div class=\"t m1 x6 h35 y1f6 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsd56\">up t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>r <span class=\"_ _1db\"> </span>126,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1860\">116,444<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf52\">one<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>118,18<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cf5\">108,133<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf54\">two<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o th<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>yea<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>109,334<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf55\">100,423<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf56\">thr<span class=\"_ _1\"></span>ee t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>our <span class=\"_ _1\"></span>ye<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span> <span class=\"_ _339\"> </span>101,024<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf57\">91,348<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf58\">fou<span class=\"_ _1\"></span>r to<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ve y<span class=\"_ _1\"></span>ear<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _213\"> </span>92,940<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsf59\">84,626<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gsf5a\">mo<span class=\"_ _1\"></span>re th<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>e y<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>rs <span class=\"_ _217\"> </span>2,708,095<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cf6\">2,412,97<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsf5c\">Total <span class=\"_ _212\"> </span>3,256,2<span class=\"_ _1\"></span>03<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cf7\">2,913,94<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1cf8\">Lea<span class=\"_ _1\"></span>se income<span class=\"_ _1\"></span> <span class=\"_ _2d9\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cf9\">2021<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1cfa\"><div class=\"t m1 x6 h35 yd31 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cfb\">Fix<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _261\"> </span>1<span class=\"_ _1\"></span>29,252<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gsd6f\">113,972<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1cfc\">Leas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>var<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eas<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _9b\"> </span>28,<span class=\"_ _1\"></span>159<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1cfd\">23,615<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1cfe\">Total <span class=\"_ _241\"> </span>157,411<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1cff\">137,587<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs1cda\">31.<span class=\"ff4b\"> </span>SIGNIFICANT EVENTS <span class=\"_ _d\"></span>AF<span class=\"_ _1\"></span>TER <span class=\"_ _5\"></span>THE BA<span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>ANCE S<span class=\"_ _3\"></span>HEET DA<span class=\"_ _5\"></span>TE </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1cdc\">Earthquak<span class=\"_ _3\"></span>e in south<span class=\"_ _3\"></span>-e<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>stern T<span class=\"_ _5\"></span>\u00fcrk<span class=\"_ _3\"></span>iye and pa<span class=\"_ _3\"></span>rts of Syr<span class=\"_ _3\"></span>ia </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdd\">An <span class=\"_ _3\"></span>earthq<span class=\"_ _3\"></span>uake <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>mag<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>ude <span class=\"_ _5\"></span>7.8 <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>R<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>hter <span class=\"_ _3\"></span>scale <span class=\"_ _5\"></span>occ<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>early <span class=\"_ _5\"></span>morning <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>urs <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>6 <span class=\"_ _5\"></span>Fe<span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>ruary <span class=\"_ _3\"></span>2023, <span class=\"_ _d\"></span>accompa<span class=\"_ _3\"></span>nied </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cde\">by n<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>rous<span class=\"_ _3\"></span> afters<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>oc<span class=\"_ _3\"></span>ks of <span class=\"_ _3\"></span>up to<span class=\"_ _3\"></span> 7.5 o<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>Richte<span class=\"_ _3\"></span>r scale <span class=\"_ _3\"></span>in subs<span class=\"_ _3\"></span>equent <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ours. <span class=\"_ _3\"></span>Overall,<span class=\"_ _3\"></span> the e<span class=\"_ _3\"></span>arthquakes<span class=\"_ _3\"></span> af<span class=\"_ _3\"></span>fected a<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>egion<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1d00\">with a radi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s of<span class=\"_ _3\"></span> around 400 <span class=\"_ _3\"></span>kilometres, <span class=\"_ _3\"></span>including the citi<span class=\"_ _3\"></span>es of Gaziant<span class=\"_ _3\"></span>ep, Adana, A<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>akya, Kahram<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ara\u015f, Malat<span class=\"_ _3\"></span>ya, Kilis, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cdf\">Osmaniy<span class=\"_ _3\"></span>e, <span class=\"_ _4\"></span>Diyarb<span class=\"_ _3\"></span>ak\u0131r<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>Ad\u0131<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>am<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>\u015e<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>l\u0131u<span class=\"_ _3\"></span>rfa <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>\u00fcrkiye, <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>Ale<span class=\"_ _3\"></span>ppo, <span class=\"_ _4\"></span>Idli<span class=\"_ _3\"></span>b, <span class=\"_ _4\"></span>Homs <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>H<span class=\"_ _3\"></span>ama <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>yria. <span class=\"_ _4\"></span>Sever<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>thous<span class=\"_ _3\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce0\">buildings collaps<span class=\"_ _3\"></span>ed, <span class=\"_ _1\"></span>causing tho<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sa<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>s of injur<span class=\"_ _1\"></span>ies and tens of th<span class=\"_ _1\"></span>ousands of de<span class=\"_ _1\"></span>aths. Small tsunam<span class=\"_ _3\"></span>i <span class=\"_ _1\"></span>waves were observe<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1d01\">on <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ast <span class=\"_ _4\"></span>coas<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Cy<span class=\"_ _1\"></span>prus <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sult <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>earthqu<span class=\"_ _3\"></span>akes, <span class=\"_ _1\"></span>but <span class=\"_ _4\"></span>did <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>cause any <span class=\"_ _4\"></span>dam<span class=\"_ _3\"></span>age, <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>tsun<span class=\"_ _3\"></span>ami <span class=\"_ _1\"></span>warning <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>as </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce1\">issued i<span class=\"_ _3\"></span>n Ita<span class=\"_ _1\"></span>ly<span class=\"_ _11\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce3\">VIG <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>fers <span class=\"_ _1\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>cove<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>egion, <span class=\"_ _1\"></span>prima<span class=\"_ _3\"></span>rily <span class=\"_ _1\"></span>thro<span class=\"_ _3\"></span>ugh <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>any <span class=\"_ _1\"></span>RaySigo<span class=\"_ _3\"></span>rta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>T<span class=\"_ _11\"></span>\u00fcrkiye, w<span class=\"_ _1\"></span>hich<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>mainly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1d02\">focuses <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>ess af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>cted <span class=\"_ _3\"></span>western pa<span class=\"_ _3\"></span>rt of <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>\u00fcrkiye. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>insurance <span class=\"_ _5\"></span>penetratio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>for t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>aff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>rea <span class=\"_ _3\"></span>in T<span class=\"_ _11\"></span>\u00fcrkiye <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>lower t<span class=\"_ _3\"></span>han </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce4\">in <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>western <span class=\"_ _1\"></span>part <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>count<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>residen<span class=\"_ _3\"></span>tial <span class=\"_ _4\"></span>buil<span class=\"_ _3\"></span>dings a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>cover<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>state <span class=\"_ _1\"></span>TCIP <span class=\"_ _1\"></span>pool. <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>ccor<span class=\"_ _3\"></span>ding <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>preli<span class=\"_ _3\"></span>mina<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1d03\">estimat<span class=\"_ _3\"></span>es, the G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p is <span class=\"_ _3\"></span>expecting <span class=\"_ _3\"></span>a gr<span class=\"_ _3\"></span>oss loss<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>approxim<span class=\"_ _5\"></span>ately EUR<span class=\"_ _3\"></span> 100.0 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on (befor<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce).  C<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ently<span class=\"_ _d\"></span>, net l<span class=\"_ _3\"></span>oss </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ce5\">cannot be <span class=\"_ _3\"></span>estima<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>but VIG <span class=\"_ _3\"></span>has concl<span class=\"_ _3\"></span>uded r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce pr<span class=\"_ _3\"></span>ogrammes <span class=\"_ _3\"></span>for natu<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l di<span class=\"_ _3\"></span>sasters.<span class=\"_ _3\"></span> </div>1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> ADDITIONAL DISCLOSURES IN <span class=\"_ _5\"></span>ACCO<span class=\"_ _1\"></span>R<span class=\"_ _3\"></span>DAN<span class=\"_ _1\"></span>CE <span class=\"_ _5\"></span>WITH THE <span class=\"_ _d\"></span>AUSTRIAN INSURANCE SUPERVISION <span class=\"_ _5\"></span>ACT (<span class=\"_ _1\"></span>V<span class=\"_ _5\"></span>AG) CHANGE <span class=\"_ _3\"></span>TO <span class=\"_ _5\"></span>THE PEPP IMPLEMEN<span class=\"_ _3\"></span>T<span class=\"_ _5\"></span>AT<span class=\"_ _3\"></span>ION <span class=\"_ _5\"></span>AC<span class=\"_ _1\"></span>T<span class=\"_ _3\"></span> On 10 <span class=\"_ _3\"></span>J<span class=\"_ _3\"></span>une 2022<span class=\"_ _3\"></span>, c<span class=\"_ _3\"></span>hanges to <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>PEPP <span class=\"_ _3\"></span>Impl<span class=\"_ _3\"></span>ementation <span class=\"_ _3\"></span>Act<span class=\"_ _3\"></span> wer<span class=\"_ _3\"></span>e pu<span class=\"_ _3\"></span>blished i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the A<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>strian <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>eder<span class=\"_ _3\"></span>al L<span class=\"_ _3\"></span>aw <span class=\"_ _3\"></span>Gazette. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>also includes <span class=\"_ _1\"></span>chang<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>ustr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>ervision <span class=\"_ _1\"></span>Act<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>2016 <span class=\"_ _1\"></span>(V<span class=\"_ _3\"></span>AG). <span class=\"_ _1\"></span>Insuran<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>panies <span class=\"_ _1\"></span>that p<span class=\"_ _1\"></span>ubl<span class=\"_ _3\"></span>ish <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated financial s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nts in ac<span class=\"_ _3\"></span>corda<span class=\"_ _3\"></span>nce wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he IFRS <span class=\"_ _3\"></span>are, as<span class=\"_ _3\"></span> of t<span class=\"_ _3\"></span>he ef<span class=\"_ _3\"></span>fective d<span class=\"_ _3\"></span>ate, <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>o lo<span class=\"_ _3\"></span>nger r<span class=\"_ _3\"></span>equire<span class=\"_ _3\"></span>d to i<span class=\"_ _3\"></span>nclude t<span class=\"_ _3\"></span>he disclo<span class=\"_ _3\"></span>sures in accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> \u00a7 13<span class=\"_ _3\"></span>8 (8) V<span class=\"_ _5\"></span>AG in the IFRS co<span class=\"_ _3\"></span>nsolidate<span class=\"_ _3\"></span>d financial sta<span class=\"_ _3\"></span>tements. En<span class=\"_ _3\"></span>try into forc<span class=\"_ _3\"></span>e is set as 1 Jan<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>y 2023, meaning t<span class=\"_ _3\"></span>hat the i<span class=\"_ _3\"></span>nitial appl<span class=\"_ _3\"></span>ication is<span class=\"_ _3\"></span> expected f<span class=\"_ _3\"></span>or fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _3\"></span>years <span class=\"_ _3\"></span>beginni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g aft<span class=\"_ _3\"></span>er 31 D<span class=\"_ _3\"></span>ecember 20<span class=\"_ _3\"></span>22. PROFIT P<span class=\"_ _5\"></span>ARTICIP<span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>TION IN <span class=\"_ _5\"></span>AUSTRIA Life insuran<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>e U<span class=\"_ _379\"> </span>nder <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he FMA <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>egulatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of 6 Octob<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>2015<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>on profi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>par<span class=\"_ _3\"></span>ticipatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> in the <span class=\"_ _1\"></span>lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance sector (L<span class=\"_ _d\"></span>V<span class=\"_ _5\"></span>-GBV), the expe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ses<span class=\"_ _3\"></span> for prof<span class=\"_ _3\"></span>it-related<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>premi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _4\"></span>ref<span class=\"_ _3\"></span>unds <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>policyhol<span class=\"_ _3\"></span>der <span class=\"_ _a\"></span>prof<span class=\"_ _3\"></span>it <span class=\"_ _a\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>plus <span class=\"_ _a\"></span>an<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>dir<span class=\"_ _3\"></span>ect <span class=\"_ _a\"></span>cr<span class=\"_ _3\"></span>edits <span class=\"_ _a\"></span>must <span class=\"_ _a\"></span>be <span class=\"_ _4\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>least <span class=\"_ _a\"></span>85<span class=\"_ _3\"></span>% <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>the meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent b<span class=\"_ _3\"></span>asis.  Mea<span class=\"_ _1\"></span>surement basis w<span class=\"_ _1\"></span>ithin the<span class=\"_ _1\"></span> mea<span class=\"_ _1\"></span>ning of \u00a7 4 <span class=\"_ _1\"></span>(1) LV-GBV<span class=\"_ _1\"></span> <span class=\"_ _109\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _e2\"> </span>742<span class=\"_ _1\"></span>,151<span class=\"_ _379\"> </span>750,055<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>est <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a4\"> </span>2<span class=\"_ _1\"></span>71,580<span class=\"_ _379\"> </span>295,145<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _74\"> </span>-844,469<span class=\"_ _1fa\"> </span><span class=\"fce\">-900<span class=\"_ _1\"></span>,283<span class=\"_ _379\"> </span></span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _278\"> </span>-12<span class=\"_ _1\"></span>3,845<span class=\"_ _1fa\"> </span><span class=\"fce\">-121,544<span class=\"_ _379\"> </span></span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d n<span class=\"_ _1\"></span>on-<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _33a\"> </span>3,554<span class=\"_ _379\"> </span>2,347<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>xes <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _260\"> </span>2,204<span class=\"_ _379\"> </span>-1,367<span class=\"_ _379\"> </span>Total <span class=\"_ _2a4\"> </span>51,175<span class=\"_ _379\"> </span>24,353<span class=\"_ _379\"> </span>Health insuran<span class=\"_ _5\"></span>ce Accor<span class=\"_ _3\"></span>ding to \u00a7 1<span class=\"_ _3\"></span> of th<span class=\"_ _3\"></span>e FMA r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>gula<span class=\"_ _3\"></span>tion on p<span class=\"_ _3\"></span>rofi<span class=\"_ _3\"></span>t participati<span class=\"_ _3\"></span>on in the <span class=\"_ _3\"></span>health insu<span class=\"_ _3\"></span>rance s<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span>r (KV<span class=\"_ _5\"></span>-GBV) of 1<span class=\"_ _3\"></span>5 Oc<span class=\"_ _3\"></span>tober 20<span class=\"_ _3\"></span>15, the r<span class=\"_ _3\"></span>egulatio<span class=\"_ _3\"></span>n is ap<span class=\"_ _3\"></span>plicable<span class=\"_ _3\"></span> to pol<span class=\"_ _3\"></span>icies <span class=\"_ _3\"></span>wh<span class=\"_ _1\"></span>os<span class=\"_ _3\"></span>e act<span class=\"_ _3\"></span>uarial bas<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> were<span class=\"_ _3\"></span> submi<span class=\"_ _3\"></span>tted afte<span class=\"_ _3\"></span>r 30 <span class=\"_ _3\"></span>June 200<span class=\"_ _3\"></span>7 and <span class=\"_ _5\"></span>whose te<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ms p<span class=\"_ _5\"></span>rovide for profit participatio<span class=\"_ _3\"></span>n. <span class=\"_ _1\"></span>The expenses for <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it-r<span class=\"_ _3\"></span>elated <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>remi<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>ref<span class=\"_ _3\"></span>unds plus <span class=\"_ _1\"></span>any d<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>t cre<span class=\"_ _3\"></span>dits h<span class=\"_ _1\"></span>ave to <span class=\"_ _1\"></span>be at <span class=\"_ _1\"></span>least 85% of the meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt basis f<span class=\"_ _3\"></span>or the h<span class=\"_ _3\"></span>ealth insu<span class=\"_ _3\"></span>rance poli<span class=\"_ _3\"></span>cies con<span class=\"_ _3\"></span>cer<span class=\"_ _1\"></span>ned. <span class=\"_ _3\"></span> Mea<span class=\"_ _1\"></span>surement basis w<span class=\"_ _1\"></span>ithin the<span class=\"_ _1\"></span> mea<span class=\"_ _1\"></span>ning of \u00a7 3 <span class=\"_ _1\"></span>(1) KV-GBV<span class=\"_ _1\"></span> <span class=\"_ _136\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _cb\"> </span>8,255<span class=\"_ _379\"> </span>8,536<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>come<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>est <span class=\"_ _1\"></span>exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _196\"> </span>834<span class=\"_ _379\"> </span>1,037<span class=\"_ _379\"> </span>Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _33b\"> </span>-7,453<span class=\"_ _94\"> </span><span class=\"fce\">-7,440<span class=\"_ _379\"> </span></span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _33c\"> </span>-1,153<span class=\"_ _94\"> </span><span class=\"fce\">-1,211<span class=\"_ _379\"> </span></span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d n<span class=\"_ _1\"></span>on-<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _33d\"> </span>14<span class=\"_ _379\"> </span>5<span class=\"_ _379\"> </span>Ta<span class=\"_ _1\"></span>xes <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _270\"> </span>-125<span class=\"_ _21b\"> </span><span class=\"fce\">-196<span class=\"_ _379\"> </span></span>Total <span class=\"_ _205\"> </span>372<span class=\"_ _379\"> </span>731<span class=\"_ _379\"> </span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>  <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span>1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span>KEY FIGURES PER<span class=\"_ _3\"></span> BALANCE SHEE<span class=\"_ _3\"></span>T UNIT   <span class=\"_ _235\"> </span><span class=\"fs15 fc3\">2022 <span class=\"_ _32e\"> </span><span class=\"fc11\">2021 </span></span>Propert<span class=\"_ _1\"></span>y/<span class=\"_ _379\"> </span>Casualty<span class=\"_ _379\"> </span>Lif<span class=\"_ _1\"></span>e<span class=\"_ _379\"> </span>Heal<span class=\"_ _1\"></span>th<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Propert<span class=\"_ _1\"></span>y/<span class=\"_ _379\"> </span>Casualty<span class=\"_ _379\"> </span>Lif<span class=\"_ _1\"></span>e<span class=\"_ _379\"> </span>Heal<span class=\"_ _1\"></span>th<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Cost<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io <span class=\"_ _283\"> </span>33.3<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>24.01<span class=\"_ _379\"> </span>15.92<span class=\"_ _379\"> </span>29.15<span class=\"_ _379\"> </span>32.67<span class=\"_ _379\"> </span>20.49<span class=\"_ _379\"> </span>16.74<span class=\"_ _379\"> </span>27.37<span class=\"_ _379\"> </span>Clai<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>61.55  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _3a\"> </span><span class=\"fc11\">61<span class=\"_ _1\"></span>.48<span class=\"_ _379\"> </span></span>Combined rat<span class=\"_ _1\"></span>io <span class=\"_ _2c2\"> </span>94<span class=\"_ _1\"></span>.92  <span class=\"_ _4f\"> </span>  <span class=\"_ _293\"> </span>  <span class=\"_ _3a\"> </span><span class=\"fc11\">94<span class=\"_ _1\"></span>.15<span class=\"_ _379\"> </span></span>PREMIUMS PER<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>BA<span class=\"_ _3\"></span>LANCE SHEET U<span class=\"_ _3\"></span>NIT <span class=\"_ _1\"></span>(INC<span class=\"_ _3\"></span>L.<span class=\"_ _3\"></span> CONSOLIDA<span class=\"_ _5\"></span>TION <span class=\"_ _3\"></span>EFFECTS) Property an<span class=\"_ _3\"></span>d Casua<span class=\"_ _3\"></span>lty insuran<span class=\"_ _3\"></span>ce Premiums<span class=\"_ _1\"></span> written<span class=\"_ _1\"></span> \u2013 gross <span class=\"_ _228\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Dir<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>busi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>7,626,525<span class=\"_ _379\"> </span>6,458,72<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Casu<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _171\"> </span>4<span class=\"_ _1\"></span>34,810<span class=\"_ _379\"> </span>422,750<span class=\"_ _379\"> </span>Heal<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _2b4\"> </span>162<span class=\"_ _1\"></span>,067<span class=\"_ _379\"> </span>130,077<span class=\"_ _379\"> </span>Mot<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>own<span class=\"_ _1\"></span>-d<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>age<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>Cas<span class=\"_ _1\"></span>co)<span class=\"_ _1\"></span> <span class=\"_ _33e\"> </span>1,627,36<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>1,402,15<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Rai<span class=\"_ _1\"></span>l v<span class=\"_ _1\"></span>ehi<span class=\"_ _1\"></span>cle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>own-<span class=\"_ _1\"></span>dam<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _228\"> </span>4,293<span class=\"_ _379\"> </span>4,202<span class=\"_ _379\"> </span>Air<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>aft <span class=\"_ _1\"></span>own<span class=\"_ _1\"></span>-d<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e <span class=\"_ _de\"> </span>6,065<span class=\"_ _379\"> </span>5,904<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>ipp<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>wn<span class=\"_ _1\"></span>-d<span class=\"_ _1\"></span>amag<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _32d\"> </span>15,907<span class=\"_ _379\"> </span>13,587<span class=\"_ _379\"> </span>Tr<span class=\"_ _1\"></span>ansp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>rt in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1df\"> </span>85,715<span class=\"_ _379\"> </span>65,311<span class=\"_ _379\"> </span>Fire<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>ral h<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ds <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>1,557,<span class=\"_ _1\"></span>659<span class=\"_ _379\"> </span>1,240,89<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y <span class=\"_ _bf\"> </span>751,4<span class=\"_ _1\"></span>35<span class=\"_ _379\"> </span>650,121<span class=\"_ _379\"> </span>Thi<span class=\"_ _1\"></span>rd <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rty <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranc<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>elf-p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>lled<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>veh<span class=\"_ _1\"></span>icl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _18b\"> </span>1,936,231<span class=\"_ _379\"> </span>1,612,26<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Car<span class=\"_ _1\"></span>rie<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1de\"> </span>28,506<span class=\"_ _379\"> </span>26,631<span class=\"_ _379\"> </span>Air<span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>aft l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>abi<span class=\"_ _1\"></span>lit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _33f\"> </span>4,345<span class=\"_ _379\"> </span>6,370<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>a, l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ke an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>ipp<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>6,771<span class=\"_ _379\"> </span>5,082<span class=\"_ _379\"> </span>Gen<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e <span class=\"_ _2b3\"> </span>639,742<span class=\"_ _379\"> </span>560,306<span class=\"_ _379\"> </span>Cred<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _340\"> </span>9,958<span class=\"_ _379\"> </span>7,820<span class=\"_ _379\"> </span>Gua<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>tee<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _341\"> </span>60,967<span class=\"_ _379\"> </span>44,959<span class=\"_ _379\"> </span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce f<span class=\"_ _1\"></span>or m<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>ane<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>s f<span class=\"_ _1\"></span>inan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ial <span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>121<span class=\"_ _1\"></span>,400<span class=\"_ _379\"> </span>114,500<span class=\"_ _379\"> </span>Leg<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ex<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e <span class=\"_ _2d1\"> </span>63<span class=\"_ _1\"></span>,557<span class=\"_ _379\"> </span>62,231<span class=\"_ _379\"> </span>Assi<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ave<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>heal<span class=\"_ _1\"></span>th <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>109,735<span class=\"_ _379\"> </span>83,564<span class=\"_ _379\"> </span>Indir<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _1de\"> </span>476,707<span class=\"_ _379\"> </span>424,815<span class=\"_ _379\"> </span>Ma<span class=\"_ _1\"></span>rine,<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>iati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _342\"> </span>28,570<span class=\"_ _379\"> </span>21,136<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>4<span class=\"_ _1\"></span>13,029<span class=\"_ _379\"> </span>375,278<span class=\"_ _379\"> </span>Heal<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _23f\"> </span>35,108<span class=\"_ _379\"> </span>28,401<span class=\"_ _379\"> </span>Total <span class=\"_ _212\"> </span>8,103,2<span class=\"_ _1\"></span>32<span class=\"_ _379\"> </span>6,883,53<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>No <span class=\"_ _a\"></span>net <span class=\"_ _a\"></span>earned <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>remi<span class=\"_ _3\"></span>ums <span class=\"_ _a\"></span>from <span class=\"_ _4\"></span>indirec<span class=\"_ _3\"></span>t <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>casualty <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _4\"></span>were <span class=\"_ _a\"></span>defer<span class=\"_ _3\"></span>red <span class=\"_ _a\"></span>one <span class=\"_ _a\"></span>year <span class=\"_ _a\"></span>befor<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>bei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n the incom<span class=\"_ _3\"></span>e statem<span class=\"_ _3\"></span>ent. 1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span>A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> Life insuran<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>e Premiums<span class=\"_ _1\"></span> written<span class=\"_ _1\"></span> \u2013 gross <span class=\"_ _228\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Regu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span> - d<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _99\"> </span>2<span class=\"_ _1\"></span>,930,786<span class=\"_ _379\"> </span>2,643,57<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Sing<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e-p<span class=\"_ _1\"></span>remi<span class=\"_ _1\"></span>um<span class=\"_ _1\"></span> - d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ct b<span class=\"_ _1\"></span>us<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>8<span class=\"_ _1\"></span>58,401<span class=\"_ _379\"> </span>865,034<span class=\"_ _379\"> </span>Dir<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>busi<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _2cf\"> </span>3,789,1<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span>3,508,60<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>cipat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _79\"> </span>1,481,6<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span>1,415,33<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f p<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span>out <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rofi<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>cipa<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _27f\"> </span>734<span class=\"_ _1\"></span>,897<span class=\"_ _379\"> </span>576,352<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce p<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>tf<span class=\"_ _1\"></span>oli<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>1,565,867<span class=\"_ _379\"> </span>1,514,93<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>the<span class=\"_ _1\"></span>reo<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>ind<span class=\"_ _1\"></span>ex-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ortf<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _33e\"> </span>6,776<span class=\"_ _379\"> </span>1,983<span class=\"_ _379\"> </span>Indir<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span> bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _bf\"> </span>29,649<span class=\"_ _379\"> </span>26,003<span class=\"_ _379\"> </span>Total <span class=\"_ _176\"> </span>3,818,836<span class=\"_ _379\"> </span>3,534,60<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Financial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts for u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>it- <span class=\"_ _3\"></span>and index-l<span class=\"_ _3\"></span>inked lif<span class=\"_ _3\"></span>e insurance<span class=\"_ _3\"></span> are s<span class=\"_ _3\"></span>hown in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>especti<span class=\"_ _3\"></span>ve sepa<span class=\"_ _3\"></span>rate finan<span class=\"_ _3\"></span>cial stateme<span class=\"_ _3\"></span>nts. Of<span class=\"_ _3\"></span> the E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 87,000<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(EUR 460<span class=\"_ _3\"></span>,000<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>in net <span class=\"_ _1\"></span>ea<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ned premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ms fro<span class=\"_ _5\"></span>m <span class=\"_ _1\"></span>indire<span class=\"_ _3\"></span>ct <span class=\"_ _1\"></span>lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>insura<span class=\"_ _3\"></span>nce business, EU<span class=\"_ _3\"></span>R 53,000 (EUR 424,<span class=\"_ _3\"></span>000<span class=\"_ _3\"></span>) was defe<span class=\"_ _3\"></span>rred f<span class=\"_ _3\"></span>or one <span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>efore <span class=\"_ _3\"></span>being sho<span class=\"_ _3\"></span>wn in th<span class=\"_ _3\"></span>e income<span class=\"_ _3\"></span> stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> Health insuran<span class=\"_ _5\"></span>ce Premiums<span class=\"_ _1\"></span> written<span class=\"_ _1\"></span> \u2013 gross <span class=\"_ _228\"> </span><span class=\"fs15\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Di<span class=\"_ _1\"></span>rec<span class=\"_ _1\"></span>t bu<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span> <span class=\"_ _213\"> </span>6<span class=\"_ _1\"></span>37,174<span class=\"_ _379\"> </span>584,419<span class=\"_ _379\"> </span><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 hb8 ff49 fs1d fc3 sc0 ls6 ws0 gs8e\">T<span class=\"_ _d\"></span>rans<span class=\"_ _3\"></span>pare<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>cy <span class=\"_ _b\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _c\"> </span>stak<span class=\"_ _3\"></span>eho<span class=\"_ _3\"></span>lde<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>tru<span class=\"_ _3\"></span>st <span class=\"_ _c\"> </span>are <span class=\"_ _c\"></span>im<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tant<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _c\"> </span>us<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 hb8 ff49 fs1d fc3 sc0 ls6 ws0 gs1fc\">Ob<span class=\"_ _3\"></span>servan<span class=\"_ _5\"></span>ce <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>com<span class=\"_ _5\"></span>plian<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>rovi<span class=\"_ _3\"></span>sion<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 hb8 ff49 fs1d fc3 sc0 ls6 ws0 gs1fd\">Au<span class=\"_ _3\"></span>stria<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>Cod<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>Corp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>Gov<span class=\"_ _3\"></span>erna<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>fore<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>pla<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span> </div><div class=\"t m1 hb8 ff49 fs1d fc3 sc0 ls6 ws0 gs1fe\">impo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span> ro<span class=\"_ _3\"></span>le. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">The <span class=\"_ _6\"> </span>A<span class=\"_ _3\"></span>ustrian <span class=\"_ _b\"> </span>Cod<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>Corpo<span class=\"_ _3\"></span>rate <span class=\"_ _b\"> </span>Governance <span class=\"_ _b\"> </span>was <span class=\"_ _b\"> </span>intr<span class=\"_ _3\"></span>o-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">duced in 2002 and is regul<span class=\"_ _3\"></span>arly update<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>ing to legis-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">lation <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>tren<span class=\"_ _3\"></span>ds. <span class=\"_ _5\"></span>It <span class=\"_ _5\"></span>is <span class=\"_ _d\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>stand<span class=\"_ _3\"></span>ard <span class=\"_ _5\"></span>for <span class=\"_ _d\"></span>prope<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>corpo-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">rate <span class=\"_ _c\"> </span>gov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>na<span class=\"_ _3\"></span>nce <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>control <span class=\"_ _a\"></span>in <span class=\"_ _c\"> </span>Austria. <span class=\"_ _a\"></span>Pro<span class=\"_ _3\"></span>visions <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">Code <span class=\"_ _4\"></span>contrib<span class=\"_ _3\"></span>ute <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>stre<span class=\"_ _3\"></span>ngtheni<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>tr<span class=\"_ _3\"></span>ust <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Austria<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">capital market. The repo<span class=\"_ _3\"></span>rts <span class=\"_ _1\"></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">publish on complia<span class=\"_ _3\"></span>nce w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>these pro<span class=\"_ _3\"></span>visions r<span class=\"_ _3\"></span>equire a high </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">level of t<span class=\"_ _3\"></span>ranspar<span class=\"_ _3\"></span>ency<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">VI<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>Ho<span class=\"_ _3\"></span>ldi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>mmi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>appl<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>atio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>com<span class=\"_ _3\"></span>pli<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ce <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">the <span class=\"_ _5\"></span>Januar<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>2023 <span class=\"_ _d\"></span>version <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Austria<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Code <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Corpo<span class=\"_ _3\"></span>rate </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">Gove<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nance. \u00a7 243c <span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>GB and <span class=\"_ _1\"></span>\u00a7 267b UG<span class=\"_ _3\"></span>B <span class=\"_ _1\"></span>(Consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">Corporat<span class=\"_ _3\"></span>e  Go<span class=\"_ _3\"></span>vernance <span class=\"_ _6\"> </span>Report) <span class=\"_ _6\"> </span>wer<span class=\"_ _3\"></span>e  also<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ap<span class=\"_ _1\"></span>pli<span class=\"_ _3\"></span>ed <span class=\"_ _2\"> </span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">prep<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng this co<span class=\"_ _3\"></span>nsolidate<span class=\"_ _3\"></span>d corporat<span class=\"_ _3\"></span>e gove<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nance <span class=\"_ _3\"></span>report.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">The Aus<span class=\"_ _3\"></span>trian C<span class=\"_ _3\"></span>ode of<span class=\"_ _3\"></span> Corpor<span class=\"_ _3\"></span>ate Gov<span class=\"_ _3\"></span>ernance is<span class=\"_ _3\"></span> available<span class=\"_ _3\"></span> to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">the <span class=\"_ _b\"> </span>public <span class=\"_ _b\"> </span>both <span class=\"_ _b\"> </span>on <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>VIG <span class=\"_ _b\"> </span>Ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>Group <span class=\"_ _c\"> </span>website <span class=\"_ _c\"> </span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">https://<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ig.<span class=\"_ _3\"></span>com/corpo<span class=\"_ _3\"></span>rate-go<span class=\"_ _3\"></span>vern<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce-vig and the website<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>Wor<span class=\"_ _3\"></span>king <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>Corpora<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>vernance </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">at www<span class=\"_ _5\"></span>.corpo<span class=\"_ _3\"></span>rate-go<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ernan<span class=\"_ _3\"></span>ce.at. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">VI<span class=\"_ _3\"></span>G <span class=\"_ _a\"></span>Hol<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>see<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>cor<span class=\"_ _3\"></span>po<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>at<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>go<span class=\"_ _3\"></span>verna<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nuo<span class=\"_ _3\"></span>usl<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">ch<span class=\"_ _3\"></span>angi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>oce<span class=\"_ _3\"></span>ss th<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esp<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nds<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> new<span class=\"_ _3\"></span> con<span class=\"_ _3\"></span>diti<span class=\"_ _5\"></span>ons<span class=\"_ _3\"></span> and c<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">r<span class=\"_ _3\"></span>ent <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>stakehold<span class=\"_ _3\"></span>ers. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">The go<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>all <span class=\"_ _3\"></span>corpora<span class=\"_ _3\"></span>te go<span class=\"_ _3\"></span>vernance <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>ures i<span class=\"_ _3\"></span>s to <span class=\"_ _d\"></span>ensure<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">respo<span class=\"_ _3\"></span>nsible  corpo<span class=\"_ _3\"></span>rate  manag<span class=\"_ _3\"></span>ement  aimed<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>at  long<span class=\"_ _3\"></span>-term </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">gro<span class=\"_ _3\"></span>wth <span class=\"_ _3\"></span>while <span class=\"_ _5\"></span>simultan<span class=\"_ _3\"></span>eously <span class=\"_ _5\"></span>maintai<span class=\"_ _3\"></span>ning <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ective <span class=\"_ _3\"></span>corpo<span class=\"_ _3\"></span>rate </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">contro<span class=\"_ _3\"></span>l. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">The <span class=\"_ _c\"> </span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _c\"></span>Bo<span class=\"_ _3\"></span>ard,<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _3\"></span>ry <span class=\"_ _c\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>empl<span class=\"_ _3\"></span>oyees </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">consid<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>obse<span class=\"_ _3\"></span>rvance <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>compl<span class=\"_ _3\"></span>iance <span class=\"_ _4\"></span>with <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>rules <span class=\"_ _a\"></span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">the <span class=\"_ _a\"></span>Austrian <span class=\"_ _4\"></span>Code <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Corpo<span class=\"_ _3\"></span>rate <span class=\"_ _a\"></span>Governance <span class=\"_ _a\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>be<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>hig<span class=\"_ _3\"></span>hly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">importa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>practical <span class=\"_ _d\"></span>impl<span class=\"_ _3\"></span>ementatio<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>cor<span class=\"_ _1\"></span>por<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>gov-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">ern<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>ce. <span class=\"_ _c\"> </span>All <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>forma<span class=\"_ _3\"></span>tion <span class=\"_ _c\"> </span>conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>ompo<span class=\"_ _3\"></span>sitio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">work <span class=\"_ _1\"></span>proc<span class=\"_ _3\"></span>edur<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Super<span class=\"_ _3\"></span>vi-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">sory Boar<span class=\"_ _5\"></span>d is pres<span class=\"_ _3\"></span>ented belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">The <span class=\"_ _a\"></span>rules<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>Austri<span class=\"_ _3\"></span>an <span class=\"_ _c\"></span>Co<span class=\"_ _3\"></span>de <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>Corpo<span class=\"_ _3\"></span>rate <span class=\"_ _a\"></span>Gove<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">are di<span class=\"_ _3\"></span>vided into t<span class=\"_ _3\"></span>he fol<span class=\"_ _3\"></span>lowing thr<span class=\"_ _3\"></span>ee cat<span class=\"_ _3\"></span>egories: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>ules <span class=\"_ _3\"></span>based o<span class=\"_ _3\"></span>n mandator<span class=\"_ _3\"></span>y legal r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s (<span class=\"_ _3\"></span>\u201cLegal </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1da9\">Require<span class=\"_ _3\"></span>ments\u201d<span class=\"_ _3\"></span>) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>ules <span class=\"_ _3\"></span>that must <span class=\"_ _3\"></span>be obs<span class=\"_ _3\"></span>erved. No<span class=\"_ _3\"></span>n-c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>plian<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>with </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dab\">these rules m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st <span class=\"_ _3\"></span>be declar<span class=\"_ _3\"></span>ed a<span class=\"_ _3\"></span>nd explain<span class=\"_ _3\"></span>ed in or<span class=\"_ _3\"></span>der to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dac\">comply <span class=\"_ _3\"></span>with the Cod<span class=\"_ _3\"></span>e (\u201cCompl<span class=\"_ _3\"></span>y or <span class=\"_ _3\"></span>Explain\u201d) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Non-complia<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>with rules <span class=\"_ _3\"></span>whic<span class=\"_ _3\"></span>h are mer<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dae\">recomm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ndatio<span class=\"_ _3\"></span>ns do <span class=\"_ _3\"></span>not need to <span class=\"_ _3\"></span>be dis<span class=\"_ _3\"></span>closed or </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daf\">explained (<span class=\"_ _3\"></span>\u201cRecomm<span class=\"_ _3\"></span>endati<span class=\"_ _3\"></span>ons\u201d) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">VIG <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>plies <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>rules <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the A<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ian <span class=\"_ _5\"></span>Code of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">Corporat<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>Go<span class=\"_ _3\"></span>vernance. <span class=\"_ _b\"> </span>Accor<span class=\"_ _3\"></span>ding <span class=\"_ _c\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_ _b\"> </span>C-R<span class=\"_ _3\"></span>ule <span class=\"_ _6\"> </span>52<span class=\"_ _3\"></span>a <span class=\"_ _b\"> </span>of <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">Austrian <span class=\"_ _c\"> </span>Code <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>Corporat<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>Gove<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>, <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>numb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">membe<span class=\"_ _3\"></span>rs o<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>Board <span class=\"_ _5\"></span>(without <span class=\"_ _5\"></span>emplo<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ee <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>p-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db4\">rese<span class=\"_ _3\"></span>ntatives) shal<span class=\"_ _3\"></span>l be ten at most. In 2022,<span class=\"_ _3\"></span> the Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db5\">Boar<span class=\"_ _3\"></span>d of<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G Hol<span class=\"_ _3\"></span>ding co<span class=\"_ _3\"></span>nsisted <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>twelve <span class=\"_ _3\"></span>memb<span class=\"_ _3\"></span>ers el<span class=\"_ _3\"></span>ected<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db6\">by t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>An<span class=\"_ _3\"></span>nual G<span class=\"_ _3\"></span>eneral <span class=\"_ _3\"></span>Me<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>ing. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he n<span class=\"_ _3\"></span>umber o<span class=\"_ _3\"></span>f m<span class=\"_ _3\"></span>embe<span class=\"_ _3\"></span>rs in<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">the <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>ervisory Board is due<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fact <span class=\"_ _1\"></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>any </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">operates over 50 insurance companies and <span class=\"_ _1\"></span>pe<span class=\"_ _3\"></span>nsion <span class=\"_ _1\"></span>fu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">in 30 co<span class=\"_ _3\"></span>untries. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>makes it <span class=\"_ _3\"></span>possi<span class=\"_ _3\"></span>ble to i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ude addi<span class=\"_ _3\"></span>tional </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">expertise <span class=\"_ _6\"> </span>wit<span class=\"_ _3\"></span>h <span class=\"_ _2\"> </span>res<span class=\"_ _5\"></span>pect <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nation<span class=\"_ _3\"></span>ality <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>further<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbb\">gro<span class=\"_ _3\"></span>wth <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>VIG Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p, including i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> respo<span class=\"_ _3\"></span>nse t<span class=\"_ _1\"></span>o incre<span class=\"_ _3\"></span>as-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbc\">ing reg<span class=\"_ _3\"></span>ulatory <span class=\"_ _3\"></span>requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nts. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbd\">The <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _d\"></span>s <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>cope <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolida<span class=\"_ _3\"></span>tion <span class=\"_ _c\"> </span>also <span class=\"_ _c\"></span>in<span class=\"_ _3\"></span>cludes <span class=\"_ _c\"></span>c<span class=\"_ _3\"></span>apital </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbe\">market-o<span class=\"_ _3\"></span>riented <span class=\"_ _4\"></span>su<span class=\"_ _3\"></span>bsidiaries <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>req<span class=\"_ _3\"></span>uire<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>legal<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbf\">systems <span class=\"_ _4\"></span>appl<span class=\"_ _3\"></span>icable <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>them <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>epare <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>publish <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>or<span class=\"_ _d\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc0\">po<span class=\"_ _5\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>gov<span class=\"_ _3\"></span>erna<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>re<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>. <span class=\"_ _d\"></span>T<span class=\"_ _3\"></span>hes<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>in<span class=\"_ _3\"></span>clud<span class=\"_ _3\"></span>e:<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>Ray<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Sig<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>(T<span class=\"_ _11\"></span>\u00fcrk<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ye) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc1\">an<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>ke<span class=\"_ _3\"></span>do<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>ja<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Osi<span class=\"_ _3\"></span>gu<span class=\"_ _3\"></span>ruv<span class=\"_ _3\"></span>anj<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>(No<span class=\"_ _5\"></span>rth <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>ia<span class=\"_ _3\"></span>).<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>Cor<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">porate <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>vernance <span class=\"_ _4\"></span>repor<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>available <span class=\"_ _4\"></span>on <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>compan<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">websites:<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc4\">\u2013<span class=\"ff4b\"> <span class=\"_ _a\"> </span></span>h<span class=\"_ _1\"></span>ttps<span class=\"_ _3\"></span>://www<span class=\"_ _5\"></span>.kap.o<span class=\"_ _3\"></span>rg.tr/en/Bil<span class=\"_ _3\"></span>dirimPdf/1<span class=\"_ _3\"></span>117968 <span class=\"_ _3\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc5\">https://<span class=\"_ _3\"></span>www<span class=\"_ _3\"></span>.kap.o<span class=\"_ _3\"></span>rg.tr/e<span class=\"_ _3\"></span>n/Bildirim/<span class=\"_ _3\"></span>1117970<span class=\"_ _3\"></span>; </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc6\">\u2013<span class=\"ff4b\"> <span class=\"_ _a\"> </span></span>h<span class=\"_ _1\"></span>ttps<span class=\"_ _3\"></span>://www<span class=\"_ _5\"></span>.ins<span class=\"_ _3\"></span>umak.mk/abo<span class=\"_ _3\"></span>ut-us/r<span class=\"_ _3\"></span>eports/<span class=\"_ _3\"></span>?<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>ng=e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc7\">(as an i<span class=\"_ _3\"></span>nte<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ral part of <span class=\"_ _3\"></span>the an<span class=\"_ _3\"></span>nual re<span class=\"_ _3\"></span>port). </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">Refer<span class=\"_ _3\"></span>ence is <span class=\"_ _3\"></span>made to t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nformatio<span class=\"_ _3\"></span>n in this<span class=\"_ _3\"></span> regar<span class=\"_ _3\"></span>d.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">The shar<span class=\"_ _3\"></span>eholder<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>stru<span class=\"_ _3\"></span>cture of VI<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng can be view<span class=\"_ _3\"></span>ed at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">the followi<span class=\"_ _3\"></span>ng link: <span class=\"_ _3\"></span>www<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ig.com<span class=\"_ _3\"></span>/s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-struct<span class=\"_ _3\"></span>ure.<span class=\"_ _3\"></span><span class=\"ff4b\"> </span></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1dcb\">MEMBERS OF <span class=\"_ _5\"></span>THE MANAGING <span class=\"_ _3\"></span>BOARD <span class=\"_ _3\"></span>AND <span class=\"_ _3\"></span>THEIR </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1dcc\">RESPONSIBI<span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>ITIES </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">The <span class=\"_ _4\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>had <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>follo<span class=\"_ _3\"></span>wing <span class=\"_ _a\"></span>eight<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">membe<span class=\"_ _3\"></span>rs <span class=\"_ _f\"> </span>a<span class=\"_ _1\"></span>s <span class=\"_ _f\"> </span>of <span class=\"_ _49\"> </span>31 D<span class=\"_ _3\"></span>ecembe<span class=\"_ _3\"></span>r <span class=\"_ _4c\"> </span>2022:<span class=\"_ _5\"></span> <span class=\"_ _4c\"> </span>Elisab<span class=\"_ _3\"></span>eth <span class=\"_ _49\"> </span>Stadle<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcf\">(General <span class=\"_ _6\"> </span>Manag<span class=\"_ _3\"></span>er <span class=\"_ _2\"> </span>(CEO), <span class=\"_ _6\"> </span>Chair<span class=\"_ _3\"></span>woman <span class=\"_ _6\"> </span>of  th<span class=\"_ _3\"></span>e  Ma<span class=\"_ _3\"></span>naging<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd0\">Boar<span class=\"_ _3\"></span>d), <span class=\"_ _c\"> </span>Hartwig<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>L\u00f6ge<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>(<span class=\"_ _1\"></span>De<span class=\"_ _3\"></span>puty <span class=\"_ _c\"></span>Ge<span class=\"_ _3\"></span>neral <span class=\"_ _c\"></span>Ma<span class=\"_ _3\"></span>nager<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>Dep<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd1\">Chairma<span class=\"_ _3\"></span>n <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Managing <span class=\"_ _c\"></span>Boar<span class=\"_ _3\"></span>d), <span class=\"_ _c\"> </span>Liane <span class=\"_ _c\"> </span>Hirner <span class=\"_ _b\"> </span>(CFR<span class=\"_ _3\"></span>O)<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">Peter <span class=\"_ _1\"></span>H\u00f6fing<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>Gerhard Lahner (COO), <span class=\"_ _1\"></span>G\u00e1bo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>Lehel <span class=\"_ _1\"></span>(CIO),<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd3\">Harald Rie<span class=\"_ _3\"></span>ner an<span class=\"_ _3\"></span>d Peter Thir<span class=\"_ _3\"></span>ring (CT<span class=\"_ _3\"></span>O).<span class=\"_ _379\"> </span></div><div class=\"c w3f h1f gs1dd4\"><div class=\"t m1 x6 hb9 y10c7 ff45 fs34 fc3 sc0 ls6 ws0\">Corporate </div></div><div class=\"c w40 h1f gs1dd5\"><div class=\"t m1 x6 hb9 y10c7 ff45 fs34 fc3 sc0 ls6 ws0\">governance repor<span class=\"_ _1\"></span>t<span class=\"_ _379\"> </span></div></div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1dd7\">Changes dur<span class=\"_ _3\"></span>ing and<span class=\"_ _3\"></span> after the<span class=\"_ _3\"></span> end of the<span class=\"_ _3\"></span> financia<span class=\"_ _3\"></span>l ye<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1dd8\">T<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1dd9\">he VIG Ho<span class=\"_ _3\"></span>lding Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Board wil<span class=\"_ _3\"></span>l have the f<span class=\"_ _3\"></span>ollowing me<span class=\"_ _3\"></span>mbers fro<span class=\"_ _3\"></span>m 1 J<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ly 202<span class=\"_ _3\"></span>3: M<span class=\"_ _3\"></span>r L\u00f6ger<span class=\"_ _d\"></span>, Chai<span class=\"_ _3\"></span>rman of th<span class=\"_ _3\"></span>e Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1dda\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>(Gen<span class=\"_ _3\"></span>era<span class=\"_ _1\"></span>l <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>nager), <span class=\"_ _4\"></span>Mr H\u00f6fing<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>Dep<span class=\"_ _3\"></span>uty <span class=\"_ _4\"></span>Chairman <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>(Deputy <span class=\"_ _4\"></span>Gen<span class=\"_ _3\"></span>eral <span class=\"_ _4\"></span>Manager), <span class=\"_ _4\"></span>Ms Hi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ner<span class=\"_ _11\"></span>, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ddb\">Mr La<span class=\"_ _3\"></span>hner<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>Mr Lehel <span class=\"_ _3\"></span>and M<span class=\"_ _3\"></span>r Rie<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _d\"></span>. A<span class=\"_ _3\"></span>ll <span class=\"_ _3\"></span>Mana<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boa<span class=\"_ _3\"></span>rd <span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>ms <span class=\"_ _3\"></span>w<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>l expi<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>on 30 June <span class=\"_ _3\"></span>2027. <span class=\"_ _5\"></span>Ms Stadler a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>Mr Thir<span class=\"_ _3\"></span>ring <span class=\"_ _3\"></span>will, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ddc\">at their o<span class=\"_ _3\"></span>wn r<span class=\"_ _3\"></span>equest, not <span class=\"_ _3\"></span>extend t<span class=\"_ _3\"></span>heir terms<span class=\"_ _3\"></span> on the Ma<span class=\"_ _3\"></span>nagin<span class=\"_ _3\"></span>g Boar<span class=\"_ _3\"></span>d when th<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expire o<span class=\"_ _3\"></span>n 30 J<span class=\"_ _3\"></span>une 2023.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ddd\">Further info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n on the m<span class=\"_ _3\"></span>embers of<span class=\"_ _3\"></span> the M<span class=\"_ _3\"></span>anaging Boa<span class=\"_ _3\"></span>rd<span class=\"_ _3\"></span>, including t<span class=\"_ _3\"></span>heir emplo<span class=\"_ _3\"></span>yment his<span class=\"_ _3\"></span>tory<span class=\"_ _d\"></span>, is pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>below:<span class=\"_ _3\"></span> </div><div class=\"c w42 h83 gs1dde\"><div class=\"t m3 x6 h17 y10cf ff49 fsc fc3 sc0 ls6 ws0\">Elisab<span class=\"_ _1\"></span>eth Stad<span class=\"_ _1\"></span>ler<span class=\"_ _379\"> </span></div></div><div class=\"c w43 h83 gs1ddf\"><div class=\"t m3 x6 h17 y10cf ff49 fsc fc3 sc0 ls6 ws0\">General Man<span class=\"_ _1\"></span>ager (CEO), </div></div><div class=\"c w44 h83 gs1de0\"><div class=\"t m3 x6 h17 y10cf ff49 fsc fc3 sc0 ls6 ws0\">Chairwoman<span class=\"_ _1\"></span> of th<span class=\"_ _1\"></span>e Managin<span class=\"_ _1\"></span>g Board<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1de1\"><div class=\"t m3 x6 h25 y124 ff4c fsc fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1961<span class=\"_ _379\"> </span></div></div><div class=\"c w46 h16 gs1de2\"><div class=\"t m3 x6 h25 y124 ff4c fsc fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted:<span class=\"_ _379\"> </span></div></div><div class=\"c w47 h16 gs1de3\"><div class=\"t m3 x6 h25 y124 ff4c fsc fc3 sc0 ls6 ws0\">1 Januar<span class=\"_ _1\"></span>y 2016<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1de4\"><div class=\"t m3 x6 h25 y124 ff4c fsc fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w3e h16 gs1de5\"><div class=\"t m3 x6 h25 y124 ff4c fsc fc3 sc0 ls6 ws0\">30</div></div><div class=\"t m3 hbb ff4c fsf fc3 sc0 ls6 ws0 gs1de6\"> <span class=\"fsc\">June 202<span class=\"_ _1\"></span>3 </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1de7\">Elisabet<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>St<span class=\"_ _3\"></span>adler<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1de8\">s<span class=\"_ _3\"></span>tudied <span class=\"_ _a\"></span>actuarial <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>athematics <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>Vienna <span class=\"_ _c\"></span>T<span class=\"_ _4a\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>hnical <span class=\"_ _c\"></span>U<span class=\"_ _3\"></span>niversity <span class=\"_ _a\"></span>and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1de9\">began <span class=\"_ _4\"></span>her <span class=\"_ _4\"></span>car<span class=\"_ _3\"></span>eer <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>Aust<span class=\"_ _3\"></span>rian <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _4\"></span>indus<span class=\"_ _3\"></span>try <span class=\"_ _4\"></span>as <span class=\"_ _a\"></span>a <span class=\"_ _1\"></span>Managing <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _a\"></span>M<span class=\"_ _3\"></span>ember <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1dea\">Chairwom<span class=\"_ _3\"></span>an. I<span class=\"_ _3\"></span>n Ma<span class=\"_ _3\"></span>y 2014<span class=\"_ _3\"></span>, she <span class=\"_ _3\"></span>was <span class=\"_ _3\"></span>award<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>prof<span class=\"_ _3\"></span>ession<span class=\"_ _3\"></span>al titl<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>professor <span class=\"_ _3\"></span>by Fede<span class=\"_ _3\"></span>ral </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1deb\">Minister <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>riele <span class=\"_ _4\"></span>Heinis<span class=\"_ _3\"></span>ch-Hosek <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>her <span class=\"_ _4\"></span>merits <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _4\"></span>indus<span class=\"_ _3\"></span>try<span class=\"_ _5\"></span>. <span class=\"_ _4\"></span>She <span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>ld <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1dec\">positi<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>en<span class=\"_ _3\"></span>eral <span class=\"_ _5\"></span>Manager <span class=\"_ _5\"></span>at <span class=\"_ _5\"></span>Donau <span class=\"_ _5\"></span>V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herung <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _5\"></span>Septemb<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>2014 <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>Mar<span class=\"_ _3\"></span>ch <span class=\"_ _3\"></span>2016,<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ded\">and has be<span class=\"_ _3\"></span>en CE<span class=\"_ _3\"></span>O of VIG Hol<span class=\"_ _3\"></span>ding si<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e 2016.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1dee\">Areas <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>esponsibili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span>:</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1def\"> <span class=\"_ _b\"> </span>Managem<span class=\"_ _5\"></span>ent <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>IG <span class=\"_ _c\"> </span>Gro<span class=\"_ _3\"></span>up, <span class=\"_ _b\"> </span>Strategy<span class=\"_ _d\"></span>, <span class=\"_ _b\"> </span>Bancass<span class=\"_ _3\"></span>urance <span class=\"_ _b\"> </span>an<span class=\"_ _3\"></span>d </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df0\">International <span class=\"_ _6\"> </span>Partners<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ips,<span class=\"_ _3\"></span>  Com<span class=\"_ _3\"></span>municatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>&amp;  M<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>keti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g,<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>Europ<span class=\"_ _3\"></span>ean  A<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>airs  a<span class=\"_ _3\"></span>nd  ES<span class=\"_ _3\"></span>G, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df1\">General <span class=\"_ _5\"></span>Secr<span class=\"_ _3\"></span>etariat <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Legal, <span class=\"_ _5\"></span>Huma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Re<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>urces, <span class=\"_ _d\"></span>Internal <span class=\"_ _5\"></span>Aud<span class=\"_ _1\"></span>it, <span class=\"_ _5\"></span>Spo<span class=\"_ _3\"></span>nsoring, <span class=\"_ _5\"></span>Subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>s </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df2\">and M&amp;<span class=\"_ _3\"></span>A, Central F<span class=\"_ _3\"></span>unctions<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1df3\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities: </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df4\">G</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df5\">erma<span class=\"_ _3\"></span>ny<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1df6\">Supervis<span class=\"_ _3\"></span>ory<span class=\"_ _1\"></span>  board  positions <span class=\"_ _10\"> </span>o<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>  comparable<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>positi<span class=\"_ _3\"></span>ons <span class=\"_ _e\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _10\"> </span>other <span class=\"_ _10\"> </span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _10\"> </span>and <span class=\"_ _10\"> </span>forei<span class=\"_ _3\"></span>gn </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1df7\">companies  outsi<span class=\"_ _3\"></span>de <span class=\"_ _10\"> </span>the  Gro<span class=\"_ _3\"></span>up:</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df8\">  OMV  Aktie<span class=\"_ _3\"></span>ngesells<span class=\"_ _3\"></span>chaft,  voestalpi<span class=\"_ _3\"></span>ne <span class=\"_ _10\"> </span>A<span class=\"_ _3\"></span>G, <span class=\"_ _10\"> </span>Instit<span class=\"_ _3\"></span>ute <span class=\"_ _10\"> </span>of<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1df9\">Science <span class=\"_ _3\"></span>and T<span class=\"_ _11\"></span>echnolo<span class=\"_ _3\"></span>gy Aust<span class=\"_ _3\"></span>ria, Austrian <span class=\"_ _3\"></span>Red Cr<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span> </div><div class=\"c w49 h83 gs1dfa\"><div class=\"t m3 x6 h17 y10de ff49 fsc fc3 sc0 ls6 ws0\">Hartwig L\u00f6ger<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1dfb\">Deputy<span class=\"_ _1\"></span> General </div><div class=\"c w4a h83 gs1dfc\"><div class=\"t m3 x6 h17 y10de ff49 fsc fc3 sc0 ls6 ws0\">Manager<span class=\"_ _3\"></span>, Deputy C<span class=\"_ _1\"></span>hairman<span class=\"_ _1\"></span> of the </div></div><div class=\"c w4b h83 gs1dfd\"><div class=\"t m3 x6 h17 y10de ff49 fsc fc3 sc0 ls6 ws0\">Managin<span class=\"_ _1\"></span>g Board<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1dfe\"><div class=\"t m3 x6 h25 yfbe ff4c fsc fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1965<span class=\"_ _379\"> </span></div></div><div class=\"c w4c h16 gs1dff\"><div class=\"t m3 x6 h25 yfbe ff4c fsc fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: </div></div><div class=\"c w47 h16 gs1e00\"><div class=\"t m3 x6 h25 yfbe ff4c fsc fc3 sc0 ls6 ws0\">1 Januar<span class=\"_ _1\"></span>y 2021<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e01\"><div class=\"t m3 x6 h25 yfbe ff4c fsc fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w4d h16 gs1e02\"><div class=\"t m3 x6 h25 yfbe ff4c fsc fc3 sc0 ls6 ws0\">30 June 202<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1e03\">Hartwig <span class=\"_ _a\"></span>L\u00f6ger<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e04\">bega<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>his <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eer <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _a\"></span>indust<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>broke<span class=\"_ _3\"></span>rage <span class=\"_ _a\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e05\">1985.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>After <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>pleting h<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>studies <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienna <span class=\"_ _4\"></span>U<span class=\"_ _3\"></span>niversit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e06\">Economi<span class=\"_ _3\"></span>cs a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>Business, <span class=\"_ _5\"></span>he jo<span class=\"_ _3\"></span>ined All<span class=\"_ _3\"></span>ianz <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>sales m<span class=\"_ _5\"></span>anager i<span class=\"_ _3\"></span>n St<span class=\"_ _3\"></span>yr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>a in <span class=\"_ _3\"></span>1989. <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>rom<span class=\"_ _3\"></span> 199<span class=\"_ _3\"></span>7 </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e07\">to 2002, he was head<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of sales<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>at Do<span class=\"_ _3\"></span>nau V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herung. This was<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owed by <span class=\"_ _1\"></span>a num<span class=\"_ _3\"></span>ber of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e08\">senior <span class=\"_ _b\"> </span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement <span class=\"_ _b\"> </span>positio<span class=\"_ _3\"></span>ns <span class=\"_ _6\"> </span>in <span class=\"_ _c\"> </span>the <span class=\"_ _6\"> </span>UNI<span class=\"_ _3\"></span>QA <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up, <span class=\"_ _6\"> </span>most<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>recently <span class=\"_ _c\"> </span>as <span class=\"_ _6\"> </span>CE<span class=\"_ _3\"></span>O <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>UNI<span class=\"_ _3\"></span>QA </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e09\">\u00d6sterr<span class=\"_ _3\"></span>eich <span class=\"_ _3\"></span>AG <span class=\"_ _3\"></span>until <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>Nov<span class=\"_ _3\"></span>ember 2<span class=\"_ _3\"></span>017. <span class=\"_ _3\"></span>Har<span class=\"_ _3\"></span>tw<span class=\"_ _1\"></span>ig <span class=\"_ _d\"></span>L<span class=\"_ _1\"></span>\u00f6g<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>the M<span class=\"_ _3\"></span>inister <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>ce </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e0a\">for <span class=\"_ _3\"></span>Austria <span class=\"_ _3\"></span>from <span class=\"_ _5\"></span>Decem<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>017 <span class=\"_ _3\"></span>to J<span class=\"_ _3\"></span>une 20<span class=\"_ _3\"></span>19. <span class=\"_ _3\"></span>He <span class=\"_ _3\"></span>worke<span class=\"_ _3\"></span>d fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>Insuran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>Group <span class=\"_ _5\"></span>under </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e0b\">an <span class=\"_ _4d\"> </span>adviso<span class=\"_ _3\"></span>ry <span class=\"_ _4d\"> </span>agre<span class=\"_ _3\"></span>ement <span class=\"_ _4c\"> </span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4d\"> </span>W<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>ner <span class=\"_ _4d\"> </span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _4c\"> </span>Ve<span class=\"_ _3\"></span>rsiche<span class=\"_ _3\"></span>rungsver<span class=\"_ _3\"></span>ein, <span class=\"_ _4d\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _4d\"> </span>princip<span class=\"_ _3\"></span>al </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e0c\">shar<span class=\"_ _3\"></span>eholder of<span class=\"_ _3\"></span> VIG Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g, f<span class=\"_ _3\"></span>rom J<span class=\"_ _3\"></span>uly 201<span class=\"_ _3\"></span>9 to De<span class=\"_ _3\"></span>cember 20<span class=\"_ _3\"></span>20. </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1e0d\">Areas of<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsibility: </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e0e\">P</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e0f\">la<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a<span class=\"_ _3\"></span>nd Contr<span class=\"_ _3\"></span>olli<span class=\"_ _3\"></span>ng, Strategy <span class=\"_ _3\"></span>and De<span class=\"_ _3\"></span>velopme<span class=\"_ _3\"></span>nt </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1e10\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities: </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e11\">A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria, Slovaki<span class=\"_ _3\"></span>a, Czec<span class=\"_ _3\"></span>h Republi<span class=\"_ _3\"></span>c, Hu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ga<span class=\"_ _3\"></span>ry<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"c w4e h83 gs1e12\"><div class=\"t m1 x6 h2c y10f0 ff49 fs15 fc3 sc0 ls6 ws0\">Liane Hirner<span class=\"_ _3\"></span>, CFRO<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1e13\"><div class=\"t m1 x6 h35 yd34 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1968<span class=\"_ _379\"> </span></div></div><div class=\"c w4c h16 gs1e14\"><div class=\"t m1 x6 h35 y9ee ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: </div></div><div class=\"c w4f h16 gs1e15\"><div class=\"t m1 x6 h35 ya40 ff4c fs15 fc3 sc0 ls6 ws0\">1 Februar<span class=\"_ _1\"></span>y 2018 </div></div><div class=\"c w48 h16 gs1e16\"><div class=\"t m1 x6 h35 ya42 ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w3e h16 gs1e17\"><div class=\"t m1 x6 h35 yc69 ff4c fs15 fc3 sc0 ls6 ws0\">30</div></div><div class=\"t m1 hbd ff4c fs14 fc3 sc0 ls6 ws0 gs1e18\"> <span class=\"fs15\">June 202<span class=\"_ _1\"></span>7 </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e19\">Liane Hirner</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1a\"> st<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>die<span class=\"_ _3\"></span>d business admi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>istr<span class=\"_ _3\"></span>ation in Graz. Befor<span class=\"_ _3\"></span>e j<span class=\"_ _3\"></span>oining VIG In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>up, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1b\">she worked at PwC Austria<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s audit departme<span class=\"_ _3\"></span>nt where she<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span>rted in 1993, an<span class=\"_ _3\"></span>d when <span class=\"_ _1\"></span>she </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1c\">left, Liane <span class=\"_ _1\"></span>Hirner w<span class=\"_ _1\"></span>as partner in <span class=\"_ _1\"></span>the in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>ea. <span class=\"_ _1\"></span>In addition to <span class=\"_ _1\"></span>her w<span class=\"_ _1\"></span>ork as a<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ditor<span class=\"_ _11\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1d\">Liane <span class=\"_ _1\"></span>Hirner <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>invol<span class=\"_ _3\"></span>ved <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>ny <span class=\"_ _1\"></span>professi<span class=\"_ _3\"></span>onal <span class=\"_ _1\"></span>asso<span class=\"_ _3\"></span>ciations, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>IFRS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1e\">W<span class=\"_ _3\"></span>orking Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p of the Au<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>trian Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Asso<span class=\"_ _3\"></span>ciation and the Insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce W<span class=\"_ _3\"></span>orking Party of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1f\">Accounta<span class=\"_ _3\"></span>ncy <span class=\"_ _5\"></span>Europe <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>Brussels<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>Liane <span class=\"_ _3\"></span>Hi<span class=\"_ _3\"></span>rner <span class=\"_ _3\"></span>was <span class=\"_ _5\"></span>appoint<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>VIG <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>Managing </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e20\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>1 Februar<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>2018. She assumed the position of Ch<span class=\"_ _1\"></span>ief Financial Off<span class=\"_ _3\"></span>icer on<span class=\"_ _1\"></span> 1 <span class=\"_ _1\"></span>July<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e21\">2018.<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>In <span class=\"_ _6\"> </span>2019<span class=\"_ _3\"></span>, <span class=\"_ _b\"> </span>E<span class=\"_ _1\"></span>IOP<span class=\"_ _d\"></span>A <span class=\"_ _b\"> </span>appointed <span class=\"_ _c\"> </span>Liane <span class=\"_ _b\"> </span>Hirner <span class=\"_ _6\"> </span>as <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>new <span class=\"_ _b\"> </span>member <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>Insur<span class=\"_ _3\"></span>ance <span class=\"_ _b\"> </span>&amp; </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e22\">Reinsura<span class=\"_ _3\"></span>nce Stake<span class=\"_ _3\"></span>holder <span class=\"_ _3\"></span>Group (<span class=\"_ _3\"></span>IRSG). </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e23\">Areas <span class=\"_ _49\"> </span>of <span class=\"_ _4c\"> </span>respo<span class=\"_ _3\"></span>nsibili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span>:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e24\"> <span class=\"_ _4c\"> </span>Ass<span class=\"_ _3\"></span>et <span class=\"_ _49\"> </span>Risk <span class=\"_ _4c\"> </span>Manag<span class=\"_ _3\"></span>ement, <span class=\"_ _4c\"> </span>Digi<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>sation, <span class=\"_ _49\"> </span>F<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ance <span class=\"_ _4c\"> </span>and <span class=\"_ _49\"> </span>R<span class=\"_ _1\"></span>isk,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e25\">Enterprise <span class=\"_ _3\"></span>Risk Ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent, Financ<span class=\"_ _3\"></span>e Depa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>Investor<span class=\"_ _3\"></span> Relations<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e26\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities:</div><div class=\"t m1 h2a ff5a fs14 fc3 sc0 ls6 ws0 gs1e27\"> <span class=\"_ _3\"></span><span class=\"ff4a\">L<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>chtenstei<span class=\"_ _3\"></span>n </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e28\">Supervis<span class=\"_ _3\"></span>ory<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>boar<span class=\"_ _3\"></span>d <span class=\"_ _10\"> </span>positions <span class=\"_ _10\"> </span>or <span class=\"_ _10\"> </span>compa<span class=\"_ _3\"></span>rable <span class=\"_ _10\"> </span>positions <span class=\"_ _10\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>other <span class=\"_ _10\"> </span>Austrian <span class=\"_ _10\"> </span>and <span class=\"_ _10\"> </span>for<span class=\"_ _3\"></span>eign </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e29\">companies o<span class=\"_ _3\"></span>utside t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>Group: A<span class=\"_ _3\"></span>utoneum Ho<span class=\"_ _3\"></span>lding AG \u2013</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e2a\"> <span class=\"_ _3\"></span>W<span class=\"_ _1\"></span>inter<span class=\"_ _3\"></span>thur<span class=\"_ _5\"></span>, S<span class=\"_ _3\"></span>witzerland<span class=\"_ _3\"></span> </div><div class=\"c w50 h83 gs1e2b\"><div class=\"t m1 x6 h2c y1094 ff49 fs15 fc3 sc0 ls6 ws0\">P<span class=\"_ _3\"></span>eter <span class=\"_ _1\"></span>H\u00f6fing<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1e2c\"><div class=\"t m1 x6 h35 y7f5 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1971<span class=\"_ _379\"> </span></div></div><div class=\"c w4c h16 gs1e2d\"><div class=\"t m1 x6 h35 y747 ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: </div></div><div class=\"c w47 h16 gs1e2e\"><div class=\"t m1 x6 h35 y107f ff4c fs15 fc3 sc0 ls6 ws0\">1 Januar<span class=\"_ _1\"></span>y 2009<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e2f\"><div class=\"t m1 x6 h35 y1103 ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w3e h16 gs1e30\"><div class=\"t m1 x6 h35 ybfa ff4c fs15 fc3 sc0 ls6 ws0\">30</div></div><div class=\"t m1 h2a ff4c fs14 fc3 sc0 ls6 ws0 gs1e31\"> <span class=\"fs15\">June 202<span class=\"_ _1\"></span>7</span><span class=\"ff4a\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e32\">Peter H\u00f6finger</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e33\"> studied <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>w <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>the University of V<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>nna <span class=\"_ _1\"></span>and Universi<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>of Louvain-la-N<span class=\"_ _3\"></span>euve </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e34\">(Belgi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m).  <span class=\"_ _1\"></span>Peter H\u00f6fi<span class=\"_ _3\"></span>nger <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>een <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ember of t<span class=\"_ _1\"></span>he VIG Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g Managing Boar<span class=\"_ _3\"></span>d since </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e35\">1 Janu<span class=\"_ _3\"></span>ary  2009.<span class=\"_ _3\"></span>  Prior<span class=\"_ _3\"></span>  to  t<span class=\"_ _3\"></span>hat,  he <span class=\"_ _6\"> </span>wa<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>  a <span class=\"_ _2\"> </span>dir<span class=\"_ _3\"></span>ecto<span class=\"_ _3\"></span>r  of  th<span class=\"_ _3\"></span>e  Ma<span class=\"_ _3\"></span>naging <span class=\"_ _6\"> </span>Board  a<span class=\"_ _3\"></span>t  Do<span class=\"_ _3\"></span>nau </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e36\">V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herung, <span class=\"_ _6\"> </span>res<span class=\"_ _3\"></span>ponsible <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>sales <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>marketi<span class=\"_ _3\"></span>ng. <span class=\"_ _6\"> </span>He <span class=\"_ _6\"> </span>joined <span class=\"_ _6\"> </span>this <span class=\"_ _6\"> </span>compan<span class=\"_ _3\"></span>y <span class=\"_ _2\"> </span>in <span class=\"_ _6\"> </span>2003<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e37\">Previo<span class=\"_ _3\"></span>usly<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>he he<span class=\"_ _1\"></span>ld positions as <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>naging board chairm<span class=\"_ _3\"></span>an a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>anaging board memb<span class=\"_ _3\"></span>er </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e38\">outside th<span class=\"_ _3\"></span>e Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p in H<span class=\"_ _3\"></span>ungary<span class=\"_ _d\"></span>, the C<span class=\"_ _5\"></span>z<span class=\"_ _1\"></span>ech Re<span class=\"_ _3\"></span>public a<span class=\"_ _3\"></span>nd Poland.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e39\">Areas of<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsibility: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e3a\">Corpo<span class=\"_ _3\"></span>rate B<span class=\"_ _3\"></span>usine<span class=\"_ _1\"></span>ss, <span class=\"_ _5\"></span>R<span class=\"_ _1\"></span>ei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e3b\">Country <span class=\"_ _d\"></span>respo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities:</div><div class=\"t m1 h2a ff5a fs14 fc3 sc0 ls6 ws0 gs1e3c\"> <span class=\"_ _d\"></span><span class=\"ff4a\">Albania, <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>os<span class=\"_ _3\"></span>nia-He<span class=\"_ _3\"></span>rzegovina, <span class=\"_ _11\"></span>B<span class=\"_ _1\"></span>ulga<span class=\"_ _3\"></span>ria, <span class=\"_ _5\"></span>Kosovo, <span class=\"_ _d\"></span>Croatia, <span class=\"_ _d\"></span>Moldo<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>a, </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e3d\">Monten<span class=\"_ _3\"></span>egro, No<span class=\"_ _3\"></span>rth Ma<span class=\"_ _3\"></span>cedonia, <span class=\"_ _3\"></span>Romania, S<span class=\"_ _3\"></span>erbia<span class=\"_ _3\"></span> </div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"c w52 h83 gs1e3f\"><div class=\"t m1 x6 h2c y10f0 ff49 fs15 fc3 sc0 ls6 ws0\">Gerhard Lahn<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>, COO<span class=\"_ _379\"> </span></div></div><div class=\"c w53 h16 gs1e40\"><div class=\"t m1 x6 h35 yd34 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: </div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1e41\">1977<span class=\"_ _1\"></span> </div><div class=\"c w4c h16 gs1e42\"><div class=\"t m1 x6 h35 y9ee ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: </div></div><div class=\"c w47 h16 gs1e43\"><div class=\"t m1 x6 h35 ya40 ff4c fs15 fc3 sc0 ls6 ws0\">1 Januar<span class=\"_ _1\"></span>y 2020<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e44\"><div class=\"t m1 x6 h35 ya42 ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w4d h16 gs1e45\"><div class=\"t m1 x6 h35 yc69 ff4c fs15 fc3 sc0 ls6 ws0\">30 June 202<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e46\">Gerhard <span class=\"_ _d\"></span>Lahner</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e47\"> <span class=\"_ _5\"></span>studied <span class=\"_ _5\"></span>business <span class=\"_ _d\"></span>admi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>istra<span class=\"_ _3\"></span>tion <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Vien<span class=\"_ _3\"></span>na <span class=\"_ _3\"></span>Uni<span class=\"_ _3\"></span>versity <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>Ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomics <span class=\"_ _5\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e48\">Business a<span class=\"_ _3\"></span>nd has held a <span class=\"_ _3\"></span>variety of po<span class=\"_ _3\"></span>sitions for VI<span class=\"_ _3\"></span>G Insuran<span class=\"_ _3\"></span>ce Grou<span class=\"_ _3\"></span>p since 2002<span class=\"_ _3\"></span>. He was<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e49\">a member of<span class=\"_ _3\"></span> the<span class=\"_ _1\"></span> Ma<span class=\"_ _3\"></span>naging Bo<span class=\"_ _3\"></span>ards of A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>rian insuran<span class=\"_ _3\"></span>ce compa<span class=\"_ _3\"></span>nies Donau V<span class=\"_ _5\"></span>ersich<span class=\"_ _3\"></span>erung </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e4a\">and Wiener St<span class=\"_ _3\"></span>\u00e4dtisch<span class=\"_ _3\"></span>e and C<span class=\"_ _3\"></span>zech com<span class=\"_ _3\"></span>panies<span class=\"_ _3\"></span> Kooper<span class=\"_ _3\"></span>ativa and<span class=\"_ _3\"></span> \u010cPP<span class=\"_ _4a\"></span>. Ge<span class=\"_ _3\"></span>rhard <span class=\"_ _5\"></span>L<span class=\"_ _1\"></span>ah<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> w<span class=\"_ _3\"></span>as </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e4b\">also <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>substitut<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>mem<span class=\"_ _3\"></span>ber <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>Board <span class=\"_ _a\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _a\"></span>1 Ja<span class=\"_ _3\"></span>nuary <span class=\"_ _c\"></span>20<span class=\"_ _3\"></span>19 <span class=\"_ _a\"></span>to<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e4c\">31 Decem<span class=\"_ _3\"></span>ber 2019<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e4d\">Areas <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>respo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lity<span class=\"_ _1\"></span>:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e4e\"> <span class=\"_ _5\"></span>Asset <span class=\"_ _5\"></span>Managem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>(incl. <span class=\"_ _5\"></span>Real <span class=\"_ _5\"></span>Estate),<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>IT<span class=\"_ _d\"></span>, <span class=\"_ _5\"></span>Process <span class=\"_ _d\"></span>&amp; <span class=\"_ _3\"></span>Proj<span class=\"_ _3\"></span>ect </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e4f\">Managem<span class=\"_ _3\"></span>ent, T<span class=\"_ _11\"></span>reasu<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l. A<span class=\"_ _3\"></span>sset Li<span class=\"_ _3\"></span>ability Ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent, VIG Cor<span class=\"_ _3\"></span>porate IT<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e50\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e51\">Georgia<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e52\">Supervis<span class=\"_ _3\"></span>ory<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>boar<span class=\"_ _3\"></span>d <span class=\"_ _10\"> </span>positi<span class=\"_ _3\"></span>ons <span class=\"_ _10\"> </span>or<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>com<span class=\"_ _3\"></span>parable <span class=\"_ _10\"> </span>posi<span class=\"_ _3\"></span>tions <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>other <span class=\"_ _10\"> </span>Austrian <span class=\"_ _10\"> </span>and <span class=\"_ _10\"> </span>for<span class=\"_ _3\"></span>eign </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e53\">companies <span class=\"_ _4\"></span>outsi<span class=\"_ _3\"></span>de <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up<span class=\"_ _1\"></span>:</div><div class=\"t m1 h2a ff4b fs14 fc3 sc0 ls6 ws0 gs1e54\"> <span class=\"_ _4\"></span><span class=\"ff4a\">Wien <span class=\"_ _4\"></span>3420 <span class=\"_ _4\"></span>Aspern <span class=\"_ _a\"></span>D<span class=\"_ _3\"></span>evelop<span class=\"_ _3\"></span>ment <span class=\"_ _a\"></span>AG, <span class=\"_ _4\"></span>Wiener <span class=\"_ _4\"></span>B\u00f6rse <span class=\"_ _4\"></span>AG,<span class=\"_ _3\"></span> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e55\">Aktienfo<span class=\"_ _3\"></span>rum  </div><div class=\"c w54 h83 gs1e56\"><div class=\"t m1 x6 h2c y1094 ff49 fs15 fc3 sc0 ls6 ws0\">G\u00e1bor Lehel, CIO<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1e57\"><div class=\"t m1 x6 h35 y7f5 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1977<span class=\"_ _379\"> </span></div></div><div class=\"c w4c h16 gs1e58\"><div class=\"t m1 x6 h35 y747 ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: </div></div><div class=\"c w47 h16 gs1e59\"><div class=\"t m1 x6 h35 y107f ff4c fs15 fc3 sc0 ls6 ws0\">1 Januar<span class=\"_ _1\"></span>y 2020<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e5a\"><div class=\"t m1 x6 h35 y1103 ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w3e h16 gs1e5b\"><div class=\"t m1 x6 h35 ybfa ff4c fs15 fc3 sc0 ls6 ws0\">30</div></div><div class=\"t m1 hbd ff4c fs14 fc3 sc0 ls6 ws0 gs1e5c\"> <span class=\"fs15\">June 202<span class=\"_ _1\"></span>7 </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e5d\">G\u00e1bor <span class=\"_ _c\"> </span>Le<span class=\"_ _3\"></span>hel</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e5e\"> <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>udied <span class=\"_ _c\"> </span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss <span class=\"_ _a\"></span>administ<span class=\"_ _3\"></span>ration <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>majo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>fina<span class=\"_ _3\"></span>nce <span class=\"_ _c\"> </span>in <span class=\"_ _c\"></span>T<span class=\"_ _11\"></span>atab<span class=\"_ _3\"></span>\u00e1nya <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e5f\">Budapest  (H<span class=\"_ _3\"></span>ungar<span class=\"_ _3\"></span>y).  He  joined  VI<span class=\"_ _3\"></span>G  Insura<span class=\"_ _3\"></span>nce  Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p  in<span class=\"_ _3\"></span>  2003,  wher<span class=\"_ _3\"></span>e  he  wo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ed  in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e60\">Controll<span class=\"_ _3\"></span>ing and as hea<span class=\"_ _3\"></span>d of the General <span class=\"_ _3\"></span>Secreta<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>iat a<span class=\"_ _3\"></span>t VIG<span class=\"_ _1\"></span> H<span class=\"_ _3\"></span>olding befor<span class=\"_ _3\"></span>e being appoi<span class=\"_ _3\"></span>nted<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e61\">to <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Board <span class=\"_ _5\"></span>of the H<span class=\"_ _5\"></span>ungar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>an ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>UNION <span class=\"_ _3\"></span>Biztos\u00edt\u00f3 <span class=\"_ _3\"></span>in 2<span class=\"_ _3\"></span>008. <span class=\"_ _3\"></span>He </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e62\">was <span class=\"_ _1\"></span>Ge<span class=\"_ _3\"></span>neral <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>of UNION <span class=\"_ _1\"></span>Bi<span class=\"_ _3\"></span>zt<span class=\"_ _1\"></span>os\u00ed<span class=\"_ _3\"></span>t\u00f3 <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>mid-20<span class=\"_ _3\"></span>11 to <span class=\"_ _1\"></span>31 December <span class=\"_ _1\"></span>2019<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>From 1 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e63\">Januar<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2016 <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>31 Decem<span class=\"_ _3\"></span>ber 20<span class=\"_ _3\"></span>19, <span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>a su<span class=\"_ _3\"></span>bstitu<span class=\"_ _3\"></span>te memb<span class=\"_ _3\"></span>er of<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>Holding<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e64\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e65\">Areas of<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsibility:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e66\"> Inno<span class=\"_ _3\"></span>vation  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e67\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e68\"> <span class=\"_ _3\"></span>Be<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>rus </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>5<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"c w55 h83 gs1e69\"><div class=\"t m1 x6 h2c y10f0 ff49 fs15 fc3 sc0 ls6 ws0\">Harald Riene<span class=\"_ _1\"></span>r<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1e6a\"><div class=\"t m1 x6 h35 yd34 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1969<span class=\"_ _379\"> </span></div></div><div class=\"c w56 h16 gs1e6b\"><div class=\"t m1 x6 h35 y9ee ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: 1 January 2020<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e6c\"><div class=\"t m1 x6 h35 ya40 ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"t m1 h2a ff4c fs15 fc3 sc0 ls6 ws0 gs1e6d\">30<span class=\"fs14\"> </span>June 2<span class=\"_ _1\"></span>027<span class=\"ff4a fs14\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e19\">Harald <span class=\"_ _5\"></span>Riener</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e6e\"> <span class=\"_ _5\"></span>studied <span class=\"_ _5\"></span>social <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nomic <span class=\"_ _3\"></span>scie<span class=\"_ _3\"></span>nces <span class=\"_ _3\"></span>at <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>enna <span class=\"_ _3\"></span>U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>sit<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Economics<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1b\">and Business and joi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>d the insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>gr<span class=\"_ _3\"></span>oup in 1998, wher<span class=\"_ _3\"></span>e he wor<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>arketing<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1c\">are<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>for Donau V<span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>rsic<span class=\"_ _3\"></span>herung and Wiener St\u00e4dtisc<span class=\"_ _3\"></span>he until 2001. After working<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for a media<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1d\">publishi<span class=\"_ _3\"></span>ng <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>he <span class=\"_ _c\"> </span>retu<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>2006 <span class=\"_ _c\"> </span>as <span class=\"_ _c\"> </span>Marketing <span class=\"_ _c\"> </span>Manag<span class=\"_ _3\"></span>er <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>VIG<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1e\">Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _b\"> </span>H<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>bec<span class=\"_ _3\"></span>ame <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>memb<span class=\"_ _3\"></span>er <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _b\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>Croatia<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>2010, <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>w<span class=\"_ _1\"></span>as<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e1f\">appointed <span class=\"_ _d\"></span>CE<span class=\"_ _3\"></span>O <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>2012. <span class=\"_ _d\"></span>From <span class=\"_ _d\"></span>2014 <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>2019, <span class=\"_ _d\"></span>Harald <span class=\"_ _d\"></span>Riener <span class=\"_ _d\"></span>was <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>member <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>Managi<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e20\">Boar<span class=\"_ _3\"></span>d of Dona<span class=\"_ _3\"></span>u V<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>cherung <span class=\"_ _3\"></span>wher<span class=\"_ _3\"></span>e he was r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>nsible for <span class=\"_ _3\"></span>distribution <span class=\"_ _3\"></span>and ma<span class=\"_ _3\"></span>rketing. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e6f\">Areas of<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsibility</div><div class=\"t m1 h2a ff5a fs14 fc3 sc0 ls6 ws0 gs1e70\">:<span class=\"ff4a\"> Assi<span class=\"_ _3\"></span>stance, C<span class=\"_ _3\"></span>ustomer Ex<span class=\"_ _3\"></span>perie<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e, <span class=\"_ _3\"></span>T<span class=\"_ _11\"></span>ool Box S<span class=\"_ _3\"></span>ales </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e23\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff5a fs14 fc3 sc0 ls6 ws0 gs1e71\">: <span class=\"_ _3\"></span><span class=\"ff4a\">Estonia, <span class=\"_ _3\"></span>La<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>via, Lit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ua<span class=\"_ _3\"></span>nia,<span class=\"ff5a\"> </span>Pola<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>Ukraine<span class=\"_ _3\"></span> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e72\">Supervis<span class=\"_ _3\"></span>ory<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>boar<span class=\"_ _3\"></span>d <span class=\"_ _10\"> </span>positi<span class=\"_ _3\"></span>ons <span class=\"_ _10\"> </span>or<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>com<span class=\"_ _3\"></span>parable <span class=\"_ _10\"> </span>posi<span class=\"_ _3\"></span>tions <span class=\"_ _10\"> </span>in <span class=\"_ _10\"> </span>other <span class=\"_ _10\"> </span>Austrian <span class=\"_ _10\"> </span>and <span class=\"_ _10\"> </span>for<span class=\"_ _3\"></span>eign </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e26\">companies o<span class=\"_ _3\"></span>utside t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>Group: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e73\">VIG/C<span class=\"_ _3\"></span>-QUAD<span class=\"_ _3\"></span>RA<span class=\"_ _5\"></span>T  </div><div class=\"c w57 h83 gs1e74\"><div class=\"t m1 x6 h2c y1116 ff49 fs15 fc3 sc0 ls6 ws0\">P<span class=\"_ _3\"></span>eter Thi<span class=\"_ _1\"></span>rring, CTO<span class=\"_ _379\"> </span></div></div><div class=\"c w45 h16 gs1e75\"><div class=\"t m1 x6 h35 ybf0 ff4c fs15 fc3 sc0 ls6 ws0\">Y<span class=\"_ _3\"></span>ear of birth: 1957<span class=\"_ _379\"> </span></div></div><div class=\"c w58 h16 gs1e76\"><div class=\"t m1 x6 h35 ya0a ff4c fs15 fc3 sc0 ls6 ws0\">Date first appoin<span class=\"_ _1\"></span>ted: 1 July 2018<span class=\"_ _379\"> </span></div></div><div class=\"c w48 h16 gs1e77\"><div class=\"t m1 x6 h35 y83d ff4c fs15 fc3 sc0 ls6 ws0\">End<span class=\"_ _1\"></span> of current term of of<span class=\"_ _1\"></span>fice:<span class=\"_ _3\"></span> </div></div><div class=\"c w4d h16 gs1e78\"><div class=\"t m1 x6 h35 y7f5 ff4c fs15 fc3 sc0 ls6 ws0\">30 June 202<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e79\">Peter Thirring</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e7a\"> s<span class=\"_ _3\"></span>tudied la<span class=\"_ _3\"></span>w at the<span class=\"_ _3\"></span> Unive<span class=\"_ _3\"></span>rsity of Vien<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a.<span class=\"_ _3\"></span> He has<span class=\"_ _3\"></span> used his mor<span class=\"_ _5\"></span>e than 30 <span class=\"_ _3\"></span>years<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e7b\">of <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>surance <span class=\"_ _c\"></span>ex<span class=\"_ _3\"></span>perience <span class=\"_ _c\"></span>in <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>Gener<span class=\"_ _3\"></span>ali <span class=\"_ _c\"> </span>insura<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p. <span class=\"_ _a\"></span>He <span class=\"_ _c\"> </span>wa<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>General <span class=\"_ _c\"></span>Ma<span class=\"_ _3\"></span>nager <span class=\"_ _c\"> </span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e7c\">Donau <span class=\"_ _6\"> </span>V<span class=\"_ _5\"></span>ersich<span class=\"_ _3\"></span>erung <span class=\"_ _6\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>March <span class=\"_ _6\"> </span>2016 <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>end <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>Jun<span class=\"_ _1\"></span>e <span class=\"_ _6\"> </span>2018. <span class=\"_ _b\"> </span>Peter <span class=\"_ _6\"> </span>Thirring <span class=\"_ _b\"> </span>was </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e7d\">appointed <span class=\"_ _3\"></span>to the <span class=\"_ _3\"></span>VIG Holding M<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nagi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d on 1 J<span class=\"_ _3\"></span>uly 201<span class=\"_ _3\"></span>8. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e7e\">Areas <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>bility<span class=\"_ _1\"></span>:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e7f\"> <span class=\"_ _5\"></span>Actuarial <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>epartment, <span class=\"_ _5\"></span>Active <span class=\"_ _5\"></span>Rein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>, <span class=\"_ _5\"></span>Anti-Mon<span class=\"_ _3\"></span>ey <span class=\"_ _3\"></span>Launde<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e36\">Compl<span class=\"_ _3\"></span>iance, Ins<span class=\"_ _3\"></span>urance Life/N<span class=\"_ _3\"></span>on-Lif<span class=\"_ _3\"></span>e Retail <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1e80\">Country res<span class=\"_ _5\"></span>pon<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e81\"> T<span class=\"_ _11\"></span>\u00fcrkiye </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb89\">The curri<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>um vitae of t<span class=\"_ _3\"></span>he memb<span class=\"_ _3\"></span>ers of t<span class=\"_ _3\"></span>he Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d are <span class=\"_ _3\"></span>available o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _3\"></span>website at w<span class=\"_ _3\"></span>ww<span class=\"_ _5\"></span>.vig.com/<span class=\"_ _3\"></span>manageme<span class=\"_ _3\"></span>nt.<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs9a1\">MEMBERS OF <span class=\"_ _5\"></span>THE SUPERVISOR<span class=\"_ _3\"></span>Y BOAR<span class=\"_ _3\"></span>D </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8c\">The <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>pervisory<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Board had <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>following<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>twelve <span class=\"_ _1\"></span>memb<span class=\"_ _3\"></span>ers </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb8d\">as of 3<span class=\"_ _3\"></span>1 Decembe<span class=\"_ _3\"></span>r 2022:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1e82\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1e83\">Chairman<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e84\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1943<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e85\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2014<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e86\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e87\">G\u00fcnter <span class=\"_ _a\"></span>Geyer <span class=\"_ _a\"></span>joined <span class=\"_ _4\"></span>W<span class=\"_ _1\"></span>iener <span class=\"_ _a\"></span>St\u00e4dtis<span class=\"_ _3\"></span>che <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>1974 <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e88\">appointed <span class=\"_ _3\"></span>to the Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d in 198<span class=\"_ _3\"></span>8. In 2001, <span class=\"_ _3\"></span>he be-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e89\">came <span class=\"_ _6\"> </span>Gen<span class=\"_ _3\"></span>eral <span class=\"_ _6\"> </span>Manag<span class=\"_ _3\"></span>er <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>Ch<span class=\"_ _3\"></span>airman <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>Man<span class=\"_ _3\"></span>aging </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e8a\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>W<span class=\"_ _1\"></span>iener <span class=\"_ _d\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>. <span class=\"_ _5\"></span>The <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>into <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>CEE<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e8b\">market, <span class=\"_ _c\"></span>with <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>establishm<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"> </span>Koop<span class=\"_ _3\"></span>erativa <span class=\"_ _c\"> </span>insur<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e8c\">ance <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>Bratislava <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>Prague <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>expa<span class=\"_ _3\"></span>nsion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e8d\">into <span class=\"_ _4\"></span>other <span class=\"_ _a\"></span>CEE <span class=\"_ _4\"></span>countries <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>becom<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>major <span class=\"_ _4\"></span>international<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1e8e\">insuranc<span class=\"_ _3\"></span>e gr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>p, b<span class=\"_ _3\"></span>egan <span class=\"_ _5\"></span>under <span class=\"_ _3\"></span>his <span class=\"_ _3\"></span>lead<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hip. <span class=\"_ _3\"></span>G\u00fc<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Geyer<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">rec<span class=\"_ _3\"></span>eived  m<span class=\"_ _5\"></span>any <span class=\"_ _2\"> </span>natio<span class=\"_ _3\"></span>nal <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>international <span class=\"_ _6\"> </span>awar<span class=\"_ _3\"></span>ds <span class=\"_ _6\"> </span>for </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e90\">his<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">involveme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>these <span class=\"_ _5\"></span>cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ies. <span class=\"_ _d\"></span>For <span class=\"_ _5\"></span>example, <span class=\"_ _5\"></span>he <span class=\"_ _5\"></span>rec<span class=\"_ _3\"></span>eived <span class=\"_ _5\"></span>an </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">honorar<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>doctor<span class=\"_ _3\"></span>ate degre<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m the Universit<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>of Eco<span class=\"_ _3\"></span>nom-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">ics <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>Bratisla<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>a <span class=\"_ _b\"> </span>for <span class=\"_ _6\"> </span>his <span class=\"_ _b\"> </span>contrib<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>developm<span class=\"_ _3\"></span>ent </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">of <span class=\"_ _5\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>indust<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Re<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>c <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Slovakia. <span class=\"_ _5\"></span>G\u00fcnter<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">Geyer <span class=\"_ _e\"> </span>resig<span class=\"_ _3\"></span>ned <span class=\"_ _e\"> </span>from <span class=\"_ _10\"> </span>h<span class=\"_ _1\"></span>is <span class=\"_ _e\"> </span>positio<span class=\"_ _3\"></span>n <span class=\"_ _e\"> </span>as <span class=\"_ _f\"> </span>Chairma<span class=\"_ _3\"></span>n <span class=\"_ _f\"> </span>of <span class=\"_ _e\"> </span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">VIG <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>Board <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>31 Ma<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>2012. <span class=\"_ _5\"></span>He <span class=\"_ _3\"></span>has <span class=\"_ _5\"></span>he<span class=\"_ _1\"></span>ld<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">the <span class=\"_ _5\"></span>positio<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>Ch<span class=\"_ _1\"></span>airm<span class=\"_ _3\"></span>an <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _5\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>W<span class=\"_ _1\"></span>iener </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">St\u00e4dtisch<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>since <span class=\"_ _c\"> </span>2009 <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>Chairma<span class=\"_ _3\"></span>n <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26f\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _4\"></span>sin<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>2014. <span class=\"_ _4\"></span>H<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>also<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Chai<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">man <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _4\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>Wiener <span class=\"_ _4\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Wec<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">selseitiger <span class=\"_ _a\"></span>Versicherungsverein <span class=\"_ _a\"></span>un<span class=\"_ _1\"></span>til <span class=\"_ _a\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>en<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>2020. <span class=\"_ _c\"></span>He </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">has <span class=\"_ _343\"> </span>been<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>Chairman<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>of<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>the<span class=\"_ _1\"></span> <span class=\"_ _343\"> </span>Superv<span class=\"_ _1\"></span>isory <span class=\"_ _343\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _343\"> </span>of<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">Wien<span class=\"_ _1\"></span>er <span class=\"_ _10\"> </span>S<span class=\"_ _1\"></span>t\u00e4dti<span class=\"_ _1\"></span>sche <span class=\"_ _f\"> </span>W<span class=\"_ _3\"></span>ech<span class=\"_ _1\"></span>selse<span class=\"_ _1\"></span>itiger <span class=\"_ _e\"> </span>V<span class=\"_ _3\"></span>ers<span class=\"_ _1\"></span>icher<span class=\"_ _1\"></span>ungsve<span class=\"_ _1\"></span>rein </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">since Ja<span class=\"_ _3\"></span>nuary 2021.<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs904\">Rudolf Ertl<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs73\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 hc1 ff49 fs10 fc3 sc0 ls6 ws0 gs1e91\">st</div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1e92\"> Deputy <span class=\"_ _3\"></span>Chairman<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1946<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2014<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs76\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">Ru<span class=\"_ _3\"></span>do<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>f <span class=\"_ _1\"></span>Ertl<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Do<span class=\"_ _5\"></span>ctor<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>La<span class=\"_ _3\"></span>ws<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>be<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>wi<span class=\"_ _3\"></span>th <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Gr<span class=\"_ _5\"></span>oup </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">s<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>19<span class=\"_ _5\"></span>72. <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>wa<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>Mem<span class=\"_ _5\"></span>ber<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>gi<span class=\"_ _5\"></span>ng <span class=\"_ _a\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fb\">Wi<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>S<span class=\"_ _3\"></span>t\u00e4dt<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>unt<span class=\"_ _3\"></span>il <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> 2<span class=\"_ _5\"></span>008 <span class=\"_ _d\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">M<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>D<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>au V<span class=\"_ _d\"></span>ers<span class=\"_ _5\"></span>ic<span class=\"_ _3\"></span>her<span class=\"_ _3\"></span>ung<span class=\"_ _3\"></span> un<span class=\"_ _3\"></span>til<span class=\"_ _5\"></span> Jun<span class=\"_ _3\"></span>e 20<span class=\"_ _3\"></span>09<span class=\"_ _3\"></span>. H<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7a\">wa<span class=\"_ _3\"></span>s a M<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r of th<span class=\"_ _3\"></span>e Ma<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>gi<span class=\"_ _5\"></span>ng Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d of Wie<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>r S<span class=\"_ _3\"></span>t\u00e4<span class=\"_ _3\"></span>dtis<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">W<span class=\"_ _5\"></span>ech<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>sei<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>r <span class=\"_ _d\"></span>V<span class=\"_ _5\"></span>ersi<span class=\"_ _5\"></span>che<span class=\"_ _3\"></span>run<span class=\"_ _3\"></span>gs<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>n <span class=\"_ _d\"></span>unt<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>l <span class=\"_ _d\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>end<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _d\"></span>20<span class=\"_ _3\"></span>20<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fc\">has<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>bee<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>a <span class=\"_ _b\"> </span>Mem<span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>ervi<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry <span class=\"_ _c\"> </span>Boar<span class=\"_ _5\"></span>d <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>W<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7c\">St\u00e4<span class=\"_ _3\"></span>dti<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>he We<span class=\"_ _3\"></span>chs<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ls<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>tige<span class=\"_ _3\"></span>r V<span class=\"_ _5\"></span>ersi<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>ru<span class=\"_ _3\"></span>ngs<span class=\"_ _3\"></span>ver<span class=\"_ _5\"></span>ein<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>si<span class=\"_ _5\"></span>nce Jan<span class=\"_ _3\"></span>u-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7d\">ar<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>2021.<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>The <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsurance <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>ertise <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>perie<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7e\">has <span class=\"_ _3\"></span>gained<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>ver <span class=\"_ _3\"></span>many <span class=\"_ _5\"></span>years, <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>his k<span class=\"_ _3\"></span>nowledge<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>CEE<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7f\">regio<span class=\"_ _3\"></span>n, <span class=\"_ _1\"></span>make Rudolf Ertl <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>major asset to <span class=\"_ _1\"></span>the Compan<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>as </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs80\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1e93\">st</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e94\"> Dep<span class=\"_ _3\"></span>uty Chairm<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> of t<span class=\"_ _3\"></span>he Su<span class=\"_ _3\"></span>perviso<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>y Boar<span class=\"_ _5\"></span>d. </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs905\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs82\">2<span class=\"_ _379\"> </span></div><div class=\"t m3 hc1 ff49 fs10 fc3 sc0 ls6 ws0 gs1e95\">nd</div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1e96\"> Deputy <span class=\"_ _3\"></span>Chairman<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs900\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1957<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs83\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2021<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs906\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs901\">Robert <span class=\"_ _c\"> </span>L<span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>hofer <span class=\"_ _c\"> </span>h<span class=\"_ _1\"></span>as <span class=\"_ _b\"> </span>decades <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>top <span class=\"_ _c\"> </span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>erience <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs907\">insuranc<span class=\"_ _3\"></span>e industr<span class=\"_ _3\"></span>y and has b<span class=\"_ _3\"></span>een the Ge<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>eral M<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>r and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs908\">Chairma<span class=\"_ _3\"></span>n  of<span class=\"_ _3\"></span>  t<span class=\"_ _3\"></span>he <span class=\"_ _2\"> </span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _6\"> </span>Boar<span class=\"_ _3\"></span>d  o<span class=\"_ _3\"></span>f  Wie<span class=\"_ _3\"></span>ner  S<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>\u00e4dti<span class=\"_ _3\"></span>sche </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs909\">W<span class=\"_ _3\"></span>ech<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>elseitige<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>Ve<span class=\"_ _3\"></span>rsicheru<span class=\"_ _3\"></span>ngsver<span class=\"_ _3\"></span>ein <span class=\"_ _b\"> </span>si<span class=\"_ _3\"></span>nce <span class=\"_ _b\"> </span>2021.<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>He <span class=\"_ _c\"></span>was<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs90a\">General Man<span class=\"_ _3\"></span>ager<span class=\"_ _1\"></span> and Chairm<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> of the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging Board of </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e97\">Wiener <span class=\"_ _4\"></span>St<span class=\"_ _3\"></span>\u00e4dtische unt<span class=\"_ _1\"></span>il the <span class=\"_ _4\"></span>end <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>2020<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>has <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>degr<span class=\"_ _5\"></span>ee </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e98\">in <span class=\"_ _1\"></span>economics<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>eside<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>Austrian Insurance<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e99\">Associatio<span class=\"_ _3\"></span>n (VVO) <span class=\"_ _3\"></span>until the e<span class=\"_ _3\"></span>nd of 2022<span class=\"_ _3\"></span>. </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1e9a\">Martina Dobr<span class=\"_ _3\"></span>inger<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9b\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1947<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9c\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2011<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9d\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9e\">Martina<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>Dobri<span class=\"_ _3\"></span>nger <span class=\"_ _c\"> </span>held <span class=\"_ _c\"></span>vario<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>positions<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9f\">the Cofac<span class=\"_ _3\"></span>e gro<span class=\"_ _3\"></span>up starti<span class=\"_ _3\"></span>ng in 198<span class=\"_ _3\"></span>9 and bri<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>gs her <span class=\"_ _3\"></span>extensi<span class=\"_ _3\"></span>ve </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea0\">knowledg<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>int<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>natio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>insura<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>her<span class=\"_ _11\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea1\">As <span class=\"_ _1\"></span>Chairwom<span class=\"_ _3\"></span>an <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Coface <span class=\"_ _1\"></span>Ce<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea2\">Europe <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>AG, <span class=\"_ _1\"></span>she <span class=\"_ _4\"></span>laid <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>cornersto<span class=\"_ _3\"></span>ne <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>Cof<span class=\"_ _3\"></span>ace\u2019<span class=\"_ _d\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea3\">successf<span class=\"_ _3\"></span>ul e<span class=\"_ _1\"></span>xpa<span class=\"_ _3\"></span>nsion <span class=\"_ _1\"></span>into <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is regi<span class=\"_ _3\"></span>on. F<span class=\"_ _1\"></span>rom<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>2001<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to 2011, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea4\">she was <span class=\"_ _3\"></span>General <span class=\"_ _3\"></span>Manager a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> C<span class=\"_ _3\"></span>hair<span class=\"_ _3\"></span>woman of t<span class=\"_ _3\"></span>he Manag-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea5\">ing B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard of Cofac<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>Austria<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>AG. In 2011,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>she was<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea6\">award<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Grand <span class=\"_ _1\"></span>De<span class=\"_ _3\"></span>coratio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of Honour <span class=\"_ _1\"></span>in Silver for <span class=\"_ _1\"></span>Ser<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea7\">vices <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>Republ<span class=\"_ _3\"></span>ic <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>ustria, <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2006 <span class=\"_ _1\"></span>she <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>ecame<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea8\">the <span class=\"_ _6\"> </span>first <span class=\"_ _6\"> </span>A<span class=\"_ _3\"></span>ustrian <span class=\"_ _6\"> </span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>esswom<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>rec<span class=\"_ _3\"></span>eive <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>h<span class=\"_ _1\"></span>igh<span class=\"_ _3\"></span>est </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea9\">Fren<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>hono<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r (\u201cC<span class=\"_ _3\"></span>hevalier d<span class=\"_ _3\"></span>ans l\u2019ord<span class=\"_ _3\"></span>re d<span class=\"_ _3\"></span>e la L\u00e9gio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>\u201d). </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1eaa\">Zsuzsanna<span class=\"_ _3\"></span> Eifert<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eab\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1978<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eac\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2021<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ead\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eae\">Zsuzsa<span class=\"_ _3\"></span>nna <span class=\"_ _c\"> </span>Eifert <span class=\"_ _c\"> </span>gradu<span class=\"_ _3\"></span>ated <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>accounti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eaf\">Budapest<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>has <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>any <span class=\"_ _c\"></span>y<span class=\"_ _3\"></span>ears <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>experie<span class=\"_ _3\"></span>nce <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>ele-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb0\">commu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ations <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>or<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span> Ce<span class=\"_ _3\"></span>ntral <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>Easte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>E<span class=\"_ _1\"></span>ur<span class=\"_ _3\"></span>ope. <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb1\">is <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>urre<span class=\"_ _3\"></span>ntly <span class=\"_ _2\"> </span>H<span class=\"_ _3\"></span>ead <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>In<span class=\"_ _1\"></span>te<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal <span class=\"_ _6\"> </span>Con<span class=\"_ _3\"></span>trol <span class=\"_ _6\"> </span>System<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>various<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb2\">segme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s at De<span class=\"_ _3\"></span>utsche T<span class=\"_ _11\"></span>elekom AG,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>suc<span class=\"_ _3\"></span>h as Germany<span class=\"_ _d\"></span>, the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb3\">USA <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>T<span class=\"_ _11\"></span>-Systems. <span class=\"_ _4\"></span>At <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>ungaria<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>subsidi<span class=\"_ _3\"></span>ary <span class=\"_ _a\"></span>Magya<span class=\"_ _3\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb4\">T<span class=\"_ _11\"></span>e<span class=\"_ _1\"></span>lekom <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up, sh<span class=\"_ _3\"></span>e head<span class=\"_ _3\"></span>ed up <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> assuran<span class=\"_ _3\"></span>ce fun<span class=\"_ _3\"></span>c-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb5\">tions <span class=\"_ _a\"></span>since <span class=\"_ _c\"> </span>2011<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>such<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>as <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>nternal <span class=\"_ _a\"></span>Revision, <span class=\"_ _a\"></span>Compli<span class=\"_ _3\"></span>ance, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb6\">and <span class=\"_ _c\"> </span>Risk<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement. <span class=\"_ _a\"></span>At <span class=\"_ _c\"></span>T<span class=\"_ _4a\"></span>-<span class=\"_ _1\"></span>Mobi<span class=\"_ _3\"></span>le <span class=\"_ _c\"> </span>Aust<span class=\"_ _3\"></span>ria, <span class=\"_ _a\"></span>she <span class=\"_ _c\"></span>was<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb7\">head <span class=\"_ _10\"> </span>of <span class=\"_ _10\"> </span>Int<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal  Au<span class=\"_ _1\"></span>dit, <span class=\"_ _10\"> </span>Risk <span class=\"_ _10\"> </span>Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement <span class=\"_ _10\"> </span>and <span class=\"_ _10\"> </span>Interna<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb8\">Controls<span class=\"_ _3\"></span>. S<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> pr<span class=\"_ _5\"></span>evi<span class=\"_ _3\"></span>ousl<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>hel<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> po<span class=\"_ _3\"></span>siti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>T<span class=\"_ _11\"></span>-M<span class=\"_ _3\"></span>obi<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> C<span class=\"_ _3\"></span>Z </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eb9\">an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>Slo<span class=\"_ _3\"></span>vak <span class=\"_ _d\"></span>T<span class=\"_ _11\"></span>el<span class=\"_ _3\"></span>ekom<span class=\"_ _3\"></span>, <span class=\"_ _d\"></span>whi<span class=\"_ _3\"></span>ch <span class=\"_ _d\"></span>also<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>belo<span class=\"_ _3\"></span>ng <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>De<span class=\"_ _3\"></span>utsc<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>T<span class=\"_ _11\"></span>elek<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1eba\">A<span class=\"_ _3\"></span>G. <span class=\"_ _4\"></span>Fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>20<span class=\"_ _3\"></span>08 <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>20<span class=\"_ _5\"></span>11, <span class=\"_ _1\"></span>Zs<span class=\"_ _3\"></span>uzsa<span class=\"_ _3\"></span>nna<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Eife<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>as <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>FO<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ebb\">tel<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>mm<span class=\"_ _5\"></span>unic<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span>vit<span class=\"_ _3\"></span>el I<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>erna<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>nal <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up.<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1ebc\">Gerhard <span class=\"_ _3\"></span>Fabisc<span class=\"_ _3\"></span>h  </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ebd\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1960<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ebe\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2017<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ebf\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec0\">Gerhard<span class=\"_ _3\"></span> Fabisch studi<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>busin<span class=\"_ _3\"></span>ess administ<span class=\"_ _3\"></span>rat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n and eco-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec1\">nomics. <span class=\"_ _6\"> </span>He <span class=\"_ _6\"> </span>joi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>Steierm\u00e4rkisc<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>Bank <span class=\"_ _6\"> </span>und <span class=\"_ _b\"> </span>Spar<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec2\">kassen <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>198<span class=\"_ _3\"></span>5 <span class=\"_ _1\"></span>and wa<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>made a <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ember <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>an-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec3\">aging Bo<span class=\"_ _3\"></span>ard i<span class=\"_ _3\"></span>n 2001 and C<span class=\"_ _3\"></span>hairma<span class=\"_ _3\"></span>n of the M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Board<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec4\">in <span class=\"_ _4\"></span>2004.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Steie<span class=\"_ _3\"></span>rm\u00e4rkisc<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>Bank und <span class=\"_ _4\"></span>Sparkass<span class=\"_ _3\"></span>en <span class=\"_ _4\"></span>A<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec5\">number <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>affi<span class=\"_ _3\"></span>liate<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>companies <span class=\"_ _5\"></span>abroa<span class=\"_ _3\"></span>d, <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>uding <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>Cro<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>tia,<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ec6\">Serbia a<span class=\"_ _3\"></span>nd Bosnia<span class=\"_ _3\"></span>-Herzego<span class=\"_ _3\"></span>vina. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs8e\">Andr\u00e1s <span class=\"_ _3\"></span>K<span class=\"_ _1\"></span>ozma<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1968<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">Following<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>his<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>administ<span class=\"_ _3\"></span>rat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>studi<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>Budap<span class=\"_ _3\"></span>est </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">and <span class=\"_ _4\"></span>Vienn<span class=\"_ _3\"></span>a, <span class=\"_ _4\"></span>Andr\u00e1s <span class=\"_ _1\"></span>Koz<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>worked <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>various <span class=\"_ _1\"></span>roles <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">financial <span class=\"_ _b\"> </span>services <span class=\"_ _6\"> </span>se<span class=\"_ _3\"></span>ctor<span class=\"_ _5\"></span>, <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ludi<span class=\"_ _3\"></span>ng <span class=\"_ _6\"> </span>Head <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>Financing <span class=\"_ _b\"> </span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">Hypover<span class=\"_ _3\"></span>einsba<span class=\"_ _3\"></span>nk <span class=\"_ _a\"></span>Hung<span class=\"_ _3\"></span>ary <span class=\"_ _a\"></span>(now <span class=\"_ _a\"></span>U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>icr<span class=\"_ _3\"></span>edit <span class=\"_ _4\"></span>Bank), <span class=\"_ _4\"></span>Member </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">of <span class=\"_ _10\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _10\"> </span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _10\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _e\"> </span>at <span class=\"_ _e\"> </span>Euler <span class=\"_ _10\"> </span>Hermes <span class=\"_ _10\"> </span>Hitel<span class=\"_ _3\"></span>biztos\u00edt\u00f3<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>(now <span class=\"_ _3\"></span>Allian<span class=\"_ _3\"></span>z<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>T<span class=\"_ _d\"></span>rade) <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>Ch<span class=\"_ _3\"></span>airman o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Man<span class=\"_ _3\"></span>aging </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">Boar<span class=\"_ _3\"></span>d at <span class=\"_ _3\"></span>Comme<span class=\"_ _3\"></span>rz<span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>ank Hu<span class=\"_ _3\"></span>ngary<span class=\"_ _d\"></span>. A<span class=\"_ _3\"></span>ndr\u00e1s <span class=\"_ _3\"></span>Kozma <span class=\"_ _3\"></span>has <span class=\"_ _3\"></span>been </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">a <span class=\"_ _5\"></span>Member <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>German<span class=\"_ _3\"></span>-Hungaria<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">Chambe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>In<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>Comm<span class=\"_ _3\"></span>erce <span class=\"_ _5\"></span>since <span class=\"_ _5\"></span>2008 <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>also<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">a <span class=\"_ _1\"></span>Memb<span class=\"_ _3\"></span>er of the <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>ervisory Boar<span class=\"_ _3\"></span>d of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Credi<span class=\"_ _3\"></span>t Manage-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">ment <span class=\"_ _c\"></span>Ass<span class=\"_ _3\"></span>ociatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>Hung<span class=\"_ _3\"></span>ary<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>Si<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>2<span class=\"_ _3\"></span>015<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>has<span class=\"_ _5\"></span> <span class=\"_ _c\"> </span>own<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">va<span class=\"_ _3\"></span>riou<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>pri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>ies <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial <span class=\"_ _d\"></span>con<span class=\"_ _3\"></span>sul<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>cto<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs205\">Pet<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _3\"></span>Mih\u00f3k </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1948<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2019<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">Since <span class=\"_ _3\"></span>1992,<span class=\"_ _3\"></span> Pe<span class=\"_ _3\"></span>ter M<span class=\"_ _3\"></span>ih\u00f3k <span class=\"_ _5\"></span>has <span class=\"_ _3\"></span>been <span class=\"_ _3\"></span>C<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>irm<span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Slovak-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">ian <span class=\"_ _4\"></span>Cham<span class=\"_ _3\"></span>ber <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>rade <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>Indust<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>Honorar<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>Chair <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">W<span class=\"_ _3\"></span>orld <span class=\"_ _a\"></span>Chamb<span class=\"_ _3\"></span>ers <span class=\"_ _4\"></span>Federatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Internation<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>Chambe<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">of Co<span class=\"_ _3\"></span>mmerce i<span class=\"_ _3\"></span>n Paris a<span class=\"_ _3\"></span>nd Member of t<span class=\"_ _3\"></span>he Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">of  Eurocham<span class=\"_ _3\"></span>bres  in <span class=\"_ _10\"> </span>Brussel<span class=\"_ _3\"></span>s,  a<span class=\"_ _1\"></span>mong  other  things.  He </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">studied <span class=\"_ _c\"> </span>at <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Uni<span class=\"_ _3\"></span>versity <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>Econom<span class=\"_ _3\"></span>ics <span class=\"_ _c\"> </span>in <span class=\"_ _b\"> </span>Bratisl<span class=\"_ _3\"></span>ava <span class=\"_ _b\"> </span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">rec<span class=\"_ _3\"></span>eived a <span class=\"_ _3\"></span>P<span class=\"_ _3\"></span>h.D. deg<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>a of<span class=\"_ _3\"></span> East<span class=\"_ _3\"></span>-West <span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomic </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">relatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>an <span class=\"_ _1\"></span>honorary <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ctorate <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>U<span class=\"_ _3\"></span>niversit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">Economi<span class=\"_ _3\"></span>cs <span class=\"_ _10\"> </span>in  Bratisl<span class=\"_ _3\"></span>ava.  In<span class=\"_ _3\"></span>  addi<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n  to<span class=\"_ _3\"></span>  num<span class=\"_ _5\"></span>ero<span class=\"_ _3\"></span>us  o<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">aw<span class=\"_ _3\"></span>ard<span class=\"_ _5\"></span>s, <span class=\"_ _5\"></span>he <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ece<span class=\"_ _3\"></span>ive<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Gra<span class=\"_ _3\"></span>nd <span class=\"_ _5\"></span>Dec<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> H<span class=\"_ _5\"></span>onou<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>ol<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>ice<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>Rend<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Re<span class=\"_ _3\"></span>publ<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>c <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>201<span class=\"_ _3\"></span>3 <span class=\"_ _5\"></span>fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">Hei<span class=\"_ _5\"></span>nz Fi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>her<span class=\"_ _11\"></span>, t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Pr<span class=\"_ _3\"></span>esi<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>nt of<span class=\"_ _5\"></span> Au<span class=\"_ _3\"></span>stri<span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>at t<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span> ti<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>e. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsab\">Heinz \u00d6h<span class=\"_ _3\"></span>le<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1945<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2002<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">Heinz <span class=\"_ _d\"></span>\u00d6hler <span class=\"_ _5\"></span>joined <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>Tiroler <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>ebi<span class=\"_ _3\"></span>etskrank<span class=\"_ _3\"></span>enkass<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>1970, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">wher<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>he <span class=\"_ _c\"> </span>initially <span class=\"_ _c\"> </span>held <span class=\"_ _c\"></span>a <span class=\"_ _c\"></span>posi<span class=\"_ _3\"></span>tion <span class=\"_ _c\"> </span>as <span class=\"_ _c\"> </span>head <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>Fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">Departme<span class=\"_ _3\"></span>nt and<span class=\"_ _3\"></span> later<span class=\"_ _3\"></span> held <span class=\"_ _3\"></span>an exec<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ve posi<span class=\"_ _3\"></span>tion u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>til 2<span class=\"_ _3\"></span>011.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">In <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _1\"></span>position he <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>naged c<span class=\"_ _1\"></span>ount<span class=\"_ _3\"></span>ry-wide <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ojects and <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">prese<span class=\"_ _3\"></span>nted <span class=\"_ _c\"> </span>regio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _c\"> </span>health <span class=\"_ _c\"> </span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _b\"> </span>f<span class=\"_ _3\"></span>unds <span class=\"_ _b\"> </span>in <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>variety <span class=\"_ _c\"> </span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">ministeri<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ommi<span class=\"_ _3\"></span>ttees, <span class=\"_ _5\"></span>among <span class=\"_ _5\"></span>other <span class=\"_ _5\"></span>things. <span class=\"_ _5\"></span>In <span class=\"_ _5\"></span>Marc<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>2007,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">he <span class=\"_ _4\"></span>was <span class=\"_ _1\"></span>awar<span class=\"_ _3\"></span>ded <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Grand <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>coratio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>Hono<span class=\"_ _3\"></span>ur <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">for <span class=\"_ _1\"></span>Services <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Republi<span class=\"_ _3\"></span>c <span class=\"_ _4\"></span>of Au<span class=\"_ _1\"></span>stria <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>his <span class=\"_ _1\"></span>work <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98e\">to <span class=\"_ _3\"></span>Austrian <span class=\"_ _3\"></span>social <span class=\"_ _3\"></span>secu<span class=\"_ _3\"></span>rity<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>He<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>he<span class=\"_ _3\"></span>ld <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>any<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>sit<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">s<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>s wor<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>d, <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ncl<span class=\"_ _5\"></span>udi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>bei<span class=\"_ _5\"></span>ng ap<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>as a M<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec7\">T<span class=\"_ _11\"></span>yr<span class=\"_ _5\"></span>ol<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>Stat<span class=\"_ _3\"></span>e  S<span class=\"_ _5\"></span>po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>s  Co<span class=\"_ _5\"></span>unci<span class=\"_ _5\"></span>l  i<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>Nove<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r  2<span class=\"_ _3\"></span>01<span class=\"_ _3\"></span>6.  Heinz </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">\u00d6hler <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _a\"></span>elected <span class=\"_ _a\"></span>Chairm<span class=\"_ _3\"></span>an <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _a\"></span>Board <span class=\"_ _4\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">Alpenl\u00e4ndis<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>Gemein<span class=\"_ _3\"></span>n\u00fctzige <span class=\"_ _3\"></span>Wo<span class=\"_ _3\"></span>hnbauGmb<span class=\"_ _3\"></span>H, <span class=\"_ _3\"></span>Innsbruck,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">in June 2<span class=\"_ _3\"></span>021.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1eca\">Gabriele S<span class=\"_ _3\"></span>emmelro<span class=\"_ _3\"></span>ck-W<span class=\"_ _3\"></span>erzer </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1958<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2017<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">After <span class=\"_ _4\"></span>holdi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>positions<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>branches <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>Chase<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db4\">Manhatta<span class=\"_ _3\"></span>n  Ban<span class=\"_ _3\"></span>k  AG  a<span class=\"_ _3\"></span>nd  Cr<span class=\"_ _3\"></span>\u00e8dit <span class=\"_ _6\"> </span>Lyo<span class=\"_ _3\"></span>nnais  A<span class=\"_ _3\"></span>G,  Gab<span class=\"_ _3\"></span>riele </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db5\">Semmelr<span class=\"_ _3\"></span>ock-W<span class=\"_ _3\"></span>erzer<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>work<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>Erst<span class=\"_ _3\"></span>e Group Bank<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>AG<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in a </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db6\">variety <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>areas <span class=\"_ _a\"></span>starting <span class=\"_ _c\"> </span>in <span class=\"_ _c\"></span>19<span class=\"_ _3\"></span>95. <span class=\"_ _c\"> </span>She <span class=\"_ _c\"></span>h<span class=\"_ _3\"></span>eaded <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">Investor <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>elatio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>depa<span class=\"_ _3\"></span>rtment <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>1999<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>2010,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">addition <span class=\"_ _4\"></span>to <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nternational<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>comm<span class=\"_ _5\"></span>unications <span class=\"_ _4\"></span>also <span class=\"_ _a\"></span>actively <span class=\"_ _4\"></span>as-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">sisted <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>expansio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>Erste <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>into <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>CEE <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>egion </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">and <span class=\"_ _1\"></span>spen<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>time in <span class=\"_ _1\"></span>Prague <span class=\"_ _1\"></span>and Buc<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>est. Since <span class=\"_ _1\"></span>201<span class=\"_ _3\"></span>1, <span class=\"_ _1\"></span>she </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbb\">has <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>hairwom<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _1\"></span>of K\u00e4rn<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbc\">Sparkasse <span class=\"_ _a\"></span>AG, <span class=\"_ _a\"></span>whic<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>also <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>olds <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>70% <span class=\"_ _a\"></span>interest <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>par<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecb\">kasse d.<span class=\"_ _3\"></span>d. in Slove<span class=\"_ _3\"></span>nia. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dbe\">Katar\u00edna S<span class=\"_ _3\"></span>lez\u00e1kov\u00e1<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbf\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1976<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc0\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2020<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc1\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">Katar\u00ed<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Slez\u00e1ko<span class=\"_ _3\"></span>v\u00e1 grad<span class=\"_ _3\"></span>uated f<span class=\"_ _3\"></span>rom t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Faculty o<span class=\"_ _3\"></span>f Busi<span class=\"_ _3\"></span>ness </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">Managem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>at <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>Unive<span class=\"_ _3\"></span>rsity <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>Economi<span class=\"_ _3\"></span>cs <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>Bratisla<span class=\"_ _3\"></span>va </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecc\">and <span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>any <span class=\"_ _1\"></span>years <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>experienc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>marke<span class=\"_ _3\"></span>ting <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecd\">municatio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>tec<span class=\"_ _3\"></span>hnology <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ndustri<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>companies <span class=\"_ _1\"></span>(e.g. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ece\">Siemens<span class=\"_ _3\"></span> IT Sol<span class=\"_ _3\"></span>utions a<span class=\"_ _3\"></span>nd Se<span class=\"_ _3\"></span>rvices S<span class=\"_ _3\"></span>lovakia, Si<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>ns s.r<span class=\"_ _d\"></span>.o. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecf\">Slovakia, <span class=\"_ _c\"></span>Si<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>ns <span class=\"_ _c\"> </span>AG <span class=\"_ _c\"></span>\u00d6sterr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ich, <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>edirex <span class=\"_ _a\"></span>a.s.). <span class=\"_ _c\"> </span>Kat<span class=\"_ _3\"></span>ar\u00edna </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">Slez\u00e1kov<span class=\"_ _3\"></span>\u00e1 <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>ently <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Hea<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Marketi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>zechT<span class=\"_ _11\"></span>oll </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed0\">and <span class=\"_ _3\"></span>Sky<span class=\"_ _3\"></span>T<span class=\"_ _d\"></span>oll, <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>wo <span class=\"_ _5\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Czec<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>Republi<span class=\"_ _3\"></span>c <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>Slo-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">vakia <span class=\"_ _5\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>leaders <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>area <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>int<span class=\"_ _1\"></span>elli<span class=\"_ _3\"></span>gent <span class=\"_ _5\"></span>transport <span class=\"_ _d\"></span>infor<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">mation s<span class=\"_ _3\"></span>ystems. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff49 fs14 fc3 sc0 ls6 ws0 gs1dcb\">Gertrud<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>umpel-Gu<span class=\"_ _3\"></span>gerell<span class=\"_ _3\"></span><span class=\"ff4a\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">Y<span class=\"_ _11\"></span>ea<span class=\"_ _1\"></span>r of birt<span class=\"_ _3\"></span>h: 1952<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">Date first <span class=\"_ _3\"></span>appointe<span class=\"_ _3\"></span>d: 2012<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">End of c<span class=\"_ _3\"></span>urrent t<span class=\"_ _3\"></span>erm of of<span class=\"_ _5\"></span>fice: 2024<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">Ge<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>rude<span class=\"_ _3\"></span> T<span class=\"_ _4a\"></span>umpel<span class=\"_ _5\"></span>-Gu<span class=\"_ _3\"></span>ger<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>was <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Gove<span class=\"_ _3\"></span>rno<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Nati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nal<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcf\">Ba<span class=\"_ _3\"></span>nk of A<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>a (OeN<span class=\"_ _3\"></span>B) from 1998 to 2003 and memb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd0\">the <span class=\"_ _a\"></span>Board <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>Dir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rs <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _a\"></span>1997 <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>2003. <span class=\"_ _a\"></span>She <span class=\"_ _c\"></span>also<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd1\">many <span class=\"_ _c\"> </span>y<span class=\"_ _1\"></span>ears<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>international<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>erience, <span class=\"_ _c\"> </span>at <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Europ<span class=\"_ _3\"></span>ean<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">level <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>particular<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>She <span class=\"_ _4\"></span>was <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>Vice <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>vernor <span class=\"_ _a\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd3\">the I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ternatio<span class=\"_ _3\"></span>nal Mon<span class=\"_ _3\"></span>etary <span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>und<span class=\"_ _3\"></span> and a m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mbe<span class=\"_ _3\"></span>r of the <span class=\"_ _3\"></span>Eco-<span class=\"_ _379\"> </span></div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbae\">nomic and Finan<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>Com<span class=\"_ _3\"></span>mittee \u2013 the <span class=\"_ _1\"></span>most impo<span class=\"_ _3\"></span>rtant eco-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbaf\">nomic <span class=\"_ _a\"></span>policy <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>visory <span class=\"_ _a\"></span>committee <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Europe<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>Union.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb0\">Gertrude <span class=\"_ _6\"> </span>T<span class=\"_ _d\"></span>umpel-<span class=\"_ _3\"></span>Gu<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>erel<span class=\"_ _3\"></span>l <span class=\"_ _2\"> </span>was <span class=\"_ _2\"> </span>res<span class=\"_ _3\"></span>ponsible <span class=\"_ _6\"> </span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>Eco-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb1\">nomics <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>Financial <span class=\"_ _5\"></span>M<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ets <span class=\"_ _5\"></span>divisions <span class=\"_ _d\"></span>at <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>Natio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>ank<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb2\">of <span class=\"_ _1\"></span>Au<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria. <span class=\"_ _4\"></span>From<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>2003<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>2011<span class=\"_ _3\"></span>, <span class=\"_ _1\"></span>she <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>memb<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb3\">Executi<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Board o<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>Europe<span class=\"_ _3\"></span>an Central B<span class=\"_ _3\"></span>ank.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb4\">T<span class=\"_ _3\"></span>he <span class=\"_ _d\"></span>cur<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>um<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>vi<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rs <span class=\"_ _d\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>Sup<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry <span class=\"_ _d\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb5\">ar<span class=\"_ _5\"></span>e <span class=\"_ _b\"> </span>ava<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>web<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>te <span class=\"_ _b\"> </span>at <span class=\"_ _b\"> </span>ww<span class=\"_ _3\"></span>w<span class=\"_ _5\"></span>.vi<span class=\"_ _5\"></span>g.<span class=\"_ _3\"></span>com<span class=\"_ _5\"></span>/su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>y-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb6\">bo<span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsbb8\">Changes dur<span class=\"_ _3\"></span>ing th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting<span class=\"_ _3\"></span> year </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf1\">Georg <span class=\"_ _f\"> </span>R<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>dl <span class=\"_ _49\"> </span>stepped <span class=\"_ _f\"> </span>down <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>his <span class=\"_ _49\"> </span>position <span class=\"_ _f\"> </span>on <span class=\"_ _49\"> </span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb9\">Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>effect <span class=\"_ _4\"></span>from <span class=\"_ _1\"></span>the <span class=\"_ _a\"></span>end <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>Annual<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbba\">General <span class=\"_ _b\"> </span>Meeting. <span class=\"_ _b\"> </span>A<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>r\u00e1<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>Kozma <span class=\"_ _c\"> </span>was <span class=\"_ _6\"> </span>el<span class=\"_ _3\"></span>ected <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>new </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbb\">membe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>upervis<span class=\"_ _3\"></span>ory <span class=\"_ _a\"></span>B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _a\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>An<span class=\"_ _3\"></span>nual <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbc\">Meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g on 20 M<span class=\"_ _5\"></span>ay 2022. <span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1cf2\">SUPERVISORY<span class=\"_ _3\"></span> BOAR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> IN<span class=\"_ _3\"></span>DEPEND<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span>NCE </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbf\">In accor<span class=\"_ _3\"></span>dan<span class=\"_ _3\"></span>ce with <span class=\"_ _3\"></span>Rule 53<span class=\"_ _3\"></span> of t<span class=\"_ _3\"></span>he Aus<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n Code<span class=\"_ _3\"></span> of Cor<span class=\"_ _3\"></span>po-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc0\">rate <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>vernance, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Supervisor<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>VIG <span class=\"_ _5\"></span>Holding <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc1\">establis<span class=\"_ _3\"></span>hed the fol<span class=\"_ _3\"></span>lowing crite<span class=\"_ _3\"></span>ria defi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ing i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>depe<span class=\"_ _3\"></span>ndence: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf3\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>er has not <span class=\"_ _3\"></span>been a Mem<span class=\"_ _5\"></span>ber </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed2\">of the M<span class=\"_ _3\"></span>anaging Boa<span class=\"_ _3\"></span>rd or <span class=\"_ _3\"></span>a senior m<span class=\"_ _3\"></span>anage<span class=\"_ _3\"></span>r of the Com<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed3\">pany o<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> su<span class=\"_ _3\"></span>bsidiary of <span class=\"_ _3\"></span>the Com<span class=\"_ _3\"></span>pany in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> l<span class=\"_ _3\"></span>ast five <span class=\"_ _3\"></span>years. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc5\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>er does <span class=\"_ _3\"></span>not have <span class=\"_ _3\"></span>a </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed4\">business r<span class=\"_ _5\"></span>elationship <span class=\"_ _3\"></span>with the Com<span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>r a subsidia<span class=\"_ _3\"></span>ry </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed5\">of the Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t is o<span class=\"_ _3\"></span>f suc<span class=\"_ _3\"></span>h significa<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>cope fo<span class=\"_ _3\"></span>r the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed6\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d Membe<span class=\"_ _3\"></span>r that i<span class=\"_ _3\"></span>t affec<span class=\"_ _3\"></span>ts their acti<span class=\"_ _3\"></span>vities </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed7\">on the S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>to the det<span class=\"_ _3\"></span>riment of t<span class=\"_ _3\"></span>he Com<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed8\">pany<span class=\"_ _d\"></span>. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>also applies to <span class=\"_ _3\"></span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss r<span class=\"_ _5\"></span>elationships <span class=\"_ _3\"></span>with </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed9\">companies i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h the Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _3\"></span>Board M<span class=\"_ _3\"></span>ember <span class=\"_ _3\"></span>has </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eda\">a conside<span class=\"_ _3\"></span>rable eco<span class=\"_ _3\"></span>nomic i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rest. T<span class=\"_ _3\"></span>he appr<span class=\"_ _3\"></span>oval of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1edb\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al t<span class=\"_ _3\"></span>ransactio<span class=\"_ _3\"></span>ns by the S<span class=\"_ _3\"></span>upervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1edc\">accor<span class=\"_ _3\"></span>dance <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span> \u00a7 95<span class=\"_ _3\"></span> (5) <span class=\"_ _3\"></span>(12) of the <span class=\"_ _3\"></span>Austria<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> Sto<span class=\"_ _3\"></span>ck </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1edd\">Corporatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> Act (Akt<span class=\"_ _3\"></span>G) or \u00a7 15<span class=\"_ _3\"></span> (2) <span class=\"_ _3\"></span>(l) of the Arti<span class=\"_ _3\"></span>cles of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ede\">Associatio<span class=\"_ _3\"></span>n does <span class=\"_ _3\"></span>not autom<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ally le<span class=\"_ _3\"></span>ad to a classi<span class=\"_ _3\"></span>fi-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1edf\">cation of<span class=\"_ _3\"></span> non-inde<span class=\"_ _3\"></span>pendence. <span class=\"_ _3\"></span>For t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e p<span class=\"_ _3\"></span>urpose of <span class=\"_ _3\"></span>clar<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee0\">ifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tion, it i<span class=\"_ _3\"></span>s expr<span class=\"_ _3\"></span>essly <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span>ed that p<span class=\"_ _3\"></span>urchase o<span class=\"_ _3\"></span>r existe<span class=\"_ _3\"></span>nce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee1\">of i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce policies wi<span class=\"_ _3\"></span>th th<span class=\"_ _3\"></span>e Compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>has no adv<span class=\"_ _3\"></span>erse </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee2\">ef<span class=\"_ _3\"></span>fect on indep<span class=\"_ _3\"></span>endenc<span class=\"_ _3\"></span>e. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee3\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>er has not <span class=\"_ _3\"></span>been a<span class=\"_ _3\"></span>n audito<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee4\">of the Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _11\"></span>s finan<span class=\"_ _3\"></span>cial statem<span class=\"_ _3\"></span>ents, or <span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>ld <span class=\"_ _3\"></span>an </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee5\">ownership i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ter<span class=\"_ _3\"></span>est in or b<span class=\"_ _3\"></span>een an <span class=\"_ _3\"></span>employee of <span class=\"_ _3\"></span>the a<span class=\"_ _3\"></span>udit-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee6\">ing comp<span class=\"_ _3\"></span>any exec<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng suc<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>dits i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e las<span class=\"_ _3\"></span>t thre<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee7\">years. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee8\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>er is not a m<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> of t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee9\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d of a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span>her compa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>that has <span class=\"_ _3\"></span>a </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eea\">membe<span class=\"_ _3\"></span>r of the Comp<span class=\"_ _3\"></span>any\u2019<span class=\"_ _11\"></span>s Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng Board <span class=\"_ _3\"></span>on its </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eeb\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eec\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>er is not a <span class=\"_ _3\"></span>close fami<span class=\"_ _3\"></span>ly </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eed\">membe<span class=\"_ _3\"></span>r (direc<span class=\"_ _3\"></span>t descend<span class=\"_ _3\"></span>ant, spo<span class=\"_ _3\"></span>use, pa<span class=\"_ _3\"></span>rtner<span class=\"_ _5\"></span>, par<span class=\"_ _5\"></span>ent, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eee\">uncle, <span class=\"_ _3\"></span>aunt<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>brot<span class=\"_ _3\"></span>her<span class=\"_ _d\"></span>, sister<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>iec<span class=\"_ _3\"></span>e, neph<span class=\"_ _3\"></span>ew) of a Mem<span class=\"_ _3\"></span>ber </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eef\">of the M<span class=\"_ _3\"></span>anaging Boa<span class=\"_ _3\"></span>rd or i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>viduals holding o<span class=\"_ _3\"></span>ne of<span class=\"_ _3\"></span> the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef0\">positi<span class=\"_ _3\"></span>ons describ<span class=\"_ _3\"></span>ed above.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef1\">The <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>perviso<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>Board<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>whole <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sider<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>in-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef2\">depende<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>le<span class=\"_ _3\"></span>ast <span class=\"_ _4\"></span>50% <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>mem<span class=\"_ _3\"></span>bers <span class=\"_ _4\"></span>electe<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef3\">Annual <span class=\"_ _3\"></span>General M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>eti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g s<span class=\"_ _3\"></span>atisfy<span class=\"_ _3\"></span> the c<span class=\"_ _3\"></span>riteria <span class=\"_ _3\"></span>above f<span class=\"_ _3\"></span>or the i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef4\">depende<span class=\"_ _3\"></span>nce of a S<span class=\"_ _3\"></span>upervis<span class=\"_ _3\"></span>ory<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Board M<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mber<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef5\">Each <span class=\"_ _e\"> </span>Memb<span class=\"_ _3\"></span>er <span class=\"_ _e\"> </span>of <span class=\"_ _e\"> </span>the <span class=\"_ _e\"> </span>S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _3\"></span>rvisory <span class=\"_ _10\"> </span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _10\"> </span>has <span class=\"_ _e\"> </span>declar<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef6\">whether <span class=\"_ _3\"></span>they <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n be <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsider<span class=\"_ _3\"></span>ed in<span class=\"_ _3\"></span>depende<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>based <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef7\">criteria <span class=\"_ _d\"></span>specifi<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard. <span class=\"_ _d\"></span>Peter <span class=\"_ _d\"></span>Mih\u00f3k <span class=\"_ _d\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef8\">Robert <span class=\"_ _4\"></span>Lassofe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>stated <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>they <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>not <span class=\"_ _4\"></span>inde-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef9\">pendent <span class=\"_ _4\"></span>based <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>independ<span class=\"_ _3\"></span>ence <span class=\"_ _a\"></span>criteria <span class=\"_ _4\"></span>specif<span class=\"_ _3\"></span>ied <span class=\"_ _a\"></span>by </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efa\">the <span class=\"_ _4\"></span>Super<span class=\"_ _3\"></span>visory <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d. <span class=\"_ _4\"></span>All <span class=\"_ _1\"></span>other <span class=\"_ _4\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>em-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efb\">bers we<span class=\"_ _3\"></span>re i<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>pendent bas<span class=\"_ _3\"></span>ed on t<span class=\"_ _3\"></span>he criteria i<span class=\"_ _3\"></span>ndicated.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efc\">No <span class=\"_ _5\"></span>Supervisory <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>Member <span class=\"_ _5\"></span>holds <span class=\"_ _5\"></span>more <span class=\"_ _5\"></span>than <span class=\"_ _5\"></span>10% <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efd\">Compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s shar<span class=\"_ _5\"></span>es. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efe\">The <span class=\"_ _5\"></span>follo<span class=\"_ _3\"></span>wing <span class=\"_ _5\"></span>Supervisor<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _d\"></span>Membe<span class=\"_ _3\"></span>rs <span class=\"_ _5\"></span>exerci<span class=\"_ _3\"></span>sed <span class=\"_ _5\"></span>super<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eff\">visory mandates or <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>arable positions in <span class=\"_ _1\"></span>other Austria<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f00\">or for<span class=\"_ _3\"></span>eign liste<span class=\"_ _3\"></span>d compa<span class=\"_ _3\"></span>nies as of 31<span class=\"_ _3\"></span> Decem<span class=\"_ _3\"></span>ber 2022<span class=\"_ _3\"></span>: </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1f01\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f02\">A<span class=\"_ _11\"></span>T <span class=\"_ _5\"></span>&amp; <span class=\"_ _5\"></span>S<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>T<span class=\"_ _4a\"></span>ec<span class=\"_ _5\"></span>hn<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>og<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>&amp; <span class=\"_ _5\"></span>S<span class=\"_ _5\"></span>yst<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span>ec<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>k <span class=\"_ _5\"></span>Ak<span class=\"_ _5\"></span>ti<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>s<span class=\"_ _5\"></span>el<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1f03\">Gertrud<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>umpel-Gu<span class=\"_ _3\"></span>gerell<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f04\">A<span class=\"_ _11\"></span>T <span class=\"_ _5\"></span>&amp; <span class=\"_ _5\"></span>S<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>T<span class=\"_ _4a\"></span>ec<span class=\"_ _5\"></span>hn<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>og<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>&amp; <span class=\"_ _5\"></span>S<span class=\"_ _5\"></span>yst<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>t<span class=\"_ _5\"></span>ec<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>k <span class=\"_ _5\"></span>Ak<span class=\"_ _5\"></span>ti<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>s<span class=\"_ _5\"></span>el<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>h<span class=\"_ _3\"></span>af<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f05\">Commer<span class=\"_ _3\"></span>zbank AG<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f06\">OMV Akti<span class=\"_ _3\"></span>engesel<span class=\"_ _3\"></span>lschaft<span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1f07\">PROCEDURES<span class=\"_ _3\"></span> FOLLOWED BY <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>HE <span class=\"_ _1\"></span>MA<span class=\"_ _3\"></span>NAGING BOARD <span class=\"_ _5\"></span>AND BY </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1f08\">THE SUPERVIS<span class=\"_ _3\"></span>ORY BOARD <span class=\"_ _5\"></span>AND ITS C<span class=\"_ _3\"></span>OMMITTEES </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1f09\">Manag<span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>ng Board<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0a\">The <span class=\"_ _a\"></span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>man<span class=\"_ _3\"></span>ages <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0b\">pany u<span class=\"_ _3\"></span>nder t<span class=\"_ _3\"></span>he leade<span class=\"_ _3\"></span>rship of<span class=\"_ _3\"></span> its C<span class=\"_ _3\"></span>hairperso<span class=\"_ _3\"></span>n a<span class=\"_ _3\"></span>nd wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span> the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0c\">constrai<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _c\"> </span>of<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>law<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>articles <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>asso<span class=\"_ _3\"></span>ciatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>cedural<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0d\">rules <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>the <span class=\"_ _a\"></span>Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>and <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>oced<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ral <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ules <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0e\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>3<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">The <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd meets when <span class=\"_ _1\"></span>needed (gener<span class=\"_ _3\"></span>ally <span class=\"_ _1\"></span>every<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">two <span class=\"_ _3\"></span>weeks)<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>disc<span class=\"_ _3\"></span>uss <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ent b<span class=\"_ _3\"></span>usiness <span class=\"_ _5\"></span>developme<span class=\"_ _3\"></span>nts, <span class=\"_ _3\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">makes <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>nec<span class=\"_ _3\"></span>essary <span class=\"_ _1\"></span>decisions and <span class=\"_ _1\"></span>reso<span class=\"_ _3\"></span>lutions <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">course <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>meetings. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>Memb<span class=\"_ _3\"></span>ers </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">contin<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ousl<span class=\"_ _3\"></span>y exc<span class=\"_ _3\"></span>hange <span class=\"_ _3\"></span>inform<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>with ea<span class=\"_ _3\"></span>ch <span class=\"_ _3\"></span>other <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">heads <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>various <span class=\"_ _1\"></span>dep<span class=\"_ _3\"></span>artme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>countr<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spo<span class=\"_ _3\"></span>nsibili<span class=\"_ _3\"></span>ties </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">of <span class=\"_ _3\"></span>the M<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>Memb<span class=\"_ _3\"></span>ers <span class=\"_ _3\"></span>are <span class=\"_ _5\"></span>exercis<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>n p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cular </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">thro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h <span class=\"_ _6\"> </span>Superviso<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>Board <span class=\"_ _b\"> </span>activiti<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>in <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>Group <span class=\"_ _b\"> </span>com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">panies.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs202\">Supervisory Board<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">The Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>perform<span class=\"_ _3\"></span>s all a<span class=\"_ _3\"></span>ctivities defi<span class=\"_ _3\"></span>ned u<span class=\"_ _3\"></span>nder </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">the <span class=\"_ _4\"></span>la<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rti<span class=\"_ _3\"></span>cles <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>associatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>rocedu<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>rules <span class=\"_ _1\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">the <span class=\"_ _3\"></span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>Board. <span class=\"_ _5\"></span>In or<span class=\"_ _3\"></span>der<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>ens<span class=\"_ _3\"></span>ure <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ectiven<span class=\"_ _3\"></span>ess a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">ef<span class=\"_ _3\"></span>ficiency <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>its <span class=\"_ _c\"></span>ac<span class=\"_ _3\"></span>tivities <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>proc<span class=\"_ _3\"></span>edur<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d exa<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>nes<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ts pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ced<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>es re<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>rly<span class=\"_ _d\"></span>, b<span class=\"_ _3\"></span>ut at<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>t o<span class=\"_ _3\"></span>nce a<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">ye<span class=\"_ _3\"></span>ar <span class=\"_ _5\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>rm <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>elf-<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d\u2019<span class=\"_ _11\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">evaluatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>its <span class=\"_ _a\"></span>activities <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>2022 <span class=\"_ _4\"></span>found <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>its <span class=\"_ _a\"></span>orga<span class=\"_ _3\"></span>nisa-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">tional <span class=\"_ _4\"></span>stru<span class=\"_ _3\"></span>cture <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>cedur<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>were <span class=\"_ _1\"></span>satisf<span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>terms<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">of <span class=\"_ _c\"></span>ef<span class=\"_ _3\"></span>fici<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>cy <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _c\"></span>in <span class=\"_ _a\"></span>complia<span class=\"_ _3\"></span>nce <span class=\"_ _c\"> </span>with <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>l<span class=\"_ _3\"></span>aw<span class=\"_ _3\"></span>. <span class=\"_ _a\"></span>It<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>fou<span class=\"_ _3\"></span>nd <span class=\"_ _c\"> </span>no<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">need <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>desire <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>ractices <span class=\"_ _1\"></span>fol-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">lowed to <span class=\"_ _3\"></span>date. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">The <span class=\"_ _a\"></span>Supe<span class=\"_ _3\"></span>rvisory <span class=\"_ _4\"></span>Board <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>its <span class=\"_ _a\"></span>commi<span class=\"_ _3\"></span>ttees, <span class=\"_ _4\"></span>Chairperso<span class=\"_ _3\"></span>ns </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">and <span class=\"_ _4\"></span>Deputy<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Chairp<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>continuo<span class=\"_ _3\"></span>usly <span class=\"_ _4\"></span>monito<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>egu-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">larly <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xami<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>well <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>act<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>v-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">ities <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>terms <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>man<span class=\"_ _3\"></span>aging <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>moni-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">toring <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>Gr<span class=\"_ _3\"></span>oup. <span class=\"_ _a\"></span>Detailed<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>pr<span class=\"_ _3\"></span>esentations<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>discussi<span class=\"_ _3\"></span>ons </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">during <span class=\"_ _b\"> </span>meetings <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _b\"> </span>Board <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>its <span class=\"_ _b\"> </span>com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">mittees <span class=\"_ _1\"></span>are used <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>pos<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>horo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d, <span class=\"_ _1\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">some <span class=\"_ _3\"></span>cases, <span class=\"_ _3\"></span>in-dept<span class=\"_ _3\"></span>h disc<span class=\"_ _3\"></span>ussions <span class=\"_ _5\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the memb<span class=\"_ _3\"></span>ers of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">Managing<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>Board<span class=\"_ _5\"></span> <span class=\"_ _2\"> </span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vide <span class=\"_ _6\"> </span>detail<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>expla<span class=\"_ _3\"></span>nations <span class=\"_ _b\"> </span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">supporti<span class=\"_ _3\"></span>ng doc<span class=\"_ _3\"></span>umentatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>relati<span class=\"_ _3\"></span>ng to <span class=\"_ _3\"></span>the m<span class=\"_ _5\"></span>anagement <span class=\"_ _3\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">financial po<span class=\"_ _3\"></span>sition of the Comp<span class=\"_ _3\"></span>any and the <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p. St<span class=\"_ _3\"></span>rategy<span class=\"_ _d\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">business <span class=\"_ _c\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>elopm<span class=\"_ _3\"></span>ent <span class=\"_ _b\"> </span>(overall <span class=\"_ _c\"> </span>and <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>individ<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _b\"> </span>regi<span class=\"_ _3\"></span>ons),<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">risk <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent, t<span class=\"_ _3\"></span>he in<span class=\"_ _3\"></span>terna<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span> sys<span class=\"_ _3\"></span>tem, <span class=\"_ _3\"></span>internal <span class=\"_ _3\"></span>audit </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">activities, <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>complia<span class=\"_ _3\"></span>nce <span class=\"_ _c\"> </span>functio<span class=\"_ _3\"></span>n, <span class=\"_ _c\"> </span>actuarial <span class=\"_ _c\"></span>fu<span class=\"_ _3\"></span>nction <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">reins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>le<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>well <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">level \u2013 <span class=\"_ _3\"></span>are also<span class=\"_ _3\"></span> discussed <span class=\"_ _3\"></span>during t<span class=\"_ _3\"></span>hese m<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ngs. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">The <span class=\"_ _a\"></span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _3\"></span>ry <span class=\"_ _a\"></span>Board<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>Audit <span class=\"_ _a\"></span>Commit<span class=\"_ _3\"></span>tee <span class=\"_ _4\"></span>also <span class=\"_ _a\"></span>di-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">rectl<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>engag<span class=\"_ _3\"></span>e w<span class=\"_ _1\"></span>ith the financial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>stateme<span class=\"_ _3\"></span>nts auditor and the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">consolida<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>fin<span class=\"_ _3\"></span>ancial statements<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>audito<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>or<span class=\"_ _3\"></span>der to famili-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">arise <span class=\"_ _b\"> </span>themsel<span class=\"_ _3\"></span>ves <span class=\"_ _b\"> </span>with <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _c\"> </span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>cess <span class=\"_ _b\"> </span>and <span class=\"_ _c\"> </span>audit </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">progr<span class=\"_ _3\"></span>ess, <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>e <span class=\"_ _c\"> </span>whe<span class=\"_ _3\"></span>ther <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>udit <span class=\"_ _a\"></span>ha<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>prod<span class=\"_ _3\"></span>uced </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">any impor<span class=\"_ _3\"></span>tant findi<span class=\"_ _3\"></span>ngs. Pro<span class=\"_ _3\"></span>vision <span class=\"_ _3\"></span>was made fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> ex<span class=\"_ _3\"></span>changes </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">be<span class=\"_ _3\"></span>tw<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e M<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ber<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> of<span class=\"_ _5\"></span> the<span class=\"_ _3\"></span> Au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>t Co<span class=\"_ _3\"></span>mm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> (c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec7\">soli<span class=\"_ _3\"></span>date<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>)  fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial <span class=\"_ _2\"> </span>sta<span class=\"_ _3\"></span>tements <span class=\"_ _6\"> </span>audito<span class=\"_ _3\"></span>r  in <span class=\"_ _6\"> </span>such <span class=\"_ _2\"> </span>m<span class=\"_ _3\"></span>eetings<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">without t<span class=\"_ _3\"></span>he pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>nce of<span class=\"_ _3\"></span> the M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d, but<span class=\"_ _3\"></span> no M<span class=\"_ _3\"></span>em-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">ber <span class=\"_ _4\"></span>of the <span class=\"_ _4\"></span>Audit <span class=\"_ _1\"></span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _1\"></span>took <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tage <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>his <span class=\"_ _1\"></span>oppo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">tunity during the repor<span class=\"_ _3\"></span>ting year<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>During the meetings abo<span class=\"_ _3\"></span>ut </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0f\">annual <span class=\"_ _6\"> </span>a<span class=\"_ _1\"></span>nd  co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _3\"></span>dated  f<span class=\"_ _3\"></span>inancial <span class=\"_ _2\"> </span>sta<span class=\"_ _3\"></span>tements, <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>  audit </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eca\">repo<span class=\"_ _3\"></span>rts <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>discusse<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>audit <span class=\"_ _1\"></span>manage<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>both <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">Audit <span class=\"_ _1\"></span>Committ<span class=\"_ _3\"></span>ee <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">A<span class=\"_ _3\"></span>udi<span class=\"_ _5\"></span>t Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>tee<span class=\"_ _3\"></span> ex<span class=\"_ _3\"></span>ami<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>d the<span class=\"_ _3\"></span> Sol<span class=\"_ _5\"></span>venc<span class=\"_ _3\"></span>y and<span class=\"_ _3\"></span> Fin<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ci<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">di<span class=\"_ _5\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>Re<span class=\"_ _3\"></span>po<span class=\"_ _5\"></span>rt <span class=\"_ _1\"></span>(SF<span class=\"_ _3\"></span>CR<span class=\"_ _3\"></span>) <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>bot<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>solo<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>p <span class=\"_ _1\"></span>le<span class=\"_ _3\"></span>vel<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">r<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rte<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>fin<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvi<span class=\"_ _5\"></span>sor<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d. <span class=\"_ _5\"></span>No <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>or <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db4\">cu<span class=\"_ _3\"></span>ms<span class=\"_ _5\"></span>tan<span class=\"_ _3\"></span>ces<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>wer<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>wo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>hav<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>g<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>nds<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db5\">f<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>bj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">The <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>nternal <span class=\"_ _1\"></span>audi<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>de<span class=\"_ _3\"></span>partm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vides<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>uart<span class=\"_ _3\"></span>erly <span class=\"_ _1\"></span>rep<span class=\"_ _3\"></span>orts <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">the <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>dit Co<span class=\"_ _3\"></span>mm<span class=\"_ _3\"></span>itte<span class=\"_ _3\"></span>e. If <span class=\"_ _5\"></span>necess<span class=\"_ _5\"></span>ary<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>head <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>inte<span class=\"_ _3\"></span>rnal <span class=\"_ _3\"></span>audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">pro<span class=\"_ _3\"></span>vides <span class=\"_ _5\"></span>detail<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>expla<span class=\"_ _3\"></span>natio<span class=\"_ _3\"></span>ns o<span class=\"_ _3\"></span>f i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>vidu<span class=\"_ _3\"></span>al iss<span class=\"_ _3\"></span>ues <span class=\"_ _3\"></span>and<span class=\"_ _3\"></span> audi<span class=\"_ _3\"></span>t </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">focal<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>poin<span class=\"_ _3\"></span>ts. <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _b\"> </span>head <span class=\"_ _c\"> </span>of <span class=\"_ _b\"> </span>inte<span class=\"_ _3\"></span>rnal <span class=\"_ _c\"> </span>audit <span class=\"_ _c\"> </span>also <span class=\"_ _b\"> </span>s<span class=\"_ _3\"></span>ubmit<span class=\"_ _3\"></span>s <span class=\"_ _b\"> </span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbb\">an<span class=\"_ _3\"></span>nual <span class=\"_ _1\"></span>au<span class=\"_ _3\"></span>dit p<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>an to <span class=\"_ _1\"></span>the Audi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>Com<span class=\"_ _3\"></span>mitt<span class=\"_ _3\"></span>ee <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>app<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>val. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbc\">Ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boa<span class=\"_ _3\"></span>rd <span class=\"_ _d\"></span>explai<span class=\"_ _3\"></span>ns <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rganis<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fec<span class=\"_ _3\"></span>tive<span class=\"_ _3\"></span>ness<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecb\">of <span class=\"_ _b\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nternal<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>contr<span class=\"_ _3\"></span>ol <span class=\"_ _c\"> </span>syst<span class=\"_ _3\"></span>em, <span class=\"_ _c\"> </span>inte<span class=\"_ _3\"></span>rna<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>audit<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>and <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>risk<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbd\">ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>sys<span class=\"_ _3\"></span>tem t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>udit <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>mmit<span class=\"_ _3\"></span>tee at <span class=\"_ _1\"></span>least<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>once<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbe\">a <span class=\"_ _b\"> </span>ye<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>es <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Au<span class=\"_ _3\"></span>dit <span class=\"_ _b\"> </span>Co<span class=\"_ _3\"></span>mmit<span class=\"_ _3\"></span>tee<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>with<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>a <span class=\"_ _c\"> </span>writt<span class=\"_ _3\"></span>en </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbf\">re<span class=\"_ _3\"></span>port<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n this s<span class=\"_ _3\"></span>ubjec<span class=\"_ _3\"></span>t so that<span class=\"_ _3\"></span> it ca<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>nfirm<span class=\"_ _3\"></span> the ef<span class=\"_ _3\"></span>fici<span class=\"_ _3\"></span>ency<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc0\">the <span class=\"_ _3\"></span>sys<span class=\"_ _3\"></span>tems. <span class=\"_ _d\"></span>The <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>t C<span class=\"_ _3\"></span>omm<span class=\"_ _3\"></span>itte<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>exami<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>es <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>rt </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc1\">and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>asses<span class=\"_ _3\"></span>sm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>unctio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the risk man<span class=\"_ _3\"></span>agem<span class=\"_ _3\"></span>ent </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">syste<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>ared by <span class=\"_ _1\"></span>the (co<span class=\"_ _3\"></span>nsolid<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d) <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>teme<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">audit<span class=\"_ _3\"></span>or a<span class=\"_ _3\"></span>nd r<span class=\"_ _3\"></span>epo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ts i<span class=\"_ _3\"></span>ts fi<span class=\"_ _3\"></span>ndin<span class=\"_ _3\"></span>gs t<span class=\"_ _3\"></span>o th<span class=\"_ _3\"></span>e Sup<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rviso<span class=\"_ _5\"></span>ry Bo<span class=\"_ _3\"></span>ard.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecd\">The <span class=\"_ _4\"></span>Audit <span class=\"_ _4\"></span>Com<span class=\"_ _3\"></span>mittee <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>alt <span class=\"_ _1\"></span>with <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _1\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ece\">VIG <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>ORSA r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rts and t<span class=\"_ _3\"></span>he IT<span class=\"_ _3\"></span> securit<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eport i<span class=\"_ _3\"></span>n 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecf\">and report<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> them to the Super<span class=\"_ _3\"></span>visory B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The Audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">Commi<span class=\"_ _3\"></span>ttee<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>as <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>whole <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>receiv<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed0\">the <span class=\"_ _6\"> </span>2022 <span class=\"_ _c\"> </span>su<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tainability <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>eport <span class=\"_ _b\"> </span>(<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _b\"> </span>non-fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">repo<span class=\"_ _3\"></span>rt)<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d, <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>review<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d ca<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">fully exami<span class=\"_ _3\"></span>ned it.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcb\">At <span class=\"_ _d\"></span>le<span class=\"_ _3\"></span>ast <span class=\"_ _11\"></span>onc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>a <span class=\"_ _d\"></span>yea<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _d\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>Mana<span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>ng <span class=\"_ _11\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>pr<span class=\"_ _5\"></span>ese<span class=\"_ _3\"></span>nts <span class=\"_ _11\"></span>the <span class=\"_ _d\"></span>Sup<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">vis<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>Boa<span class=\"_ _3\"></span>rd <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>mea<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ta<span class=\"_ _3\"></span>ken <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">pa<span class=\"_ _3\"></span>nies <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>ord<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>pr<span class=\"_ _5\"></span>eve<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>corr<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>ervi<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d di<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>uss<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> thos<span class=\"_ _5\"></span>e.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcf\">W<span class=\"_ _3\"></span>hen<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>op<span class=\"_ _5\"></span>osa<span class=\"_ _3\"></span>l f<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>An<span class=\"_ _3\"></span>nua<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>Gene<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>Me<span class=\"_ _3\"></span>eti<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd0\">r<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>ng the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>ne<span class=\"_ _3\"></span>w <span class=\"_ _1\"></span>Su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>Me<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _11\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd1\">the <span class=\"_ _1\"></span>Supervisory B<span class=\"_ _1\"></span>oard<span class=\"_ _3\"></span> ta<span class=\"_ _1\"></span>kes into <span class=\"_ _1\"></span>account the <span class=\"_ _1\"></span>profess<span class=\"_ _3\"></span>ional </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">an<span class=\"_ _3\"></span>d  pe<span class=\"_ _3\"></span>rso<span class=\"_ _3\"></span>nal <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>eme<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span>  pr<span class=\"_ _3\"></span>ov<span class=\"_ _3\"></span>ide<span class=\"_ _3\"></span>d  fo<span class=\"_ _3\"></span>r  b<span class=\"_ _3\"></span>y  l<span class=\"_ _3\"></span>aw <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>nd  th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> </div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>4<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>an Co<span class=\"_ _3\"></span>de of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>orp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te Go<span class=\"_ _5\"></span>verna<span class=\"_ _3\"></span>nce that a <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>upervi</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gsae8\">sor<span class=\"_ _3\"></span>y </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">Boar<span class=\"_ _3\"></span>d Member m<span class=\"_ _3\"></span>ust satis<span class=\"_ _3\"></span>fy and o<span class=\"_ _3\"></span>bserve. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">The <span class=\"_ _c\"></span>A<span class=\"_ _3\"></span>udit <span class=\"_ _a\"></span>Committ<span class=\"_ _3\"></span>ee <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _a\"></span>Board <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>stric<span class=\"_ _3\"></span>tly </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">ensur<span class=\"_ _3\"></span>e that all<span class=\"_ _3\"></span> of the r<span class=\"_ _3\"></span>equirem<span class=\"_ _3\"></span>ents a<span class=\"_ _3\"></span>nd co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ditio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s p<span class=\"_ _3\"></span>rovid<span class=\"_ _3\"></span>ed </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">for under the la<span class=\"_ _3\"></span>w <span class=\"_ _1\"></span>and Austri<span class=\"_ _3\"></span>an Code of Corpo<span class=\"_ _3\"></span>rate Govern-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">ance <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>full<span class=\"_ _3\"></span>y <span class=\"_ _2\"> </span>sa<span class=\"_ _3\"></span>tisfied <span class=\"_ _b\"> </span>when <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>eparing<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>pro<span class=\"_ _5\"></span>posal <span class=\"_ _6\"> </span>re-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">garding <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>election <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>(consoli<span class=\"_ _3\"></span>dated) <span class=\"_ _b\"> </span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _b\"> </span>state-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">ments a<span class=\"_ _3\"></span>uditor for t<span class=\"_ _3\"></span>he Annual <span class=\"_ _3\"></span>General M<span class=\"_ _3\"></span>eeting. As <span class=\"_ _3\"></span>a publi<span class=\"_ _3\"></span>c-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26f\">inter<span class=\"_ _3\"></span>est <span class=\"_ _4\"></span>entity<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>special <span class=\"_ _4\"></span>additi<span class=\"_ _3\"></span>onal <span class=\"_ _4\"></span>rules <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>exte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">internal r<span class=\"_ _3\"></span>otation <span class=\"_ _5\"></span>applicable <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce com<span class=\"_ _3\"></span>panies <span class=\"_ _5\"></span>and t<span class=\"_ _3\"></span>he </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6e\">special <span class=\"_ _4\"></span>tendering <span class=\"_ _4\"></span>process <span class=\"_ _4\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>obse<span class=\"_ _3\"></span>rved. <span class=\"_ _4\"></span>In <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ddition,<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>afte<span class=\"_ _3\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">the audit of<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e consolida<span class=\"_ _3\"></span>ted fi<span class=\"_ _3\"></span>nancial s<span class=\"_ _3\"></span>tatements<span class=\"_ _3\"></span> has b<span class=\"_ _3\"></span>een </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">complet<span class=\"_ _3\"></span>ed, <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>Board <span class=\"_ _a\"></span>is <span class=\"_ _c\"> </span>provid<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>with <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>lis<span class=\"_ _3\"></span>t </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">showing <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>tot<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>audit <span class=\"_ _1\"></span>expens<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>Grou<span class=\"_ _3\"></span>p <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>panies.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs72\">This <span class=\"_ _c\"></span>li<span class=\"_ _3\"></span>st <span class=\"_ _c\"> </span>provides <span class=\"_ _a\"></span>a <span class=\"_ _c\"> </span>separ<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>reakdo<span class=\"_ _3\"></span>wn <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>ex<span class=\"_ _3\"></span>penses <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs904\">lating <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>auditor <span class=\"_ _1\"></span>and </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs73\">the <span class=\"_ _4\"></span>mem<span class=\"_ _3\"></span>bers <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>network <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>whic<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>fi-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs74\">nancial <span class=\"_ _b\"> </span>statements <span class=\"_ _b\"> </span>auditor <span class=\"_ _6\"> </span>per<span class=\"_ _3\"></span>tain<span class=\"_ _1\"></span>s. <span class=\"_ _b\"> </span>The <span class=\"_ _6\"> </span>same <span class=\"_ _6\"> </span>go<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>for </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs75\">other <span class=\"_ _5\"></span>financial <span class=\"_ _5\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>auditors <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ho <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ork <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs77\">T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _49\"> </span>S<span class=\"_ _3\"></span>upe<span class=\"_ _3\"></span>rvis<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ry <span class=\"_ _49\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _49\"> </span>est<span class=\"_ _3\"></span>abli<span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ed <span class=\"_ _49\"> </span>fiv<span class=\"_ _3\"></span>e <span class=\"_ _49\"> </span>commi<span class=\"_ _5\"></span>tte<span class=\"_ _3\"></span>es <span class=\"_ _49\"> </span>to </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs78\">inc<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>e <span class=\"_ _10\"> </span>it<span class=\"_ _3\"></span>s  e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ici<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y  and<span class=\"_ _3\"></span>  to  add<span class=\"_ _3\"></span>ress<span class=\"_ _5\"></span> <span class=\"_ _10\"> </span>com<span class=\"_ _5\"></span>plex<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>ma<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>rs:<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fb\">Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>f<span class=\"_ _5\"></span>or <span class=\"_ _a\"></span>Urg<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>M<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ters <span class=\"_ _4\"></span>(Wo<span class=\"_ _5\"></span>rki<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ee), <span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>udi<span class=\"_ _3\"></span>t </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs79\">Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>(Ac<span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>Comm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e),<span class=\"_ _3\"></span> Co<span class=\"_ _3\"></span>mm<span class=\"_ _3\"></span>itt<span class=\"_ _3\"></span>ee <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r M<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>agin<span class=\"_ _3\"></span>g </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7a\">Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ters <span class=\"_ _1\"></span>(P<span class=\"_ _3\"></span>erso<span class=\"_ _5\"></span>nnel <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>mmi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e),<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>St<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7b\">an<span class=\"_ _3\"></span>d No<span class=\"_ _5\"></span>min<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n Co<span class=\"_ _5\"></span>mmit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7c\">The <span class=\"_ _1\"></span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ecurity <span class=\"_ _1\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7d\">financial y<span class=\"_ _3\"></span>ear 2022.<span class=\"_ _5\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs7f\">The <span class=\"_ _3\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _5\"></span>prepar<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs80\">muneratio<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>port for fi<span class=\"_ _3\"></span>nancial y<span class=\"_ _3\"></span>ear 2022. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs905\">In <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>of VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>info<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs82\">membe<span class=\"_ _3\"></span>rs of <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>aterial <span class=\"_ _3\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs900\">and IT <span class=\"_ _1\"></span>secu<span class=\"_ _3\"></span>rity <span class=\"_ _1\"></span>mat<span class=\"_ _3\"></span>ters. F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>exampl<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting year<span class=\"_ _11\"></span>, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs83\">sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _c\"> </span>w<span class=\"_ _1\"></span>as <span class=\"_ _c\"> </span>tre<span class=\"_ _3\"></span>ated <span class=\"_ _c\"> </span>as <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>key <span class=\"_ _c\"> </span>eleme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>com-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs906\">pany\u2019<span class=\"_ _11\"></span>s <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G<span class=\"_ _1\"></span> 25 <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>rategy <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>of <span class=\"_ _c\"></span>the <span class=\"_ _c\"> </span>expa<span class=\"_ _3\"></span>nsion <span class=\"_ _b\"> </span>of <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>nvir<span class=\"_ _3\"></span>on-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs901\">mentally frie<span class=\"_ _3\"></span>ndly in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tments. <span class=\"_ _3\"></span> </div><div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gs908\">SUPERVISORY<span class=\"_ _3\"></span> BOAR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> COMM<span class=\"_ _3\"></span>ITTEES<span class=\"ff4b fs32\"> </span></div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs90a\">COMMITTEE<span class=\"_ _3\"></span> FOR URGE<span class=\"_ _3\"></span>NT MA<span class=\"_ _5\"></span>TTERS<span class=\"_ _3\"></span> (WORKING <span class=\"_ _3\"></span>COM<span class=\"_ _3\"></span>MITTEE)<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e97\">T<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f11\">he <span class=\"_ _b\"> </span>Committ<span class=\"_ _3\"></span>ee <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>Urge<span class=\"_ _3\"></span>nt <span class=\"_ _b\"> </span>Matters <span class=\"_ _c\"> </span>(Worki<span class=\"_ _3\"></span>ng <span class=\"_ _b\"> </span>Commit<span class=\"_ _3\"></span>tee) </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1023\">decides <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>matt<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>that r<span class=\"_ _5\"></span>equire <span class=\"_ _5\"></span>approv<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>Su<span class=\"_ _3\"></span>pervisory<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f12\">Boar<span class=\"_ _3\"></span>d, <span class=\"_ _1\"></span>but <span class=\"_ _1\"></span>cannot <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>next <span class=\"_ _1\"></span>ordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ary <span class=\"_ _1\"></span>Su<span class=\"_ _3\"></span>per<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f13\">visory Bo<span class=\"_ _3\"></span>ard m<span class=\"_ _3\"></span>eeting b<span class=\"_ _3\"></span>ecause of<span class=\"_ _3\"></span> particular <span class=\"_ _3\"></span>urgency<span class=\"_ _11\"></span>. </div><div class=\"t m3 h1c ff49 fsf fc3 sc0 ls6 ws0 gs1f14\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"ff5a\"> <span class=\"_ _3\"></span><span class=\"ff4a\">(Chairm<span class=\"_ _3\"></span>an) </span></span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f15\">Substitut<span class=\"_ _3\"></span>e: Gertrud<span class=\"_ _3\"></span>e T<span class=\"_ _d\"></span>umpel-<span class=\"_ _3\"></span>Gu<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ell </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1f16\">Rudolf Ertl<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f17\">Substitut<span class=\"_ _3\"></span>e: Marti<span class=\"_ _3\"></span>na Dobring<span class=\"_ _3\"></span>er </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1f18\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f19\">Substitut<span class=\"_ _3\"></span>e: Gerhar<span class=\"_ _3\"></span>d Fabi<span class=\"_ _3\"></span>sch<span class=\"_ _3\"></span> </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs1f1a\">AUDIT CO<span class=\"_ _3\"></span>MMITTEE<span class=\"_ _3\"></span> (<span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>CC<span class=\"_ _1\"></span>O<span class=\"_ _3\"></span>UNTS CO<span class=\"_ _3\"></span>MMITTEE<span class=\"_ _3\"></span>) </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f1b\">The Audit Committ<span class=\"_ _3\"></span>ee (Acco<span class=\"_ _3\"></span>unts <span class=\"_ _1\"></span>Comm<span class=\"_ _3\"></span>itte<span class=\"_ _3\"></span>e)<span class=\"_ _1\"></span> is respo<span class=\"_ _3\"></span>nsible<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f1c\">for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>duties assigne<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>law and <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>particula<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f1d\">sponsible f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> d<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es assign<span class=\"_ _3\"></span>ed in \u00a7 9<span class=\"_ _3\"></span>2 (4a)(4) of<span class=\"_ _3\"></span> the A<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f1e\">trian <span class=\"_ _3\"></span>Stock <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>rporatio<span class=\"_ _3\"></span>n A<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>(AktG), <span class=\"_ _3\"></span>\u00a7 <span class=\"_ _3\"></span>123 <span class=\"_ _5\"></span>(9) <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Austria<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f1f\">Insurance <span class=\"_ _4\"></span>Super<span class=\"_ _3\"></span>vision <span class=\"_ _4\"></span>Act <span class=\"_ _a\"></span>(V<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>G)<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>Reg<span class=\"_ _3\"></span>ulation <span class=\"_ _a\"></span>(EU) <span class=\"_ _4\"></span>No. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f20\">537/2<span class=\"_ _3\"></span>014, namel<span class=\"_ _3\"></span>y: </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f21\">1. <span class=\"_ _d\"></span>to <span class=\"_ _a\"></span>monito<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>cess <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>provide<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>com-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f22\">mendatio<span class=\"_ _3\"></span>ns or s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>gges<span class=\"_ _3\"></span>tions to <span class=\"_ _3\"></span>ensur<span class=\"_ _3\"></span>e its r<span class=\"_ _3\"></span>eliabili<span class=\"_ _3\"></span>ty;<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f23\">2. <span class=\"_ _d\"></span>to <span class=\"_ _c\"> </span>monitor <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>effecti<span class=\"_ _3\"></span>veness <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>Compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _11\"></span>s <span class=\"_ _c\"> </span>internal<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f24\">contro<span class=\"_ _3\"></span>l <span class=\"_ _c\"> </span>system <span class=\"_ _a\"></span>and <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>nternal <span class=\"_ _c\"></span>audi<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>functio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>risk<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f25\">managem<span class=\"_ _3\"></span>ent sys<span class=\"_ _3\"></span>tem;<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f26\">3. <span class=\"_ _d\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>mo<span class=\"_ _5\"></span>ni<span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>r <span class=\"_ _f\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>t <span class=\"_ _49\"> </span>of<span class=\"_ _5\"></span> <span class=\"_ _49\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>en<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>and<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f27\">co<span class=\"_ _5\"></span>nso<span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nci<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ak<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g int<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>acc<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>d-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f28\">i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>co<span class=\"_ _5\"></span>ncl<span class=\"_ _5\"></span>usi<span class=\"_ _5\"></span>ons<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>p<span class=\"_ _5\"></span>ubl<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>by<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>the<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>upe<span class=\"_ _5\"></span>rvi<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ry<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f29\">au<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ho<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>ty<span class=\"_ _3\"></span> f<span class=\"_ _5\"></span>or <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>na<span class=\"_ _5\"></span>nci<span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>m<span class=\"_ _5\"></span>ent<span class=\"_ _5\"></span> au<span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>to<span class=\"_ _5\"></span>rs <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>da<span class=\"_ _5\"></span>nce<span class=\"_ _5\"></span> w<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>th<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2a\">\u00a7<span class=\"_ _6\"> </span>4<span class=\"_ _3\"></span> (<span class=\"_ _3\"></span>2)<span class=\"_ _3\"></span>(1<span class=\"_ _3\"></span>2)<span class=\"_ _3\"></span> o<span class=\"_ _5\"></span>f <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ri<span class=\"_ _5\"></span>an <span class=\"_ _3\"></span>Au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>to<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span>si<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Ac<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>(A<span class=\"_ _3\"></span>P<span class=\"_ _11\"></span>AG);<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2b\">4. <span class=\"_ _d\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>ch<span class=\"_ _3\"></span>eck<span class=\"_ _5\"></span> <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>in<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2c\">s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>ent<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>aud<span class=\"_ _5\"></span>ito<span class=\"_ _3\"></span>r <span class=\"_ _d\"></span>(co<span class=\"_ _5\"></span>nsol<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _d\"></span>audi<span class=\"_ _3\"></span>to<span class=\"_ _5\"></span>r),<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2d\">in <span class=\"_ _4\"></span>particul<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>respe<span class=\"_ _3\"></span>ct <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>additio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>services <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2e\">vided for the audited compa<span class=\"_ _3\"></span>ny; Art. <span class=\"_ _1\"></span>5 of Reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>latio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>(EU)<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f2f\">No. 53<span class=\"_ _3\"></span>7/2014 and \u00a7 27<span class=\"_ _3\"></span>1a (6<span class=\"_ _3\"></span>) UGB a<span class=\"_ _3\"></span>pply;<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f30\">5. <span class=\"_ _d\"></span>to <span class=\"_ _3\"></span>repor<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ults <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>financial <span class=\"_ _5\"></span>statement <span class=\"_ _5\"></span>audit <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>the<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f31\">Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _a\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>explai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>ow<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>financial <span class=\"_ _4\"></span>state-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f32\">ment <span class=\"_ _5\"></span>audit <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>rib<span class=\"_ _3\"></span>uted <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>reliabili<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>financial<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f33\">repo<span class=\"_ _3\"></span>rts and th<span class=\"_ _3\"></span>e role of<span class=\"_ _3\"></span> the Audit <span class=\"_ _3\"></span>Comm<span class=\"_ _3\"></span>ittee in this;<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f34\">6. <span class=\"_ _d\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>au<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ual<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>r<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f35\">ap<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ov<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>am<span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _5\"></span>e pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> fo<span class=\"_ _3\"></span>r ap<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>op<span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>io<span class=\"_ _5\"></span>n <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>f p<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>fi<span class=\"_ _5\"></span>ts<span class=\"_ _3\"></span>,<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f36\">th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>ma<span class=\"_ _5\"></span>nag<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>po<span class=\"_ _5\"></span>rt,<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>so<span class=\"_ _5\"></span>lve<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>cy<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nci<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>co<span class=\"_ _5\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f37\">di<span class=\"_ _5\"></span>ti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n r<span class=\"_ _5\"></span>ep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>go<span class=\"_ _5\"></span>ve<span class=\"_ _3\"></span>rna<span class=\"_ _5\"></span>nce<span class=\"_ _3\"></span> r<span class=\"_ _5\"></span>ep<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>es<span class=\"_ _5\"></span>ent<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f38\">a <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>t<span class=\"_ _5\"></span>he <span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>esu<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>t <span class=\"_ _5\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ry <span class=\"_ _5\"></span>Bo<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d;<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f39\">7.<span class=\"_ _6\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>audit <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>cial sta<span class=\"_ _3\"></span>tements<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>Group<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f3a\">managem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>report, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>solvency <span class=\"_ _5\"></span>and f<span class=\"_ _3\"></span>inancial co<span class=\"_ _3\"></span>ndition<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>5<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f3b\">repo<span class=\"_ _3\"></span>rt <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>lev<span class=\"_ _3\"></span>el <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>corporate <span class=\"_ _4\"></span>go<span class=\"_ _3\"></span>vernance <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f3c\">port <span class=\"_ _a\"></span>at <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>level, <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>rt <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>esults <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f3d\">audit to t<span class=\"_ _3\"></span>he Super<span class=\"_ _3\"></span>visory Bo<span class=\"_ _3\"></span>ard; </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">8. to p<span class=\"_ _3\"></span>erform t<span class=\"_ _3\"></span>he pro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ed<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e to <span class=\"_ _3\"></span>elect <span class=\"_ _3\"></span>the financi<span class=\"_ _3\"></span>al stat<span class=\"_ _3\"></span>ement </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f3e\">auditor <span class=\"_ _4\"></span>(consol<span class=\"_ _3\"></span>idated <span class=\"_ _4\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>audi<span class=\"_ _3\"></span>tor) <span class=\"_ _a\"></span>taking<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f3f\">into <span class=\"_ _4\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>approp<span class=\"_ _3\"></span>riateness<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>ees <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>d-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f40\">ance <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>Art. <span class=\"_ _5\"></span>4 <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Regulation <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>No. <span class=\"_ _5\"></span>537/201<span class=\"_ _3\"></span>4 <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f41\">r<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>od<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>rt.<span class=\"_ _5\"></span> 1<span class=\"_ _3\"></span>7 <span class=\"_ _5\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Reg<span class=\"_ _5\"></span>ula<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>(E<span class=\"_ _3\"></span>U<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>No<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> 5<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>7/<span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>1<span class=\"_ _3\"></span>4, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f42\">and <span class=\"_ _a\"></span>recom<span class=\"_ _3\"></span>mend <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>pointme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>financial <span class=\"_ _a\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f43\">auditor (consol<span class=\"_ _3\"></span>idated financi<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>stateme<span class=\"_ _3\"></span>nts audito<span class=\"_ _3\"></span>r)<span class=\"_ _1\"></span> to the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f44\">Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>acco<span class=\"_ _3\"></span>rdance <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>Art. <span class=\"_ _4\"></span>16 <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>Regu-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f45\">lation (EU) No<span class=\"_ _3\"></span>. 537/20<span class=\"_ _3\"></span>14.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">Furthermor<span class=\"_ _5\"></span>e, <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>meeti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>(a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span>her <span class=\"_ _4\"></span>meeti<span class=\"_ _3\"></span>ng, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>addition<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">the <span class=\"_ _2c\"> </span>meeting<span class=\"_ _3\"></span> <span class=\"_ _2c\"> </span>req<span class=\"_ _3\"></span>uired<span class=\"_ _3\"></span> <span class=\"_ _344\"> </span>by <span class=\"_ _2c\"> </span>la<span class=\"_ _3\"></span>w)<span class=\"_ _1\"></span>, <span class=\"_ _12\"> </span>the <span class=\"_ _2c\"> </span>Audit<span class=\"_ _3\"></span> <span class=\"_ _2c\"> </span>Committ<span class=\"_ _3\"></span>ee </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">(Accou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _6\"> </span>Comm<span class=\"_ _3\"></span>ittee<span class=\"_ _3\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>sp<span class=\"_ _3\"></span>ecifies <span class=\"_ _6\"> </span>how <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>two-<span class=\"_ _3\"></span>way <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>om-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">municatio<span class=\"_ _3\"></span>n b<span class=\"_ _3\"></span>etween <span class=\"_ _5\"></span>the (co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _3\"></span>dated) fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>stat<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">auditor <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>Audit <span class=\"_ _6\"> </span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _6\"> </span>(A<span class=\"_ _3\"></span>ccounts <span class=\"_ _6\"> </span>Comm<span class=\"_ _3\"></span>itte<span class=\"_ _3\"></span>e) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">has to take plac<span class=\"_ _3\"></span>e, while making pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>exc<span class=\"_ _3\"></span>hanges to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">take <span class=\"_ _1\"></span>place <span class=\"_ _1\"></span>bet<span class=\"_ _3\"></span>ween <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Audit<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Committe<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>(Accounts<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">mittee) <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>(co<span class=\"_ _3\"></span>nsolidated) <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _4\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _1\"></span>auditor </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">without th<span class=\"_ _3\"></span>e pr<span class=\"_ _3\"></span>esence of t<span class=\"_ _3\"></span>he Managi<span class=\"_ _3\"></span>ng Boa<span class=\"_ _3\"></span>rd.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">Membe<span class=\"_ _3\"></span>rs of the Audi<span class=\"_ _3\"></span>t Committe<span class=\"_ _3\"></span>e are exp<span class=\"_ _3\"></span>erien<span class=\"_ _3\"></span>ced financial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">experts <span class=\"_ _d\"></span>with <span class=\"_ _3\"></span>k<span class=\"_ _3\"></span>now<span class=\"_ _1\"></span>le<span class=\"_ _3\"></span>dge <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>practic<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>experie<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">accounti<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>repo<span class=\"_ _3\"></span>rting <span class=\"_ _a\"></span>that <span class=\"_ _c\"></span>satis<span class=\"_ _3\"></span>fy <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _3\"></span>ents <span class=\"_ _a\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">the Compa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">Chairwom<span class=\"_ _3\"></span>an: </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs65a\">Gertrud<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>umpel-Gu<span class=\"_ _3\"></span>gerell<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">Deputy C<span class=\"_ _3\"></span>hairwoma<span class=\"_ _3\"></span>n: </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsa9\">Martina Dobr<span class=\"_ _3\"></span>inger<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">Other mem<span class=\"_ _3\"></span>bers: </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsac\">Zsuzsanna<span class=\"_ _3\"></span> Eifert<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsad\">Rudolf Ertl<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsae\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs65c\">Andr\u00e1s <span class=\"_ _3\"></span>K<span class=\"_ _1\"></span>ozma<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsaf\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsb0\">Pet<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _3\"></span>Mih\u00f3k </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gsb1\">Katar\u00edna S<span class=\"_ _3\"></span>lez\u00e1kov\u00e1<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">If<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>me<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>unab<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>at<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nd,<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>Gab<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>Sem<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>elr<span class=\"_ _5\"></span>oc<span class=\"_ _3\"></span>k-W<span class=\"_ _5\"></span>erz<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">wi<span class=\"_ _5\"></span>ll <span class=\"_ _4\"></span>at<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>eti<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>is<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ls<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>un<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">H<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>nz <span class=\"_ _5\"></span>\u00d6hl<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>wil<span class=\"_ _5\"></span>l a<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>end<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>If G<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>um<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>-Gu<span class=\"_ _3\"></span>ge<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ell<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>s u<span class=\"_ _3\"></span>nab<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98e\">to<span class=\"_ _5\"></span> at<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e m<span class=\"_ _5\"></span>eet<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>wil<span class=\"_ _3\"></span>l <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ir<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>arti<span class=\"_ _5\"></span>na <span class=\"_ _3\"></span>Do<span class=\"_ _3\"></span>br<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1daa\">COMMITTEE<span class=\"_ _3\"></span> FOR MA<span class=\"_ _3\"></span>NAGING BO<span class=\"_ _3\"></span>ARD<span class=\"_ _3\"></span> MA<span class=\"_ _5\"></span>TTERS <span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1ec7\">(PERSONNE<span class=\"_ _3\"></span>L COMMIT<span class=\"_ _3\"></span>TEE) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">The <span class=\"_ _6\"> </span>Committ<span class=\"_ _3\"></span>ee <span class=\"_ _2\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _6\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>Matters <span class=\"_ _6\"> </span>(Perso<span class=\"_ _3\"></span>nnel </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">Commi<span class=\"_ _3\"></span>ttee) <span class=\"_ _1\"></span>deals <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>perso<span class=\"_ _3\"></span>nnel <span class=\"_ _1\"></span>matters <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">Boar<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>Comm<span class=\"_ _3\"></span>ittee for <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Bo<span class=\"_ _3\"></span>ard Matters ther<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0f\">for<span class=\"_ _3\"></span>e decides on <span class=\"_ _3\"></span>employme<span class=\"_ _3\"></span>nt contra<span class=\"_ _3\"></span>ct terms with M<span class=\"_ _3\"></span>emb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eca\">of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>their <span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>uneration <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>exam-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">ines r<span class=\"_ _3\"></span>emuner<span class=\"_ _3\"></span>ation poli<span class=\"_ _3\"></span>cies at r<span class=\"_ _3\"></span>egular i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>vals. </div><div class=\"t m1 h2a ff49 fs14 fc3 sc0 ls6 ws0 gs1db2\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span> <span class=\"ff4a\">(Chairma<span class=\"_ _3\"></span>n)<span class=\"ff49\"> </span></span></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1db3\">Rudolf Ertl<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1db4\">Robert La<span class=\"_ _3\"></span>sshofer  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1db6\">STRA<span class=\"_ _5\"></span>TEGY CO<span class=\"_ _3\"></span>MMITTEE </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">The <span class=\"_ _6\"> </span>Strateg<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>Committee <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>oop<span class=\"_ _3\"></span>erates <span class=\"_ _b\"> </span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _6\"> </span>the <span class=\"_ _2\"> </span>Ma<span class=\"_ _3\"></span>naging<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>and, when <span class=\"_ _1\"></span>ap<span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>iat<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>with experts that it <span class=\"_ _1\"></span>consults<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">in <span class=\"_ _4\"></span>orde<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>prepar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>fund<span class=\"_ _3\"></span>amental <span class=\"_ _1\"></span>decisio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>will <span class=\"_ _1\"></span>subse-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">quently b<span class=\"_ _3\"></span>e decide<span class=\"_ _3\"></span>d upon by <span class=\"_ _3\"></span>the entir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> Supe<span class=\"_ _3\"></span>rvisory <span class=\"_ _3\"></span>Board.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff49 fs14 fc3 sc0 ls6 ws0 gs1dbc\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"ff5a\"> <span class=\"_ _3\"></span><span class=\"ff4a\">(Chairm<span class=\"_ _3\"></span>an) </span></span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecb\">Substitut<span class=\"_ _3\"></span>e: Gertrud<span class=\"_ _3\"></span>e T<span class=\"_ _d\"></span>umpel-<span class=\"_ _3\"></span>Gu<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ell </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dbe\">Zsuzsanna<span class=\"_ _3\"></span> Eifert<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbf\">Substitut<span class=\"_ _3\"></span>e: Gabriel<span class=\"_ _3\"></span>e Semmelr<span class=\"_ _3\"></span>ock-W<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>zer </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dc1\">Rudolf Ertl<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">Substitut<span class=\"_ _3\"></span>e: Marti<span class=\"_ _3\"></span>na Dobring<span class=\"_ _3\"></span>er </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1ecc\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecd\">Substitut<span class=\"_ _3\"></span>e: Gerhar<span class=\"_ _3\"></span>d Fabi<span class=\"_ _3\"></span>sch<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff49 fs14 fc3 sc0 ls6 ws0 gs1ecf\">Pet<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _3\"></span>Mih\u00f3k<span class=\"ff4a\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">Substitut<span class=\"_ _3\"></span>e: Katar\u00edn<span class=\"_ _3\"></span>a Slez\u00e1ko<span class=\"_ _3\"></span>v\u00e1 </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dc9\">Andr\u00e1s <span class=\"_ _3\"></span>K<span class=\"_ _1\"></span>ozma<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">Substitut<span class=\"_ _3\"></span>e: Hein<span class=\"_ _3\"></span>z \u00d6hler<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dcb\">NOMINA<span class=\"_ _5\"></span>TION <span class=\"_ _3\"></span>COMMITTEE<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">The <span class=\"_ _49\"> </span>Nominatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _49\"> </span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _49\"> </span>submits <span class=\"_ _49\"> </span>pr<span class=\"_ _3\"></span>oposals <span class=\"_ _f\"> </span>to <span class=\"_ _49\"> </span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>filli<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>positio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _5\"></span>becom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>available<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">on <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ging <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>handles <span class=\"_ _4\"></span>issues <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>succ<span class=\"_ _3\"></span>essor </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">planning<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff49 fs14 fc3 sc0 ls6 ws0 gs1dd0\">G\u00fcnter Ge<span class=\"_ _3\"></span>ye<span class=\"_ _1\"></span>r<span class=\"ff4a\"> <span class=\"_ _3\"></span>(Chairm<span class=\"_ _3\"></span>an)<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dd1\">Martina Dobr<span class=\"_ _3\"></span>inger<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dd2\">Rudolf Ertl<span class=\"_ _3\"></span>  </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dd3\">Robert La<span class=\"_ _3\"></span>sshofer<span class=\"_ _3\"></span> </div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>6<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbae\">Substitut<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ent that <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>member <span class=\"_ _1\"></span>is u<span class=\"_ _1\"></span>nable to <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tte<span class=\"_ _3\"></span>nd: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbaf\">Gertrude T<span class=\"_ _11\"></span>umpel-<span class=\"_ _3\"></span>Guger<span class=\"_ _3\"></span>ell  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb1\">S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervi<span class=\"_ _3\"></span>so<span class=\"_ _3\"></span>ry Boar<span class=\"_ _5\"></span>d <span class=\"_ _1\"></span>Mem<span class=\"_ _5\"></span>bers Ge<span class=\"_ _3\"></span>rhar<span class=\"_ _5\"></span>d <span class=\"_ _1\"></span>Fabi<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>h and <span class=\"_ _1\"></span>Ga<span class=\"_ _3\"></span>bri<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb2\">Sem<span class=\"_ _3\"></span>mel<span class=\"_ _5\"></span>roc<span class=\"_ _3\"></span>k-W<span class=\"_ _5\"></span>er<span class=\"_ _3\"></span>zer <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>of the <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>agi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb3\">of co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>pani<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> with<span class=\"_ _3\"></span> whi<span class=\"_ _3\"></span>ch di<span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rib<span class=\"_ _3\"></span>utio<span class=\"_ _5\"></span>n agr<span class=\"_ _5\"></span>eem<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span> wer<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf0\">cluded <span class=\"_ _3\"></span>under <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rmal mar<span class=\"_ _3\"></span>ket <span class=\"_ _3\"></span>and i<span class=\"_ _3\"></span>ndustry t<span class=\"_ _3\"></span>erms <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>condi-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb4\">tions. <span class=\"_ _c\"> </span>The <span class=\"_ _c\"> </span>Compa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>did <span class=\"_ _c\"> </span>not <span class=\"_ _c\"> </span>enter <span class=\"_ _c\"> </span>into <span class=\"_ _c\"> </span>any <span class=\"_ _c\"> </span>other <span class=\"_ _c\"></span>agre<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb5\">ments <span class=\"_ _5\"></span>with <span class=\"_ _5\"></span>Su<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _5\"></span>Mem<span class=\"_ _3\"></span>bers <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>would<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb6\">have r<span class=\"_ _3\"></span>equire<span class=\"_ _3\"></span>d the app<span class=\"_ _3\"></span>rov<span class=\"_ _3\"></span>al of the Su<span class=\"_ _3\"></span>pervisor<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Board.<span class=\"_ _5\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gsbb8\">NUMBER <span class=\"_ _3\"></span>OF <span class=\"_ _3\"></span>MEET<span class=\"_ _3\"></span>INGS <span class=\"_ _5\"></span>O<span class=\"_ _1\"></span>F <span class=\"_ _3\"></span>THE <span class=\"_ _d\"></span>SU<span class=\"_ _1\"></span>PERVISO<span class=\"_ _3\"></span>RY <span class=\"_ _5\"></span>BOARD <span class=\"_ _5\"></span>AND <span class=\"_ _3\"></span>ITS </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1cf1\">COMMITTEES I<span class=\"_ _3\"></span>N THE <span class=\"_ _3\"></span>FINANCIAL <span class=\"_ _5\"></span>YEAR 2022 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbba\">One <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>egular<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>general <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>eti<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _c\"></span>fo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r <span class=\"_ _c\"></span>Su<span class=\"_ _3\"></span>pervisory <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbb\">meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs <span class=\"_ _1\"></span>distrib<span class=\"_ _3\"></span>uted <span class=\"_ _1\"></span>across<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>held in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbc\">2022.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Fo<span class=\"_ _3\"></span>ur <span class=\"_ _d\"></span>me<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _d\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>Audi<span class=\"_ _5\"></span>t <span class=\"_ _d\"></span>Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>(Ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Co<span class=\"_ _3\"></span>m-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbd\">m<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e)<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>we<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>als<span class=\"_ _3\"></span>o <span class=\"_ _c\"> </span>he<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>d. <span class=\"_ _c\"> </span>The <span class=\"_ _b\"> </span>Annual <span class=\"_ _c\"> </span>General <span class=\"_ _c\"> </span>Meeting <span class=\"_ _c\"> </span>was </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf2\">held as <span class=\"_ _5\"></span>a virt<span class=\"_ _3\"></span>ual <span class=\"_ _3\"></span>Annual <span class=\"_ _3\"></span>General <span class=\"_ _5\"></span>Mee<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng on <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>asis <span class=\"_ _5\"></span>of \u00a7<span class=\"_ _5\"></span> 1<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbe\">(2) <span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>OVID<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>1<span class=\"_ _3\"></span>9-G<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>OVID<span class=\"_ _3\"></span>-19<span class=\"_ _5\"></span>-Ges<span class=\"_ _3\"></span>V<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbf\">statement<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>date<span class=\"_ _1\"></span>d <span class=\"_ _2\"> </span>fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ncial <span class=\"_ _2\"> </span>statement <span class=\"_ _6\"> </span>auditor<span class=\"_ _d\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee8\">KP<span class=\"_ _5\"></span>MG<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>Aus<span class=\"_ _5\"></span>tria <span class=\"_ _f\"> </span>Gm<span class=\"_ _3\"></span>bH <span class=\"_ _f\"> </span>W<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ft<span class=\"_ _3\"></span>sp<span class=\"_ _3\"></span>r\u00fcf<span class=\"_ _3\"></span>ung<span class=\"_ _5\"></span>s-<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>und<span class=\"_ _3\"></span> <span class=\"_ _4c\"> </span>St<span class=\"_ _3\"></span>eu<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f46\">be<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>tun<span class=\"_ _3\"></span>gs<span class=\"_ _5\"></span>ge<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ll<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ft <span class=\"_ _1\"></span>(KP<span class=\"_ _3\"></span>MG<span class=\"_ _3\"></span>),<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>attende<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hree <span class=\"_ _a\"></span>Audit<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f47\">mittee <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>etin<span class=\"_ _1\"></span>gs <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>thr<span class=\"_ _3\"></span>ee <span class=\"_ _4\"></span>Super<span class=\"_ _3\"></span>visory <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>meetings <span class=\"_ _1\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f48\">2022,<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>including <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Super<span class=\"_ _3\"></span>visory <span class=\"_ _b\"> </span>Board <span class=\"_ _b\"> </span>m<span class=\"_ _3\"></span>eeting <span class=\"_ _b\"> </span>that <span class=\"_ _b\"> </span>ad-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eec\">dresse<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>audit <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>2021 <span class=\"_ _1\"></span>ann<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>statements<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f49\">an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>nso<span class=\"_ _3\"></span>li<span class=\"_ _5\"></span>dat<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> f<span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>as<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>wel<span class=\"_ _3\"></span>l <span class=\"_ _5\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fo<span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4a\">m<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>ap<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ov<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>20<span class=\"_ _5\"></span>21 <span class=\"_ _a\"></span>ann<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al <span class=\"_ _c\"></span>s<span class=\"_ _5\"></span>tat<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4b\">al<span class=\"_ _5\"></span>so at<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>d the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>nnua<span class=\"_ _3\"></span>l Gen<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>M<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g. T<span class=\"_ _11\"></span>wo m<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>gs of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4c\">th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ee <span class=\"_ _5\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>Ma<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>rs <span class=\"_ _d\"></span>(Pe<span class=\"_ _3\"></span>rso<span class=\"_ _3\"></span>nn<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Com<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4d\">m<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e) <span class=\"_ _5\"></span>wer<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>hel<span class=\"_ _5\"></span>d <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>mmi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>Urg<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>Mat<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rs </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef1\">(W<span class=\"_ _3\"></span>orki<span class=\"_ _5\"></span>ng C<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>tee<span class=\"_ _3\"></span>) m<span class=\"_ _3\"></span>et twi<span class=\"_ _3\"></span>ce i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>2 a<span class=\"_ _3\"></span>nd p<span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef2\">sol<span class=\"_ _3\"></span>utio<span class=\"_ _5\"></span>n <span class=\"_ _5\"></span>by <span class=\"_ _d\"></span>cir<span class=\"_ _5\"></span>culat<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n. <span class=\"_ _5\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>No<span class=\"_ _3\"></span>mi<span class=\"_ _5\"></span>nati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _d\"></span>Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ee <span class=\"_ _d\"></span>m<span class=\"_ _3\"></span>et <span class=\"_ _d\"></span>twi<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef3\">T<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>St<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>gy<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>C<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>tte<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>no<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>eet<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22.<span class=\"_ _5\"></span> S<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>ic <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>at-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef4\">te<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>wer<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>han<span class=\"_ _3\"></span>dl<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> Su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvi<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ry <span class=\"_ _5\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>who<span class=\"_ _5\"></span>le<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef5\">N<span class=\"_ _3\"></span>o M<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> S<span class=\"_ _3\"></span>upe<span class=\"_ _3\"></span>rvi<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d at<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> l<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>tha<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>hal<span class=\"_ _3\"></span>f </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef6\">o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> Su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvi<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>eeti<span class=\"_ _5\"></span>ngs<span class=\"_ _3\"></span>.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef8\">The <span class=\"_ _3\"></span>foll<span class=\"_ _3\"></span>owing t<span class=\"_ _3\"></span>able <span class=\"_ _3\"></span>shows <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>tten<span class=\"_ _3\"></span>dance <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>dinary <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>em-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef9\">bers <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>meeti<span class=\"_ _3\"></span>ngs, <span class=\"_ _a\"></span>taki<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>into<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>attend<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>their </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efa\">substitut<span class=\"_ _3\"></span>es: </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gsbc1\">MEETIN<span class=\"_ _3\"></span>G A<span class=\"_ _d\"></span>TTENDANC<span class=\"_ _3\"></span>E BY MEMB<span class=\"_ _3\"></span>ER<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> OF <span class=\"_ _3\"></span>THE S<span class=\"_ _3\"></span>UPERVISOR<span class=\"_ _3\"></span>Y BOARD<span class=\"_ _3\"></span> IN FINAN<span class=\"_ _3\"></span>CIAL <span class=\"_ _5\"></span>Y<span class=\"_ _1\"></span>EAR<span class=\"_ _3\"></span> 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1f4e\">Name<span class=\"_ _1\"></span> <span class=\"_ _266\"> </span><span class=\"fs15\">S<span class=\"_ _1\"></span>upervisory<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f4f\">Board<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f50\">Audit<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f51\">Commit<span class=\"_ _1\"></span>tee<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1f52\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f53\">Work<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f54\">Commit<span class=\"_ _1\"></span>tee<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1f55\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f56\">Str<span class=\"_ _1\"></span>ategy<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f57\">Commit<span class=\"_ _1\"></span>tee</div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1f58\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f59\">Personnel<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f5a\">Commit<span class=\"_ _1\"></span>tee<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1f5b\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f5c\">Nominati<span class=\"_ _1\"></span>on<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f5d\">Commit<span class=\"_ _1\"></span>tee</div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1f5e\">2</div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f5f\">  <span class=\"_ _19c\"> </span>4 mee<span class=\"_ _1\"></span>tings<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f60\">4 mee<span class=\"_ _1\"></span>tings<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f61\">2 mee<span class=\"_ _1\"></span>tings<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f62\">no meet<span class=\"_ _1\"></span>ing<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f63\">2 mee<span class=\"_ _1\"></span>tings<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1f64\">2 mee<span class=\"_ _1\"></span>tings<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f65\">G\u00fcnt<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>eye<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>(C<span class=\"_ _1\"></span>) <span class=\"_ _32\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _5e\"> </span>2/2 <span class=\"_ _40\"> </span>  <span class=\"_ _1a3\"> </span>2/2 <span class=\"_ _50\"> </span> 2/2 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f66\">Rud<span class=\"_ _1\"></span>olf<span class=\"_ _1\"></span> Er<span class=\"_ _1\"></span>tl<span class=\"_ _1\"></span> (1<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1f67\">st</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f68\"> <span class=\"_ _1\"></span>DC)<span class=\"_ _1\"></span> <span class=\"_ _1e4\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _5e\"> </span>2/2 <span class=\"_ _40\"> </span>  <span class=\"_ _1a3\"> </span>2/2 <span class=\"_ _50\"> </span> 2/2 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f69\">Rob<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>t La<span class=\"_ _1\"></span>ssh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r (2<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1f6a\">nd</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f6b\"> D<span class=\"_ _1\"></span>C)<span class=\"_ _1\"></span> <span class=\"_ _345\"> </span>2/4 <span class=\"_ _5e\"> </span>2/4 <span class=\"_ _22\"> </span>1/2</div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1f6c\">3</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f6d\">          <span class=\"_ _90\"> </span>  <span class=\"_ _13a\"> </span>2/2  <span class=\"_ _293\"> </span> 2/2 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f6e\">Ma<span class=\"_ _1\"></span>rtin<span class=\"_ _1\"></span>a D<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>rin<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r <span class=\"_ _32f\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _40\"> </span> <span class=\"_ _71\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _13a\"> </span> 2/2 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs121e\">Zsu<span class=\"_ _1\"></span>zs<span class=\"_ _1\"></span>ann<span class=\"_ _1\"></span>a E<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span> <span class=\"_ _32\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _13e\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _315\"> </span> <span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f6f\">Ge<span class=\"_ _1\"></span>rhard<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch <span class=\"_ _b7\"> </span>3/4 <span class=\"_ _13e\"> </span>  <span class=\"_ _80\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _75\"> </span>  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gse8e\">And<span class=\"_ _1\"></span>r\u00e1s<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>ozm<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1f70\">1</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f71\"> <span class=\"_ _f4\"> </span>3<span class=\"_ _1\"></span>/3 <span class=\"_ _5e\"> </span>2/2 <span class=\"_ _40\"> </span> <span class=\"_ _71\"> </span> <span class=\"_ _100\"> </span> <span class=\"_ _2e5\"> </span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f72\">Pet<span class=\"_ _1\"></span>er M<span class=\"_ _1\"></span>ih<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>k <span class=\"_ _15c\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _40\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _75\"> </span>  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f73\">Hein<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span> \u00d6hl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _2c1\"> </span>3/4 <span class=\"_ _13e\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _75\"> </span>  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f74\">Ge<span class=\"_ _1\"></span>org R<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>edl<span class=\"_ _379\"> </span></div><div class=\"t m1 h38 ff4c fs1a fc3 sc0 ls6 ws0 gs1f75\">4</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f76\"> <span class=\"_ _11f\"> </span>1/1 <span class=\"_ _13e\"> </span> <span class=\"_ _40\"> </span>1/1 <span class=\"_ _40\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1f9\"> </span> <span class=\"_ _2f\"> </span>  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f77\">Gab<span class=\"_ _1\"></span>rie<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>emm<span class=\"_ _1\"></span>elr<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ck-<span class=\"_ _1\"></span>Werz<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>4/4 <span class=\"_ _13e\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _75\"> </span>  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f78\">Kat<span class=\"_ _1\"></span>ari<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>lez<span class=\"_ _1\"></span>\u00e1k<span class=\"_ _1\"></span>ov\u00e1<span class=\"_ _1\"></span> <span class=\"_ _346\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _40\"> </span>  <span class=\"_ _1f9\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1f9\"> </span>  <span class=\"_ _315\"> </span> <span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1f79\">Ge<span class=\"_ _1\"></span>rtrud<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>el-G<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>rel<span class=\"_ _1\"></span>l <span class=\"_ _2e7\"> </span>4/4 <span class=\"_ _5e\"> </span>4/4 <span class=\"_ _13e\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _315\"> </span>  </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1f7a\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1f7b\"> <span class=\"_ _6\"> </span>Elected to the Supervisory B<span class=\"_ _3\"></span>oard in <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> Annual General<span class=\"_ _3\"></span> Meeti<span class=\"_ _1\"></span>ng of 20 May 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1f7c\">2</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1f7d\"> <span class=\"_ _6\"> </span>New composition <span class=\"_ _3\"></span>of committees or new deputy arr<span class=\"_ _3\"></span>angements in the event of impedim<span class=\"_ _3\"></span>ent<span class=\"_ _1\"></span> from 7 Jun<span class=\"_ _3\"></span>e 2<span class=\"_ _1\"></span>022 onwards </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1f7e\">3</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1f7f\">  <span class=\"_ _1\"></span>One meeting took place pri<span class=\"_ _3\"></span>or to the<span class=\"_ _1\"></span> Annu<span class=\"_ _3\"></span>al General Meeting and before <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> meeting of <span class=\"_ _3\"></span>the Supervisory Board, during <span class=\"_ _3\"></span>w<span class=\"_ _1\"></span>hich the new <span class=\"_ _3\"></span>composition<span class=\"_ _1\"></span> of the <span class=\"_ _3\"></span>members of the committee was agreed upon<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span> Georg </div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1f80\">Riedl <span class=\"_ _3\"></span>participated in this meeting as his su<span class=\"_ _3\"></span>bstit<span class=\"_ _1\"></span>ute. </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1f81\">4  </div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1f82\">Retired <span class=\"_ _3\"></span>from the S<span class=\"_ _1\"></span>upervisory <span class=\"_ _3\"></span>Board at the end of th<span class=\"_ _3\"></span>e An<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>Gene<span class=\"_ _1\"></span>ral M<span class=\"_ _3\"></span>eeting of 20 May 2022.<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>7<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs8e\">DIVERSITY C<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>NCEPT<span class=\"_ _3\"></span><span class=\"ff49 fc10\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">With <span class=\"_ _1\"></span>ov<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>50<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>pa<span class=\"_ _3\"></span>nies<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>pe<span class=\"_ _3\"></span>nsio<span class=\"_ _5\"></span>n <span class=\"_ _a\"></span>f<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">ar<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>nd <span class=\"_ _d\"></span>29,0<span class=\"_ _5\"></span>00 <span class=\"_ _5\"></span>emp<span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ye<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>in <span class=\"_ _d\"></span>Au<span class=\"_ _3\"></span>stri<span class=\"_ _3\"></span>a <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>Ce<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>ral<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>Eas<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rn </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">Eu<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>pe,<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>VIG <span class=\"_ _6\"> </span>Ins<span class=\"_ _5\"></span>uran<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>Gr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>p <span class=\"_ _6\"> </span>com<span class=\"_ _3\"></span>bi<span class=\"_ _3\"></span>nes <span class=\"_ _6\"> </span>m<span class=\"_ _3\"></span>any<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span>rie<span class=\"_ _3\"></span>s,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">la<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>uages <span class=\"_ _d\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>cul<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>bac<span class=\"_ _3\"></span>kgr<span class=\"_ _5\"></span>ou<span class=\"_ _3\"></span>nds. <span class=\"_ _5\"></span>Di<span class=\"_ _3\"></span>ver<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ty <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>cor<span class=\"_ _5\"></span>e <span class=\"_ _5\"></span>valu<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">in <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>VI<span class=\"_ _3\"></span>G <span class=\"_ _c\"> </span>mis<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>sta<span class=\"_ _3\"></span>tem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>ke<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>pri<span class=\"_ _3\"></span>orit<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>its <span class=\"_ _a\"></span>HR<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">st<span class=\"_ _3\"></span>rate<span class=\"_ _3\"></span>gy<span class=\"_ _11\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">VIG <span class=\"_ _a\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _a\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _a\"></span>follows <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>bottom-<span class=\"_ _3\"></span>up <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ppro<span class=\"_ _3\"></span>ach <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">respe<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>diversit<span class=\"_ _3\"></span>y ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>boar<span class=\"_ _3\"></span>ds. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">By <span class=\"_ _5\"></span>applying <span class=\"_ _d\"></span>diversity <span class=\"_ _5\"></span>managem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>all <span class=\"_ _5\"></span>emplo<span class=\"_ _3\"></span>yees, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>VIG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>ects to gen<span class=\"_ _3\"></span>erate corr<span class=\"_ _3\"></span>esponding di<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>er<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">sity in the candid<span class=\"_ _3\"></span>ate pool for i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ternal succ<span class=\"_ _3\"></span>essor plan<span class=\"_ _3\"></span>ning in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">the long t<span class=\"_ _3\"></span>erm. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">For <span class=\"_ _a\"></span>VIG <span class=\"_ _4\"></span>I<span class=\"_ _1\"></span>nsu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p, <span class=\"_ _4\"></span>diversity <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>eflects <span class=\"_ _a\"></span>both <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>simi-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">larities <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>dif<span class=\"_ _3\"></span>ferences<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>it <span class=\"_ _a\"></span>en<span class=\"_ _3\"></span>counters <span class=\"_ _4\"></span>in <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>Gro<span class=\"_ _3\"></span>up, <span class=\"_ _c\"> </span>its<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">markets <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _b\"> </span>its <span class=\"_ _c\"> </span>part<span class=\"_ _3\"></span>ners <span class=\"_ _b\"> </span>as <span class=\"_ _c\"> </span>well<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>as <span class=\"_ _c\"> </span>custome<span class=\"_ _3\"></span>rs. <span class=\"_ _c\"> </span>Diversit<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">managem<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>is <span class=\"_ _a\"></span>based <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>genuin<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>appr<span class=\"_ _3\"></span>eciatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>open<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">accepta<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>diversit<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>mak<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>conscio<span class=\"_ _3\"></span>us <span class=\"_ _4\"></span>use <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>this<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">diversity<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>com<span class=\"_ _3\"></span>panies <span class=\"_ _4\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>de <span class=\"_ _4\"></span>this<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>unders<span class=\"_ _3\"></span>tanding <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>di-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">versity in the VIG Code<span class=\"_ _3\"></span> of <span class=\"_ _1\"></span>Busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess Ethics: </div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gs1f83\">\u201cW<span class=\"_ _3\"></span>e do not tol-<span class=\"_ _379\"> </span></div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gsa1\">erate any <span class=\"_ _1\"></span>ki<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>of discrim<span class=\"_ _3\"></span>ination. We are com<span class=\"_ _3\"></span>mitted to <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ro-<span class=\"_ _379\"> </span></div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gs1f84\">moting <span class=\"_ _1\"></span>equ<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>opportu<span class=\"_ _3\"></span>nities w<span class=\"_ _1\"></span>ith <span class=\"_ _1\"></span>reg<span class=\"_ _3\"></span>ard to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>emplo<span class=\"_ _3\"></span>yment </div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gs1f85\">and <span class=\"_ _b\"> </span>promotio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>staf<span class=\"_ _3\"></span>f, <span class=\"_ _6\"> </span>reg<span class=\"_ _3\"></span>ardless<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>their <span class=\"_ _b\"> </span>faith, <span class=\"_ _b\"> </span>religi<span class=\"_ _3\"></span>on, </div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gsa4\">gender<span class=\"_ _d\"></span>,<span class=\"_ _3\"></span> beli<span class=\"_ _3\"></span>efs, <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>city<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>ality<span class=\"_ _d\"></span>, s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>xual<span class=\"_ _3\"></span> orie<span class=\"_ _3\"></span>ntatio<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>age, </div><div class=\"t m16 h7b ff4a fs33 fc3 sc0 ls6 ws0 gsa5\">skin colou<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>, disabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>r civil<span class=\"_ _3\"></span> status.\u201d<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs65a\">Group and<span class=\"_ _3\"></span> VIG Hold<span class=\"_ _3\"></span>ing level </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">The <span class=\"_ _5\"></span>diversit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>on<span class=\"_ _3\"></span>cept <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>cuses <span class=\"_ _5\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>cr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>eria <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>gender<span class=\"_ _d\"></span>, <span class=\"_ _5\"></span>ge<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">erations <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>nternationality <span class=\"_ _4\"></span>at <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _c\"> </span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _a\"></span>level, <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">refi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>and de<span class=\"_ _3\"></span>veloped me<span class=\"_ _3\"></span>asures f<span class=\"_ _3\"></span>or the f<span class=\"_ _3\"></span>ollowing c<span class=\"_ _3\"></span>riteria:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">\u2022<span class=\"ff4b\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1f86\">Gender: </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f87\">ens<span class=\"_ _3\"></span>ure eq<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l g<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>r treatm<span class=\"_ _3\"></span>ent in al<span class=\"_ _3\"></span>l are<span class=\"_ _3\"></span>as </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f88\">(care<span class=\"_ _3\"></span>er and de<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>lopm<span class=\"_ _5\"></span>ent optio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s, b<span class=\"_ _3\"></span>enefits a<span class=\"_ _3\"></span>nd income, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f89\">etc.)<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">\u2022<span class=\"ff4b\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1f8a\">Generatio<span class=\"_ _3\"></span>ns:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f8b\"> use mi<span class=\"_ _3\"></span>xed-age <span class=\"_ _3\"></span>teams a<span class=\"_ _3\"></span>nd take i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f8c\">account t<span class=\"_ _3\"></span>he vario<span class=\"_ _3\"></span>us phases <span class=\"_ _3\"></span>of lif<span class=\"_ _3\"></span>e to develop full </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f8d\">potential. <span class=\"_ _3\"></span>Generatio<span class=\"_ _3\"></span>n-appr<span class=\"_ _3\"></span>opriate of<span class=\"_ _5\"></span>fer<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>and s<span class=\"_ _3\"></span>upport in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f8e\">the vario<span class=\"_ _3\"></span>us phases of <span class=\"_ _3\"></span>life, lea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span> fr<span class=\"_ _3\"></span>om o<span class=\"_ _3\"></span>ne another<span class=\"_ _11\"></span>, life </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f8f\">balanc<span class=\"_ _3\"></span>e, fair r<span class=\"_ _3\"></span>ecruitme<span class=\"_ _3\"></span>nt  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">\u2022<span class=\"ff4b\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc1 ls6 ws0 gs1f90\">Internationalit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>:</div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f91\"> Gro<span class=\"_ _3\"></span>up-<span class=\"_ _3\"></span>wide excha<span class=\"_ _3\"></span>nge of kno<span class=\"_ _3\"></span>w-how </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f92\">(local exp<span class=\"_ _3\"></span>ertise), col<span class=\"_ _3\"></span>laborativ<span class=\"_ _3\"></span>e learning, us<span class=\"_ _3\"></span>e of the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f93\">internal Gr<span class=\"_ _3\"></span>oup job m<span class=\"_ _3\"></span>arket a<span class=\"_ _3\"></span>nd ensu<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>an appr<span class=\"_ _3\"></span>opriate </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f94\">mix <span class=\"_ _3\"></span>of people fr<span class=\"_ _3\"></span>om dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nt count<span class=\"_ _3\"></span>ries withi<span class=\"_ _3\"></span>n V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">The <span class=\"_ _4\"></span>criteria <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>gender<span class=\"_ _11\"></span>, <span class=\"_ _a\"></span>ge<span class=\"_ _3\"></span>nerations <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _4\"></span>inte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>lit<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec7\">also <span class=\"_ _d\"></span>taken <span class=\"_ _5\"></span>into <span class=\"_ _5\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _5\"></span>when <span class=\"_ _5\"></span>new <span class=\"_ _5\"></span>S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>per<span class=\"_ _3\"></span>visory <span class=\"_ _d\"></span>Board <span class=\"_ _d\"></span>Mem-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">bers ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>propos<span class=\"_ _3\"></span>ed f<span class=\"_ _3\"></span>or elec<span class=\"_ _3\"></span>tion at <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>eral <span class=\"_ _3\"></span>Me<span class=\"_ _3\"></span>etin<span class=\"_ _1\"></span>gs. <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G In-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">surance <span class=\"_ _3\"></span>Group has <span class=\"_ _3\"></span>relied on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e co<span class=\"_ _3\"></span>ncept of l<span class=\"_ _3\"></span>ocal entrepr<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">neurship <span class=\"_ _1\"></span>for decades, <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>eby <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>promo<span class=\"_ _5\"></span>ting <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>very <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0f\">nationally <span class=\"_ _4\"></span>diverse <span class=\"_ _4\"></span>\u201ccomm<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nity\u201d <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>Board<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eca\">Membe<span class=\"_ _3\"></span>rs and CE<span class=\"_ _3\"></span>Os.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">The topic <span class=\"_ _1\"></span>of diversit<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>is a <span class=\"_ _1\"></span>key elem<span class=\"_ _3\"></span>ent in G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p-wide ma<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">agement<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>developm<span class=\"_ _3\"></span>ent <span class=\"_ _6\"> </span>training<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>prog<span class=\"_ _3\"></span>rammes, <span class=\"_ _b\"> </span>in <span class=\"_ _6\"> </span>terms <span class=\"_ _b\"> </span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">conte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t as <span class=\"_ _3\"></span>well as th<span class=\"_ _3\"></span>e parti<span class=\"_ _3\"></span>cipants and l<span class=\"_ _3\"></span>ectur<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1db5\">Level of <span class=\"_ _3\"></span>the VIG insura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>nies<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db6\">In <span class=\"_ _4\"></span>accor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>principl<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>cal <span class=\"_ _4\"></span>entr<span class=\"_ _3\"></span>epre<span class=\"_ _3\"></span>neurship,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">the <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _c\"> </span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>choose <span class=\"_ _c\"> </span>their<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>own <span class=\"_ _c\"> </span>div<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>sit<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">priorities a<span class=\"_ _3\"></span>nd a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>epende<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>ble <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>their<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>imple-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">mentatio<span class=\"_ _3\"></span>n. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dbb\">Diversity<span class=\"_ _3\"></span> Advisor </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbc\">As <span class=\"_ _a\"></span>Diversity <span class=\"_ _c\"></span>Ad<span class=\"_ _3\"></span>visor<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>Angela <span class=\"_ _a\"></span>Fleischlig<span class=\"_ _3\"></span>-T<span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>ngl <span class=\"_ _a\"></span>advises <span class=\"_ _a\"></span>both<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecb\">VIG Hol<span class=\"_ _3\"></span>ding a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>local <span class=\"_ _3\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>nies on <span class=\"_ _3\"></span>matte<span class=\"_ _3\"></span>rs r<span class=\"_ _3\"></span>elated <span class=\"_ _3\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbd\">diversity m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent. </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1dbf\">MEASURES <span class=\"_ _3\"></span>TO<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>PR<span class=\"_ _3\"></span>OMOTE <span class=\"_ _3\"></span>WOMEN IN<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>MA<span class=\"_ _3\"></span>NAG<span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>B<span class=\"_ _3\"></span>O<span class=\"_ _1\"></span>AR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span>,<span class=\"_ _5\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs1dc0\">SUPERVISORY<span class=\"_ _3\"></span> BOAR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>AND MA<span class=\"_ _3\"></span>NAG<span class=\"_ _1\"></span>EME<span class=\"_ _5\"></span>N<span class=\"_ _1\"></span>T POSITIO<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">A<span class=\"_ _3\"></span>pp<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eci<span class=\"_ _5\"></span>ati<span class=\"_ _5\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>di<span class=\"_ _3\"></span>ver<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>or<span class=\"_ _5\"></span>e,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>mo<span class=\"_ _d\"></span>vi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>ers<span class=\"_ _5\"></span> <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">wo<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>en\u2019<span class=\"_ _4a\"></span>s <span class=\"_ _d\"></span>ca<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ee<span class=\"_ _5\"></span>rs <span class=\"_ _d\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>one<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _d\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>ke<span class=\"_ _5\"></span>y <span class=\"_ _5\"></span>el<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _5\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>H<span class=\"_ _3\"></span>R <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>y<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecc\">at<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>VIG<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>an<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Gr<span class=\"_ _5\"></span>o<span class=\"_ _3\"></span>up.<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>Ge<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>on<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>thr<span class=\"_ _3\"></span>e<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecd\">th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>ve<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>co<span class=\"_ _d\"></span>nce<span class=\"_ _5\"></span>pt <span class=\"_ _5\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span> a<span class=\"_ _5\"></span>nd <span class=\"_ _d\"></span>VIG<span class=\"_ _3\"></span> H<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ld<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> l<span class=\"_ _5\"></span>ev<span class=\"_ _3\"></span>el<span class=\"_ _5\"></span>.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecf\">N<span class=\"_ _3\"></span>omi<span class=\"_ _5\"></span>nat<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es<span class=\"_ _5\"></span> for<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>-wi<span class=\"_ _5\"></span>de <span class=\"_ _3\"></span>trai<span class=\"_ _5\"></span>nin<span class=\"_ _3\"></span>g p<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>gra<span class=\"_ _3\"></span>mm<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">f<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>ma<span class=\"_ _3\"></span>nag<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ent<span class=\"_ _3\"></span>, <span class=\"_ _a\"></span>h<span class=\"_ _1\"></span>igh <span class=\"_ _a\"></span>potentials <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>also <span class=\"_ _4\"></span>re-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed0\">quire<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>to <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>balanced <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>gende<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>prese<span class=\"_ _3\"></span>ntation <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>pos-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">sible, <span class=\"_ _1\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>human <span class=\"_ _4\"></span>reso<span class=\"_ _3\"></span>urces <span class=\"_ _1\"></span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>earing </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">ultimate r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>bility<span class=\"_ _d\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dcb\">W<span class=\"_ _3\"></span>omen Sup<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>rvisory Board<span class=\"_ _3\"></span> members<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">W<span class=\"_ _3\"></span>omen <span class=\"_ _6\"> </span>hold <span class=\"_ _6\"> </span>23.1% <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>positi<span class=\"_ _3\"></span>ons <span class=\"_ _6\"> </span>in <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>Supervisor<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">Boar<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>ully <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">in <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 Decem<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>2022) <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>41.7<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>of th<span class=\"_ _1\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">positi<span class=\"_ _3\"></span>ons in VIG Ho<span class=\"_ _3\"></span>lding.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1dd0\">W<span class=\"_ _3\"></span>omen Manag<span class=\"_ _3\"></span>ing Board m<span class=\"_ _3\"></span>embers<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd1\">W<span class=\"_ _5\"></span>om<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>hol<span class=\"_ _5\"></span>d <span class=\"_ _3\"></span>25.<span class=\"_ _5\"></span>2% <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>posi<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ns <span class=\"_ _5\"></span>on <span class=\"_ _d\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>ful<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>co<span class=\"_ _3\"></span>nso<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>mp<span class=\"_ _3\"></span>ani<span class=\"_ _5\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>23<span class=\"_ _5\"></span>.1% </div><div class=\"c w7 h16 gs63\"><div class=\"t m17 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>8<span class=\"_ _379\"> </span></div></div><div class=\"t m17 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>2 </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f96\">of <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Chair<span class=\"_ _3\"></span>persons <span class=\"_ _c\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>w<span class=\"_ _1\"></span>ome<span class=\"_ _3\"></span>n. <span class=\"_ _c\"> </span>Elisabeth <span class=\"_ _c\"> </span>Stadler <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>the </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">Chairwom<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> of t<span class=\"_ _3\"></span>he VIG <span class=\"_ _3\"></span>Group.<span class=\"_ _3\"></span> </div><div class=\"t m17 h22 ff49 fsf fc3 sc0 ls6 ws0 gs69\">W<span class=\"_ _3\"></span>omen in managem<span class=\"_ _3\"></span>ent position<span class=\"_ _3\"></span>s </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">Includi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>distrib<span class=\"_ _3\"></span>ution, <span class=\"_ _4\"></span>wom<span class=\"_ _3\"></span>en <span class=\"_ _4\"></span>hold <span class=\"_ _4\"></span>44.6<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>manage-<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6a\">ment <span class=\"_ _b\"> </span>positions <span class=\"_ _b\"> </span>at <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>level <span class=\"_ _b\"> </span>d<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>below <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>man<span class=\"_ _3\"></span>aging </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">board <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>fully <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated <span class=\"_ _d\"></span>VIG <span class=\"_ _5\"></span>insura<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>across<span class=\"_ _5\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">Europe <span class=\"_ _3\"></span>(n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t includi<span class=\"_ _3\"></span>ng distributi<span class=\"_ _3\"></span>on: 49.5%).<span class=\"_ _3\"></span> </div><div class=\"t m17 h1e ff45 fs11 fcb sc0 ls6 ws0 gs1f97\">GENERA<span class=\"_ _5\"></span>TIONS <span class=\"_ _3\"></span>AND INTERNA<span class=\"_ _5\"></span>TIONALITY </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gsb92\">T<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ver<span class=\"_ _5\"></span>age<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>of<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>ll<span class=\"_ _5\"></span>  M<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ag<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g <span class=\"_ _b\"> </span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>M<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ber<span class=\"_ _3\"></span>s <span class=\"_ _6\"> </span>of<span class=\"_ _5\"></span>  t<span class=\"_ _5\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _3\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">f<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>con<span class=\"_ _3\"></span>so<span class=\"_ _5\"></span>li<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>com<span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>ni<span class=\"_ _5\"></span>es <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>50.<span class=\"_ _3\"></span>9<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>ye<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>(a<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>o<span class=\"_ _3\"></span>f </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gsfde\">3<span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span>),<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>ver<span class=\"_ _5\"></span>ag<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>age<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>  S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>rvi<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span>ry<span class=\"_ _3\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs97e\">Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d <span class=\"_ _3\"></span>Me<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> 5<span class=\"_ _3\"></span>7<span class=\"_ _3\"></span>.6<span class=\"_ _5\"></span> ye<span class=\"_ _3\"></span>ars<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>21<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>fe<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span> n<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>io<span class=\"_ _5\"></span>nal<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>es<span class=\"_ _5\"></span> (b<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>ed<span class=\"_ _5\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9a\">o<span class=\"_ _3\"></span>n: <span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>ze<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>hi<span class=\"_ _3\"></span>p) <span class=\"_ _d\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>ese<span class=\"_ _3\"></span>nt<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>ma<span class=\"_ _5\"></span>nag<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g <span class=\"_ _5\"></span>bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ds<span class=\"_ _5\"></span> o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>the<span class=\"_ _5\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f98\">f<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed VIG<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ins<span class=\"_ _5\"></span>ur<span class=\"_ _3\"></span>anc<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>es<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>18<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>f<span class=\"_ _5\"></span>fe<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9c\">na<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nal<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>es <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>su<span class=\"_ _5\"></span>pe<span class=\"_ _3\"></span>rv<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span>ory<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>bo<span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ds<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>F<span class=\"_ _3\"></span>urt<span class=\"_ _5\"></span>he<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>fo<span class=\"_ _5\"></span>rma<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>on <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>s </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f99\">av<span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Em<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>lo<span class=\"_ _5\"></span>ye<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ect<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Sus<span class=\"_ _5\"></span>tai<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>li<span class=\"_ _5\"></span>ty <span class=\"_ _5\"></span>Rep<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>. <span class=\"_ _3\"></span> </div><div class=\"t m17 h1e ff45 fs11 fcb sc0 ls6 ws0 gs1e9f\">EXTE<span class=\"_ _3\"></span>RN<span class=\"_ _1\"></span>AL EV<span class=\"_ _3\"></span>ALUA<span class=\"_ _5\"></span>TION REPOR<span class=\"_ _3\"></span>T </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea1\">C-Rule <span class=\"_ _1\"></span>62 <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Austrian <span class=\"_ _1\"></span>Code <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Corporate <span class=\"_ _1\"></span>Gove<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ance<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9a\">provid<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>v<span class=\"_ _1\"></span>olu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ary <span class=\"_ _2\"> </span>external<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>e<span class=\"_ _1\"></span>valuati<span class=\"_ _3\"></span>on <span class=\"_ _2\"> </span>of <span class=\"_ _b\"> </span>compliance<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9b\">with <span class=\"_ _3\"></span>the C<span class=\"_ _3\"></span>-Rules <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the Cod<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>t le<span class=\"_ _3\"></span>ast e<span class=\"_ _3\"></span>very t<span class=\"_ _3\"></span>hr<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ears.<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea4\">Holding <span class=\"_ _1\"></span>performs these <span class=\"_ _1\"></span>evalu<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions every <span class=\"_ _1\"></span>thre<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>years. <span class=\"_ _1\"></span>The<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9c\">last <span class=\"_ _1\"></span>evaluation w<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>med <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dat<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>corpo-<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea6\">rate <span class=\"_ _c\"> </span>gov<span class=\"_ _1\"></span>ernan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>repor<span class=\"_ _3\"></span>t <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>financial <span class=\"_ _c\"> </span>year <span class=\"_ _b\"> </span>2020 <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>con-<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9d\">cluded <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a positive re<span class=\"_ _3\"></span>port. Th<span class=\"_ _3\"></span>e next evalua<span class=\"_ _3\"></span>tion is sche<span class=\"_ _3\"></span>d-<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9e\">uled for fi<span class=\"_ _3\"></span>nancial year 2023.<span class=\"_ _379\"> </span></div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1f9f\">Vienna, 20 M<span class=\"_ _3\"></span>arch 2023<span class=\"_ _3\"></span> </div><div class=\"t m17 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fa0\">The Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>Board:<span class=\"_ _3\"></span> </div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fa1\">Elisab<span class=\"_ _1\"></span>eth Stad<span class=\"_ _1\"></span>ler </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa2\">General Man<span class=\"_ _1\"></span>ager (<span class=\"_ _1\"></span>CEO),<span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa3\">Chairw<span class=\"_ _1\"></span>oman of <span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa4\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span> </div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fa5\">H</div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fa6\">artwig L\u00f6g<span class=\"_ _1\"></span>er </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa7\">Deputy G<span class=\"_ _1\"></span>eneral Mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa8\">Deputy Cha<span class=\"_ _1\"></span>irman <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fa9\">Managing<span class=\"_ _1\"></span> Boa<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span> </div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1faa\">Liane Hirner<span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fab\">CFRO, Mem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>  </div><div class=\"t m17 h1c ff4a fsc fc3 sc0 ls6 ws0 gs1fac\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"fsf\"> </span></div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fad\">  Pe<span class=\"_ _3\"></span>ter <span class=\"_ _1\"></span>H\u00f6fin<span class=\"_ _1\"></span>ger </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fae\">Memb<span class=\"_ _1\"></span>er of  </div><div class=\"t m17 h1c ff4a fsc fc3 sc0 ls6 ws0 gs1faf\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"fsf\"> </span></div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fb0\">Gerhard Lah<span class=\"_ _1\"></span>ner </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fb1\">COO, Memb<span class=\"_ _1\"></span>er of <span class=\"_ _1\"></span> </div><div class=\"t m17 h1c ff4a fsc fc3 sc0 ls6 ws0 gs1fb2\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"fsf\"> </span></div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fb3\">G\u00e1bor Lehel<span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fb4\">CIO, Membe<span class=\"_ _1\"></span>r of<span class=\"_ _1\"></span>  </div><div class=\"t m17 h1c ff4a fsc fc3 sc0 ls6 ws0 gs1fb5\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"fsf\"> </span></div><div class=\"t m17 h22 ff49 fsc fc3 sc0 ls6 ws0 gs1fb6\"> <span class=\"fsf\"> </span>Harald<span class=\"_ _1\"></span> Riener </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fb7\">Memb<span class=\"_ _1\"></span>er of  </div><div class=\"t m17 h1c ff4a fsc fc3 sc0 ls6 ws0 gs1fb8\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"fsf\"> </span></div><div class=\"t m17 h17 ff49 fsc fc3 sc0 ls6 ws0 gs1fb9\">P<span class=\"_ _3\"></span>eter Th<span class=\"_ _1\"></span>irring<span class=\"_ _1\"></span> </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fba\">CTO, Membe<span class=\"_ _1\"></span>r of<span class=\"_ _1\"></span>  </div><div class=\"t m17 h51 ff4a fsc fc3 sc0 ls6 ws0 gs1fbb\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"ff49\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>6<span class=\"_ _4\"></span>9<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">The Sup<span class=\"_ _3\"></span>ervisory Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>and its com<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">mittees,  C<span class=\"_ _3\"></span>hair  a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>  Deput<span class=\"_ _3\"></span>y  Chai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">periodic<span class=\"_ _3\"></span>ally <span class=\"_ _f\"> </span>and <span class=\"_ _e\"> </span>repeatedl<span class=\"_ _3\"></span>y <span class=\"_ _f\"> </span>moni-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">tored<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>in <span class=\"_ _c\"> </span>detail<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">the <span class=\"_ _b\"> </span>Comp<span class=\"_ _3\"></span>any <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>activities<span class=\"_ _5\"></span> <span class=\"_ _6\"> </span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">the <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _4\"></span>Board <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>connectio<span class=\"_ _5\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">with <span class=\"_ _4c\"> </span>its <span class=\"_ _49\"> </span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _49\"> </span>and <span class=\"_ _4c\"> </span>mo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs200\">toring <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>the <span class=\"_ _2\"> </span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p. <span class=\"_ _6\"> </span>Th<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _b\"> </span>pu<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>os<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">wa<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>ser<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>by<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>ai<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> p<span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">an<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>di<span class=\"_ _3\"></span>sc<span class=\"_ _3\"></span>ussio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>du<span class=\"_ _3\"></span>rin<span class=\"_ _3\"></span>g <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>eeti<span class=\"_ _3\"></span>ngs<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs202\">th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>rvis<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>m-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">mit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>as <span class=\"_ _d\"></span>well<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>by <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>tail<span class=\"_ _5\"></span>ed <span class=\"_ _d\"></span>disc<span class=\"_ _3\"></span>ussi<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ual<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>topi<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">wit<span class=\"_ _3\"></span>h <span class=\"_ _e\"> </span>Ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng <span class=\"_ _e\"> </span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _10\"> </span>me<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rs<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>who <span class=\"_ _10\"> </span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>com<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">he<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>iv<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ex<span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>evi<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ela<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>ng <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e6\">th<span class=\"_ _3\"></span>e fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al po<span class=\"_ _5\"></span>siti<span class=\"_ _5\"></span>on of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he Co<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>y and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e Gr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">Among <span class=\"_ _c\"> </span>oth<span class=\"_ _3\"></span>er <span class=\"_ _c\"> </span>things, <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>strat<span class=\"_ _3\"></span>egy<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>business<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>dev<span class=\"_ _3\"></span>elopment<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">(overall<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and in <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ual <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>egions<span class=\"_ _3\"></span>), <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent, the <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs205\">ternal <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntrol<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>system,<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>internal <span class=\"_ _c\"> </span>audit, <span class=\"_ _c\"> </span>com<span class=\"_ _3\"></span>pliance<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>functio<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">and <span class=\"_ _3\"></span>actua<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>functio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>activities <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>reinsu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce, <span class=\"_ _5\"></span>both <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">VIG <span class=\"_ _3\"></span>Holding<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>level,<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>impor<span class=\"_ _3\"></span>tant <span class=\"_ _3\"></span>topics<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>or </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9f\">the <span class=\"_ _c\"> </span>Compan<span class=\"_ _3\"></span>y <span class=\"_ _b\"> </span>and <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Insurance <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _c\"> </span>wer<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>discussed<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">during t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e meeti<span class=\"_ _3\"></span>ngs. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">VIG <span class=\"_ _c\"> </span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>committed <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>so<span class=\"_ _3\"></span>cial <span class=\"_ _a\"></span>respo<span class=\"_ _3\"></span>nsibil<span class=\"_ _3\"></span>ity <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">importa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>having <span class=\"_ _5\"></span>emplo<span class=\"_ _3\"></span>yees <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>rive <span class=\"_ _3\"></span>for<span class=\"_ _3\"></span>ward <span class=\"_ _d\"></span>performa<span class=\"_ _3\"></span>nce, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">innovati<span class=\"_ _3\"></span>on and <span class=\"_ _3\"></span>expertise<span class=\"_ _3\"></span>. I<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>acc<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> wi<span class=\"_ _5\"></span>th t<span class=\"_ _3\"></span>he S<span class=\"_ _5\"></span>olv<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y I<span class=\"_ _3\"></span>I </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">r<span class=\"_ _3\"></span>equ<span class=\"_ _3\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tarti<span class=\"_ _5\"></span>ng i<span class=\"_ _5\"></span>n 2<span class=\"_ _5\"></span>016 <span class=\"_ _5\"></span>non<span class=\"_ _3\"></span>-fi<span class=\"_ _5\"></span>nanci<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>asp<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ust <span class=\"_ _5\"></span>be </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">pa<span class=\"_ _3\"></span>rt of t<span class=\"_ _3\"></span>he pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>man<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>pec<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns for v<span class=\"_ _3\"></span>ari<span class=\"_ _3\"></span>abl<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>emu<span class=\"_ _3\"></span>ner<span class=\"_ _3\"></span>a-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">tio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>Mem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>rs. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>fulfil<span class=\"_ _3\"></span>ment <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>an-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">aging <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _5\"></span>Members <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ended <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>both <span class=\"_ _5\"></span>financial <span class=\"_ _5\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">non-finan<span class=\"_ _3\"></span>cial crite<span class=\"_ _3\"></span>ria in the 2<span class=\"_ _3\"></span>022 r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. Detail<span class=\"_ _3\"></span>ed in-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">formation <span class=\"_ _6\"> </span>on  t<span class=\"_ _3\"></span>he  p<span class=\"_ _3\"></span>rinciples <span class=\"_ _6\"> </span>underlyi<span class=\"_ _3\"></span>ng  the <span class=\"_ _6\"> </span>remu<span class=\"_ _3\"></span>neration<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">system is a<span class=\"_ _3\"></span>vailable in th<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>uneration pol<span class=\"_ _3\"></span>icy and 202<span class=\"_ _3\"></span>2 re-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">muneratio<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>port.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">The S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>has fo<span class=\"_ _3\"></span>rmed <span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>committees <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om i<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsad\">Membe<span class=\"_ _3\"></span>rs. Inform<span class=\"_ _3\"></span>ation on t<span class=\"_ _3\"></span>he res<span class=\"_ _3\"></span>ponsibili<span class=\"_ _3\"></span>ties and <span class=\"_ _3\"></span>composi-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">tion <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>these <span class=\"_ _b\"> </span>committ<span class=\"_ _3\"></span>ees <span class=\"_ _6\"> </span>is <span class=\"_ _c\"> </span>available <span class=\"_ _b\"> </span>o<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>Compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">website <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _c\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>2022 <span class=\"_ _a\"></span>consolid<span class=\"_ _3\"></span>ated <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>rporate <span class=\"_ _c\"></span>g<span class=\"_ _3\"></span>overn-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">ance r<span class=\"_ _3\"></span>eport.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">One <span class=\"_ _a\"></span>Ann<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _4\"></span>General<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>Me<span class=\"_ _3\"></span>eting <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>ur <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>upervis<span class=\"_ _3\"></span>ory <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs <span class=\"_ _1\"></span>distrib<span class=\"_ _3\"></span>uted <span class=\"_ _1\"></span>across<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>held in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">2022.<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>Four <span class=\"_ _b\"> </span>meetings <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Audit <span class=\"_ _b\"> </span>Committ<span class=\"_ _3\"></span>ee <span class=\"_ _6\"> </span>(Acco<span class=\"_ _3\"></span>unts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">Commi<span class=\"_ _3\"></span>ttee) <span class=\"_ _b\"> </span>were<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>also <span class=\"_ _c\"> </span>h<span class=\"_ _1\"></span>eld.<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>A<span class=\"_ _3\"></span>nnu<span class=\"_ _3\"></span>al <span class=\"_ _c\"> </span>Ge<span class=\"_ _3\"></span>ner<span class=\"_ _3\"></span>al <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>eeti<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">was<span class=\"_ _3\"></span> h<span class=\"_ _3\"></span>eld <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>vir<span class=\"_ _3\"></span>tu<span class=\"_ _3\"></span>al A<span class=\"_ _3\"></span>nn<span class=\"_ _3\"></span>ual <span class=\"_ _5\"></span>Gene<span class=\"_ _3\"></span>ral <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>eeti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>asis <span class=\"_ _5\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98e\">\u00a7 <span class=\"_ _c\"> </span>1 <span class=\"_ _c\"></span>(<span class=\"_ _3\"></span>2) <span class=\"_ _c\"></span>C<span class=\"_ _3\"></span>OV<span class=\"_ _3\"></span>ID<span class=\"_ _3\"></span>-19-<span class=\"_ _3\"></span>Ge<span class=\"_ _3\"></span>sG <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>C<span class=\"_ _3\"></span>OV<span class=\"_ _3\"></span>ID-1<span class=\"_ _3\"></span>9-<span class=\"_ _3\"></span>Ges<span class=\"_ _5\"></span>V<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>fi- </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">nancial  statement <span class=\"_ _10\"> </span>and  c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated  financial <span class=\"_ _10\"> </span>stat<span class=\"_ _3\"></span>ement </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec7\">auditor<span class=\"_ _11\"></span>,  KPMG  A<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>stria <span class=\"_ _6\"> </span>GmbH  Wirts<span class=\"_ _3\"></span>chaftspr\u00fcf<span class=\"_ _3\"></span>ungs-  u<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">Ste<span class=\"_ _3\"></span>ue<span class=\"_ _3\"></span>rb<span class=\"_ _3\"></span>erat<span class=\"_ _3\"></span>ungs<span class=\"_ _5\"></span>ges<span class=\"_ _3\"></span>ells<span class=\"_ _3\"></span>chaf<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>, <span class=\"_ _12\"> </span>FN <span class=\"_ _12\"> </span>26987<span class=\"_ _3\"></span>3y <span class=\"_ _2c\"> </span>(KPMG), <span class=\"_ _12\"> </span>at-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">tended <span class=\"_ _347\"> </span>three <span class=\"_ _347\"> </span>Audit <span class=\"_ _347\"> </span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _343\"> </span>m<span class=\"_ _3\"></span>eetings <span class=\"_ _347\"> </span>and <span class=\"_ _347\"> </span>thr<span class=\"_ _3\"></span>ee </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">Supervis<span class=\"_ _3\"></span>ory <span class=\"_ _347\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _343\"> </span>me<span class=\"_ _3\"></span>etings <span class=\"_ _347\"> </span>in <span class=\"_ _347\"> </span>2022, <span class=\"_ _347\"> </span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _347\"> </span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0f\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d meeting t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>addressed t<span class=\"_ _3\"></span>he audit o<span class=\"_ _3\"></span>f the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eca\">2021 <span class=\"_ _348\"> </span>annual <span class=\"_ _348\"> </span>financial <span class=\"_ _348\"> </span>statements <span class=\"_ _348\"> </span>and <span class=\"_ _30a\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _348\"> </span>2021 </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">consolida<span class=\"_ _3\"></span>ted <span class=\"_ _5\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _d\"></span>as <span class=\"_ _5\"></span>we<span class=\"_ _1\"></span>ll <span class=\"_ _d\"></span>as <span class=\"_ _5\"></span>formal <span class=\"_ _d\"></span>appro<span class=\"_ _3\"></span>val </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">of the 2021 an<span class=\"_ _3\"></span>nual finan<span class=\"_ _3\"></span>cial stateme<span class=\"_ _3\"></span>nts, and also a<span class=\"_ _3\"></span>ttended<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">the <span class=\"_ _3\"></span>An<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ual <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _5\"></span>Meeting. <span class=\"_ _5\"></span>KPM<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>informed <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">Commi<span class=\"_ _3\"></span>ttee<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>about <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>planning <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>edure <span class=\"_ _d\"></span>u<span class=\"_ _1\"></span>sed <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db4\">the <span class=\"_ _301\"> </span>f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _349\"> </span>st<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ents <span class=\"_ _349\"> </span>and <span class=\"_ _349\"> </span>consolida<span class=\"_ _3\"></span>ted <span class=\"_ _34a\"> </span>fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db5\">stateme<span class=\"_ _3\"></span>nts. <span class=\"_ _1\"></span>T<span class=\"_ _11\"></span>w<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>Commit<span class=\"_ _3\"></span>tee <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Managing<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db6\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>Matters <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>P<span class=\"_ _3\"></span>erson<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>el <span class=\"_ _4\"></span>Committe<span class=\"_ _3\"></span>e) <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>held <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>2022. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">The <span class=\"_ _b\"> </span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>Urge<span class=\"_ _3\"></span>nt <span class=\"_ _b\"> </span>Matters <span class=\"_ _c\"> </span>(Wo<span class=\"_ _3\"></span>rking <span class=\"_ _b\"> </span>Commit<span class=\"_ _3\"></span>tee) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">met <span class=\"_ _c\"> </span>twice <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _c\"> </span>passed <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>ne <span class=\"_ _c\"> </span>resol<span class=\"_ _3\"></span>ution <span class=\"_ _c\"> </span>by <span class=\"_ _c\"> </span>cir<span class=\"_ _3\"></span>culation. <span class=\"_ _a\"></span>The </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">Nomi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _3\"></span>met <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>wi<span class=\"_ _3\"></span>ce. <span class=\"_ _3\"></span>The <span class=\"_ _5\"></span>Strategy <span class=\"_ _5\"></span>Committ<span class=\"_ _3\"></span>ee </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">did <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _4\"></span>meet <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>2022. <span class=\"_ _4\"></span>Stra<span class=\"_ _3\"></span>tegic <span class=\"_ _a\"></span>matt<span class=\"_ _3\"></span>ers <span class=\"_ _4\"></span>we<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>ha<span class=\"_ _3\"></span>ndled <span class=\"_ _a\"></span>by </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbb\">the Supe<span class=\"_ _3\"></span>rvisory <span class=\"_ _3\"></span>Board as <span class=\"_ _3\"></span>a whole.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecb\">No <span class=\"_ _6\"> </span>agenda <span class=\"_ _6\"> </span>items <span class=\"_ _6\"> </span>wer<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>discusse<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>in <span class=\"_ _2\"> </span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _6\"> </span>Boar<span class=\"_ _3\"></span>d </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbd\">meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>out <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>particip<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>members <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbe\">the Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng Boar<span class=\"_ _3\"></span>d. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc0\">No <span class=\"_ _a\"></span>Memb<span class=\"_ _3\"></span>er <span class=\"_ _a\"></span>of <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _a\"></span>Board<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>attended <span class=\"_ _a\"></span>less<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>than </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc1\">half  of  the <span class=\"_ _10\"> </span>Sup<span class=\"_ _3\"></span>ervisory  Boar<span class=\"_ _5\"></span>d <span class=\"_ _10\"> </span>meetings.  D<span class=\"_ _3\"></span>etailed  info<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">mation <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>meeti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>attenda<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>Supe<span class=\"_ _3\"></span>rvisory <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>mem-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">bers <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _5\"></span>year <span class=\"_ _5\"></span>2022 <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>av<span class=\"_ _1\"></span>ailable <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>2022 <span class=\"_ _d\"></span>Corpora<span class=\"_ _3\"></span>te </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecc\">Gove<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nance R<span class=\"_ _3\"></span>eport. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ece\">In <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>rder <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>e<span class=\"_ _1\"></span>nsur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>veness <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>eff<span class=\"_ _3\"></span>iciency <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>its<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecf\">activities <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ures, <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Super<span class=\"_ _3\"></span>visory <span class=\"_ _5\"></span>Board<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>performed<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">a s<span class=\"_ _3\"></span>elf-eval<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>tion of <span class=\"_ _5\"></span>its <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>edur<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>The S<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board\u2019<span class=\"_ _11\"></span>s </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed0\">evaluatio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>f i<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>activiti<span class=\"_ _3\"></span>es fo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>at its<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>rganisati<span class=\"_ _3\"></span>onal <span class=\"_ _3\"></span>struc-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">ture a<span class=\"_ _3\"></span>nd pro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ed<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>were s<span class=\"_ _3\"></span>atisfacto<span class=\"_ _3\"></span>ry in te<span class=\"_ _3\"></span>rms of <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>iciency </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">and <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>complia<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>law<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>It <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>no <span class=\"_ _3\"></span>need <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>change </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fbc\">or desir<span class=\"_ _3\"></span>e for c<span class=\"_ _3\"></span>hange in t<span class=\"_ _3\"></span>he practi<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s fo<span class=\"_ _3\"></span>llowed to<span class=\"_ _3\"></span> date. <span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">Acting <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>roposal<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>motio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>Su<span class=\"_ _3\"></span>pervisory<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">Boar<span class=\"_ _3\"></span>d, <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gen<span class=\"_ _3\"></span>eral <span class=\"_ _5\"></span>meeting <span class=\"_ _d\"></span>of <span class=\"_ _3\"></span>21 <span class=\"_ _5\"></span>Ma<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>2021 <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>elected <span class=\"_ _5\"></span>KPM<span class=\"_ _3\"></span>G </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">to <span class=\"_ _6\"> </span>be <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>financial<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>sta<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ements <span class=\"_ _6\"> </span>audito<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">financial s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nts a<span class=\"_ _3\"></span>uditor for<span class=\"_ _3\"></span> the fi<span class=\"_ _3\"></span>nancial<span class=\"_ _3\"></span> year 202<span class=\"_ _3\"></span>2, a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcf\">KPMG <span class=\"_ _5\"></span>consequ<span class=\"_ _3\"></span>ently <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>hese <span class=\"_ _3\"></span>duti<span class=\"_ _3\"></span>es in<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd0\">year 2022.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">The Audit Commit<span class=\"_ _3\"></span>tee mai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>dealt with<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the fol<span class=\"_ _3\"></span>lowing topics<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd3\">in 2022:<span class=\"_ _3\"></span> </div><div class=\"c w5a h1f gs1fbd\"><div class=\"t m1 x6 hb9 y10c7 ff45 fs34 fc3 sc0 ls6 ws0\">Super<span class=\"_ _1\"></span>visor<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> Board repo<span class=\"_ _3\"></span>rt<span class=\"_ _379\"> </span></div></div><div class=\"c w7 h16 gsbac\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>0<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gsbad\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbae\">During one meetin<span class=\"_ _1\"></span>g of<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e Audit Comm<span class=\"_ _3\"></span>ittee, th<span class=\"_ _1\"></span>e members </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbaf\">of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>committ<span class=\"_ _3\"></span>ee <span class=\"_ _3\"></span>con<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ulted <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>(consoli<span class=\"_ _3\"></span>dated) fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb0\">stateme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>audito<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>sp<span class=\"_ _3\"></span>ecificatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>two-w<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>comm<span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>i-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb1\">cations a<span class=\"_ _3\"></span>nd audit pl<span class=\"_ _3\"></span>anning.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb3\">By<span class=\"_ _3\"></span> ins<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ctin<span class=\"_ _3\"></span>g <span class=\"_ _3\"></span>rel<span class=\"_ _5\"></span>eva<span class=\"_ _3\"></span>nt do<span class=\"_ _5\"></span>cum<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts, m<span class=\"_ _5\"></span>eeti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>wi<span class=\"_ _3\"></span>th t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>nag<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf0\">ing<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>dis<span class=\"_ _5\"></span>cussi<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>(cons<span class=\"_ _3\"></span>oli<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>) <span class=\"_ _a\"></span>fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>ncial<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb4\">st<span class=\"_ _3\"></span>atem<span class=\"_ _5\"></span>ents <span class=\"_ _d\"></span>audi<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Au<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>Com<span class=\"_ _5\"></span>mitt<span class=\"_ _3\"></span>ee <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>abl<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>oni<span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>r </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb5\">th<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>cco<span class=\"_ _3\"></span>unti<span class=\"_ _3\"></span>ng p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>oce<span class=\"_ _3\"></span>ss <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>he pr<span class=\"_ _5\"></span>oce<span class=\"_ _3\"></span>dur<span class=\"_ _5\"></span>e us<span class=\"_ _3\"></span>ed f<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r au<span class=\"_ _3\"></span>diti<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb6\">th<span class=\"_ _3\"></span>e  fi<span class=\"_ _5\"></span>nan<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>olid<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>fin<span class=\"_ _3\"></span>anci<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _2\"> </span>s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb7\">me<span class=\"_ _3\"></span>nts,<span class=\"_ _5\"></span> <span class=\"_ _f\"> </span>and <span class=\"_ _10\"> </span>fo<span class=\"_ _3\"></span>und<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>fac<span class=\"_ _3\"></span>ts <span class=\"_ _10\"> </span>or <span class=\"_ _e\"> </span>cir<span class=\"_ _5\"></span>cums<span class=\"_ _5\"></span>tan<span class=\"_ _3\"></span>ces<span class=\"_ _3\"></span> <span class=\"_ _f\"> </span>pro<span class=\"_ _5\"></span>vidi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb8\">gro<span class=\"_ _5\"></span>unds<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>obj<span class=\"_ _5\"></span>ectio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Audi<span class=\"_ _5\"></span>t <span class=\"_ _a\"></span>Com<span class=\"_ _3\"></span>mit<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>als<span class=\"_ _3\"></span>o <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>evi<span class=\"_ _3\"></span>ew<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf1\">th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>poss<span class=\"_ _3\"></span>ibi<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>ecom<span class=\"_ _5\"></span>me<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>or <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>ugg<span class=\"_ _3\"></span>es-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbb9\">tio<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ens<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>abil<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ac<span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>oc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> and,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbba\">bas<span class=\"_ _5\"></span>ed <span class=\"_ _b\"> </span>o<span class=\"_ _3\"></span>n <span class=\"_ _b\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>com<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ehe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>inf<span class=\"_ _3\"></span>orm<span class=\"_ _3\"></span>atio<span class=\"_ _5\"></span>n <span class=\"_ _b\"> </span>an<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>do<span class=\"_ _3\"></span>cum<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbb\">ob<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>ned <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Audi<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Com<span class=\"_ _3\"></span>mi<span class=\"_ _3\"></span>ttee<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>du<span class=\"_ _3\"></span>ring<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>evi<span class=\"_ _3\"></span>ew<span class=\"_ _d\"></span>, <span class=\"_ _5\"></span>fou<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbc\">th<span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>cess<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>d b<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>n es<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>blis<span class=\"_ _3\"></span>hed <span class=\"_ _5\"></span>wer<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ad<span class=\"_ _3\"></span>eq<span class=\"_ _3\"></span>uate. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf2\">T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>ud<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>mi<span class=\"_ _5\"></span>tt<span class=\"_ _3\"></span>ee al<span class=\"_ _5\"></span>so<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span>ewe<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbe\">pe<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nc<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e aud<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>r of<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> con<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbbf\">s<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _2\"> </span>s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>s,<span class=\"_ _5\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _b\"> </span>af<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>ie<span class=\"_ _5\"></span>wi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>su<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>ab<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc0\">do<span class=\"_ _5\"></span>cum<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>upp<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>rti<span class=\"_ _5\"></span>ng <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>or<span class=\"_ _5\"></span>ds<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sub<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Co<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>mi<span class=\"_ _5\"></span>t-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc1\">te<span class=\"_ _3\"></span>e,<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>art<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ly<span class=\"_ _3\"></span> wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span>ct<span class=\"_ _3\"></span> to<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>pp<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>op<span class=\"_ _5\"></span>ri<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc2\">an<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he<span class=\"_ _5\"></span> <span class=\"_ _b\"> </span>ad<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>ona<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>s<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _5\"></span>ces<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>pr<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>vi<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>Co<span class=\"_ _5\"></span>mp<span class=\"_ _5\"></span>any<span class=\"_ _11\"></span>, <span class=\"_ _a\"></span>was<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf3\">s<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span>fi<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>  wi<span class=\"_ _5\"></span>th  t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>  aud<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>to<span class=\"_ _5\"></span>r\u2019<span class=\"_ _11\"></span>s  i<span class=\"_ _5\"></span>nde<span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span>nde<span class=\"_ _5\"></span>nt<span class=\"_ _3\"></span>  st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>. <span class=\"_ _2\"> </span>T<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span>  Au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>t </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc3\">C<span class=\"_ _3\"></span>om<span class=\"_ _5\"></span>mi<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>al<span class=\"_ _5\"></span>so <span class=\"_ _5\"></span>de<span class=\"_ _3\"></span>al<span class=\"_ _5\"></span>t <span class=\"_ _5\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _5\"></span>pe<span class=\"_ _3\"></span>rm<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>no<span class=\"_ _3\"></span>n-<span class=\"_ _3\"></span>aud<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>se<span class=\"_ _3\"></span>rvi<span class=\"_ _5\"></span>ces<span class=\"_ _5\"></span>. <span class=\"_ _5\"></span>Wh<span class=\"_ _3\"></span>il<span class=\"_ _5\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc4\">r<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>wi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>a<span class=\"_ _5\"></span>nd <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>oni<span class=\"_ _5\"></span>to<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nde<span class=\"_ _3\"></span>p<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>c<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>f<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nan<span class=\"_ _5\"></span>ci<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc5\">s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>au<span class=\"_ _5\"></span>di<span class=\"_ _3\"></span>to<span class=\"_ _3\"></span>r <span class=\"_ _d\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>ns<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>li<span class=\"_ _5\"></span>da<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>fi<span class=\"_ _5\"></span>na<span class=\"_ _5\"></span>nci<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _5\"></span>em<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>au<span class=\"_ _3\"></span>di<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc6\">to<span class=\"_ _5\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>udi<span class=\"_ _5\"></span>t <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>mm<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>tt<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>no<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>fi<span class=\"_ _5\"></span>nd<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>ci<span class=\"_ _5\"></span>r<span class=\"_ _5\"></span>cu<span class=\"_ _3\"></span>ms<span class=\"_ _5\"></span>ta<span class=\"_ _3\"></span>n<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1cf4\">wo<span class=\"_ _5\"></span>ul<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>o<span class=\"_ _5\"></span>ub<span class=\"_ _3\"></span>ts<span class=\"_ _5\"></span> a<span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>ou<span class=\"_ _5\"></span>t <span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>nd<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>pe<span class=\"_ _5\"></span>nd<span class=\"_ _3\"></span>en<span class=\"_ _5\"></span>ce<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _5\"></span>im<span class=\"_ _3\"></span>p<span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y<span class=\"_ _11\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc8\">The <span class=\"_ _4\"></span>Audit <span class=\"_ _4\"></span>Com<span class=\"_ _3\"></span>mittee <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>alt <span class=\"_ _1\"></span>with <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _1\"></span>and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbc9\">VIG <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>ORSA r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rts and t<span class=\"_ _3\"></span>he IT<span class=\"_ _3\"></span> securit<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eport i<span class=\"_ _3\"></span>n 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbca\">and report<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> them to the Super<span class=\"_ _3\"></span>visory B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The Audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcb\">Commi<span class=\"_ _3\"></span>ttee<span class=\"_ _1\"></span> <span class=\"_ _f\"> </span>mo<span class=\"_ _3\"></span>nitor<span class=\"_ _3\"></span>ed <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>ef<span class=\"_ _3\"></span>fectiveness <span class=\"_ _e\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>internal<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcc\">contro<span class=\"_ _3\"></span>l <span class=\"_ _6\"> </span>system, <span class=\"_ _b\"> </span>in<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>nal <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span>udi<span class=\"_ _3\"></span>t <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>risk <span class=\"_ _6\"> </span>manag<span class=\"_ _3\"></span>ement </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fbe\">system by <span class=\"_ _1\"></span>obtai<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>descripti<span class=\"_ _3\"></span>ons <span class=\"_ _4\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e process<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>and or<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbcd\">ganisati<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stems<span class=\"_ _3\"></span> from the M<span class=\"_ _3\"></span>anaging Boar<span class=\"_ _3\"></span>d, the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsbce\">(consoli<span class=\"_ _3\"></span>dated) <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>audito<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vid-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fbf\">uals di<span class=\"_ _3\"></span>rectly <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>ble fo<span class=\"_ _3\"></span>r these <span class=\"_ _3\"></span>areas <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deem<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>hem, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc0\">including t<span class=\"_ _3\"></span>he IT se<span class=\"_ _3\"></span>curity meas<span class=\"_ _3\"></span>ures, <span class=\"_ _3\"></span>to be ef<span class=\"_ _3\"></span>fectiv<span class=\"_ _3\"></span>e.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc1\">The <span class=\"_ _a\"></span>Audit <span class=\"_ _1\"></span>Committee <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eported <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>these <span class=\"_ _4\"></span>monito<span class=\"_ _3\"></span>ring <span class=\"_ _4\"></span>activ-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee3\">ities <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Superviso<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>Board and <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>ated <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>deficie<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc2\">cies <span class=\"_ _4\"></span>had <span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>en <span class=\"_ _4\"></span>identifi<span class=\"_ _3\"></span>ed. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>Super<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>iso<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>Board w<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>also<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc3\">given <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>portunit<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>during <span class=\"_ _5\"></span>Supe<span class=\"_ _3\"></span>rvisory <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs <span class=\"_ _5\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc4\">verify <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>unct<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>nal <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>equacy <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>existing <span class=\"_ _a\"></span>control<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ee8\">auditing <span class=\"_ _1\"></span>sys<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>ms. In <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>dditio<span class=\"_ _3\"></span>n, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>udit <span class=\"_ _4\"></span>pla<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d the <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f46\">terly <span class=\"_ _5\"></span>reports <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>epare<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal <span class=\"_ _5\"></span>audit <span class=\"_ _5\"></span>department <span class=\"_ _d\"></span>were<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f47\">debated  by<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>the  Audit <span class=\"_ _10\"> </span>Committe<span class=\"_ _3\"></span>e <span class=\"_ _10\"> </span>and <span class=\"_ _e\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _e\"> </span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>isor<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f48\">Boar<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>nd dis<span class=\"_ _3\"></span>cussed <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>head o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he i<span class=\"_ _3\"></span>nternal <span class=\"_ _3\"></span>audit <span class=\"_ _3\"></span>de-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eec\">partme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>and the <span class=\"_ _3\"></span>Group in<span class=\"_ _3\"></span>ternal audit <span class=\"_ _3\"></span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4a\">The Au<span class=\"_ _3\"></span>dit Commi<span class=\"_ _3\"></span>ttee exami<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>the Sol<span class=\"_ _3\"></span>vency a<span class=\"_ _3\"></span>nd Fi<span class=\"_ _3\"></span>nancial </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4b\">Conditio<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>Reports <span class=\"_ _b\"> </span>(SFC<span class=\"_ _3\"></span>Rs) <span class=\"_ _6\"> </span>at <span class=\"_ _6\"> </span>bo<span class=\"_ _3\"></span>th <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>solo <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>Group<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4c\">levels <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rted <span class=\"_ _a\"></span>its <span class=\"_ _a\"></span>findings <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>Supervisor<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>Board.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f4d\">No <span class=\"_ _5\"></span>facts <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>circ<span class=\"_ _3\"></span>umstances <span class=\"_ _5\"></span>were <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>und <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>have <span class=\"_ _5\"></span>pro-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef1\">vided gr<span class=\"_ _3\"></span>ounds fo<span class=\"_ _3\"></span>r obje<span class=\"_ _3\"></span>ction. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef3\">In<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ac<span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e Aud<span class=\"_ _5\"></span>it<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Re<span class=\"_ _3\"></span>gul<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n (Re<span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(E<span class=\"_ _3\"></span>U<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>No<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef4\">5<span class=\"_ _3\"></span>37/<span class=\"_ _5\"></span>201<span class=\"_ _5\"></span>4), th<span class=\"_ _3\"></span>e Au<span class=\"_ _3\"></span>dit<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _5\"></span>mmi<span class=\"_ _5\"></span>tte<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>co<span class=\"_ _5\"></span>nduc<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d a <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>o-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc5\">ce<span class=\"_ _3\"></span>du<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>ap<span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>aud<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>(co<span class=\"_ _5\"></span>nsol<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span>) <span class=\"_ _a\"></span>fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nci<span class=\"_ _5\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef5\">s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>tem<span class=\"_ _5\"></span>ent<span class=\"_ _3\"></span>s <span class=\"_ _b\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al<span class=\"_ _5\"></span> <span class=\"_ _6\"> </span>yea<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>20<span class=\"_ _3\"></span>23.<span class=\"_ _5\"></span> <span class=\"_ _2\"> </span>T<span class=\"_ _3\"></span>his<span class=\"_ _5\"></span> <span class=\"_ _2\"> </span>r<span class=\"_ _5\"></span>es<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>a<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef6\">j<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>tif<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>d re<span class=\"_ _3\"></span>com<span class=\"_ _5\"></span>me<span class=\"_ _3\"></span>nda<span class=\"_ _3\"></span>tio<span class=\"_ _5\"></span>n <span class=\"_ _1\"></span>wi<span class=\"_ _3\"></span>th a <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ef<span class=\"_ _5\"></span>er<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ce for<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>KP<span class=\"_ _3\"></span>MG<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>bei<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef7\">s<span class=\"_ _3\"></span>ubm<span class=\"_ _5\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>Boa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>It <span class=\"_ _1\"></span>wa<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>de<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rmi<span class=\"_ _3\"></span>ne<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef8\">th<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>we<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>no<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>g<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>nds<span class=\"_ _5\"></span> <span class=\"_ _b\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>exc<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>usio<span class=\"_ _5\"></span>n <span class=\"_ _b\"> </span>o<span class=\"_ _3\"></span>f <span class=\"_ _c\"> </span>KPM<span class=\"_ _5\"></span>G <span class=\"_ _c\"> </span>or <span class=\"_ _c\"> </span>ci<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>cum<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ef9\">s<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>wo<span class=\"_ _3\"></span>uld<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>gi<span class=\"_ _5\"></span>ve <span class=\"_ _4\"></span>ris<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>co<span class=\"_ _5\"></span>nce<span class=\"_ _3\"></span>rns <span class=\"_ _4\"></span>ab<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ut <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>alit<span class=\"_ _3\"></span>y<span class=\"_ _11\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efa\">an<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>uf<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ci<span class=\"_ _5\"></span>ent<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>pr<span class=\"_ _5\"></span>ot<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>tiv<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>m<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>had<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>be<span class=\"_ _3\"></span>en <span class=\"_ _a\"></span>tak<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efb\">en<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>an ind<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>nt and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>mp<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>tial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>audi<span class=\"_ _5\"></span>t. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>vi<span class=\"_ _3\"></span>so<span class=\"_ _5\"></span>ry </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc6\">Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>oll<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>wed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> r<span class=\"_ _5\"></span>eco<span class=\"_ _5\"></span>mme<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>io<span class=\"_ _5\"></span>n of<span class=\"_ _5\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>ud<span class=\"_ _3\"></span>it <span class=\"_ _3\"></span>C<span class=\"_ _3\"></span>omm<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>e. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efc\">T<span class=\"_ _3\"></span>he G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> Me<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng s<span class=\"_ _3\"></span>ele<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> KPM<span class=\"_ _5\"></span>G as<span class=\"_ _3\"></span> aud<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>tor<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e fi<span class=\"_ _5\"></span>nan-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efd\">ci<span class=\"_ _5\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ent<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>co<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span>ol<span class=\"_ _5\"></span>id<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>nts<span class=\"_ _5\"></span> <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _d\"></span>2<span class=\"_ _3\"></span>02<span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1efe\">The <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>dit Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _1\"></span>also re<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>nual <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eff\">cial <span class=\"_ _6\"> </span>stateme<span class=\"_ _3\"></span>nts, <span class=\"_ _6\"> </span>managem<span class=\"_ _5\"></span>ent <span class=\"_ _2\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>por<span class=\"_ _3\"></span>t, <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f00\">corpora<span class=\"_ _3\"></span>te gov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>nance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eport <span class=\"_ _3\"></span>and 20<span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>sustainabil<span class=\"_ _3\"></span>ity r<span class=\"_ _3\"></span>eport </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc7\">(consoli<span class=\"_ _3\"></span>dated <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>-fin<span class=\"_ _3\"></span>ancial <span class=\"_ _5\"></span>repor<span class=\"_ _3\"></span>t) <span class=\"_ _5\"></span>fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>Ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng <span class=\"_ _d\"></span>Bo<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f01\">and <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eviewed and caref<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lly exami<span class=\"_ _3\"></span>ned <span class=\"_ _1\"></span>them. The Managi<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f02\">Boar<span class=\"_ _3\"></span>d\u2019<span class=\"_ _d\"></span>s  propo<span class=\"_ _3\"></span>sed  appro<span class=\"_ _5\"></span>pr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>tion <span class=\"_ _10\"> </span>of<span class=\"_ _3\"></span>  profits  was<span class=\"_ _3\"></span>  a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc8\">viewed w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>resp<span class=\"_ _3\"></span>ect <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>capital adeq<span class=\"_ _3\"></span>uacy <span class=\"_ _1\"></span>and its <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fects <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f03\">the <span class=\"_ _4\"></span>sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>positio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>Comp<span class=\"_ _3\"></span>any <span class=\"_ _1\"></span>during<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f04\">the co<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rs<span class=\"_ _3\"></span>e of this <span class=\"_ _3\"></span>examinatio<span class=\"_ _3\"></span>n.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f06\">The <span class=\"_ _3\"></span>Audit <span class=\"_ _5\"></span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>exami<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc9\">financial  s<span class=\"_ _3\"></span>tatements  a<span class=\"_ _3\"></span>nd  Gro<span class=\"_ _3\"></span>up  manag<span class=\"_ _3\"></span>ement  re<span class=\"_ _3\"></span>port.  In </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f07\">addition, <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>audito<span class=\"_ _3\"></span>r\u2019<span class=\"_ _d\"></span>s <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eports <span class=\"_ _c\"></span>pre<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>by <span class=\"_ _c\"> </span>(consol<span class=\"_ _3\"></span>idate<span class=\"_ _3\"></span>d) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f08\">financial <span class=\"_ _b\"> </span>statements <span class=\"_ _6\"> </span>audito<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>KPMG <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>annual<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fca\">financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts and m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt repo<span class=\"_ _3\"></span>rt and <span class=\"_ _3\"></span>the 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f09\">consolida<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial stateme<span class=\"_ _3\"></span>nts and Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0a\">repo<span class=\"_ _3\"></span>rt  wer<span class=\"_ _3\"></span>e  r<span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>wed  b<span class=\"_ _3\"></span>y  the  A<span class=\"_ _3\"></span>udit  Comm<span class=\"_ _3\"></span>ittee <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _6\"> </span>e<span class=\"_ _1\"></span>x-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0b\">amined. A<span class=\"_ _3\"></span>s a result of this exami<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n, a unanimous r<span class=\"_ _3\"></span>eso-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0c\">lution <span class=\"_ _d\"></span>was <span class=\"_ _5\"></span>adopte<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>commend <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _d\"></span>Board<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0d\">th<span class=\"_ _3\"></span>at <span class=\"_ _d\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>nua<span class=\"_ _3\"></span>l <span class=\"_ _d\"></span>fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tate<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts <span class=\"_ _d\"></span>be<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>cc<span class=\"_ _3\"></span>ep<span class=\"_ _3\"></span>ted<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>uper<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1f0e\">visory Bo<span class=\"_ _3\"></span>ard fo<span class=\"_ _3\"></span>und no g<span class=\"_ _3\"></span>rounds fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> objec<span class=\"_ _3\"></span>tion. </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8b\">G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _1\"></span><span class=\"ff4b\">  <span class=\"ff49 fcf\">C<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span></span>  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>M<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span><span class=\"ff4b\">  </span>|<span class=\"_ _4\"></span><span class=\"ff4b\">  </span>A<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>m<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>|<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs8c\"> <span class=\"_ _2b\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>S<span class=\"_ _4\"></span>U<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>N<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>R<span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span> A<span class=\"_ _4\"></span>G<span class=\"_ _1\"></span> W<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _4\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>he<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>u<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span><span class=\"fcf\"> </span></div><div class=\"c w7 h16 gsc7b\"><div class=\"t m1 x6 h2c y160 ff49 fs15 fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>1<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs8e\">The <span class=\"_ _5\"></span>(consolidat<span class=\"_ _3\"></span>ed) <span class=\"_ _5\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>udi<span class=\"_ _3\"></span>tor <span class=\"_ _5\"></span>provided<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fc\">Audit <span class=\"_ _a\"></span>Committee <span class=\"_ _a\"></span>with <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>additio<span class=\"_ _3\"></span>nal <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eport <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd\">with <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>t. 11 of <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>Audit Regul<span class=\"_ _3\"></span>ation (EU) that explained the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fe\">results<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _a\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _4\"></span>audit <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _a\"></span>consoli<span class=\"_ _3\"></span>dated </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ff\">financial <span class=\"_ _4\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>audit. <span class=\"_ _4\"></span>This <span class=\"_ _4\"></span>additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pre<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93\">by <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>atements <span class=\"_ _5\"></span>auditor <span class=\"_ _5\"></span>was <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vided <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e5\">Supervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs201\">The <span class=\"_ _b\"> </span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _c\"> </span>Board <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>lt <span class=\"_ _c\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>fol<span class=\"_ _3\"></span>lowing <span class=\"_ _b\"> </span>to<span class=\"_ _3\"></span>pics <span class=\"_ _b\"> </span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs96\">particul<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs97\">The <span class=\"_ _4\"></span>audit <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ults <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>all <span class=\"_ _4\"></span>resol<span class=\"_ _3\"></span>utions <span class=\"_ _4\"></span>adop<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>by <span class=\"_ _a\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>Audit<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98\">Commi<span class=\"_ _3\"></span>ttee<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>were <span class=\"_ _4\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry <span class=\"_ _c\"></span>Bo<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>in <span class=\"_ _a\"></span>its<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs203\">next mee<span class=\"_ _3\"></span>ting.  </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs204\">The <span class=\"_ _1\"></span>Supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>also <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ecurity <span class=\"_ _1\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs9c\">financial y<span class=\"_ _3\"></span>ear 2022.<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs206\">The <span class=\"_ _3\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _3\"></span>Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>Sup<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _5\"></span>prepar<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs207\">muneratio<span class=\"_ _3\"></span>n re<span class=\"_ _3\"></span>port for fi<span class=\"_ _3\"></span>nancial y<span class=\"_ _3\"></span>ear 2022.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs208\">In  its  me<span class=\"_ _3\"></span>eting  on  13<span class=\"_ _3\"></span> Sept<span class=\"_ _3\"></span>ember  2022<span class=\"_ _3\"></span>,  the  S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa0\">Boar<span class=\"_ _3\"></span>d r<span class=\"_ _3\"></span>eappoi<span class=\"_ _3\"></span>nted M<span class=\"_ _3\"></span>s Hirner <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d. At <span class=\"_ _3\"></span>its<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa1\">meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g on<span class=\"_ _3\"></span> 29 Nov<span class=\"_ _3\"></span>ember 2022,<span class=\"_ _3\"></span> the S<span class=\"_ _3\"></span>upervis<span class=\"_ _3\"></span>ory Boar<span class=\"_ _3\"></span>d, on<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs93b\">the <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>commend<span class=\"_ _3\"></span>ation <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>Nomi<span class=\"_ _3\"></span>natio<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>Committee, <span class=\"_ _b\"> </span>ap-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa3\">pointed <span class=\"_ _1\"></span>Mr L\u00f6g<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>position <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>Chairma<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa4\">aging Bo<span class=\"_ _3\"></span>ard (G<span class=\"_ _3\"></span>eneral Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>er) and M<span class=\"_ _3\"></span>r H\u00f6finge<span class=\"_ _3\"></span>r to the po-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa5\">sitio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Deput<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>irm<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ging<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Board (Deputy<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs659\">General <span class=\"_ _d\"></span>Manager<span class=\"_ _3\"></span>) <span class=\"_ _5\"></span>with <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ect <span class=\"_ _5\"></span>from <span class=\"_ _d\"></span>1 July <span class=\"_ _5\"></span>2023. <span class=\"_ _d\"></span>Furthermo<span class=\"_ _3\"></span>re,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65a\">in <span class=\"_ _10\"> </span>its <span class=\"_ _10\"> </span>meeting <span class=\"_ _10\"> </span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>29 No<span class=\"_ _3\"></span>vembe<span class=\"_ _3\"></span>r <span class=\"_ _e\"> </span>2022,<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>the <span class=\"_ _10\"> </span>Su<span class=\"_ _3\"></span>pervisory<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa7\">Boar<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eappoin<span class=\"_ _3\"></span>ted <span class=\"_ _c\"> </span>Mr <span class=\"_ _3\"></span>Lahner<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>r Lehel <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>r Riener<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa8\">the <span class=\"_ _e\"> </span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _10\"> </span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard  with<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>eff<span class=\"_ _3\"></span>ect <span class=\"_ _10\"> </span>from  1 July<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>2023.  All </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsa9\">Managing <span class=\"_ _f\"> </span>Board <span class=\"_ _49\"> </span>terms <span class=\"_ _49\"> </span>w<span class=\"_ _1\"></span>ill<span class=\"_ _3\"></span> <span class=\"_ _4c\"> </span>expire <span class=\"_ _49\"> </span>on <span class=\"_ _4c\"> </span>30 J<span class=\"_ _3\"></span>une <span class=\"_ _4c\"> </span>2027.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaa\">Ms Stadle<span class=\"_ _3\"></span>r <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>Mr Thirring<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>will, <span class=\"_ _a\"></span>at <span class=\"_ _c\"> </span>their<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>own <span class=\"_ _a\"></span>reques<span class=\"_ _3\"></span>t, <span class=\"_ _c\"></span>not<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsab\">extend <span class=\"_ _d\"></span>their <span class=\"_ _5\"></span>terms <span class=\"_ _5\"></span>on <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>they <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>pire<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsac\">on 30 J<span class=\"_ _3\"></span>une 2023.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsae\">The <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>annual <span class=\"_ _6\"> </span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>al <span class=\"_ _6\"> </span>stateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _6\"> </span>toget<span class=\"_ _3\"></span>her <span class=\"_ _6\"> </span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65c\">managem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>report <span class=\"_ _5\"></span>and 2<span class=\"_ _3\"></span>022 <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _3\"></span>corpora<span class=\"_ _3\"></span>te go<span class=\"_ _3\"></span>v-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsaf\">ern<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>ce re<span class=\"_ _3\"></span>port, t<span class=\"_ _3\"></span>he 202<span class=\"_ _3\"></span>2 consol<span class=\"_ _3\"></span>idate<span class=\"_ _3\"></span>d financi<span class=\"_ _3\"></span>al stat<span class=\"_ _3\"></span>ements </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb0\">togethe<span class=\"_ _3\"></span>r <span class=\"_ _e\"> </span>with <span class=\"_ _10\"> </span>the <span class=\"_ _10\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _10\"> </span>man<span class=\"_ _3\"></span>agement <span class=\"_ _10\"> </span>repo<span class=\"_ _3\"></span>rt, <span class=\"_ _10\"> </span>and <span class=\"_ _e\"> </span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gsb1\">Managing<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _a\"></span>propos<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>appro<span class=\"_ _3\"></span>priatio<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>fits <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>re </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65d\">taken up and exami<span class=\"_ _3\"></span>ned in detail b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> the Sup<span class=\"_ _3\"></span>ervisory Bo<span class=\"_ _3\"></span>ard.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65e\">The  pr<span class=\"_ _3\"></span>oposed <span class=\"_ _2\"> </span>ap<span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>riation  of <span class=\"_ _2\"> </span>pro<span class=\"_ _3\"></span>fits  w<span class=\"_ _3\"></span>as  checke<span class=\"_ _3\"></span>d,  in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs65f\">particul<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ure <span class=\"_ _c\"> </span>that <span class=\"_ _c\"> </span>it <span class=\"_ _c\"> </span>was <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>easona<span class=\"_ _3\"></span>ble <span class=\"_ _c\"> </span>when <span class=\"_ _c\"> </span>capital<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs90b\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>take<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> into <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>posal com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs98e\">plies  with  ap<span class=\"_ _3\"></span>plicable  leg<span class=\"_ _3\"></span>al  req<span class=\"_ _3\"></span>uireme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>and  proa<span class=\"_ _3\"></span>ctively <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1daa\">consid<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>macr<span class=\"_ _3\"></span>oeco<span class=\"_ _3\"></span>nomic <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>situation <span class=\"_ _5\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>its </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec7\">impact <span class=\"_ _4\"></span>on <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s <span class=\"_ _a\"></span>sol<span class=\"_ _3\"></span>vency <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _a\"></span>positio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec8\">The <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>oposal <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>line <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>conti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sly <span class=\"_ _1\"></span>purs<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>ru-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dad\">dent and sus<span class=\"_ _3\"></span>tainable <span class=\"_ _3\"></span>cap<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>al planni<span class=\"_ _3\"></span>ng to ensur<span class=\"_ _3\"></span>e a solid s<span class=\"_ _3\"></span>ol-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ec9\">vency an<span class=\"_ _3\"></span>d liquidity <span class=\"_ _3\"></span>position i<span class=\"_ _3\"></span>n the long <span class=\"_ _3\"></span>term.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1eca\">In <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>of VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>info<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db0\">membe<span class=\"_ _3\"></span>rs of <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>S<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _5\"></span>Board <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>aterial <span class=\"_ _3\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db1\">and IT <span class=\"_ _1\"></span>secu<span class=\"_ _3\"></span>rity <span class=\"_ _1\"></span>mat<span class=\"_ _3\"></span>ters. F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>exampl<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eporting year<span class=\"_ _11\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db2\">sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _c\"> </span>w<span class=\"_ _1\"></span>as <span class=\"_ _c\"> </span>tre<span class=\"_ _3\"></span>ated <span class=\"_ _c\"> </span>as <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>key <span class=\"_ _c\"> </span>eleme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db3\">pany\u2019<span class=\"_ _11\"></span>s <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G<span class=\"_ _1\"></span> 25 <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>rategy <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>of <span class=\"_ _c\"></span>the <span class=\"_ _c\"> </span>expa<span class=\"_ _3\"></span>nsion <span class=\"_ _b\"> </span>of <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>nvir<span class=\"_ _3\"></span>on-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db4\">mentally frie<span class=\"_ _3\"></span>ndly in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tments. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db6\">The <span class=\"_ _3\"></span>Sup<span class=\"_ _3\"></span>ervisor<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>also <span class=\"_ _5\"></span>receiv<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>sustain<span class=\"_ _3\"></span>ability </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db7\">repo<span class=\"_ _3\"></span>rt <span class=\"_ _49\"> </span>(<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _49\"> </span>non-fi<span class=\"_ _3\"></span>nancial <span class=\"_ _49\"> </span>re<span class=\"_ _3\"></span>port) <span class=\"_ _49\"> </span>examine<span class=\"_ _3\"></span>d <span class=\"_ _49\"> </span>by </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db8\">KPMG <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Bo<span class=\"_ _3\"></span>ard, a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>viewed and <span class=\"_ _1\"></span>care-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1db9\">fully <span class=\"_ _a\"></span>examine<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>it. <span class=\"_ _4\"></span>As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>esult <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>this <span class=\"_ _a\"></span>exami<span class=\"_ _3\"></span>nation, <span class=\"_ _a\"></span>it <span class=\"_ _a\"></span>found<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dba\">that <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>sus<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>bili<span class=\"_ _3\"></span>ty <span class=\"_ _d\"></span>r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>rt <span class=\"_ _5\"></span>(co<span class=\"_ _3\"></span>nsol<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>date<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>non<span class=\"_ _3\"></span>-fin<span class=\"_ _3\"></span>anci<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbb\">r<span class=\"_ _3\"></span>epo<span class=\"_ _3\"></span>rt) <span class=\"_ _4\"></span>had <span class=\"_ _a\"></span>been <span class=\"_ _a\"></span>pre<span class=\"_ _3\"></span>pared <span class=\"_ _4\"></span>prop<span class=\"_ _3\"></span>erly <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>was <span class=\"_ _4\"></span>appro<span class=\"_ _3\"></span>priate. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbc\">The Sup<span class=\"_ _3\"></span>ervisory Bo<span class=\"_ _3\"></span>ard fo<span class=\"_ _3\"></span>und no g<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>unds for obje<span class=\"_ _3\"></span>ction. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbd\">In ad<span class=\"_ _3\"></span>dition, t<span class=\"_ _3\"></span>he a<span class=\"_ _3\"></span>uditor\u2019<span class=\"_ _11\"></span>s re<span class=\"_ _3\"></span>ports pr<span class=\"_ _5\"></span>epare<span class=\"_ _3\"></span>d by <span class=\"_ _3\"></span>(consolid<span class=\"_ _3\"></span>ated)<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbe\">financial <span class=\"_ _b\"> </span>statements <span class=\"_ _6\"> </span>audito<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>KPMG <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>2022 <span class=\"_ _6\"> </span>annual<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dbf\">financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts and m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt repo<span class=\"_ _3\"></span>rt and <span class=\"_ _3\"></span>the 2022<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc0\">consolida<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial stateme<span class=\"_ _3\"></span>nts and Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc1\">repo<span class=\"_ _3\"></span>rt we<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eview<span class=\"_ _3\"></span>ed by the <span class=\"_ _1\"></span>Sup<span class=\"_ _3\"></span>ervisory Boar<span class=\"_ _3\"></span>d and exam-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc2\">ined. KPM<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>audit <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>nual fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>stateme<span class=\"_ _3\"></span>nts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc3\">and <span class=\"_ _12\"> </span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _4d\"> </span>repor<span class=\"_ _3\"></span>t <span class=\"_ _2c\"> </span>and <span class=\"_ _4d\"> </span>the <span class=\"_ _2c\"> </span>2022<span class=\"_ _3\"></span> <span class=\"_ _12\"> </span>consoli<span class=\"_ _3\"></span>dated </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecc\">financial <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rt <span class=\"_ _3\"></span>did <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecd\">lead to<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>ny r<span class=\"_ _3\"></span>eserva<span class=\"_ _3\"></span>tions. KPM<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>det<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed t<span class=\"_ _3\"></span>hat t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>annual<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ece\">financial  s<span class=\"_ _3\"></span>tatem<span class=\"_ _3\"></span>ents  com<span class=\"_ _3\"></span>ply  wit<span class=\"_ _3\"></span>h  stat<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>requir<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ecf\">and give a true and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>view<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the net ass<span class=\"_ _3\"></span>ets and <span class=\"_ _1\"></span>fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc8\">positi<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>of the <span class=\"_ _1\"></span>Com<span class=\"_ _3\"></span>pany <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31 D<span class=\"_ _3\"></span>ecem<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>2022, and <span class=\"_ _1\"></span>of </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed0\">the <span class=\"_ _4\"></span>results <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>operatio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>fi<span class=\"_ _3\"></span>nancial </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dc9\">year <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>dance w<span class=\"_ _1\"></span>ith <span class=\"_ _1\"></span>Aus<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>g<span class=\"_ _3\"></span>enerally <span class=\"_ _1\"></span>acc<span class=\"_ _3\"></span>epted </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dca\">accounti<span class=\"_ _3\"></span>ng <span class=\"_ _10\"> </span>principl<span class=\"_ _3\"></span>es. <span class=\"_ _10\"> </span>The <span class=\"_ _10\"> </span>managem<span class=\"_ _3\"></span>ent <span class=\"_ _10\"> </span>re<span class=\"_ _3\"></span>port <span class=\"_ _10\"> </span>is <span class=\"_ _10\"> </span>con-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fbc\">sistent <span class=\"_ _5\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>nual <span class=\"_ _3\"></span>fin<span class=\"_ _3\"></span>ancial <span class=\"_ _5\"></span>stateme<span class=\"_ _3\"></span>nts. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>disclosu<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcb\">pursuant <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>\u00a7 <span class=\"_ _4\"></span>243a <span class=\"_ _4\"></span>UGB <span class=\"_ _4\"></span>(A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>rian <span class=\"_ _4\"></span>Comm<span class=\"_ _3\"></span>ercial <span class=\"_ _1\"></span>Code) <span class=\"_ _4\"></span>are<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcc\">appro<span class=\"_ _3\"></span>priate. <span class=\"_ _6\"> </span>KPM<span class=\"_ _3\"></span>G  fu<span class=\"_ _3\"></span>rther <span class=\"_ _6\"> </span>determi<span class=\"_ _3\"></span>ned <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>hat <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>con<span class=\"_ _1\"></span>soli<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1ed1\">dated <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>stateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _f\"> </span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _49\"> </span>comply <span class=\"_ _f\"> </span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _49\"> </span>statutory<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcd\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents and<span class=\"_ _3\"></span> give a<span class=\"_ _3\"></span> true a<span class=\"_ _3\"></span>nd fair <span class=\"_ _3\"></span>view of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>t assets<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dce\">and <span class=\"_ _5\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>positio<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>31 D<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cembe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2022,<span class=\"_ _5\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dcf\">and <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esults <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>oper<span class=\"_ _3\"></span>ations <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>cas<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>flows <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd0\">for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>yea<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>acco<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>IFRS a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd1\">adopted <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>EU <span class=\"_ _c\"> </span>and <span class=\"_ _c\"></span>\u00a7 1<span class=\"_ _3\"></span>38 <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>the <span class=\"_ _c\"> </span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>Insuran<span class=\"_ _3\"></span>ce </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd2\">Supervis<span class=\"_ _3\"></span>ion <span class=\"_ _c\"> </span>Act <span class=\"_ _c\"></span>(<span class=\"_ _3\"></span>V<span class=\"_ _3\"></span>AG) <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>combi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>with <span class=\"_ _c\"> </span>\u00a7 245<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1dd3\">Austrian <span class=\"_ _d\"></span>Commer<span class=\"_ _3\"></span>cial <span class=\"_ _5\"></span>Code <span class=\"_ _5\"></span>(UGB). <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt </div><div class=\"c w7 h16 gs63\"><div class=\"t m3 x6 h17 ya2 ff49 fsc fc3 sc0 ls6 ws0\">1<span class=\"_ _1\"></span>7<span class=\"_ _4\"></span>2<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs64\">A<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _4\"></span>po<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span> 2<span class=\"_ _4\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs65\">repo<span class=\"_ _3\"></span>rt <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>consist<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>with <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _a\"></span>financial</div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fcc\"> <span class=\"_ _c\"> </span>state-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs67\">ments. <span class=\"_ _1\"></span>KPM<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>view<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>sus<span class=\"_ _3\"></span>tainability <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eport </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs68\">(consoli<span class=\"_ _3\"></span>dated <span class=\"_ _c\"> </span>non-fi<span class=\"_ _3\"></span>nancial <span class=\"_ _c\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>port) <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>determi<span class=\"_ _3\"></span>ned <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>c-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs69\">corda<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>\u00a7 <span class=\"_ _a\"></span>269<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>(3) <span class=\"_ _4\"></span>U<span class=\"_ _3\"></span>GB <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>2022<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs8fa\">corpora<span class=\"_ _3\"></span>te governance r<span class=\"_ _5\"></span>eport had b<span class=\"_ _3\"></span>een pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>ed. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26e\">The <span class=\"_ _3\"></span>final <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>esults <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>revie<span class=\"_ _3\"></span>w b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d als<span class=\"_ _3\"></span>o </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6b\">provid<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>gr<span class=\"_ _3\"></span>ounds for <span class=\"_ _4\"></span>obj<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ctio<span class=\"_ _3\"></span>n. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>Supervisor<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6c\">stated t<span class=\"_ _3\"></span>hat it had <span class=\"_ _3\"></span>nothing <span class=\"_ _3\"></span>to add to t<span class=\"_ _3\"></span>he audito<span class=\"_ _3\"></span>r\u2019<span class=\"_ _d\"></span>s r<span class=\"_ _3\"></span>eports fo<span class=\"_ _3\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs26f\">the <span class=\"_ _c\"> </span>fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _a\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsolidated <span class=\"_ _a\"></span>financial <span class=\"_ _a\"></span>state-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6d\">ments. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs6f\">After <span class=\"_ _a\"></span>thor<span class=\"_ _3\"></span>ough <span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>aminatio<span class=\"_ _3\"></span>n, <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>Su<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ervisory <span class=\"_ _4\"></span>Board <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs70\">for<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>adopt<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>a u<span class=\"_ _1\"></span>na<span class=\"_ _3\"></span>nimous <span class=\"_ _1\"></span>resol<span class=\"_ _3\"></span>ution <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>pro<span class=\"_ _5\"></span>ve <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>20<span class=\"_ _3\"></span>22<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs71\">an<span class=\"_ _3\"></span>nu<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>fi<span class=\"_ _5\"></span>nan<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ep<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>ed<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Ma<span class=\"_ _3\"></span>nag<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> B<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>d,<span class=\"_ _d\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9a\"> <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot to raise any <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>bjections to the <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>port, the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9b\">2022 <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _c\"> </span>financial<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _c\"> </span>and <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _c\"> </span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9c\">agement <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eport, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>corporate <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>vern<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9d\">ance <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eport <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>2022 <span class=\"_ _5\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>report <span class=\"_ _d\"></span>(<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nsolidated<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9e\">non-finan<span class=\"_ _3\"></span>cial <span class=\"_ _5\"></span>repor<span class=\"_ _3\"></span>t) <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee <span class=\"_ _d\"></span>with <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>Board-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1e9f\">propos<span class=\"_ _3\"></span>ed ap<span class=\"_ _3\"></span>prop<span class=\"_ _3\"></span>riation of pr<span class=\"_ _3\"></span>ofits. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea1\">The <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>annual <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea2\">appro<span class=\"_ _3\"></span>ved in <span class=\"_ _3\"></span>accor<span class=\"_ _3\"></span>dance <span class=\"_ _3\"></span>with \u00a7 96<span class=\"_ _3\"></span> (4) of <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he A<span class=\"_ _3\"></span>ustria<span class=\"_ _3\"></span>n Stock<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea3\">Corporatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> Act (Akt<span class=\"_ _3\"></span>G). <span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea5\">The <span class=\"_ _c\"></span>Su<span class=\"_ _3\"></span>perviso<span class=\"_ _3\"></span>ry <span class=\"_ _c\"> </span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>opos<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>to <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>General <span class=\"_ _c\"> </span>M<span class=\"_ _3\"></span>eeting<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea6\">that <span class=\"_ _c\"> </span>it <span class=\"_ _b\"> </span>appro<span class=\"_ _3\"></span>ves <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _b\"> </span>Boar<span class=\"_ _3\"></span>d\u2019<span class=\"_ _d\"></span>s <span class=\"_ _b\"> </span>pr<span class=\"_ _3\"></span>opose<span class=\"_ _3\"></span>d <span class=\"_ _b\"> </span>appr<span class=\"_ _3\"></span>o-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea7\">priatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>its <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>formally <span class=\"_ _1\"></span>appro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>actio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1ea8\">Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d and S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fcd\">Vienna, April<span class=\"_ _3\"></span> 2023<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs1fce\">The Sup<span class=\"_ _3\"></span>ervisory Bo<span class=\"_ _3\"></span>ard:<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc1 ls6 ws0 gs1fcf\">G\u00fcnter Ge<span class=\"_ _3\"></span>yer (Chairma<span class=\"_ _3\"></span>n) </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd1\">W<span class=\"_ _3\"></span>e declar<span class=\"_ _5\"></span>e to <span class=\"_ _5\"></span>the b<span class=\"_ _3\"></span>est of <span class=\"_ _5\"></span>our <span class=\"_ _3\"></span>knowl<span class=\"_ _3\"></span>edge<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>ted f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ents p<span class=\"_ _3\"></span>rep<span class=\"_ _3\"></span>ared <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accor<span class=\"_ _3\"></span>dance <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>applica<span class=\"_ _3\"></span>ble </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd2\">accounti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>andar<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>gi<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>rue and <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>view<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>assets, <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>positi<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ults <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>opera<span class=\"_ _3\"></span>tions, <span class=\"_ _1\"></span>that </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd3\">the <span class=\"_ _1\"></span>Group <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagement <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eport <span class=\"_ _1\"></span>prese<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>ess <span class=\"_ _1\"></span>developme<span class=\"_ _3\"></span>nt, <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>position <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>so as <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>give <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>true </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd4\">and fair <span class=\"_ _3\"></span>view of its <span class=\"_ _3\"></span>net <span class=\"_ _3\"></span>assets, fi<span class=\"_ _3\"></span>nanc<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>al positi<span class=\"_ _3\"></span>on and r<span class=\"_ _3\"></span>esults o<span class=\"_ _5\"></span>f operations, a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at t<span class=\"_ _3\"></span>he Gro<span class=\"_ _3\"></span>up ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement r<span class=\"_ _3\"></span>eport pr<span class=\"_ _3\"></span>ovid<span class=\"_ _3\"></span>es </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd5\">a descriptio<span class=\"_ _3\"></span>n of the p<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>cipal risks an<span class=\"_ _3\"></span>d uncertai<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ies to <span class=\"_ _3\"></span>whic<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Gr<span class=\"_ _3\"></span>oup is ex<span class=\"_ _3\"></span>posed. </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd6\">The <span class=\"_ _4\"></span>decl<span class=\"_ _3\"></span>aration <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>ann<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>statements <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>VIEN<span class=\"_ _3\"></span>NA <span class=\"_ _4\"></span>INSURA<span class=\"_ _3\"></span>NCE <span class=\"_ _4\"></span>GROUP<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>AG <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>iener <span class=\"_ _1\"></span>V<span class=\"_ _3\"></span>ersich<span class=\"_ _3\"></span>erung <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppe<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>is </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd7\">issued i<span class=\"_ _3\"></span>n the Annual R<span class=\"_ _3\"></span>eport of this co<span class=\"_ _3\"></span>mpany<span class=\"_ _d\"></span>.  </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd8\">The <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dat<span class=\"_ _1\"></span>ed <span class=\"_ _5\"></span>financial <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ents f<span class=\"_ _3\"></span>or fi<span class=\"_ _3\"></span>nancial <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ear <span class=\"_ _3\"></span>2022<span class=\"_ _3\"></span> we<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>ved f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>publicatio<span class=\"_ _3\"></span>n b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>a r<span class=\"_ _3\"></span>esolutio<span class=\"_ _3\"></span>n of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fd9\">Boar<span class=\"_ _3\"></span>d on 20 Mar<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>h 2023.<span class=\"_ _3\"></span> </div><div class=\"t m18 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1fda\">Vienna, 20 M<span class=\"_ _3\"></span>arch 2023<span class=\"_ _3\"></span> </div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fdb\">Elisab<span class=\"_ _1\"></span>eth Stad<span class=\"_ _1\"></span>ler </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fdc\">General Man<span class=\"_ _1\"></span>ager<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>CEO,<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fdd\">Chairw<span class=\"_ _1\"></span>oman of <span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fde\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fdf\">Hartwig L\u00f6g<span class=\"_ _1\"></span>er </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe0\">Deputy G<span class=\"_ _1\"></span>eneral Mana<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe1\">Deputy Cha<span class=\"_ _1\"></span>irman <span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe2\">of the Man<span class=\"_ _1\"></span>aging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"ff49\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fe3\">Liane Hirner<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe4\">CFRO, Mem<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>  </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe5\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fe6\">P<span class=\"_ _3\"></span>eter <span class=\"_ _1\"></span>H\u00f6fing<span class=\"_ _1\"></span>er </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe7\">Memb<span class=\"_ _1\"></span>er of  </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fe8\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"ff49\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fe9\">Gerhard Lah<span class=\"_ _1\"></span>ner<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fea\">COO, Memb<span class=\"_ _1\"></span>er of <span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1feb\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fec\">G\u00e1bor Lehel<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fed\">CIO, Membe<span class=\"_ _1\"></span>r of<span class=\"_ _1\"></span>  </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1fee\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1fef\">Harald Riene<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1ff0\">Memb<span class=\"_ _1\"></span>er of  </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1ff1\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _379\"> </span></div><div class=\"t m14 h2c ff49 fs15 fc3 sc0 ls6 ws0 gs1ff2\">P<span class=\"_ _3\"></span>eter Th<span class=\"_ _1\"></span>irring<span class=\"_ _1\"></span> </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1ff3\">CTO, Membe<span class=\"_ _1\"></span>r of<span class=\"_ _1\"></span>  </div><div class=\"t m14 hc6 ff4a fs15 fc3 sc0 ls6 ws0 gs1ff4\">the Man<span class=\"_ _1\"></span>aging B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span><span class=\"ff49\"> </span></div><div class=\"t m18 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs1ff5\">Managing Board<span class=\"_ _3\"></span> areas o<span class=\"_ _3\"></span>f <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esponsibility:<span class=\"_ _3\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs1ff6\">Elisabeth<span class=\"_ _1\"></span> Stadle<span class=\"_ _1\"></span>r:<span class=\"_ _379\"> </span></div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ff7\">Management of<span class=\"_ _1\"></span> the VIG G<span class=\"_ _1\"></span>roup, Strategy, Bancassuran<span class=\"_ _1\"></span>ce an<span class=\"_ _1\"></span>d Internat<span class=\"_ _1\"></span>ional Partn<span class=\"_ _1\"></span>erships, Commun<span class=\"_ _1\"></span>ication &amp; Marketin<span class=\"_ _1\"></span>g, European </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ff8\">Affairs and<span class=\"_ _1\"></span> ESG, General Secret<span class=\"_ _1\"></span>ariat and Legal, <span class=\"_ _1\"></span>Human Res<span class=\"_ _1\"></span>ources, Internal <span class=\"_ _1\"></span>Audit, Spon<span class=\"_ _1\"></span>soring, Subsidiaries <span class=\"_ _1\"></span>and M&amp;A, Cent<span class=\"_ _1\"></span>ral </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ff9\">Fun<span class=\"_ _1\"></span>ctions; Count<span class=\"_ _1\"></span>ry responsibilities: Germany<span class=\"_ _1\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs1ffa\">Hartw<span class=\"_ _1\"></span>ig L\u00f6ger: </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ffb\">Planning and<span class=\"_ _1\"></span> Controlling, Strateg<span class=\"_ _1\"></span>y and Deve<span class=\"_ _1\"></span>lopment; Count<span class=\"_ _1\"></span>ry responsibilities<span class=\"_ _1\"></span>: Aus<span class=\"_ _1\"></span>tria, Hungary, Slovakia<span class=\"_ _1\"></span>, Czech Repu<span class=\"_ _1\"></span>blic </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs1ffc\">Liane <span class=\"_ _1\"></span>Hirner:<span class=\"_ _379\"> </span></div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ffd\">Asset Risk Manage<span class=\"_ _1\"></span>ment, Digital<span class=\"_ _1\"></span>isation, Finance an<span class=\"_ _1\"></span>d Risk<span class=\"_ _1\"></span>, Enterprise Risk<span class=\"_ _1\"></span> Managemen<span class=\"_ _1\"></span>t, Finan<span class=\"_ _1\"></span>ce Department<span class=\"_ _1\"></span>, Investor Relations; </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs1ffe\">Country respons<span class=\"_ _1\"></span>ibilities: Liech<span class=\"_ _1\"></span>tenst<span class=\"_ _1\"></span>ein<span class=\"_ _3\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs1fff\">Pet<span class=\"_ _1\"></span>er H\u00f6finger:<span class=\"_ _379\"> </span></div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2000\">Corporate Bu<span class=\"_ _1\"></span>siness, Reinsu<span class=\"_ _1\"></span>rance; Country respon<span class=\"_ _1\"></span>sibilities: Alban<span class=\"_ _1\"></span>ia, Bosnia-<span class=\"_ _1\"></span>Herzegovina, <span class=\"_ _1\"></span>Bulgaria, <span class=\"_ _1\"></span>Croatia, Kosovo, Mo<span class=\"_ _1\"></span>ldova, </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2001\">Monten<span class=\"_ _1\"></span>egro, No<span class=\"_ _3\"></span>rth<span class=\"_ _1\"></span> Maced<span class=\"_ _1\"></span>onia, Romania, <span class=\"_ _1\"></span>Serbia </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs2002\">Gerhard<span class=\"_ _1\"></span> Lahn<span class=\"_ _1\"></span>er: </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2003\">Asset Management<span class=\"_ _1\"></span> (incl. Rea<span class=\"_ _1\"></span>l Estate), Holding <span class=\"_ _1\"></span>IT, Process &amp; P<span class=\"_ _1\"></span>roject Managemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>, Treasury incl. <span class=\"_ _1\"></span>Asset Liability Manage<span class=\"_ _1\"></span>ment, VIG </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2004\">Corporate IT; <span class=\"_ _1\"></span>Country respons<span class=\"_ _1\"></span>ibilities: Georgia<span class=\"_ _1\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs2005\">G\u00e1bor L<span class=\"_ _1\"></span>ehel: </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2006\">Innovation; Count<span class=\"_ _1\"></span>ry respons<span class=\"_ _1\"></span>ibilities: Belarus<span class=\"_ _1\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs2007\">Hara<span class=\"_ _1\"></span>ld Riener: </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs2008\">Assistance, Customer<span class=\"_ _1\"></span> Experience,<span class=\"_ _1\"></span> Tool Box Sal<span class=\"_ _1\"></span>es; Coun<span class=\"_ _1\"></span>try responsibilit<span class=\"_ _1\"></span>ies: Estonia, Lat<span class=\"_ _1\"></span>via, Lithuan<span class=\"_ _1\"></span>ia, Poland, Ukraine<span class=\"_ _1\"></span> </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc1 ls6 ws0 gs2009\">Pet<span class=\"_ _1\"></span>er Thirring:<span class=\"_ _379\"> </span></div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs200a\">Actuarial Department<span class=\"_ _1\"></span>, Active <span class=\"_ _1\"></span>Reinsurance, Anti-Mon<span class=\"_ _1\"></span>ey Lau<span class=\"_ _1\"></span>ndering, Comp<span class=\"_ _1\"></span>liance, I<span class=\"_ _1\"></span>nsuran<span class=\"_ _1\"></span>ce Life/Non-L<span class=\"_ _1\"></span>ife Retail; C<span class=\"_ _3\"></span>oun<span class=\"_ _1\"></span>try </div><div class=\"t m19 hc7 ff4a fs1e fc3 sc0 ls6 ws0 gs200b\">responsibilities: T\u00fc<span class=\"_ _1\"></span>rkiye </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1": {
   "value": "GENERAL INFORMATION VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe is a public limited company and one of the leading insurance groups in Central and Eastern Europe with its registered office located at Schottenring 30, 1010 Vienna, Austria. Wiener St\u00e4dtische Versicherungsverein , which also has its registered office in Vienna, is the majority shareholder of VIG Holding. It is also the ultimate parent company and therefore includes VIG Holding and its subsidiaries in its consolidated financial statements. The insurance companies and pension funds of VIG Insurance Group offer insurance services in the life, health and property and casualty areas to roughly 28 million customers in 30 countries. PRINCIPLES OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the applicable provisions of \u00a7 245a (1) of the Austrian Commercial Code (Unternehmensgesetzbuch \u2013 UGB) and Chapter 7 of the Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz \u2013 VAG). The significant accounting policies used in the preparation of the consolidated financial statements are presented in the Accounting policies section  starting on page 47. Unless otherwise  stated under \u201cChanges in accounting policies\u201d, the policies described were applied consistently during the reporting periods presented in these financial statements. Preparing consolidated financial statements in accordance with the IFRS requires the Managing Board to make estimates and as- sumptions in connection with the accounting policies. Areas with greater scope of discretion, highly complex areas, or areas involving assumptions and estimates that are of critical importance to the consolidated financial statements are listed on page 44. Amounts were commercially rounded to improve readability and, where not indicated otherwise, are shown in thousands of euro (EUR '000). Calculations, however, are done using exact amounts, which may lead to rounding differences.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-367": {
   "value": "VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-368": {
   "value": "public limited company",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-369": {
   "value": "Schottenring 30, 1010 Vienna",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-410": {
   "value": "Vienna",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-370": {
   "value": "Austria",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-371": {
   "value": "Wiener St\u00e4dtische Versicherungsverein ",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-372": {
   "value": "The insurance companies and pension funds of VIG Insurance Group offer insurance services in the life, health and property and casualty areas to roughly 28 million customers in 30 countries. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-373": {
   "value": "PRINCIPLES OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the applicable provisions of \u00a7 245a (1) of the Austrian Commercial Code (Unternehmensgesetzbuch \u2013 UGB) and Chapter 7 of the Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz \u2013 VAG). The significant accounting policies used in the preparation of the consolidated financial statements are presented in the Accounting policies section  starting on page 47. Unless otherwise  stated under \u201cChanges in accounting policies\u201d, the policies described were applied consistently during the reporting periods presented in these financial statements. Preparing consolidated financial statements in accordance with the IFRS requires the Managing Board to make estimates and as- sumptions in connection with the accounting policies. Areas with greater scope of discretion, highly complex areas, or areas involving assumptions and estimates that are of critical importance to the consolidated financial statements are listed on page 44. Amounts were commercially rounded to improve readability and, where not indicated otherwise, are shown in thousands of euro (EUR '000). Calculations, however, are done using exact amounts, which may lead to rounding differences.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-411": {
   "value": "The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and the applicable provisions of \u00a7 245a (1) of the Austrian Commercial Code (Unternehmensgesetzbuch \u2013 UGB) and Chapter 7 of the Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz \u2013 VAG). The significant accounting policies used in the preparation of the consolidated financial statements are presented in the Accounting policies section  starting on page 47. Unless otherwise  stated under \u201cChanges in accounting policies\u201d, the policies described were applied consistently during the reporting periods presented in these financial statements. Preparing consolidated financial statements in accordance with the IFRS requires the Managing Board to make estimates and as- sumptions in connection with the accounting policies. Areas with greater scope of discretion, highly complex areas, or areas involving assumptions and estimates that are of critical importance to the consolidated financial statements are listed on page 44. ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "Going concern The present consolidated financial statements were prepared on a going concern basis in accordance with IAS 1.25 and IAS 1.26. The Managing Board made this assessment primarily based on the solid capital resources, positive result before taxes and risk-averse investment.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "CHANGES IN ACCOUNTING POLICIES Unless otherwise indicated, the standards that are a pplicable for the first time, if relevant, have no or no material effect on the financial statements. Standards applicable that are used for the first time in the Group Annual Report Amendments to IFRS 3  Amendments to References to the Conceptual Framework in IFRS Standards IAS 37  Onerous contracts: costs of contract performance all IFRS  Annual Improvements to IFRS Standards 2018\u20132020 IAS 16  Income before qualified use New standards and changes to current reporting standards  Applicable as of 1 Those already adopted by the EU IFRS 9  Financial Assets  1.1.2018 2 Amendments to IFRS 9  Prepayment features with negative compensation  1.1.2019 2 IFRS 17  Insurance Contracts  1.1.2023 Amendments to IAS 1 and IFRS Practice Statement 2  Disclosure of Accounting Policies  1.1.2023 3 Amendments to IAS 8  Definition of Accounting Estimates   1.1.2023 Amendments to IAS 12  Deferred Tax related to Assets and Liabilities arising from a Single Transaction  1.1.2023 Amendments to IFRS 17  Initial Application of IFRS 9 and IFRS 17 \u2013 Comparative Information  1.1.2023 Those which are not or not yet adopted by the EU IFRS 14  Regulatory Deferral Accounts EU decided this standard shall not be transferred into EU law Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture First-time application deferred for an indefinite period Amendments to IAS 1  Classification of liabilities as current or non-current  1.1.2024 Amendments to IFRS 16  Lease liabilities for sale and leaseback  1.1.2024 1  Unless otherwise specified, the VIG Insurance Group is not planning early adoption of the provisions listed in the table. 2  First-time application for insurance companies can be delayed to 1 January 2023. 3  Please see Estimates and discretionary decisions section on the topic of materiality. Unless indicated otherwise, either no material effects from the standards listed in the table are expected, or the amendments are not relevant. IFRS 9 Financial Instruments: general information The International Accounting Standards Board (IASB) issued the final version of IFRS 9 Financial Instruments (IFRS 9) back in 2014. The standard supersedes the previously applicable IAS 39 \"Financial Instruments: recognition and measurement\" (IAS 39), with effect from 1 January 2018. However, companies that apply IFRS 4 Insurance Contracts, can opt to defer the IFRS 9 effective date (the deferral approach). Accordingly, companies whose activities are predominantly in the insurance business are permitted to postpone their initial application of IFRS 9 until IFRS 17 Insurance contracts (IFRS 17) comes into effect. IFRS 17 was adopted into EU law in November 2021, with effective date as of 1 January 2023 as the date of initial application. In order to prevent potential inconsistencies in measurements between the asset and liabilities side (accounting mismatches), both standards will be applied for the first time on 1 January 2023, if the deferral approach is used.  A company is predominantly engaged in the insurance business if \u2022 the percentage of the book value of the underwriting liabilities and provisions compared with total liabilities including underwriting provisions exceeds 90%, or \u2022 this percentage is between 80% and 90% and no other significant activities other than the insurance business are pursued. In  December  2021, the  IASB  published  further  amendments to  IFRS  17  \u201cInitial  application  of  IFRS  17  and  IFRS  9  \u2013 Comparative information\u201d concerning comparative information. This adjustment was due to the fact that, unlike in the initial application of IFRS 17, retrospective application is not mandatory when IFRS 9 is first applied. As a result, there might not be any comparative data for the financial instruments. To counteract this, the classification overlay can be used. However, only if there is no restatement of a financial instrument with regard to the comparative information due to IFRS 9 in 2022 when  IFRS  17  and  IFRS  9  are  initially  applied  together  at  the  same  time.  Using  the  classification  overlay  minimises accounting mismatches that arise as a result of differences in the transition requirements of IFRS 17 and IFRS 9. A  company  that  uses  the  classification  overlay  for  f inancial  instruments  must  publish  the  comparative  data  as  if  the classification and measurement requirements of IFRS 9 applied to that financial instrument. The impairment requirements are not mandatory applicable if the classification overlay is used. Any difference between the previous carrying amount of a financial instrument and the amount resulting from the application of the classification overlay must be recognised in equity. IFRS 9 initial application rules have to be applied as of 1 January 2023 if classification overlay is used for comparative period. IFRS 9 primarily concerns the classification and measurement of financial instruments. These will be classified in two groups in the future, at amortised cost (AC) and at fair value. Classification and measurement of financial assets depends on the business model and contractual cash flows  (Solely Payments of Principal and Interest criterion (SPPI criterion)). Furthermore, incurred losses (Incurred Loss Model) are no longer the only losses to be taken into account, but rather expected losses (Expected Credit Loss Model (ECL Model)) in the form of a risk provision. Simplifications exist for trade receivables and lease receivables. New requirements were also provided for hedge accounting. Their objective is to orient hedge accounting more to the economic risk management of the entity in the future. In principle, equity instruments and derivatives are measured at fair value through profit and loss (FVtPL). However, upon initial  recognition  of  equity  instruments,  there  is  an  irrevocable  option  to  subsequently  measure  them  through  other comprehensive income (OCI) (FVtOCI option), which also means that they can no longer be recycled through profit or loss. Consequently, only dividends are to be recognised in the income statement. The FVtOCI option applies for instruments that are not held for trading. Exercising this option in accordance with IFRS 9 makes it possible to remove or further minimise the risk of accounting mismatches. The requirements of IAS 39 for the classification and measurement of financial liabilities have not been amended in IFRS 9, which is why financial liabilities \u2013 with the exclusion of derivatives respectively liabilities held for trading \u2013 continue to be measured at AC. Derivatives respectively liabilities held for trading are to be recognised at FVtPL. IFRS 17 Insurance Contracts: general information IFRS 17 was published in the Official Journal of the European Union (EU) on 23 November 2021. As a result, IFRS 17 will supersede the previous standard, IFRS 4, in the EU effective as of 1 January 2023. IFRS 4, which is still currently in place, is to be applied until IFRS 17 enters into effect. IFRS 4 allows local accounting practices to be used for insurance contracts in the IFRS consolidated balance sheet. The IASB imposes uniform accounting policies for insurance contracts for the first time in IFRS 17.  IFRS 17 provides three measurement models for measuring insurance contracts: \u2022 In principle, measurement is performed using the general measurement model (GMM) based on a prospective method. The model is based on the concept of contract fulfilment and uses current assumptions. When GMM is used for measurement, future cash inflows and outflows are discounted and supplemented by a risk adjustment (RA). First-time measurement of insurance contracts results in either a contractual service margin (CSM) that is distributed over the term of the contract, or a loss component that is recognised immediately in the income statement. There are a number of exceptions and special provisions for the GMM that concern groups of investment contracts with discretionary profit participation and reinsurance cessions as well as the two measurement models below. \u2022 A simpler measurement model \u2013 the premium allocation approach (PAA) \u2013 may be used for short-term contracts and low volatility long-term insurance contracts. The approach is similar to the unearned premium model currently used for accounting in the property and casualty line of business. They are different, however, in that the loss reserve (provision for outstanding claims/liability for incurred claims (LIC)) must also be accounted for using an expected present value and a risk adjustment. \u2022 There is a mandatory measurement model for profit-participating contracts and contracts of unit- and index-linked life insurance \u2013 the variable fee approach (VFA). Measurement is, as a rule, performed according to the GMM, but the contractual service margin (CSM) is variable in the VFA due to the discretionary profit participation. Measurement units are determined using the following steps:  \u2022 Portfolio: insurance contracts that are subject to similar risks and managed together are combined into portfolios \u2022 Group: every portfolio is divided into the following groups: \u2013  onerous contracts; \u2013  contracts that have no significant possibility of becoming onerous; and \u2013  other contracts. \u2022 Annual cohorts: groups are divided according to underwriting year (annual cohorts). However, the IFRS 17 adopted by the EU provides an exception for the formation of annual cohorts for intergenerational, mutualised and cash-flow matched insurance contracts. The most significant changes from IFRS 4 to IFRS 17 in terms of the accounting of insurance contracts are: \u2022 the use of current assumptions for measuring underwriting provisions, \u2022 the introduction of the contractual service margin (CSM) for the unrealised future profits of a group of insurance contracts that is distributed over the term of the contract, \u2022 the introduction of a risk adjustment (RA) to take account of the uncertainty in the cash flows from insurance contracts, \u2022 the elimination of savings components (investment component) as revenue, and \u2022 the introduction of the OCI option to enable the offsetting of accounting mismatches, which can occur, for example, in the case of life insurance contracts with direct profit participation. Initial application of IFRS 9 and IFRS 17 within the Group IFRS 4 DEFERRAL APPROACH In accordance with the deferral approach requirements, the Group performed the calculations on the basis of 31 December 2015 and satisfies the criteria for deferral according to IFRS 4 with a result of more than 90%. IFRS 9 will therefore be applied at the same time as IFRS 17. For associated companies and joint ventures that have applied IFRS 9 since 1 January 2018, VIG Insurance Group has chosen in accordance with IFRS 4 to include them in the consolidated financial statements without adjustment. IFRS 4 does not require regular evaluation of the predominant business activity unless there is a change in the entity\u2019s business activities. A new evaluation was also not necessary in the current financial year. Any information that must be published in line with the deferral approach (IFRS 4.39B-.39J) has been presented in the following tables. Financial instruments that satisfy the SPPI criteria (SPPI-pass), but are held for trading or managed based on fair value, are reported under \u201cOther\u201d. This is primarily the case for bonds. Fair value  31.12.2022  31.12.2021  Fair value changes Financial assets  SPPI-pass Other SPPI-pass Other SPPI-pass Other in EUR '000 Loans  1,597,626 387,958 1,902,525 477,132 -83,152 -24,319 Bank deposits  1,157,148 0 783,730 0 0 0 Other financial assets  21,765,229 3,550,965 23,887,089 4,865,156 -3,850,115 -587,811 Bonds  21,765,229 940,885 23,887,089 1,207,420 -3,850,115 -166,436 Shares and other participations and other non-fixed-interest securities  0 617,590 0 777,601 0 -96,135 Investment funds  0 1,966,474 0 2,850,069 0 -325,067 Derivatives  0 26,016 0 30,066 0 -173 Financial investments for unit- and index-linked life insurance  128,803 7,035,326 178,694 8,346,637 -177 -885,227 Non-underwriting receivables  745,570 3,585 688,558 1,045 0 0 Cash and cash equivalents  2,058,970 0 2,456,333 0 0 0 Book value  31.12.2022 SPPI-pass financial assets rating categories  AAA AA A BBB BB and lower No rating Total in EUR '000 Loans and bank deposits  63,538 362,319 1,175,325 577,581 442,319 267,061 2,888,143 Other financial assets  2,238,056 6,164,994 6,748,913 5,233,242 1,449,594 159,467 21,994,266 Financial investments for unit- and index-linked life insurance 0 10,724 40,646 42,393 38,895 -3,855 128,803 Non-underwriting receivables  257 825 18,857 616 13,923 711,507 745,985 Cash and cash equivalents  1 15,082 1,599,843 290,657 125,731 27,656 2,058,970 Book value  31.12.2021 SPPI-pass financial assets rating categories  AAA AA A BBB BB and lower No rating Total in EUR '000 Loans and bank deposits  55,730 344,211 850,960 669,786 404,914 206,732 2,532,333 Other financial assets  2,192,933 7,265,995 7,828,410 5,275,249 997,030 231,576 23,791,193 Financial investments for unit- and index-linked life insurance 0 47,629 42,861 60,143 28,420 -359 178,694 Non-underwriting receivables  331 647 17,128 731 19,435 650,340 688,612 Cash and cash equivalents  414 19,741 1,714,854 586,364 121,635 13,325 2,456,333 SPPI-pass financial assets with a significant risk of default  31.12.2022  31.12.2021 Book value Fair value Book value Fair value in EUR '000 Loans and bank deposits  463,796 447,469 422,691 427,313 Other financial assets  1,514,676 1,505,969 1,062,883 1,073,182 Financial investments for unit- and index-linked life insurance  38,720 38,720 28,267 28,267 Non-underwriting receivables  62,035 62,035 57,570 57,570 Cash and cash equivalents  126,913 126,913 122,686 122,686 IMPACT ON CONSOLIDATED BALANCE SHEET AND CONSOLIDATED SHAREHOLDERS\u2019 EQUITY VIG Insurance Group will apply IFRS 9 and IFRS 17 for the first time from 1 January 2023, with IFRS 17 applied retrospec- tively and the Group having decided to apply the classification overlay within the meaning of IFRS 9. The initial application will result in significant changes and therefore have a material influence on the consolidated financial statements. The derivation of the adjusted opening balance was performed and resulted in a reduction in shareholders\u2019 equity at the current implementation status. This is currently broken down as follows: Estimated impacts on shareholders\u2019 equity  1.1.2022 in EUR '000 Adjustments due to IFRS 17 implementation  -2,039,982 Adjustments due to IFRS 9 implementation  1,674,537 Subtotal  -365,445 Effects from deferred taxes  154,873 Total  -210,572 The effects on the opening balance are also presented below. These are still preliminary, so changes may occur until they are finalised. Reasons for this include that:  \u2022 financial reporting processes and internal controls are still being adapted and continually improved; \u2022 the new systems are still being tested and optimised despite the fact that IAS 39/IFRS 4 and IFRS 9/17 were running in parallel in 2022; \u2022 internal implementation work in certain sub-areas \u2013 particularly alignment work for internal reinsurance \u2013 is not yet complete; \u2022 when classifying financial instruments in accordance with IFRS 9, individual adjustments can still be made in order to enable an asset-liability match in the shareholders\u2019 equity and the income statement that is as efficient as possible. Effects on the assets  Balance Sheet as of 31.12.2021 IFRS 17 adjustment IFRS 9 adjustment Adjustments/ reclassifications Balance sheet as of 1.1.2022 in EUR '000 Cash and cash equivalents  2,456,333 271,074 2,727,407 Financial assets  40,207,620 -1,557,445 1,679,252 67,592 40,397,019 Financial assets according to IAS 39  31,682,289 -1,557,445 -30,032,823 -92,021 0 Financial assets according to IFRS 9  8,346,278 31,712,075 338,666 40,397,019 Financial investments for unit- and index-linked life insurance  8,525,331 -8,346,278 -179,053 0 Receivables  2,067,188 -1,378,020 -3,194 -336,042 349,932 Underwriting  1,377,531 -1,377,531 0 Non-underwriting  689,657 -489 -336,042 353,126 Risk provision  -3,194 -3,194 Current tax assets  135,053 135,053 Investments in associates and joint ventures  276,913 276,913 Insurance contracts  1,564,605 201,804 0 1,766,409 Reinsurers' share in underwriting provisions IFRS 4  1,564,605 -1,564,605 0 Insurance contracts assets issued IFRS 17  114,156 114,156 Reinsurance contracts assets held IFRS 17  1,652,253 1,652,253 Investment property (incl. building rights)  2,378,285 -878 2,377,407 Owner-occupied property and tangible assets  472,303 114,433 586,736 Other assets  390,893 -176,654 -113,934 100,305 Goodwill  1,260,226 1,260,226 Intangible assets  483,943 -14,607 -48 469,288 Deferred tax assets  311,447 273,720 585,167 Right-of-Use Assets  173,348 173,348 Total assets  52,178,157 -2,924,922 1,675,180 276,795 51,205,210 Effects on the liabilities Balance Sheet as of 31.12.2021 IFRS 17 adjustment IFRS 9 adjustment Adjustments/ reclassifications Balance sheet as of 1.1.2022 in EUR '000 Liabilities and other payables  1,738,513 -1,002,395 3,075 739,193 Underwriting  1,166,270 -1,166,270 0 Non-underwriting  572,243 163,875 3,075 739,193 Current tax liabilities  243,382 243,382 Financial liabilities  2,623,053 747 643 2,624,443 Other liabilities  131,168 -70,852 60,316 Insurance contracts  40,735,020 219,867 0 40,954,887 Underwriting provisions IFRS 4  32,546,227 -32,546,227 0 Underwriting provisions for unit- and index-linked life insurance IFRS 4  8,188,793 -8,188,793 0 Insurance contracts liabilities issued IFRS 17  40,905,302 40,905,302 Reinsurance contracts liabilities held IFRS 17  49,585 49,585 Provisions  890,189 -32,307 857,882 Deferred tax liabilities  218,884 118,847 337,731 Consolidated shareholders' equity  5,597,948 -2,039,982 1,674,537 154,873 5,387,376 Total assets  52,178,157 -2,924,922 1,675,180 276,795 51,205,210 The contractual service margin (CSM) of approximately EUR 5.1 billion is included in Insurance contracts liabilities issued. IFRS 9 APPLICATION DETAILS VIG uses a central subledger for the measurement of financial instruments. This allows the processes associated with the recognition  and  measurement  of  financial  instruments  to  be  optimised  and  streamlined.  More  than  95%  of  financial instruments relevant to IFRS 9 are  currently managed in this system. In the  future, this makes it significantly  easier to consistently apply IFRS 9, including calculation of ECL. The classification of financial assets based on the SPPI criteria has already been implemented.  The IFRS 9 guidelines were finalised and rolled out in VIG Insurance Group as part of the IFRS 9/17 programme. These guidelines include the methods used for uniform implementation of IFRS 9.  In the future, illiquid portfolios for which the \u201chold strategy\u201d is used will be classified as measured at AC. This applies in particular to loans. Financial assets that both satisfy the SPPI criterion (SPPI-pass) and are subject to the \u201chold to collect and sell\u201d business model are categorised as measured at FVtOCI. Financial assets that are not compliant with SPPI (SPPI- fail) or do not meet any of the above-mentioned business models are recognised as measured at FVtPL. As part of the initial application of IFRS 9, the representation of financial instruments of the unit-linked and index-linked life insurance was harmonised with the presentation of underwriting positions on the liabilities side of the balance sheet. Against this background, these financial instruments are no longer listed separately, but are included in the financial instruments within the definition of IFRS 9, measured at FVtPL or at AC. Among other things, this influences the recognition of cash and cash equivalents of financial instruments for unit- and index-linked life insurance.  As a rule, financial assets  within the meaning of IFRS 9 are to be distinguished between debt instruments and equity instruments. The following table shows the classification of debt instruments and equity instruments according to both IAS 39 and IFRS 9 as of the transition date 1 January 2022. Debt instruments IAS 39  IFRS 9 SPPI-pass 1 SPPI-fail  Business model     Hold to collect  Hold to collect and sell  Neither   Loans and other investments  measured at AC  measured at FVtOCI  measured at FVtPL  measured at FVtPL Held to maturity (incl. reclassified)  measured at AC  measured at FVtOCI  measured at FVtPL  measured at FVtPL Available for sale  measured at AC  measured at FVtOCI  measured at FVtPL  measured at FVtPL Recognised at fair value through profit and loss  measured at AC  measured at FVtOCI  measured at FVtPL  measured at FVtPL 1 Expected credit loss (ECL) must be calculated for SPPI-pass debt instruments. Equity instruments IAS 39  IFRS 9   Held for trading  FVtOCI option Available for sale  measured at FVtPL  measured at FVtOCI Recognised at fair value through profit and loss  measured at FVtPL  measured at FVtOCI The two following diagrams show the distribution of the classification of financial assets (as a percentage) according to both IFRS 9 and IAS 39 as of 1 January 2022: IFRS 9  IAS 39 Included in the category measured at AC according to IFRS 9 are cash and cash equivalents, debt instruments subject to SPPI-pass as well as the \u201chold to collect\u201d business model, and receivables to which the ECL model applies. According to the current implementation status of IFRS 9, the share of any financial instruments measured at AC is reduced. More than half of the total financial assets are classified as measured at FVtOCI under IFRS 9. This includes debt instruments that are assigned to both SPPI-pass and to the \u201chold to collect and sell\u201d business model. Financial assets that are classified as measured at FVtPL according to IFRS 9 account for the second-largest share. This category is predominantly made up of financial instruments for unit- and index-linked life insurance and investment funds.  Thus, around 85% of financial assets are measured at fair value under IFRS 9. This means that the share of the financial assets measured at fair value increases after the initial application of IFRS 9. CHANGE FROM CLEAN VALUE TO DIRTY VALUE ACCOUNTING As part of the initial application of IFRS 9, financial instruments will subsequently be accounted at the dirty value. This means that \u2013 in contrast to IAS 39 accounting \u2013 the accrued interest is no longer recognised as a separate item in the balance sheet but is listed as part of the book value. IFRS 17 APPLICATION DETAILS As of the transition date 1 January 2022, the Group has: \u2022 defined, recognised and measured every group of insurance contracts and all acquisition costs recognised as assets as if IFRS 17 had always been applicable, unless the fair value approach was applied as of the transition date; \u2022 derecognised all balances that are not to be recognised under IFRS 17; and \u2022 recorded any resulting net differences under consolidated shareholders\u2019 equity. Under IFRS 17, there is a choice in relation to measurements during the year for interim reporting. In the case of changes to  estimates,  IFRS  17  requires  contractual  service  margin  (CSM)  effects  to  be  immediately  recognised  in  the  income statement. Under IAS 34, however, the frequency of reporting must not influence the amount stated for the result for the year.  So  that the  result  for  the year  is not  influenced, measurements made during the year  must be carried out  on  a cumulative basis from the start of the financial year to the relevant reporting date during the year (year-to-date accounting). Consequently, the year-to-date accounting does not take into account the changes to estimates recorded during the year in previous periods. In contrast, these changes in estimates recorded during the year in prior periods would have to be included in the calculation for period-to-period accounting. VIG has opted for year-to-date accounting in accordance with IFRS 17.B137. Additionally, the Group exercises the optional exemption from grouping by annual cohorts that is applicable in the EU. This exemption primarily concerns long-term life insurance contracts and health insurance contracts that are eligible for profit participation.  However,  due to  cost-benefit considerations and materiality aspects, insurance companies from non-EU member states that apply IFRS 17 at a local level are not obliged to apply this optional EU exemption for the consolidated financial statements.  Primary insurance and facultative reinsurance were grouped in the IFRS 17 portfolio as follows: \u2022 Life insurance and health insurance: \u2013 With profit participation \u2013 Unit-linked and index-linked \u2013 Others \u2013 Issued and held Treaty reinsurance \u2013 Facultative issued reinsurance \u2013 Facultative held reinsurance \u2013 Long-term health insurance (SLT) \u2022 Property and casualty insurance: \u2013 Medical expense insurance \u2013 Income protection insurance \u2013 Workers\u2018 compensation insurance \u2013 Motor vehicle liability insurance \u2013 Other motor insurance \u2013 Marine, aviation and transport insurance \u2013 Fire and other damage to property insurance \u2013 General liability insurance \u2013 Credit and suretyship insurance \u2013 Legal expenses insurance \u2013 A ssistance \u2013 Miscellaneous financial losses \u2013 Issued and held Treaty reinsurance \u2013 Facultative issued reinsurance \u2013 Facultative held reinsurance In primary insurance, the PAA is applied in the non-life line of business for short-term contracts and also serves as the preferred measurement model. This is also the case for multi-year insurance contracts in non-life insurance, insofar as the measurement models do  not lead to any material differences. In the case of multi-year insurance contracts  in primary insurance, the GMM is applied, and in the presence of a substantial profit participation, the VFA is applied in life insurance and health insurance. Under IFRS 17, the determination of the risk adjustment is required for non-financial risks (Risk adjustment). The standard does not set out any specific requirements in this context. VIG has therefore decided to follow the cost of capital approach methodology of Solvency II when determining the risk adjustment under IFRS 17. This corresponds to the opportunity costs for allocated capital. The health insurance business in Austria comprises insurance contracts with direct profit participation in accordance with IFRS 17.B101. The IFRS 17.B101 a) to c) criteria on mandatory application of the VFA are met primarily by the premium adjustment mechanism that ensures life-long coverage of the insured risks.Fully retrospective approach The Group has adopted the full retrospective approac h where applicable. This was thus applied to the non-life business as well  as  the  assumed  and  ceded  reinsurance,  which  are  measured  according  to  the  PAA.  In  order  to  apply  the  fully retrospective  approach  as  far  as  possible,  all  available  and  reliable  information  was  taken  from  existing  systems. Nevertheless, it was precisely the limited availability of data that was the decisive reason that the fair value approach was applied for the long-term business as of the transition date. For the most part, long-term business comprises life insurance, health insurance (SLT) and any property and casualty insurance contracts that fall under the GMM. Fair value approach The difference between the fair value of the groups of insurance contracts and the fulfilment cash flow as of the transition date results in the contractual service margin (CSM) or the loss component of the mathematical reserve (liability for remaining coverage (LRC)). When determining the fair value, the principles of IFRS 13 were applied where this was permitted. In addition, the Group made extensive use of the rule that groups of insurance contracts can also be aggregated over the annual cohorts in the fair value approach as of the transition date. All available and reliable information was gathered in order to \u2022 identify the groups of insurance contracts, \u2022 determine whether policies with direct profit participation existed, \u2022 identify policies that contain discretionary cash flows that are not subject to direct profit participation, and \u2022 determine whether investment contracts exist that satisfy the criteria for investment contracts with direct profit participation in accordance with IFRS 17. When carrying out measurements according to the fair value approach, VIG determined the interest rates used for discounts for the groups of insurance contracts as of the transition date. The determined interest rates correspond to the weighted average interest rates that are applied for the underlying contracts as of the date of initial application.  The discount rate used for the periodic compounding of the contractual service margin (CSM) is determined using the bottom-up approach. Furthermore, VIG has decided, from the transition date, to break down the insurance finance result into amounts that are included in the income statement and amounts that are included in the statement of comprehensive income. In order to determine the liabilities for insurance contracts as of the transition date, the costs of capital approach was used for the risk adjustment (RA) to calculate the fair value. AMENDMENTS TO IAS 39 AND IFRS 7 RECLASSIFICATION OF FINANCIAL ASSETS The IASB published amendments to IAS 39 and IFRS 7 in October 2008. The adjusted version of IAS 39 permits re- classification of non-derivative financial assets (except for financial instruments that were measured using the fair value option upon initial recognition) in the \u201cheld-for-trading\u201d and \u201cavailable-for-sale\u201d categories. The amendments to IAS 39 and IFRS 7 went into effect retroactively to 1 July 2008 and were applied prospectively from the time of reclassification. Reclassifications performed in VIG Insurance Group before 1 November 2008 used fair values as of 1 July 2008.",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-374": {
   "value": "FOREIGN CURRENCY TRANSLATION Foreign currency transactions The separate financial statements of each subsidiary are prepared in the currency that generally prevails for the ordinary business activities of the company (functional currency). Within VIG Insurance Group, the functional currency is generally the local currency. Transactions not concluded in the functional currency are recognised using the mean rate of exchange on the date of the transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euro using the mean rate of exchange on the balance sheet date. Any resulting foreign currency gains and losses are recognised through profit or loss. Translation of separate financial statements in foreign currencies Assets, liabilities, income and expenses are presented in euro, the reporting currency of VIG Holding. All assets and liabilities reported in the separate financial statements are translated to euro using the mean rate of exchange on  the balance  sheet  date. Items  in  the  income statement  are translated  using the  average month-end  mean  rate of exchange. In the statement of cash flows, the mean rate of exchange on the balance sheet date is used for changes in balance sheet items and the mean rate of exchange at the end of the period is used for changes in income statement items.  Currency translation differences, including those that result from accounting using the equity method, are recognised directly in equity.  Currency  End-of-period exchange rate  Average exchange rate 31.12.2022 31.12.2021 2022 2021 1 EUR \u2259 Albanian lek  ALL  114.2300 120.7600 118.9211 122.4423 Bosnian convertible mark  BAM  1.9558 1.9558 1.9558 1.9558 Bulgarian lev  BGN  1.9558 1.9558 1.9558 1.9558 Georgian lari  GEL  2.8844 3.5040 3.0686 3.8056 Croatian kuna  HRK  7.5365 7.5156 7.5349 7.5284 Macedonian denar  MKD  61.4932 61.6270 61.6219 61.6276 Moldovan leu  MDL  20.3792 20.0938 19.8982 20.9256 New Turkish lira  TRY  19.9649 15.2335 17.4088 10.5124 Polish zloty  PLN  4.6808 4.5969 4.6861 4.5652 Romanian leu  RON  4.9495 4.9490 4.9313 4.9215 Swiss franc  CHF  0.9847 1.0331 1.0047 1.0812 Serbian dinar  RSD  117.3224 117.5821 117.4641 117.5736 Czech koruna  CZK  24.1160 24.8580 24.5659 25.6405 Ukraine hryvnia  UAH  38.9510 30.9226 33.9954 32.3009 Hungarian forint  HUF  400.8700 369.1900 391.2865 358.5161 US Dollar  USD  1.0666 1.1326 1.0531 1.1827 New Turkish lira (TRY) A value of three-year cumulative inflation above 100% is considered one of the indicators for the application of IAS 29 Financial  Reporting  in  Hyperinflationary  Economies;  this  is  the  case  in  T\u00fcrkiye.  In  the  present  consolidated  financial statements, VIG Insurance Group fully consolidates two Turkish insurance companies that compile their financial statements in the functional currency TRY. These companies do not have any material long-term non-monetary assets that would have a material accounting impact by virtue of IAS 29, which is why IAS 29 is not applied in the present consolidated financial statements. ",
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  },
  "fact-4": {
   "value": "FOREIGN CURRENCY TRANSLATION Foreign currency transactions The separate financial statements of each subsidiary are prepared in the currency that generally prevails for the ordinary business activities of the company (functional currency). Within VIG Insurance Group, the functional currency is generally the local currency. Transactions not concluded in the functional currency are recognised using the mean rate of exchange on the date of the transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet date are translated to euro using the mean rate of exchange on the balance sheet date. Any resulting foreign currency gains and losses are recognised through profit or loss. Translation of separate financial statements in foreign currencies Assets, liabilities, income and expenses are presented in euro, the reporting currency of VIG Holding. All assets and liabilities reported in the separate financial statements are translated to euro using the mean rate of exchange on  the balance  sheet  date. Items  in  the  income statement  are translated  using the  average month-end  mean  rate of exchange. In the statement of cash flows, the mean rate of exchange on the balance sheet date is used for changes in balance sheet items and the mean rate of exchange at the end of the period is used for changes in income statement items.  Currency translation differences, including those that result from accounting using the equity method, are recognised directly in equity. Currency  End-of-period exchange rate  Average exchange rate 31.12.2022 31.12.2021 2022 2021 1 EUR \u2259 Albanian lek  ALL  114.2300 120.7600 118.9211 122.4423 Bosnian convertible mark  BAM  1.9558 1.9558 1.9558 1.9558 Bulgarian lev  BGN  1.9558 1.9558 1.9558 1.9558 Georgian lari  GEL  2.8844 3.5040 3.0686 3.8056 Croatian kuna  HRK  7.5365 7.5156 7.5349 7.5284 Macedonian denar  MKD  61.4932 61.6270 61.6219 61.6276 Moldovan leu  MDL  20.3792 20.0938 19.8982 20.9256 New Turkish lira  TRY  19.9649 15.2335 17.4088 10.5124 Polish zloty  PLN  4.6808 4.5969 4.6861 4.5652 Romanian leu  RON  4.9495 4.9490 4.9313 4.9215 Swiss franc  CHF  0.9847 1.0331 1.0047 1.0812 Serbian dinar  RSD  117.3224 117.5821 117.4641 117.5736 Czech koruna  CZK  24.1160 24.8580 24.5659 25.6405 Ukraine hryvnia  UAH  38.9510 30.9226 33.9954 32.3009 Hungarian forint  HUF  400.8700 369.1900 391.2865 358.5161 US Dollar  USD  1.0666 1.1326 1.0531 1.1827 New Turkish lira (TRY) A value of three-year cumulative inflation above 100% is considered one of the indicators for the application of IAS 29 Financial  Reporting  in  Hyperinflationary  Economies;  this  is  the  case  in  T\u00fcrkiye.  In  the  present  consolidated  financial statements, VIG Insurance Group fully consolidates two Turkish insurance companies that compile their financial statements in the functional currency TRY. These companies do not have any material long-term non-monetary assets that would have a material accounting impact by virtue of IAS 29, which is why IAS 29 is not applied in the present consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-412": {
   "value": "New Turkish lira (TRY) A value of three-year cumulative inflation above 100% is considered one of the indicators for the application of IAS 29 Financial  Reporting  in  Hyperinflationary  Economies;  this  is  the  case  in  T\u00fcrkiye.  In  the  present  consolidated  financial statements, VIG Insurance Group fully consolidates two Turkish insurance companies that compile their financial statements in the functional currency TRY. These companies do not have any material long-term non-monetary assets that would have a material accounting impact by virtue of IAS 29, which is why IAS 29 is not applied in the present consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "ESTIMATES AND DISCRETIONARY DECISIONS Preparation of the consolidated financial statements requires that the Managing Board make discretionary assessments and specify assumptions regarding future developments (estimates). These estimates and discretionary decisions could have a material effect on the recognition and value of assets and liabilities, the disclosure of other obligations and the reporting of income and expenses.  The book values of the items on the balance sheet date are shown in the consolidated balance sheet on page 28 or the corresponding disclosures in the notes. Sensitivity analyses for assets and liabilities are presented in the risk report starting on page 90. Estimates and discretionary decisions Underwriting provisions  Details on page 56 Financial instruments recognised at fair value (Level 3)  Details on page 45 and starting page 133 Impairment of goodwill  Details on page 45 Valuation allowances for receivables and other (accumulated) impairment losses  Details on page 45 and page 53 Value of deferred tax assets  Details on page 45 Method of consolidation  Details on page 46 and 61ff Materiality  Details on page 46 Financial instruments recognised at fair value (Level 3) Suitable valuation methods are used to calculate the fair value of financial instruments that are not traded in active markets. The assumptions used are based on market data available on the balance sheet date. To determine the fair value of many financial assets that are not traded in active markets, VIG Insurance Group uses present value methods based on appro- priate interest rate models. Note 24. Financial instruments and fair value measurement hierarchy starting on page 133 provides further information on the valuation process. Information on the impairment of financial assets is provided on page 52. Impairment of goodwill Goodwill is tested for impairment at least once a year in accordance with the method explained on page 47 in the Impair- ment of non-financial assets section. Estimates in this area primarily concern the projected earnings of the CGUs that the calculations are based on, and specific parameters, in particular the growth rates and discount rates. Sensitivities Additional impairment needed Cash flows Growth rate Discount rate Cash flows and discount rate -10% -1%p +1%p -10% and +1%p in EUR millions Baltic States  33.1 Hungary  5.2 Valuation allowances for receivables The collectability of receivables is based on experience. Information on the recognition of potential impairment losses is provided on page 53. Value of deferred tax assets Income taxes must be estimated for each tax jurisdiction in which VIG operates. The current income tax expected for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule they lead to the recognition of deferred tax assets and liabilities in the financial statements based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, under application of IFRIC 23. The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and latent taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions concerning maximum loss carryforward periods.  The following factors are considered when assessing the probability of being able to utilise deferred tax assets in the future: \u2022 past results of operations, \u2022 operating plans, \u2022 loss carryforward periods, \u2022 tax planning strategies and \u2022 existing deferred tax liabilities. Information on the existing group agreement for Aust rian companies and some foreign companies is provided on page 55. If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be reduced or increased and the change recognised in the income statement or charged or credited  to  equity,  depending  on  the  treatment  used  when  the  deferred  tax  asset  was  originally  recognised.  Further information can be found under Taxes in the Accounting policies section starting on page 53 and in Note 6. Deferred taxes on page 110. Method of consolidation Discretionary decisions by the Managing Board primarily concern determining the scope of consolidation for consolidated companies.  Companies that were of material importance at the time of first consolidation generally continue to be included in the scope of consolidation. Circumstances could arise, however, that lead to the Managing Board using its discretion to perform a reassessment of the entire scope of consolidation. This could result in non-material companies that were consolidated in the past being removed from the  scope of consolidation again. Companies that, due to their business activities, have revenues that are primarily generated and charged within the Group and do not generate any significant profits or losses, are not included in the scope of consolidation unless they have cross-border operations. Thresholds calculated based on previous quarterly financial statements and the latest annual financial statements are used to determine the current scope of consolidation. Materiality Under IAS 1.31, only material information is to be presented in the financial statements. This applies even if a standard specifies certain requirements or minimum requirements. The IASB\u2019s aim with regard to this paragraph, in conjunction with a Practice Statement published thereon, was to create the foundation for clear, understandable financial reporting based on the most important information.  A scope of discretion exists when deciding whether information concerns material or immaterial disclosures. The Managing Board  of  the  VIG  Holding  introduced  the  use  of  a  threshold  for  determining  the  materiality  of  notes  disclosures  and associated accounting policies in this Annual Report. If the threshold is not exceeded, information is only published in the Annual Report if the information is judged to be material for the financial statement reader during the approval process based on qualitative criteria.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-375": {
   "value": "<div class=\"t m1 h22 ff49 fsf fc3 sc0 ls6 ws0 gs2e5\">Financial<span class=\"_ _3\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _3\"></span>strument<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>gnised at<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alue (<span class=\"_ _3\"></span>Level 3)<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs2e6\">Suitable <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>ation m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>alculate <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>fair <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue o<span class=\"_ _3\"></span>f f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>instrume<span class=\"_ _3\"></span>nts t<span class=\"_ _3\"></span>hat a<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _3\"></span>traded <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n activ<span class=\"_ _3\"></span>e ma<span class=\"_ _3\"></span>rket<span class=\"_ _3\"></span>s.<span class=\"_ _1\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs2e7\">The assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sed a<span class=\"_ _3\"></span>re based o<span class=\"_ _3\"></span>n marke<span class=\"_ _3\"></span>t data available <span class=\"_ _3\"></span>on the bal<span class=\"_ _3\"></span>ance sheet da<span class=\"_ _3\"></span>te. T<span class=\"_ _d\"></span>o dete<span class=\"_ _3\"></span>rmine the fair <span class=\"_ _3\"></span>value of ma<span class=\"_ _3\"></span>ny </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs2e8\">financial assets that are not traded in active markets, VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p uses <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>value methods based on appr<span class=\"_ _3\"></span>o-<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs2e9\">priate <span class=\"_ _5\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _5\"></span>rate <span class=\"_ _5\"></span>models. <span class=\"_ _d\"></span>No<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>24<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>Fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ume<span class=\"_ _3\"></span>nts <span class=\"_ _d\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>fai<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>mea<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>rem<span class=\"_ _5\"></span>ent <span class=\"_ _d\"></span>hier<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>chy <span class=\"_ _d\"></span>st<span class=\"_ _3\"></span>artin<span class=\"_ _3\"></span>g <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>13<span class=\"_ _3\"></span>3 <span class=\"_ _d\"></span>pro<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> </div><div class=\"t m1 h6c ff4a fsf fc3 sc0 ls6 ws0 gs2ea\">fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r i<span class=\"_ _3\"></span>nfo<span class=\"_ _3\"></span>rm<span class=\"_ _3\"></span>atio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>uatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _5\"></span>roc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span>. I<span class=\"_ _3\"></span>nfo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e im<span class=\"_ _5\"></span>pairm<span class=\"_ _5\"></span>ent o<span class=\"_ _3\"></span>f fi<span class=\"_ _5\"></span>nanc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> as<span class=\"_ _3\"></span>sets<span class=\"_ _5\"></span> is <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vide<span class=\"_ _3\"></span>d o<span class=\"_ _3\"></span>n p<span class=\"_ _3\"></span>age<span class=\"_ _3\"></span> <span class=\"fs32\">52<span class=\"_ _3\"></span><span class=\"fsf\">.<span class=\"_ _379\"> </span></span></span><span class=\"fs32\"><span class=\"fsf\"><span class=\"_ _3\"></span> </span></span></div><div class=\"t m1 h1e ff45 fs11 fcb sc0 ls6 ws0 gs3f9\">INVESTMENTS <span class=\"_ _3\"></span>(B) </div><div class=\"t m1 h22 ff49 fsf fc3 sc0 ls6 ws0 gs3fa\">General inform<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs3fb\">In <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce with the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elevant IFRS req<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>some a<span class=\"_ _3\"></span>ssets and <span class=\"_ _1\"></span>liabili<span class=\"_ _3\"></span>ties a<span class=\"_ _1\"></span>re ca<span class=\"_ _3\"></span>rr<span class=\"_ _1\"></span>ied at fair v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs3fc\">financial  s<span class=\"_ _3\"></span>tatements.  T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is  con<span class=\"_ _3\"></span>cerns  a  signifi<span class=\"_ _3\"></span>cant  portion<span class=\"_ _3\"></span>  of  investments. <span class=\"_ _6\"> </span>VI<span class=\"_ _1\"></span>G  I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance  Gr<span class=\"_ _3\"></span>oup  assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>all  financial </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs3fd\">instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>one <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>le<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ls <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _a\"></span>13 <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>hierarchy<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>decentrali<span class=\"_ _3\"></span>sed <span class=\"_ _a\"></span>organis<span class=\"_ _3\"></span>ational </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs3fe\">structur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _4\"></span>Ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>subsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>are <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _1\"></span>categorisa<span class=\"_ _3\"></span>tion. <span class=\"_ _4\"></span>This <span class=\"_ _4\"></span>tak<span class=\"_ _3\"></span>es </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs3ff\">account, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>particular<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>local <span class=\"_ _1\"></span>knowledge<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ty <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>any <span class=\"_ _4\"></span>inpu<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>paramet<span class=\"_ _3\"></span>ers <span class=\"_ _1\"></span>needed <span class=\"_ _1\"></span>for </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs400\">model v<span class=\"_ _3\"></span>aluation. <span class=\"_ _3\"></span> </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs401\">Fair values <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e determi<span class=\"_ _3\"></span>ned using t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng hierar<span class=\"_ _3\"></span>chy spe<span class=\"_ _3\"></span>cified in I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 13<span class=\"_ _3\"></span>: </div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs402\">\u2022<span class=\"_ _f\"> </span>The determi<span class=\"_ _3\"></span>nation of<span class=\"_ _3\"></span> fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> for f<span class=\"_ _3\"></span>inancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s ge<span class=\"_ _3\"></span>nerally base<span class=\"_ _3\"></span>d on pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>e markets <span class=\"_ _3\"></span>for<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs403\">identical ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts or li<span class=\"_ _3\"></span>abilities (<span class=\"_ _3\"></span>Level 1).<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs404\">\u2022<span class=\"_ _f\"> </span>If a financial i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ent is not li<span class=\"_ _3\"></span>sted a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>no mark<span class=\"_ _3\"></span>et price quo<span class=\"_ _3\"></span>tations ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> activ<span class=\"_ _3\"></span>e mark<span class=\"_ _3\"></span>ets, fair val<span class=\"_ _3\"></span>ue is<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs405\">determin<span class=\"_ _3\"></span>ed using <span class=\"_ _3\"></span>price quot<span class=\"_ _3\"></span>ations for sim<span class=\"_ _3\"></span>ila<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> asse<span class=\"_ _3\"></span>ts or pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations in in<span class=\"_ _3\"></span>active m<span class=\"_ _3\"></span>arkets (Le<span class=\"_ _3\"></span>vel 2). S<span class=\"_ _3\"></span>tandard <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs406\">models wi<span class=\"_ _3\"></span>th inpu<span class=\"_ _3\"></span>ts that are o<span class=\"_ _5\"></span>bservable i<span class=\"_ _3\"></span>n the mark<span class=\"_ _3\"></span>et are <span class=\"_ _3\"></span>used for <span class=\"_ _3\"></span>Level 2 m<span class=\"_ _3\"></span>easurem<span class=\"_ _3\"></span>ents. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ese m<span class=\"_ _3\"></span>odels ar<span class=\"_ _3\"></span>e prima<span class=\"_ _3\"></span>rily<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs407\">used fo<span class=\"_ _3\"></span>r illiquid bon<span class=\"_ _3\"></span>ds (pr<span class=\"_ _3\"></span>esent v<span class=\"_ _3\"></span>alue method<span class=\"_ _3\"></span>) and s<span class=\"_ _3\"></span>tructure<span class=\"_ _3\"></span>d securiti<span class=\"_ _3\"></span>es.<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs408\">\u2022<span class=\"_ _f\"> </span>The fair val<span class=\"_ _3\"></span>ue of cert<span class=\"_ _3\"></span>ain financi<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments, i<span class=\"_ _3\"></span>n particula<span class=\"_ _3\"></span>r bonds fr<span class=\"_ _3\"></span>om cou<span class=\"_ _3\"></span>ntries <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ut active <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rkets, a<span class=\"_ _3\"></span>nd<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs409\">prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>, is d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>ned using <span class=\"_ _3\"></span>valuation mo<span class=\"_ _3\"></span>dels wit<span class=\"_ _3\"></span>h input f<span class=\"_ _3\"></span>actors th<span class=\"_ _3\"></span>at are g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y unobse<span class=\"_ _3\"></span>rvable i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>arket. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span></div><div class=\"t m1 h1c ff4a fsf fc3 sc0 ls6 ws0 gs40a\">models us<span class=\"_ _3\"></span>e, for ex<span class=\"_ _3\"></span>ample, tra<span class=\"_ _3\"></span>nsactio<span class=\"_ _3\"></span>ns in inactiv<span class=\"_ _3\"></span>e marke<span class=\"_ _3\"></span>ts, expert r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e of cash fl<span class=\"_ _3\"></span>ows (<span class=\"_ _3\"></span>Level 3).<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs40c\">The ta<span class=\"_ _3\"></span>ble belo<span class=\"_ _3\"></span>w lists <span class=\"_ _3\"></span>the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d and m<span class=\"_ _3\"></span>ost impo<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs40d\">rtant <span class=\"_ _3\"></span>input fa<span class=\"_ _3\"></span>ctors for <span class=\"_ _3\"></span>Levels<span class=\"_ _3\"></span> 2 and<span class=\"_ _3\"></span> 3. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> calculated<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alues c<span class=\"_ _3\"></span>an </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs40e\">be used for <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>curring a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>non-r<span class=\"_ _3\"></span>ecurring m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs40f\">Pricing metho<span class=\"_ _1\"></span>d <span class=\"_ _15f\"> </span><span class=\"fsc\">Used for <span class=\"_ _160\"> </span>Fair<span class=\"_ _1\"></span> Value <span class=\"_ _4f\"> </span>Input paramet<span class=\"_ _1\"></span>ers </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs410\">Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>Observable<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs411\">Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs412\">Bond<span class=\"_ _1\"></span>s; borrower's note loans<span class=\"_ _1\"></span>; loans; se<span class=\"_ _1\"></span>curitised </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs413\">liabilities and su<span class=\"_ _1\"></span>bordinated liab<span class=\"_ _1\"></span>ilities<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs414\">Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Issuer, secto<span class=\"_ _1\"></span>r and rating-d<span class=\"_ _1\"></span>ependen<span class=\"_ _1\"></span>t yield curves<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs415\">Lib<span class=\"_ _1\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rese<span class=\"_ _1\"></span>nt </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs416\">valu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs417\">Bond<span class=\"_ _1\"></span>s and b<span class=\"_ _1\"></span>orrower's note loans with<span class=\"_ _1\"></span> other </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs418\">embedd<span class=\"_ _1\"></span>ed derivates<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs419\">Theoretical p<span class=\"_ _1\"></span>rice </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41a\">Money marke<span class=\"_ _1\"></span>t and sw<span class=\"_ _1\"></span>ap curves; implied v<span class=\"_ _1\"></span>olatility su<span class=\"_ _1\"></span>rface; </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41b\">cap &amp; floor <span class=\"_ _1\"></span>volatilities; issuer, se<span class=\"_ _1\"></span>ctor <span class=\"_ _1\"></span>and rating-<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41c\">depend<span class=\"_ _1\"></span>ent yield curves </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41d\">Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>C<span class=\"_ _3\"></span>urrenc<span class=\"_ _1\"></span>y futures contr<span class=\"_ _1\"></span>acts <span class=\"_ _162\"> </span>Theoretical p<span class=\"_ _1\"></span>rice </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41e\">Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket curves for th<span class=\"_ _1\"></span>e curren<span class=\"_ _1\"></span>cies </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs41f\">concerned </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs420\">Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>I<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest rate/curren<span class=\"_ _1\"></span>cy swaps<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>Theoretical p<span class=\"_ _1\"></span>rice </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs421\">Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket and s<span class=\"_ _1\"></span>wap curves fo<span class=\"_ _1\"></span>r the </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs422\">currencies c<span class=\"_ _1\"></span>oncerned </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs423\">Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs424\">Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; im<span class=\"_ _1\"></span>plied volatilities; </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs425\">yield curve<span class=\"_ _1\"></span> </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs426\">Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>(Un-)obser<span class=\"_ _1\"></span>vable </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs427\">Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; volati<span class=\"_ _1\"></span>lities; yield<span class=\"_ _1\"></span> curve<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs428\">Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>tho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs429\">Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42a\">capitalisation <span class=\"_ _1\"></span>rate; data on<span class=\"_ _1\"></span> comparabl<span class=\"_ _1\"></span>e transa<span class=\"_ _1\"></span>ctions </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42b\">Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42c\">Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42d\">discount rate; ind<span class=\"_ _1\"></span>exes </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42e\">Mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch <span class=\"_ _167\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs42f\">Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>typical indu<span class=\"_ _1\"></span>stry </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs430\">multipliers </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs431\">Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>discount rate<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs432\">Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Shares <span class=\"_ _168\"> </span>Book value </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs433\">Company-sp<span class=\"_ _1\"></span>ecific equity a<span class=\"_ _1\"></span>ccording to sep<span class=\"_ _1\"></span>arate finan<span class=\"_ _1\"></span>cial </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs434\">statements </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs435\">Amo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs436\">Fixed income <span class=\"_ _1\"></span>instrumen<span class=\"_ _1\"></span>ts (illiquid bon<span class=\"_ _1\"></span>ds, policy </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs437\">loans, loans) with<span class=\"_ _1\"></span> no observ<span class=\"_ _1\"></span>able inpu<span class=\"_ _1\"></span>t data for </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs438\">comparable ass<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs439\">Book value <span class=\"_ _56\"> </span>Cost-price; redemp<span class=\"_ _1\"></span>tion pri<span class=\"_ _1\"></span>ce; effective yield<span class=\"_ _1\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs43a\">Fo<span class=\"_ _3\"></span>r f<span class=\"_ _5\"></span>urth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>info<span class=\"_ _5\"></span>rmati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>ple<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>see <span class=\"_ _5\"></span>Not<span class=\"_ _3\"></span>e 2<span class=\"_ _5\"></span>4. <span class=\"_ _3\"></span>Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>hie<span class=\"_ _3\"></span>rar<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>33.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs43b\">The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>nts th<span class=\"_ _3\"></span>e relatio<span class=\"_ _3\"></span>nships b<span class=\"_ _3\"></span>etween bal<span class=\"_ _3\"></span>ance-s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et items a<span class=\"_ _3\"></span>nd classes o<span class=\"_ _3\"></span>f fin<span class=\"_ _3\"></span>ancial instr<span class=\"_ _3\"></span>uments <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs43c\">to IFRS 7, i<span class=\"_ _3\"></span>ncludi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g me<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent me<span class=\"_ _3\"></span>thods:<span class=\"_ _3\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs43d\">Balance s<span class=\"_ _1\"></span>heet item<span class=\"_ _1\"></span>s, IAS 39 cate<span class=\"_ _1\"></span>gories<span class=\"_ _1\"></span> and classe<span class=\"_ _1\"></span>s of financ<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nstruments<span class=\"_ _1\"></span> ac<span class=\"_ _1\"></span>cording to<span class=\"_ _1\"></span> IFRS 7 <span class=\"_ _169\"> </span><span class=\"fsc\">Measurem<span class=\"_ _1\"></span>ent met<span class=\"_ _1\"></span>hod </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs43e\">Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs43f\">Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>At amortised<span class=\"_ _1\"></span> costs </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs440\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _16b\"> </span>At amortised<span class=\"_ _1\"></span> costs </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs441\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>At fair value<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs442\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>At fair value<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs443\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>At fair value<span class=\"_ _1\"></span> </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs444\">Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs445\">Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _ed\"> </span>At am<span class=\"_ _1\"></span>ortised costs </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs446\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iabi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>At amortised<span class=\"_ _1\"></span> costs </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs447\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>) <span class=\"_ _6d\"> </span>At amortised costs<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs448\">De<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies)<span class=\"_ _1\"></span> <span class=\"_ _16e\"> </span>At fair value<span class=\"_ _1\"></span> </div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs449\">*Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span></div>Measurem<span class=\"_ _3\"></span>ent proc<span class=\"_ _3\"></span>ess The <span class=\"_ _c\"></span>me<span class=\"_ _3\"></span>asur<span class=\"_ _3\"></span>ement <span class=\"_ _a\"></span>proc<span class=\"_ _3\"></span>ess <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ims<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>determine <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>fair <span class=\"_ _a\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>finan<span class=\"_ _1\"></span>cial <span class=\"_ _a\"></span>assets <span class=\"_ _a\"></span>using <span class=\"_ _a\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ce <span class=\"_ _c\"> </span>q<span class=\"_ _3\"></span>uotations <span class=\"_ _a\"></span>that <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>public<span class=\"_ _3\"></span>ly available <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>active <span class=\"_ _4\"></span>mar<span class=\"_ _3\"></span>ket<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valuatio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>based <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>economi<span class=\"_ _3\"></span>c <span class=\"_ _4\"></span>model<span class=\"_ _3\"></span>s <span class=\"_ _4\"></span>using <span class=\"_ _4\"></span>obs<span class=\"_ _3\"></span>ervable <span class=\"_ _4\"></span>inp<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ts. <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>public <span class=\"_ _4\"></span>pri<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> quotations<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>obs<span class=\"_ _3\"></span>ervable <span class=\"_ _4\"></span>mark<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>data <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>available<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _a\"></span>an <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>gener<span class=\"_ _3\"></span>ally <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng valuatio<span class=\"_ _3\"></span>n  repo<span class=\"_ _3\"></span>rts <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>by<span class=\"_ _1\"></span> <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>ppraise<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>(e<span class=\"_ _1\"></span>.g. <span class=\"_ _6\"> </span>expert <span class=\"_ _6\"> </span>reports<span class=\"_ _3\"></span>).  T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _2\"> </span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>nal <span class=\"_ _2\"> </span>units <span class=\"_ _6\"> </span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _2\"> </span>for <span class=\"_ _6\"> </span>appraisal<span class=\"_ _5\"></span>  of investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> ar<span class=\"_ _3\"></span>e inde<span class=\"_ _3\"></span>pendent of<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>units t<span class=\"_ _3\"></span>hat ass<span class=\"_ _3\"></span>ume t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _5\"></span>k e<span class=\"_ _1\"></span>xpos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e of th<span class=\"_ _3\"></span>e investm<span class=\"_ _3\"></span>ents, t<span class=\"_ _3\"></span>hereb<span class=\"_ _3\"></span>y ens<span class=\"_ _3\"></span>uring sep<span class=\"_ _3\"></span>aration <span class=\"_ _5\"></span>of<span class=\"_ _1\"></span> functions <span class=\"_ _3\"></span>and r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibi<span class=\"_ _3\"></span>lities. As <span class=\"_ _3\"></span>a rule, <span class=\"_ _3\"></span>the aim<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>use t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>sam<span class=\"_ _3\"></span>e price <span class=\"_ _3\"></span>within <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>Insuran<span class=\"_ _3\"></span>ce Gro<span class=\"_ _3\"></span>up to <span class=\"_ _5\"></span>value a <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ular s<span class=\"_ _3\"></span>ecurity o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>each <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n dat<span class=\"_ _3\"></span>e. In p<span class=\"_ _3\"></span>ractice, <span class=\"_ _3\"></span>howe<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, s<span class=\"_ _3\"></span>ituatio<span class=\"_ _3\"></span>ns occ<span class=\"_ _3\"></span>ur w<span class=\"_ _3\"></span>hen t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>cost <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>ess <span class=\"_ _3\"></span>compliance <span class=\"_ _5\"></span>would <span class=\"_ _3\"></span>be in<span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>priate. <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>or ex<span class=\"_ _3\"></span>ample, <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>ocal provisi<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>some<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>untr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in whic<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>VIG Insu<span class=\"_ _3\"></span>rance Group <span class=\"_ _3\"></span>operates requir<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>the ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>anies ther<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to use pric<span class=\"_ _3\"></span>es on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>stock exchang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>value c<span class=\"_ _1\"></span>ertai<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>this case, <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>the same <span class=\"_ _1\"></span>sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>held by <span class=\"_ _1\"></span>other companies<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e compa<span class=\"_ _3\"></span>nies might <span class=\"_ _3\"></span>use a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span>her price so<span class=\"_ _3\"></span>urce fo<span class=\"_ _3\"></span>r valua<span class=\"_ _3\"></span>tion. Institutio<span class=\"_ _3\"></span>nal <span class=\"_ _a\"></span>funds <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>anot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _4\"></span>exampl<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>where <span class=\"_ _4\"></span>uniform <span class=\"_ _4\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>can <span class=\"_ _a\"></span>only <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>achieved <span class=\"_ _4\"></span>at <span class=\"_ _a\"></span>an <span class=\"_ _4\"></span>inordi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>tel<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>high <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>ost. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e Austrian <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies <span class=\"_ _a\"></span>hold <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>aryi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>amo<span class=\"_ _3\"></span>unts <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>institutional<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>funds<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>requir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>under <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>included <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the consolida<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents. <span class=\"_ _1\"></span>Howev<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>valua<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>l<span class=\"_ _3\"></span>ogic <span class=\"_ _1\"></span>of a<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>institutio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fund requir<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>fund v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>(NA<span class=\"_ _5\"></span>V) <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>a particul<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>date <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>be c<span class=\"_ _3\"></span>alculat<span class=\"_ _3\"></span>ed usi<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(in <span class=\"_ _3\"></span>general, <span class=\"_ _3\"></span>closi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>prices o<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he pr<span class=\"_ _3\"></span>evious <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>ay<span class=\"_ _5\"></span>. I<span class=\"_ _3\"></span>n this <span class=\"_ _3\"></span>case, <span class=\"_ _5\"></span>a sec<span class=\"_ _3\"></span>urity t<span class=\"_ _3\"></span>hat i<span class=\"_ _3\"></span>s bo<span class=\"_ _3\"></span>th held i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> instit<span class=\"_ _3\"></span>utional f<span class=\"_ _3\"></span>und and dir<span class=\"_ _5\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y held <span class=\"_ _3\"></span>will be val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>using dif<span class=\"_ _5\"></span>ferent prices.<span class=\"_ _3\"></span> The follo<span class=\"_ _3\"></span>wing items a<span class=\"_ _3\"></span>re me<span class=\"_ _3\"></span>asure<span class=\"_ _3\"></span>d at f<span class=\"_ _3\"></span>air value:<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s a<span class=\"_ _3\"></span>vailable f<span class=\"_ _3\"></span>or sale, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>nised at fair <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it and los<span class=\"_ _3\"></span>s (incl. held for <span class=\"_ _3\"></span>trading<span class=\"_ _3\"></span>), \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Der<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>ative finan<span class=\"_ _3\"></span>cial instrum<span class=\"_ _3\"></span>ents (asse<span class=\"_ _3\"></span>ts/li<span class=\"_ _3\"></span>abilities), and<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial instr<span class=\"_ _3\"></span>uments for <span class=\"_ _3\"></span>unit- and i<span class=\"_ _3\"></span>ndex-link<span class=\"_ _3\"></span>ed life ins<span class=\"_ _3\"></span>urance<span class=\"_ _3\"></span>. Balanc<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sheet <span class=\"_ _1\"></span>items <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>not <span class=\"_ _1\"></span>reporte<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>fair <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>bject <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>non<span class=\"_ _1\"></span>-recurr<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>measurem<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue. <span class=\"_ _1\"></span>The<span class=\"_ _1\"></span>se items <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>measured <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>fair <span class=\"_ _a\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _4\"></span>when <span class=\"_ _a\"></span>events <span class=\"_ _4\"></span>occu<span class=\"_ _1\"></span>r <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>indicate <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>book <span class=\"_ _a\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>might <span class=\"_ _a\"></span>no <span class=\"_ _a\"></span>longer <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>coverable (impairment).<span class=\"_ _379\"> </span><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs175b\">The follo<span class=\"_ _3\"></span>wing items a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not r<span class=\"_ _3\"></span>eported at f<span class=\"_ _3\"></span>air value:<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs175c\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>F<span class=\"_ _1\"></span>inan<span class=\"_ _3\"></span>cial ass<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>held to m<span class=\"_ _3\"></span>aturity<span class=\"_ _d\"></span>, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs175d\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Sh<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es in at <span class=\"_ _3\"></span>equity consol<span class=\"_ _3\"></span>idate<span class=\"_ _3\"></span>d compa<span class=\"_ _3\"></span>nies, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs175e\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Propert<span class=\"_ _3\"></span>y (<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wner<span class=\"_ _5\"></span>-occupied <span class=\"_ _3\"></span>and inves<span class=\"_ _3\"></span>tment p<span class=\"_ _3\"></span>ropert<span class=\"_ _3\"></span>y)<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs175f\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>L<span class=\"_ _1\"></span>oans, a<span class=\"_ _3\"></span>nd </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1760\">\u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>eceiv<span class=\"_ _3\"></span>ables. </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs1761\">REAL ES<span class=\"_ _3\"></span>TA<span class=\"_ _d\"></span>TE <span class=\"_ _5\"></span>VALUA<span class=\"_ _d\"></span>TION </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1762\">The ca<span class=\"_ _3\"></span>pitalised <span class=\"_ _3\"></span>earnin<span class=\"_ _1\"></span>gs <span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _3\"></span> and <span class=\"_ _3\"></span>discounted <span class=\"_ _3\"></span>cash fl<span class=\"_ _3\"></span>ow <span class=\"_ _3\"></span>method <span class=\"_ _3\"></span>are th<span class=\"_ _3\"></span>e main <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>used in<span class=\"_ _3\"></span> VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1763\">Gro<span class=\"_ _3\"></span>up to calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>e the f<span class=\"_ _3\"></span>air value of pr<span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ties. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1764\">Each <span class=\"_ _1\"></span>time <span class=\"_ _1\"></span>valuation <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>perfo<span class=\"_ _3\"></span>rmed, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ethods <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>verifi<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>which <span class=\"_ _1\"></span>allow <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fai<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>value<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>prop<span class=\"_ _3\"></span>erty <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>calculate<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1765\">Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up mainl<span class=\"_ _3\"></span>y u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es the <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>alised e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs m<span class=\"_ _3\"></span>ethod. In <span class=\"_ _3\"></span>rare c<span class=\"_ _3\"></span>ases, a dis<span class=\"_ _3\"></span>counte<span class=\"_ _3\"></span>d cash flow m<span class=\"_ _3\"></span>ethod is<span class=\"_ _3\"></span> also us<span class=\"_ _3\"></span>ed, </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1766\">provid<span class=\"_ _3\"></span>ed it ca<span class=\"_ _3\"></span>n be used to <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>ne the hig<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>est a<span class=\"_ _3\"></span>nd best <span class=\"_ _3\"></span>use value fo<span class=\"_ _3\"></span>r the pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y type.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs1767\">Capitalised<span class=\"_ _3\"></span> e<span class=\"_ _1\"></span>arni<span class=\"_ _3\"></span>ngs meth<span class=\"_ _3\"></span>od </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1768\">In t<span class=\"_ _3\"></span>his m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od, <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>value of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>determin<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>priate <span class=\"_ _3\"></span>inter<span class=\"_ _5\"></span>est <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>apitalise <span class=\"_ _5\"></span>expected <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r r<span class=\"_ _3\"></span>eceiv<span class=\"_ _3\"></span>ed </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1769\">future <span class=\"_ _1\"></span>gross <span class=\"_ _1\"></span>profits <span class=\"_ _1\"></span>over <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>useful <span class=\"_ _1\"></span>life. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>perating <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>come <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>calculated <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>ded<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>actual <span class=\"_ _4\"></span>operati<span class=\"_ _5\"></span>ng,<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs176a\">maintena<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>admi<span class=\"_ _3\"></span>nistrative <span class=\"_ _5\"></span>expenses<span class=\"_ _3\"></span> (m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es). <span class=\"_ _3\"></span>An <span class=\"_ _3\"></span>allow<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>for l<span class=\"_ _3\"></span>ost <span class=\"_ _5\"></span>rental <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>any <span class=\"_ _3\"></span>liq<span class=\"_ _3\"></span>uidation </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs176b\">proce<span class=\"_ _3\"></span>eds a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>costs a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>take<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>into <span class=\"_ _3\"></span>accou<span class=\"_ _3\"></span>nt. T<span class=\"_ _3\"></span>he ra<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed to <span class=\"_ _3\"></span>calc<span class=\"_ _3\"></span>ulate <span class=\"_ _3\"></span>capitalis<span class=\"_ _3\"></span>ed e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>nings <span class=\"_ _5\"></span>is based <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>achie<span class=\"_ _3\"></span>vable </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs176c\">ret<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>n o<span class=\"_ _3\"></span>n i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>Net <span class=\"_ _3\"></span>operati<span class=\"_ _3\"></span>ng in<span class=\"_ _3\"></span>come m<span class=\"_ _3\"></span>inus <span class=\"_ _3\"></span>the r<span class=\"_ _5\"></span>eturn on <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>and i<span class=\"_ _3\"></span>s capit<span class=\"_ _3\"></span>alised <span class=\"_ _3\"></span>at t<span class=\"_ _3\"></span>his ra<span class=\"_ _3\"></span>te o<span class=\"_ _3\"></span>ver th<span class=\"_ _3\"></span>e rem<span class=\"_ _3\"></span>aini<span class=\"_ _3\"></span>ng us<span class=\"_ _3\"></span>efu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs176d\">lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>calculate the capit<span class=\"_ _3\"></span>alised earn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>value of the structur<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>facili<span class=\"_ _3\"></span>ty<span class=\"_ _5\"></span>. Th<span class=\"_ _1\"></span>is is added to the <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d value to calculate the total </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs176e\">capitali<span class=\"_ _3\"></span>sed earnings v<span class=\"_ _3\"></span>alue of th<span class=\"_ _3\"></span>e prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc11 sc0 ls6 ws0 gs176f\">Discounte<span class=\"_ _3\"></span>d cash flow met<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>od<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1770\">The <span class=\"_ _3\"></span>discount<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>cash f<span class=\"_ _3\"></span>low m<span class=\"_ _5\"></span>ethod i<span class=\"_ _3\"></span>s a <span class=\"_ _5\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>hod t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>discou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>cash f<span class=\"_ _3\"></span>lows <span class=\"_ _3\"></span>during <span class=\"_ _5\"></span>the f<span class=\"_ _3\"></span>ore<span class=\"_ _3\"></span>cast <span class=\"_ _3\"></span>phase <span class=\"_ _3\"></span>(ph<span class=\"_ _3\"></span>ase I<span class=\"_ _3\"></span>) b<span class=\"_ _3\"></span>ack </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1771\">to the valuation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>date. Disco<span class=\"_ _3\"></span>unti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g is perfo<span class=\"_ _3\"></span>rmed u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng a rate for a c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>arable risk<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>inves<span class=\"_ _3\"></span>tment with pro<span class=\"_ _3\"></span>perty<span class=\"_ _3\"></span>- <span class=\"_ _1\"></span>and ma<span class=\"_ _3\"></span>rket-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1772\">specific  pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms. <span class=\"_ _2\"> </span>Th<span class=\"_ _3\"></span>e  gross <span class=\"_ _2\"> </span>pro<span class=\"_ _3\"></span>fit  for  the <span class=\"_ _2\"> </span>year  plus <span class=\"_ _6\"> </span>vacancy  r<span class=\"_ _3\"></span>ental  (at  curr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt  m<span class=\"_ _3\"></span>arket  r<span class=\"_ _3\"></span>ent)  minus  no<span class=\"_ _3\"></span>n-alloca<span class=\"_ _3\"></span>ble </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1773\">managem<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>costs <span class=\"_ _3\"></span>equals <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>net op<span class=\"_ _3\"></span>erating <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e f<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e m<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od <span class=\"_ _3\"></span>allows <span class=\"_ _5\"></span>preci<span class=\"_ _3\"></span>se a<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ysis <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ndividual <span class=\"_ _5\"></span>years </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1774\">of <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>initial <span class=\"_ _1\"></span>fore<span class=\"_ _3\"></span>cast <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>so <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>vaca<span class=\"_ _3\"></span>ncies <span class=\"_ _4\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>assign<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ndividual<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>years a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>accou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1775\">advanc<span class=\"_ _3\"></span>e. In p<span class=\"_ _3\"></span>hase <span class=\"_ _3\"></span>II, th<span class=\"_ _3\"></span>e pro<span class=\"_ _3\"></span>ceeds f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>fictitious <span class=\"_ _3\"></span>disposal <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>the e<span class=\"_ _3\"></span>nd of <span class=\"_ _3\"></span>the for<span class=\"_ _3\"></span>ecas<span class=\"_ _3\"></span>t phase <span class=\"_ _3\"></span>(m<span class=\"_ _3\"></span>ax. 10<span class=\"_ _3\"></span> years) <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>calcul<span class=\"_ _3\"></span>ated </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1776\">by <span class=\"_ _3\"></span>capitali<span class=\"_ _3\"></span>sing <span class=\"_ _3\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>flows. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>rate <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>is <span class=\"_ _5\"></span>calcul<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>rate <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>compara<span class=\"_ _3\"></span>bly <span class=\"_ _3\"></span>risk<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>investment <span class=\"_ _5\"></span>plus <span class=\"_ _5\"></span>market- </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1777\">and pro<span class=\"_ _3\"></span>perty<span class=\"_ _3\"></span>-specific pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>ums, less t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expected i<span class=\"_ _3\"></span>ncr<span class=\"_ _3\"></span>ease in value.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2f ff45 fs14 fc3 sc0 ls6 ws0 gs1778\">OTHER DIS<span class=\"_ _3\"></span>CLOSUR<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> A<span class=\"_ _3\"></span>BOUT <span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>HE<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>VALU<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TION PRO<span class=\"_ _3\"></span>CESS<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1779\">The <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dif<span class=\"_ _5\"></span>ferent <span class=\"_ _1\"></span>pricing <span class=\"_ _1\"></span>mod<span class=\"_ _3\"></span>els <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d assumptions can <span class=\"_ _1\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>esults <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>fai<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue. <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>hanges <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>estimat<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs177a\">and <span class=\"_ _1\"></span>assump<span class=\"_ _3\"></span>tions<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>determi<span class=\"_ _3\"></span>ne <span class=\"_ _1\"></span>the fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of assets in<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>mar<span class=\"_ _3\"></span>ket <span class=\"_ _1\"></span>price<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>uotations<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>may<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs177b\">necessita<span class=\"_ _3\"></span>te a write-up or write-do<span class=\"_ _3\"></span>wn of the book valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>qu<span class=\"_ _3\"></span>estion and the re<span class=\"_ _3\"></span>cognitio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the corr<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>ng </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs177c\">income o<span class=\"_ _3\"></span>r expense i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement. <span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs177d\">Certain inves<span class=\"_ _3\"></span>tments whos<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> fair val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e is norm<span class=\"_ _3\"></span>ally not r<span class=\"_ _3\"></span>epeate<span class=\"_ _3\"></span>dly measur<span class=\"_ _3\"></span>ed ar<span class=\"_ _3\"></span>e measur<span class=\"_ _3\"></span>ed once at fair <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue when events <span class=\"_ _3\"></span>or </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs177e\">changes i<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>cumst<span class=\"_ _3\"></span>ances indica<span class=\"_ _3\"></span>te that the book <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue might no longe<span class=\"_ _3\"></span>r be recov<span class=\"_ _3\"></span>erable. If fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial ass<span class=\"_ _3\"></span>ets are m<span class=\"_ _3\"></span>easure<span class=\"_ _3\"></span>d at<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> </div>fair v<span class=\"_ _1\"></span>alue when <span class=\"_ _1\"></span>imp<span class=\"_ _3\"></span>airment <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>mi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sell<span class=\"_ _3\"></span>ing <span class=\"_ _1\"></span>costs <span class=\"_ _1\"></span>is used as <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _5\"></span>ent <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nce with <span class=\"_ _5\"></span>IFRS <span class=\"_ _5\"></span>5, <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>disclos<span class=\"_ _3\"></span>ure <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>his <span class=\"_ _d\"></span>effect<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>includ<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>Note <span class=\"_ _5\"></span>16.<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Financial <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esult <span class=\"_ _5\"></span>excl. <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>consoli<span class=\"_ _3\"></span>dated companies s<span class=\"_ _3\"></span>tarting o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> page 1<span class=\"_ _3\"></span>26 or N<span class=\"_ _3\"></span>ote 18. <span class=\"_ _3\"></span>Other income <span class=\"_ _3\"></span>and exp<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>es o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> pag<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span> 129.<span class=\"_ _379\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-376": {
   "value": "Impairment of goodwill Goodwill is tested for impairment at least once a year in accordance with the method explained on page 47 in the Impair- ment of non-financial assets section. Estimates in this area primarily concern the projected earnings of the CGUs that the calculations are based on, and specific parameters, in particular the growth rates and discount rates. Sensitivities Additional impairment needed Cash flows Growth rate Discount rate Cash flows and discount rate -10% -1%p +1%p -10% and +1%p in EUR millions Baltic States  33.1 Hungary  5.2 Goodwill Goodwill  is  accounted  for  in  the  functional  currency  of  each  entity.  Goodwill  is  measured  at  cost  less  accumulated impairment losses. In the case of shares in at equity consolidated companies, goodwill is included in the adjusted book value of the participation. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-377": {
   "value": "Value of deferred tax assets Income taxes must be estimated for each tax jurisdiction in which VIG operates. The current income tax expected for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule they lead to the recognition of deferred tax assets and liabilities in the financial statements based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, under application of IFRIC 23. The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and latent taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions concerning maximum loss carryforward periods.  The following factors are considered when assessing the probability of being able to utilise deferred tax assets in the future: \u2022 past results of operations, \u2022 operating plans, \u2022 loss carryforward periods, \u2022 tax planning strategies and \u2022 existing deferred tax liabilities. Information on the existing group agreement for Aust rian companies and some foreign companies is provided on page 55. If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be reduced or increased and the change recognised in the income statement or charged or credited  to  equity,  depending  on  the  treatment  used  when  the  deferred  tax  asset  was  originally  recognised.  Further information can be found under Taxes in the Accounting policies section starting on page 53 and in Note 6. Deferred taxes on page 110. TAXES (F) Income tax expenses comprise actual and deferred tax es. The income tax associated with transactions recognised directly in  equity  is also  recognised  directly  in equity.  The actual  taxes for  the  individual  VIG  Insurance Group  companies are calculated using the company\u2019s taxable income and the tax rate applicable in the country in question.  Deferred taxes are calculated using the balance shee t liability method for all temporary differences between the asset and liability values recognised in the IFRS consolidated financial statements and the individual company tax bases for these assets and liabilities. Under IAS 12.47, deferred taxes are measured using the tax rates applicable at the time of realisation. In addition, any probable tax benefits realisable from existing loss carryforwards are included in the calculation. Exceptions to  this  deferral  calculation are  differences  from  non-tax-deductible  goodwill and any  deferred  tax  differences linked  to participations. Deferred tax assets are not recognised if it is not probable that the tax benefits they contain can be realised. Where required, deferred taxes are calculated based on the following tax rates: Tax rates  31.12.2022 31.12.2021 in % Albania  15.0 15.0 Bosnia-Herzegovina  10.0 10.0 Bulgaria  10.0 10.0 Germany1  30.0 30.0 Estonia 2  0.0 0.0 Georgia 3  15.0 15.0 Kosovo  10.0 10.0 Croatia  18.0 18.0 Latvia 4  0.0 0.0 Liechtenstein  12.5 12.5 Lithuania  15.0 15.0 Moldova  12.0 12.0 North Macedonia  10.0 10.0 Austria 5  25.0 25.0 Poland  19.0 19.0 Romania  16.0 16.0 Serbia  15.0 15.0 Slovakia  21.0 21.0 Czech Republic  19.0 19.0 T\u00fcrkiye  25.0 25.0 Ukraine  18.0 18.0 Hungary  11.3 11.3 1  The tax rate shown here is a flat tax rate. The tax rate is between 15,825% and 31,715%, depending on the registered office and activities of the company. 2  The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 14% to 20%. 3  As a rule, the retained profits of locally domiciled companies will not be subject to corporate income tax starting 1 January 2023. The planned implementation date was postponed from 1 January 2019 to 1 January 2023. 4  The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 20%. 5 Due to a new law that was passed, the corporate income tax rate will be reduced in stages from 25% to 24% in 2023, and then to 23% in 2024. Group taxation With Wiener St\u00e4dtische Versicherungsverein as the parent company there is a corporate group of companies within the meaning of \u00a7 9 of the Austrian Corporate Income Tax Act (KStG). The taxable earnings of group members are attributed to the head of the tax group. The head of the tax group has entered into agreements with each group member governing the allocation of positive and negative tax amounts for the purpose of allocating corporate income tax charges according to origin. If a group member earns positive income, 25% is allocated to the head of the tax group. In case of negative income, the group member receives lump-sum compensation equal to 22.5% of the tax loss. Since the tax allocation is 25% in the case of positive income, the group member should provide 10%  of the tax benefit from group taxation  resulting from inclusion of that group member in the group. Cash settlement of tax benefits is performed for a period of three years. Change in the Austrian tax rate As a result of the 2022 tax reform, the corporate income tax rate will be reduced in stages from 25% to 24% in 2023 and then to 23% in 2024. The reduction in the corporate income tax rate in Austria resulted in deferred tax income of EUR 2.0 million for the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-413": {
   "value": "Value of deferred tax assets Income taxes must be estimated for each tax jurisdiction in which VIG operates. The current income tax expected for each taxable entity must be calculated and the temporary differences due to differences between the tax and IFRS treatment of certain balance sheet items must be assessed. If temporary differences exist, as a rule they lead to the recognition of deferred tax assets and liabilities in the financial statements based on the tax rate for each country. The amount of the expected current and deferred tax liability or asset reflects the best estimate taking into account tax uncertainties and, consequently, under application of IFRIC 23. The Managing Board must make assessments and, taking into account tax uncertainties, judgements when calculating current and latent taxes. Deferred tax assets are only recognised to the extent that it is probable they can be utilised. The utilisation of deferred tax assets depends on the likelihood of achieving sufficient taxable income of a particular tax type for a particular tax jurisdiction, while taking into account any statutory restrictions concerning maximum loss carryforward periods.  The following factors are considered when assessing the probability of being able to utilise deferred tax assets in the future: \u2022 past results of operations, \u2022 operating plans, \u2022 loss carryforward periods, \u2022 tax planning strategies and \u2022 existing deferred tax liabilities. Information on the existing group agreement for Aust rian companies and some foreign companies is provided on page 55. If actual events diverge from the estimates or the estimates must be adjusted in future periods, this could have an adverse effect on net assets, financial position and results of operations. If the assessment of the recoverability of deferred tax assets changes, the book value must be reduced or increased and the change recognised in the income statement or charged or credited  to  equity,  depending  on  the  treatment  used  when  the  deferred  tax  asset  was  originally  recognised.  Further information can be found under Taxes in the Accounting policies section starting on page 53 and in Note 6. Deferred taxes on page 110. TAXES (F) Income tax expenses comprise actual and deferred tax es. The income tax associated with transactions recognised directly in  equity  is also  recognised  directly  in equity.  The actual  taxes for  the  individual  VIG  Insurance Group  companies are calculated using the company\u2019s taxable income and the tax rate applicable in the country in question. Deferred taxes are calculated using the balance shee t liability method for all temporary differences between the asset and liability values recognised in the IFRS consolidated financial statements and the individual company tax bases for these assets and liabilities. Under IAS 12.47, deferred taxes are measured using the tax rates applicable at the time of realisation. In addition, any probable tax benefits realisable from existing loss carryforwards are included in the calculation. Exceptions to  this  deferral  calculation are  differences  from  non-tax-deductible  goodwill and any  deferred  tax  differences linked  to participations. Deferred tax assets are not recognised if it is not probable that the tax benefits they contain can be realised. Where required, deferred taxes are calculated based on the following tax rates: Tax rates  31.12.2022 31.12.2021 in % Albania  15.0 15.0 Bosnia-Herzegovina  10.0 10.0 Bulgaria  10.0 10.0 Germany1  30.0 30.0 Estonia 2  0.0 0.0 Georgia 3  15.0 15.0 Kosovo  10.0 10.0 Croatia  18.0 18.0 Latvia 4  0.0 0.0 Liechtenstein  12.5 12.5 Lithuania  15.0 15.0 Moldova  12.0 12.0 North Macedonia  10.0 10.0 Austria 5  25.0 25.0 Poland  19.0 19.0 Romania  16.0 16.0 Serbia  15.0 15.0 Slovakia  21.0 21.0 Czech Republic  19.0 19.0 T\u00fcrkiye  25.0 25.0 Ukraine  18.0 18.0 Hungary  11.3 11.3 1  The tax rate shown here is a flat tax rate. The tax rate is between 15,825% and 31,715%, depending on the registered office and activities of the company. 2  The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 14% to 20%. 3  As a rule, the retained profits of locally domiciled companies will not be subject to corporate income tax starting 1 January 2023. The planned implementation date was postponed from 1 January 2019 to 1 January 2023. 4  The retained profits of locally domiciled companies are not subject to corporate income tax. Profit distributions by the companies are subject to a tax rate of 20%. 5 Due to a new law that was passed, the corporate income tax rate will be reduced in stages from 25% to 24% in 2023, and then to 23% in 2024. Group taxation With Wiener St\u00e4dtische Versicherungsverein as the parent company there is a corporate group of companies within the meaning of \u00a7 9 of the Austrian Corporate Income Tax Act (KStG). The taxable earnings of group members are attributed to the head of the tax group. The head of the tax group has entered into agreements with each group member governing the allocation of positive and negative tax amounts for the purpose of allocating corporate income tax charges according to origin. If a group member earns positive income, 25% is allocated to the head of the tax group. In case of negative income, the group member receives lump-sum compensation equal to 22.5% of the tax loss. Since the tax allocation is 25% in the case of positive income, the group member should provide 10%  of the tax benefit from group taxation  resulting from inclusion of that group member in the group. Cash settlement of tax benefits is performed for a period of three years. Change in the Austrian tax rate As a result of the 2022 tax reform, the corporate income tax rate will be reduced in stages from 25% to 24% in 2023 and then to 23% in 2024. The reduction in the corporate income tax rate in Austria resulted in deferred tax income of EUR 2.0 million for the reporting period. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-378": {
   "value": "<div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs31a\">Method<span class=\"_ _3\"></span> of consolidat<span class=\"_ _3\"></span>ion </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31b\">Discr<span class=\"_ _3\"></span>etionary de<span class=\"_ _3\"></span>cisions by the Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng Board p<span class=\"_ _3\"></span>rimarily concern determi<span class=\"_ _3\"></span>ning the scope of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>for consol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31c\">companies. <span class=\"_ _5\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31d\">Compa<span class=\"_ _3\"></span>nies t<span class=\"_ _3\"></span>hat w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> mat<span class=\"_ _3\"></span>erial <span class=\"_ _3\"></span>import<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the ti<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>first <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idation <span class=\"_ _3\"></span>gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>lly <span class=\"_ _5\"></span>continue <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>uded i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>sco<span class=\"_ _3\"></span>pe </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31e\">of <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dation. <span class=\"_ _1\"></span>Circ<span class=\"_ _3\"></span>umstan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ld <span class=\"_ _1\"></span>arise, <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>lead <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Boa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>using <span class=\"_ _4\"></span>its <span class=\"_ _1\"></span>discr<span class=\"_ _3\"></span>etion <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>perform<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31f\">reass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>entire<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>scope <span class=\"_ _1\"></span>of con<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>is cou<span class=\"_ _3\"></span>ld <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>non-ma<span class=\"_ _3\"></span>terial <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _1\"></span>that were<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs320\">the <span class=\"_ _a\"></span>past <span class=\"_ _a\"></span>being <span class=\"_ _a\"></span>remo<span class=\"_ _3\"></span>ved <span class=\"_ _a\"></span>from <span class=\"_ _4\"></span>the <span class=\"_ _c\"> </span>sco<span class=\"_ _3\"></span>pe <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>again. <span class=\"_ _a\"></span>Compa<span class=\"_ _3\"></span>nies <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat, <span class=\"_ _a\"></span>due <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>their <span class=\"_ _a\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ctivities, <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>ave </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs321\">reve<span class=\"_ _3\"></span>nues that<span class=\"_ _1\"></span> are prima<span class=\"_ _3\"></span>rily generated and charged wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>in the Group and do n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>te an<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> significa<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>or losses<span class=\"_ _3\"></span>, </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs322\">are <span class=\"_ _3\"></span>not incl<span class=\"_ _3\"></span>ud<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d in the scop<span class=\"_ _3\"></span>e of co<span class=\"_ _3\"></span>nsolidation <span class=\"_ _3\"></span>unless t<span class=\"_ _3\"></span>hey hav<span class=\"_ _3\"></span>e cross<span class=\"_ _3\"></span>-bord<span class=\"_ _3\"></span>er ope<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>ns. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs323\">Thres<span class=\"_ _3\"></span>holds cal<span class=\"_ _3\"></span>culated<span class=\"_ _3\"></span> based<span class=\"_ _3\"></span> on pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>vio<span class=\"_ _3\"></span>us quart<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _5\"></span>sta<span class=\"_ _1\"></span>tem<span class=\"_ _3\"></span>ents a<span class=\"_ _3\"></span>nd the lat<span class=\"_ _3\"></span>est a<span class=\"_ _3\"></span>nnual fi<span class=\"_ _3\"></span>nancial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts are<span class=\"_ _3\"></span> used<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs324\">to determi<span class=\"_ _3\"></span>ne the c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t s<span class=\"_ _3\"></span>cope of <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>tion.<span class=\"_ _379\"> </span></div><div class=\"t m1 h37 ff45 fs19 fc11 sc0 ls6 ws0 gs543\">SCOPE <span class=\"_ _3\"></span>AND METHODS OF CONSOLI<span class=\"_ _3\"></span>DA<span class=\"_ _5\"></span>TIO<span class=\"_ _1\"></span>N </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs544\">Number of co<span class=\"_ _1\"></span>mpanies<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span><span class=\"fs15\">D<span class=\"_ _3\"></span>om<span class=\"_ _1\"></span>estic<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs545\">Fore<span class=\"_ _1\"></span>ign<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs546\">Total<span class=\"_ _379\"> </span></div><div class=\"c w2d h24 gs547\"><div class=\"t m1 x6 h35 y1fb ff4c fs15 fcf sc0 ls6 ws0\">Numb<span class=\"_ _1\"></span>er<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs548\">Co<span class=\"_ _1\"></span>nsoli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span>8<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs549\">93<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs54a\">177<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs54b\">Ful<span class=\"_ _1\"></span>ly <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>sol<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _185\"> </span>70<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs54c\">90<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs54d\">160<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs54e\">At <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _186\"> </span>14<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs54f\">3<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs550\">17<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs551\">Non-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _5a\"> </span>58<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs552\">82<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs553\">140<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs554\">Total <span class=\"_ _5b\"> </span>142<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs555\">175<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs556\">317<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs557\">The mat<span class=\"_ _3\"></span>eriality or<span class=\"_ _3\"></span> immate<span class=\"_ _3\"></span>riality of<span class=\"_ _3\"></span> subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ies, <span class=\"_ _3\"></span>associa<span class=\"_ _3\"></span>ted c<span class=\"_ _3\"></span>ompanies a<span class=\"_ _3\"></span>nd joi<span class=\"_ _3\"></span>nt arrangem<span class=\"_ _3\"></span>ents for <span class=\"_ _3\"></span>the co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated<span class=\"_ _3\"></span> financi<span class=\"_ _3\"></span>al </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs558\">stateme<span class=\"_ _3\"></span>nts is<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>checked<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ariet<span class=\"_ _3\"></span>y of <span class=\"_ _5\"></span>thres<span class=\"_ _3\"></span>holds <span class=\"_ _3\"></span>defi<span class=\"_ _3\"></span>ned <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G Hol<span class=\"_ _3\"></span>ding <span class=\"_ _3\"></span>level. <span class=\"_ _5\"></span>Qualita<span class=\"_ _3\"></span>tive <span class=\"_ _3\"></span>assessm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>crite<span class=\"_ _3\"></span>ria <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>als<span class=\"_ _3\"></span>o </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs559\">used. The absol<span class=\"_ _3\"></span>ute pro<span class=\"_ _3\"></span>fit befor<span class=\"_ _3\"></span>e ta<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>es or total assets<span class=\"_ _3\"></span>, for example, co<span class=\"_ _3\"></span>uld be checked for t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>pu<span class=\"_ _1\"></span>rpos<span class=\"_ _3\"></span>e. If a compan<span class=\"_ _3\"></span>y does </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55a\">not satis<span class=\"_ _3\"></span>fy any si<span class=\"_ _3\"></span>ze crit<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ia,<span class=\"_ _3\"></span> a seco<span class=\"_ _3\"></span>nd step<span class=\"_ _3\"></span> is pe<span class=\"_ _3\"></span>rformed to <span class=\"_ _3\"></span>check <span class=\"_ _3\"></span>whethe<span class=\"_ _3\"></span>r the com<span class=\"_ _3\"></span>panies t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e no<span class=\"_ _3\"></span>t included <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e mate<span class=\"_ _3\"></span>rial </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55b\">when t<span class=\"_ _3\"></span>aken as <span class=\"_ _3\"></span>a w<span class=\"_ _3\"></span>hole. If <span class=\"_ _3\"></span>this is <span class=\"_ _3\"></span>not t<span class=\"_ _3\"></span>he case, <span class=\"_ _3\"></span>these <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>nies ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>not incl<span class=\"_ _3\"></span>uded i<span class=\"_ _3\"></span>n the scop<span class=\"_ _3\"></span>e of <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idation. Co<span class=\"_ _3\"></span>mpani<span class=\"_ _3\"></span>es </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55c\">that h<span class=\"_ _3\"></span>ave no <span class=\"_ _3\"></span>materi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>et ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts, <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al po<span class=\"_ _3\"></span>sition <span class=\"_ _3\"></span>and r<span class=\"_ _3\"></span>esults <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operations <span class=\"_ _3\"></span>when <span class=\"_ _3\"></span>consid<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>d individ<span class=\"_ _3\"></span>ually o<span class=\"_ _3\"></span>r i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55d\">aggreg<span class=\"_ _3\"></span>ate h<span class=\"_ _3\"></span>ave essenti<span class=\"_ _3\"></span>ally bee<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> me<span class=\"_ _3\"></span>asured <span class=\"_ _3\"></span>at fai<span class=\"_ _3\"></span>r value.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55e\">Fully co<span class=\"_ _3\"></span>ntrolled i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ent funds (<span class=\"_ _3\"></span>\u201cspecial fu<span class=\"_ _3\"></span>nds\u201d) wer<span class=\"_ _3\"></span>e fully <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>d i<span class=\"_ _3\"></span>n accord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h the r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>ents of IFRS 1<span class=\"_ _3\"></span>0. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs55f\">These <span class=\"_ _3\"></span>consolid<span class=\"_ _3\"></span>ated <span class=\"_ _3\"></span>institution<span class=\"_ _3\"></span>al f<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nds <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _5\"></span>not se<span class=\"_ _3\"></span>parate <span class=\"_ _3\"></span>corp<span class=\"_ _3\"></span>orate e<span class=\"_ _3\"></span>ntities a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>herefor<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>not st<span class=\"_ _3\"></span>ructur<span class=\"_ _3\"></span>ed e<span class=\"_ _3\"></span>ntities as <span class=\"_ _5\"></span>defined <span class=\"_ _3\"></span>in </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs560\">IFRS <span class=\"_ _3\"></span>12. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>ey ar<span class=\"_ _5\"></span>e in<span class=\"_ _3\"></span>vestment<span class=\"_ _3\"></span> fu<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>that <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>een <span class=\"_ _3\"></span>designed<span class=\"_ _3\"></span> fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>public <span class=\"_ _3\"></span>capit<span class=\"_ _3\"></span>al m<span class=\"_ _3\"></span>arkets. <span class=\"_ _5\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>lack <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>control<span class=\"_ _3\"></span>, m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tual<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs561\">funds <span class=\"_ _1\"></span>are n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idated, <span class=\"_ _1\"></span>even <span class=\"_ _1\"></span>if <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>majority <span class=\"_ _4\"></span>of v<span class=\"_ _1\"></span>oting <span class=\"_ _1\"></span>righ<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>held. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bil<span class=\"_ _3\"></span>ity <span class=\"_ _4\"></span>of su<span class=\"_ _1\"></span>bsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ansfe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>funds <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs562\">form of<span class=\"_ _3\"></span> dividends<span class=\"_ _3\"></span>) to pare<span class=\"_ _3\"></span>nt comp<span class=\"_ _3\"></span>anies ca<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>estr<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ted by corpo<span class=\"_ _3\"></span>rate la<span class=\"_ _3\"></span>w and r<span class=\"_ _3\"></span>egulatio<span class=\"_ _3\"></span>ns. </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs563\">BUSINESS COMB<span class=\"_ _3\"></span>INA<span class=\"_ _3\"></span>TIONS<span class=\"_ _3\"></span> (<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> 3) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs564\">Business <span class=\"_ _d\"></span>combinatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised <span class=\"_ _5\"></span>using <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>pur<span class=\"_ _3\"></span>chase <span class=\"_ _5\"></span>metho<span class=\"_ _3\"></span>d. <span class=\"_ _5\"></span>Goodwill <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>recog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ise<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>consider<span class=\"_ _3\"></span>ation </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs565\">transferr<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>all <span class=\"_ _a\"></span>non-cont<span class=\"_ _3\"></span>roll<span class=\"_ _3\"></span>ing <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>erests <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>compan<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>less <span class=\"_ _4\"></span>the <span class=\"_ _c\"> </span>id<span class=\"_ _3\"></span>entifi<span class=\"_ _3\"></span>able <span class=\"_ _c\"></span>asse<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>liabilities </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs566\">assumed. <span class=\"_ _5\"></span>In a<span class=\"_ _3\"></span>ny busi<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>combin<span class=\"_ _3\"></span>ation, <span class=\"_ _3\"></span>pres<span class=\"_ _3\"></span>ent no<span class=\"_ _3\"></span>n-co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>ng inter<span class=\"_ _3\"></span>ests <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _3\"></span>entitl<span class=\"_ _3\"></span>e hold<span class=\"_ _3\"></span>ers to <span class=\"_ _5\"></span>a pr<span class=\"_ _3\"></span>oportio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ate <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>e o<span class=\"_ _3\"></span>f the </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs567\">entity\u2019<span class=\"_ _11\"></span>s net assets in the even<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>of a liquid<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>can<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be meas<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>either at fair value or as part of the identifi<span class=\"_ _3\"></span>able net assets. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs568\">Unless <span class=\"_ _c\"></span>ano<span class=\"_ _3\"></span>ther <span class=\"_ _c\"> </span>IFRS <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>metho<span class=\"_ _3\"></span>d, <span class=\"_ _c\"> </span>all <span class=\"_ _c\"> </span>other <span class=\"_ _c\"> </span>compon<span class=\"_ _3\"></span>ents <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>non-con<span class=\"_ _3\"></span>troll<span class=\"_ _3\"></span>ing <span class=\"_ _b\"> </span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sts <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs569\">meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>rrespon<span class=\"_ _3\"></span>ding <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>able <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>assets. <span class=\"_ _1\"></span>If <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consider<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>is less <span class=\"_ _1\"></span>than <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56a\">acquire<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>at <span class=\"_ _3\"></span>fair <span class=\"_ _5\"></span>value, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>diff<span class=\"_ _3\"></span>erence <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>checke<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>agai<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _d\"></span>direc<span class=\"_ _3\"></span>tly <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>statem<span class=\"_ _3\"></span>ent. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56b\">As a rule, <span class=\"_ _3\"></span>the fair <span class=\"_ _3\"></span>values <span class=\"_ _3\"></span>calculate<span class=\"_ _3\"></span>d in ac<span class=\"_ _3\"></span>cord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> I<span class=\"_ _3\"></span>FRS 1<span class=\"_ _3\"></span>3 of all<span class=\"_ _3\"></span> assets (in<span class=\"_ _3\"></span>cl. goodwill<span class=\"_ _3\"></span> and ot<span class=\"_ _3\"></span>her intangi<span class=\"_ _3\"></span>ble assets<span class=\"_ _3\"></span>) and </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56c\">liabil<span class=\"_ _3\"></span>ities are all<span class=\"_ _3\"></span>ocated to <span class=\"_ _3\"></span>the count<span class=\"_ _3\"></span>ry to <span class=\"_ _3\"></span>wh<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the purc<span class=\"_ _3\"></span>hased <span class=\"_ _3\"></span>company is<span class=\"_ _3\"></span> assigned.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56d\">Deferr<span class=\"_ _3\"></span>ed tax assets acquir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>uring a <span class=\"_ _1\"></span>busi<span class=\"_ _3\"></span>ness combin<span class=\"_ _3\"></span>ation and arisi<span class=\"_ _3\"></span>ng u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>IAS 12.66 et seqq. on the acquisi<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>date<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56e\">are t<span class=\"_ _3\"></span>ested for im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t i<span class=\"_ _3\"></span>n accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h IAS 1<span class=\"_ _3\"></span>2.37.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs56f\">The G<span class=\"_ _3\"></span>roup <span class=\"_ _3\"></span>consid<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>repor<span class=\"_ _3\"></span>ted goo<span class=\"_ _3\"></span>dwill<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>refl<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the val<span class=\"_ _3\"></span>ue of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>ability to<span class=\"_ _3\"></span> make <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce-specif<span class=\"_ _3\"></span>ic expe<span class=\"_ _3\"></span>rtise </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs570\">of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>employees <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>cquir<span class=\"_ _5\"></span>ed com<span class=\"_ _3\"></span>panies. <span class=\"_ _3\"></span>W<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a m<span class=\"_ _3\"></span>arke<span class=\"_ _3\"></span>t is<span class=\"_ _3\"></span> entere<span class=\"_ _3\"></span>d, <span class=\"_ _3\"></span>it r<span class=\"_ _3\"></span>epres<span class=\"_ _5\"></span>ents t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ability to <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>fer i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce p<span class=\"_ _3\"></span>rod<span class=\"_ _3\"></span>ucts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs571\">in a<span class=\"_ _1\"></span> count<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>and take advan<span class=\"_ _3\"></span>tage of the <span class=\"_ _1\"></span>oppor<span class=\"_ _3\"></span>tunities that ex<span class=\"_ _3\"></span>ist there. In countries whe<span class=\"_ _3\"></span>re the Grou<span class=\"_ _3\"></span>p <span class=\"_ _1\"></span>is alre<span class=\"_ _3\"></span>ady <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>epr<span class=\"_ _3\"></span>esented </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs572\">by one o<span class=\"_ _3\"></span>r more <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es, the goo<span class=\"_ _3\"></span>dwill<span class=\"_ _3\"></span> also repr<span class=\"_ _5\"></span>esents the<span class=\"_ _3\"></span> possi<span class=\"_ _3\"></span>bility of m<span class=\"_ _3\"></span>aking use of po<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ential s<span class=\"_ _3\"></span>ynergies.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs574\">When <span class=\"_ _1\"></span>real e<span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>holdi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uired, t<span class=\"_ _1\"></span>hey <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ecke<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>see <span class=\"_ _1\"></span>whethe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>they <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sin<span class=\"_ _3\"></span>ess <span class=\"_ _1\"></span>operatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>If<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs575\">they <span class=\"_ _c\"> </span>do <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>ot, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>urc<span class=\"_ _3\"></span>hase <span class=\"_ _c\"> </span>met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>not <span class=\"_ _c\"></span>used. <span class=\"_ _a\"></span>In<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>uch <span class=\"_ _c\"> </span>cases, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>acquisi<span class=\"_ _3\"></span>tion <span class=\"_ _c\"> </span>costs, <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>ransactio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>costs, <span class=\"_ _c\"> </span>ar<span class=\"_ _5\"></span>e </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs576\">distributed <span class=\"_ _d\"></span>among <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>acquir<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>umed <span class=\"_ _5\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>ased <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>value. <span class=\"_ _5\"></span>No <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>fe<span class=\"_ _3\"></span>rred <span class=\"_ _5\"></span>taxes <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>such </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs577\">cases (initial<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>ecognition <span class=\"_ _3\"></span>exemptio<span class=\"_ _3\"></span>n). Goodwil<span class=\"_ _3\"></span>l can<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ot a<span class=\"_ _3\"></span>rise i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>context.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs578\">All c<span class=\"_ _1\"></span>ompany <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uisitions <span class=\"_ _1\"></span>were <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>sh <span class=\"_ _4\"></span>equiv<span class=\"_ _3\"></span>alents. <span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>list <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>fully <span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>com-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs579\">panies i<span class=\"_ _3\"></span>s provid<span class=\"_ _3\"></span>ed from<span class=\"_ _3\"></span> page 140 <span class=\"_ _3\"></span>in Not<span class=\"_ _3\"></span>e 28. Af<span class=\"_ _5\"></span>filiated com<span class=\"_ _3\"></span>pan<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es and p<span class=\"_ _3\"></span>articipatio<span class=\"_ _3\"></span>ns.<span class=\"_ _379\"> </span></div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs57a\">CHANGES IN <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>HE SCOPE OF CO<span class=\"_ _3\"></span>NSOLIDA<span class=\"_ _3\"></span>TION </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs57b\">Deconsoli<span class=\"_ _1\"></span>dations <span class=\"_ _187\"> </span><span class=\"fs15\">Reason fo<span class=\"_ _1\"></span>r deconsolidat<span class=\"_ _1\"></span>ion<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs57c\">Date<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs57d\">Reporta<span class=\"_ _1\"></span>ble segment<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs57e\">TBI B<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>LGA<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>AD<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iqu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion, <span class=\"_ _1\"></span>So<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>a <span class=\"_ _188\"> </span>Liquidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs57f\">1.1.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs580\">Extended<span class=\"_ _1\"></span> CEE<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs581\">VITE<span class=\"_ _1\"></span>C <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>echn<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>og<span class=\"_ _1\"></span>y C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>Sale<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs582\">30.6.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs583\">Group Fu<span class=\"_ _1\"></span>nctions<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs584\">Expansion<span class=\"_ _1\"></span> of the scope<span class=\"_ _1\"></span> of con<span class=\"_ _1\"></span>solidation<span class=\"_ _1\"></span>* <span class=\"_ _af\"> </span><span class=\"fs15\">Acquisition/<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs585\">form<span class=\"_ _1\"></span>ation<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs586\">Intere<span class=\"_ _1\"></span>st<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs587\">First-<span class=\"_ _1\"></span>time<span class=\"_ _1\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs588\">consolidati<span class=\"_ _1\"></span>on<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs589\">Method<span class=\"_ _379\"> </span></div><div class=\"c w7 h24 gs58a\"><div class=\"t m1 x6 h35 y691 ff4c fs15 fcf sc0 ls6 ws0\">Date<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs58b\"><div class=\"t m1 x6 h35 y691 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w7 h24 gs58c\"><div class=\"t m1 x6 h35 y691 ff4c fs15 fcf sc0 ls6 ws0\">Date<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs58d\">365<span class=\"_ _1\"></span>.l<span class=\"_ _1\"></span>ife,<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> a.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4e\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs58e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs58f\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs590\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs591\">AB <span class=\"_ _1\"></span>Mod<span class=\"_ _1\"></span>\u0159i<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _ed\"> </span>20<span class=\"_ _1\"></span>17<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs592\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs593\">1.1.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs594\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs595\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> \u00c1l<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l\u00e1n<span class=\"_ _1\"></span>os B<span class=\"_ _4\"></span>iztos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3 <span class=\"_ _1\"></span>Z\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span>t\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est <span class=\"_ _12e\"> </span>2<span class=\"_ _1\"></span>022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs596\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs597\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs598\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs599\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si A<span class=\"_ _1\"></span>lap<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>el\u0151 <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>\u00e1rt<span class=\"_ _1\"></span>k\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u0151<span class=\"_ _1\"></span> R\u00e9<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt\u00e1<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>as\u00e1g<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _189\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59b\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59c\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59d\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>\u00e9nzt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>olg<span class=\"_ _1\"></span>\u00e1lt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>\u00f3 Z<span class=\"_ _1\"></span>\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e1rsa<span class=\"_ _1\"></span>s\u00e1<span class=\"_ _1\"></span>g, <span class=\"_ _1\"></span>Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>apes<span class=\"_ _1\"></span>t <span class=\"_ _42\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs59f\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a0\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a1\">Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18a\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a2\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a3\">1.7.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a4\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a5\">Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18b\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a6\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a7\">1.7.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a8\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5a9\">AUT<span class=\"_ _1\"></span>ODR<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>OSN<span class=\"_ _1\"></span>OV\u00c1<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span> \u010c<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>k\u00e9 <span class=\"_ _1\"></span>L\u00edp<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _12d\"> </span>20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5aa\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ab\">1.1.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ac\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ad\">Bro<span class=\"_ _1\"></span>ckm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>nga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>32 <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _18c\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ae\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5af\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b0\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b1\">MER<span class=\"_ _1\"></span>LOT<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NVE<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> SP<span class=\"_ _1\"></span>\u00d3\u0141<span class=\"_ _1\"></span>KA <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OWI<span class=\"_ _1\"></span>ED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>O\u015aC<span class=\"_ _1\"></span>I\u0104,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> <span class=\"_ _162\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b2\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b3\">1.5.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b4\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b5\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _18d\"> </span>2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b6\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b7\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b8\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5b9\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t\u00e4<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e9\"> </span>2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ba\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5bb\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5bc\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5bd\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _18e\"> </span>2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5be\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5bf\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c0\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c1\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e4r G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c2\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c3\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c4\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c5\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ska<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>\u0142ka<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>\u0105 <span class=\"_ _1\"></span>odp<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lno\u015b<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u0105, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _34\"> </span>2006<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c6\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c7\">1.1.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c8\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5c9\">V\u0130EN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span>L\u0130<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> EME<span class=\"_ _1\"></span>KL<span class=\"_ _1\"></span>\u0130<span class=\"_ _1\"></span>L\u0130K <span class=\"_ _1\"></span>VE <span class=\"_ _1\"></span>HAY<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span>N\u0130M<span class=\"_ _1\"></span> \u015e<span class=\"_ _1\"></span>\u0130RK<span class=\"_ _1\"></span>ET\u0130<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tanb<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _18f\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ca\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5cb\">1.5.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5cc\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5cd\">VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>.V.<span class=\"_ _1\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _190\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5ce\">55.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5cf\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d0\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d1\">VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>., T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Hag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _191\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d2\">55.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d3\">1.4.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d4\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d5\">VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>orsz<span class=\"_ _1\"></span>\u00e1g B<span class=\"_ _4\"></span>efe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>si Z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u00f6<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u00fc<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u00f6 <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>veny<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>ag,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _192\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d6\">55.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d7\">1.2.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d8\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5d9\">VIG T<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>iye<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>oldin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V.,<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>terd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span> <span class=\"_ _127\"> </span>2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5da\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5db\">1.5.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5dc\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5dd\">VIVE<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _193\"> </span>2020<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5de\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5df\">1.1.2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs5e0\">full consolidation<span class=\"_ _379\"> </span></div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs5e1\">*Insofar as <span class=\"_ _3\"></span>significant goodwill occurred, <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>is is recognised <span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>n N<span class=\"_ _3\"></span>ote<span class=\"_ _1\"></span> 1.1. Goodwill<span class=\"_ _3\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e2\">It <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _1\"></span>be n<span class=\"_ _1\"></span>oted <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e purchas<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>price <span class=\"_ _1\"></span>alloca<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the n<span class=\"_ _1\"></span>ewly acquir<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>stil<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>prel<span class=\"_ _3\"></span>iminary<span class=\"_ _d\"></span>, u<span class=\"_ _1\"></span>nless the <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ne-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e3\">year limi<span class=\"_ _3\"></span>t has bee<span class=\"_ _3\"></span>n exceeded.<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs5e4\">The compa<span class=\"_ _3\"></span>nies acq<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ed in the fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ncial yea<span class=\"_ _3\"></span>r led to a<span class=\"_ _3\"></span>n outflow of<span class=\"_ _3\"></span> cash <span class=\"_ _3\"></span>and cash eq<span class=\"_ _3\"></span>uivalents to<span class=\"_ _3\"></span>talli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g EUR 40<span class=\"_ _3\"></span>7,433,000<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span></div>Purchase<span class=\"_ _3\"></span> of Aegon <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es On <span class=\"_ _a\"></span>29 <span class=\"_ _4\"></span>Novemb<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _a\"></span>2020,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>rea<span class=\"_ _3\"></span>ched <span class=\"_ _4\"></span>agr<span class=\"_ _3\"></span>eement <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>Aegon <span class=\"_ _4\"></span>N.V<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>acquir<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>its <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _4\"></span>in Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, <span class=\"_ _5\"></span>Pola<span class=\"_ _3\"></span>nd, <span class=\"_ _5\"></span>Romani<span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>\u00fcr<span class=\"_ _1\"></span>ki<span class=\"_ _3\"></span>ye. <span class=\"_ _5\"></span>The <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>reed <span class=\"_ _d\"></span>acquisiti<span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>pr<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>E<span class=\"_ _1\"></span>UR 830<span class=\"_ _3\"></span>.0 <span class=\"_ _5\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>fully <span class=\"_ _5\"></span>settled <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>finan<span class=\"_ _3\"></span>cial year <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>trans<span class=\"_ _3\"></span>action <span class=\"_ _1\"></span>could not <span class=\"_ _4\"></span>yet <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>execu<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>its e<span class=\"_ _1\"></span>nt<span class=\"_ _3\"></span>irety<span class=\"_ _d\"></span>. F<span class=\"_ _1\"></span>urthe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>inform<span class=\"_ _3\"></span>ation <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>atus <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>purc<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of t<span class=\"_ _1\"></span>he Aegon com<span class=\"_ _3\"></span>panies is <span class=\"_ _3\"></span>below<span class=\"_ _5\"></span>. Aegon com<span class=\"_ _3\"></span>panies in<span class=\"_ _3\"></span> Hungar<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> T<span class=\"_ _d\"></span>\u00fcrkiye In <span class=\"_ _6\"> </span>M<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ch <span class=\"_ _6\"> </span>202<span class=\"_ _3\"></span>2, <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>IG <span class=\"_ _b\"> </span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>acquired<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Hung<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>an <span class=\"_ _b\"> </span>business<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _c\"> </span>Dutch <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>ny <span class=\"_ _b\"> </span>Aego<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>aft<span class=\"_ _3\"></span>er <span class=\"_ _b\"> </span>appro<span class=\"_ _3\"></span>val <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>loc<span class=\"_ _3\"></span>al Hunga<span class=\"_ _3\"></span>rian <span class=\"_ _1\"></span>authorities; and <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>45<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>participa<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Hunga<span class=\"_ _3\"></span>rian <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>holding <span class=\"_ _1\"></span>Co<span class=\"_ _3\"></span>rvinus <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Hung<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness was also clo<span class=\"_ _3\"></span>sed su<span class=\"_ _3\"></span>ccessfully<span class=\"_ _11\"></span>. In A<span class=\"_ _3\"></span>pril 2<span class=\"_ _3\"></span>022, of<span class=\"_ _5\"></span>ficial appr<span class=\"_ _3\"></span>oval <span class=\"_ _3\"></span>was gra<span class=\"_ _3\"></span>nted an<span class=\"_ _3\"></span>d, as a<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>esult, t<span class=\"_ _3\"></span>he T<span class=\"_ _11\"></span>u<span class=\"_ _1\"></span>rkis<span class=\"_ _3\"></span>h Aego<span class=\"_ _3\"></span>n compa<span class=\"_ _3\"></span>ny was<span class=\"_ _3\"></span> al<span class=\"_ _3\"></span>so closed s<span class=\"_ _3\"></span>uccessfully <span class=\"_ _3\"></span>(Viennalif<span class=\"_ _3\"></span>e (T<span class=\"_ _11\"></span>\u00fc<span class=\"_ _1\"></span>rkiye<span class=\"_ _3\"></span>))<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span> From the initial consol<span class=\"_ _3\"></span>idation <span class=\"_ _1\"></span>of Aego<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, intangibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fixed assets totall<span class=\"_ _3\"></span>ing <span class=\"_ _1\"></span>EUR 321,9<span class=\"_ _3\"></span>75,000 wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>discl<span class=\"_ _3\"></span>osed as <span class=\"_ _1\"></span>part<span class=\"_ _3\"></span> of <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pur<span class=\"_ _3\"></span>chase <span class=\"_ _4\"></span>price <span class=\"_ _4\"></span>allocatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>(of <span class=\"_ _4\"></span>wh<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch <span class=\"_ _a\"></span>goo<span class=\"_ _3\"></span>dwill <span class=\"_ _4\"></span>totalling <span class=\"_ _4\"></span>EUR 188,5<span class=\"_ _3\"></span>73,000). <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>45% <span class=\"_ _4\"></span>partici<span class=\"_ _3\"></span>pat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>an state <span class=\"_ _3\"></span>holding <span class=\"_ _3\"></span>Corvi<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>in A<span class=\"_ _3\"></span>egon i<span class=\"_ _3\"></span>n H<span class=\"_ _3\"></span>ungary l<span class=\"_ _3\"></span>ed to <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _3\"></span>in no<span class=\"_ _3\"></span>n-c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntrol<span class=\"_ _3\"></span>ling <span class=\"_ _3\"></span>interests <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>consolida<span class=\"_ _3\"></span>ted s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holder<span class=\"_ _3\"></span>s\u2019<span class=\"_ _1\"></span> equity <span class=\"_ _2\"> </span>of <span class=\"_ _6\"> </span>EUR 117,722<span class=\"_ _3\"></span>,000. <span class=\"_ _6\"> </span>The  g<span class=\"_ _3\"></span>oodwill <span class=\"_ _6\"> </span>disclosed <span class=\"_ _6\"> </span>is <span class=\"_ _2\"> </span>primarily <span class=\"_ _6\"> </span>based <span class=\"_ _2\"> </span>o<span class=\"_ _3\"></span>n  fut<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re <span class=\"_ _6\"> </span>synergies <span class=\"_ _6\"> </span>bet<span class=\"_ _3\"></span>ween  t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _2\"> </span>H<span class=\"_ _3\"></span>ungarian<span class=\"_ _3\"></span> companies. <span class=\"_ _3\"></span>In T<span class=\"_ _d\"></span>\u00fcrki<span class=\"_ _3\"></span>ye, intangibl<span class=\"_ _3\"></span>e fixed <span class=\"_ _3\"></span>assets totall<span class=\"_ _3\"></span>ing EUR <span class=\"_ _3\"></span>48,47<span class=\"_ _3\"></span>1,000 wer<span class=\"_ _3\"></span>e disclose<span class=\"_ _3\"></span>d (of w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h goodwil<span class=\"_ _3\"></span>l totalling EU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>0).  Aegon com<span class=\"_ _3\"></span>panies in<span class=\"_ _3\"></span> Pola<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d a<span class=\"_ _3\"></span>nd Roma<span class=\"_ _3\"></span>nia The <span class=\"_ _4\"></span>acquis<span class=\"_ _3\"></span>ition <span class=\"_ _a\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _a\"></span>Aego<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _4\"></span>busi<span class=\"_ _3\"></span>ness <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>Pol<span class=\"_ _3\"></span>and <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>Roma<span class=\"_ _3\"></span>nia <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>agr<span class=\"_ _3\"></span>eed <span class=\"_ _4\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>ovals <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ed under <span class=\"_ _3\"></span>supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _3\"></span>ry <span class=\"_ _3\"></span>and com<span class=\"_ _3\"></span>petitio<span class=\"_ _3\"></span>n l<span class=\"_ _3\"></span>aw. <span class=\"_ _5\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>ack <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>closi<span class=\"_ _3\"></span>ng fo<span class=\"_ _3\"></span>r the <span class=\"_ _3\"></span>transa<span class=\"_ _3\"></span>ction <span class=\"_ _3\"></span>and, <span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e, lack <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>control<span class=\"_ _3\"></span> ov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the companies, <span class=\"_ _3\"></span>they <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>d n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t yet bee<span class=\"_ _3\"></span>n added to <span class=\"_ _3\"></span>the scop<span class=\"_ _3\"></span>e of co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n as of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>alance sh<span class=\"_ _3\"></span>eet date.<span class=\"_ _3\"></span> Change<span class=\"_ _1\"></span> in significant<span class=\"_ _1\"></span> minorit<span class=\"_ _1\"></span>y interest<span class=\"_ _1\"></span>s <span class=\"_ _124\"> </span><span class=\"fs15\">Change<span class=\"_ _379\"> </span></span>Change of int<span class=\"_ _1\"></span>erest<span class=\"_ _379\"> </span>Change in non-<span class=\"_ _379\"> </span>contro<span class=\"_ _1\"></span>lling intere<span class=\"_ _1\"></span>sts<span class=\"_ _379\"> </span>Date<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>K\u00c1L<span class=\"_ _1\"></span>VIN<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWER<span class=\"_ _4\"></span> Ing<span class=\"_ _1\"></span>atl<span class=\"_ _1\"></span>anf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>jlesz<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span> \u00e9<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e1z\u00e1<span class=\"_ _1\"></span>si K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Fele<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0151ss\u00e9g<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>\u00e1rsa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _79\"> </span>23.3.2022<span class=\"_ _379\"> </span>-44.39<span class=\"_ _379\"> </span>1,015<span class=\"_ _379\"> </span>Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on A<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny D<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rie A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _194\"> </span>29.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>-9.25<span class=\"_ _379\"> </span>19,160<span class=\"_ _379\"> </span>Unio<span class=\"_ _1\"></span>n B<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>tos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span> <span class=\"_ _195\"> </span>23.3.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>-44.39<span class=\"_ _379\"> </span>18,056<span class=\"_ _379\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>nte<span class=\"_ _3\"></span>rnat<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>ce Co<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>(IF<span class=\"_ _3\"></span>C),<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ber<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _3\"></span>orl<span class=\"_ _3\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>B<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>up, hel<span class=\"_ _3\"></span>d a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>9.<span class=\"_ _3\"></span>99<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ak<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>P<span class=\"_ _3\"></span>ens<span class=\"_ _5\"></span>ion<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Ass<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e C<span class=\"_ _3\"></span>om<span class=\"_ _5\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>Dov<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>ie <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>D (<span class=\"_ _3\"></span>Do<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>e) <span class=\"_ _5\"></span>at t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> e<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _5\"></span>er 2<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>22 <span class=\"_ _3\"></span>(ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>cul<span class=\"_ _5\"></span>ate<span class=\"_ _3\"></span>d 9<span class=\"_ _5\"></span>.25<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>es <span class=\"_ _3\"></span>hel<span class=\"_ _5\"></span>d b<span class=\"_ _3\"></span>y V<span class=\"_ _3\"></span>IG<span class=\"_ _3\"></span>). <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>nne<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span> wit<span class=\"_ _3\"></span>h th<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span> t<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>sa<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>IFC<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>gr<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>put<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>ti<span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>fo<span class=\"_ _5\"></span>r t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>sa<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> D<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>veri<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>sha<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>p,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>gin<span class=\"_ _3\"></span>ni<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>23<span class=\"_ _3\"></span> D<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>028<span class=\"_ _5\"></span>.<div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs5fc\">Effect of cha<span class=\"_ _3\"></span>nges in<span class=\"_ _3\"></span> the scope<span class=\"_ _3\"></span> of consol<span class=\"_ _3\"></span>idation </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs5fd\">Balance s<span class=\"_ _1\"></span>heet <span class=\"_ _196\"> </span><span class=\"fsc\">Additio<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs5fe\">there<span class=\"_ _1\"></span>of Aegon </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs5ff\">Hungary<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs600\">there<span class=\"_ _1\"></span>of Viennali<span class=\"_ _1\"></span>fe </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs601\">(T\u00fcrkiye)<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs602\">Disposals<span class=\"_ _379\"> </span></div><div class=\"c w2f h24 gs603\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R </div></div><div class=\"c w27 h24 gs604\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">'000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs605\">Int<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _136\"> </span>425<span class=\"_ _1\"></span>,296<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs606\">318,931<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs607\">49,882<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs608\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs609\">Righ<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>-Us<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> <span class=\"_ _b3\"> </span>363<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60a\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60b\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60c\">9<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60d\">In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _197\"> </span>975,742<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60e\">438,273<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs60f\">388,716<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs610\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs611\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rum<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r u<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>t- a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ex-<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>191,137<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs612\">191,137<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs613\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs614\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs615\">Rein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>rs' <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>vis<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _198\"> </span>3,752<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs616\">3,752<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs617\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs618\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs619\">Re<span class=\"_ _1\"></span>cei<span class=\"_ _1\"></span>vab<span class=\"_ _1\"></span>les <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ece<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span>bl<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>vanc<span class=\"_ _1\"></span>e p<span class=\"_ _1\"></span>aym<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts <span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>tax<span class=\"_ _1\"></span>) <span class=\"_ _199\"> </span>61,732<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61a\">23,923<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61b\">23,621<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61c\">720<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61d\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sets<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>d t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>) <span class=\"_ _182\"> </span>55,<span class=\"_ _1\"></span>526<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61e\">14,347<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs61f\">28,957<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs620\">41<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs621\">Cash<span class=\"_ _1\"></span> an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>sh <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _d5\"> </span>69,411<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs622\">21,123<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs623\">16,501<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs624\">1,805<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs625\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _19a\"> </span>736,740<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs626\">329,844<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs627\">406,896<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs628\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs629\">Und<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ovis<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> un<span class=\"_ _1\"></span>it-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ind<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>x-li<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> lif<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>191,137<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62a\">191,137<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62b\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62c\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62d\">Non<span class=\"_ _1\"></span>-und<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwr<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _19b\"> </span>10,992<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62e\">6,976<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs62f\">2,160<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs630\">611<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs631\">Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cl. t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s ou<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x)<span class=\"_ _1\"></span> <span class=\"_ _19c\"> </span>94,213<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs632\">28,961<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs633\">24,901<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs634\">1,350<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs635\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ferr<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>abil<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _18c\"> </span>45,623<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs636\">27,932<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs637\">13,718<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs638\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs639\">The figur<span class=\"_ _3\"></span>es shown in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e tabl<span class=\"_ _3\"></span>e ab<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ve refle<span class=\"_ _3\"></span>ct the actual date<span class=\"_ _3\"></span>s of <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>irst consoli<span class=\"_ _3\"></span>dat<span class=\"_ _1\"></span>ion a<span class=\"_ _3\"></span>nd deconsol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, as indica<span class=\"_ _3\"></span>ted in the </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs63a\">sectio<span class=\"_ _3\"></span>n Changes i<span class=\"_ _3\"></span>n the sco<span class=\"_ _3\"></span>pe of consol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n page 62.<span class=\"_ _3\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs63b\">Contribut<span class=\"_ _1\"></span>ion to res<span class=\"_ _1\"></span>ult before taxe<span class=\"_ _1\"></span>s in <span class=\"_ _1\"></span>reporting<span class=\"_ _1\"></span> period<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span><span class=\"fsc\">Additio<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs63c\">there<span class=\"_ _1\"></span>of Aegon </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs63d\">Hungary<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs63e\">there<span class=\"_ _1\"></span>of Viennali<span class=\"_ _1\"></span>fe </div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs63f\">(T\u00fcrkiye)<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs640\">Disposals<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs641\"><div class=\"t m3 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs642\">Net<span class=\"_ _1\"></span> ea<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ums<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>entio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d7\"> </span>4<span class=\"_ _1\"></span>31,293<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs643\">301,436<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs644\">129,858<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs645\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs646\">Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> ex<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m s<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>es in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lidat<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span> <span class=\"_ _71\"> </span>138,<span class=\"_ _1\"></span>405<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs647\">25,701<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs648\">123,695<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs649\">247<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64a\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>5,456<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64b\">4,553<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64c\">901<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64d\">0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64e\">Exp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce b<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>its<span class=\"_ _1\"></span> \u2013 <span class=\"_ _1\"></span>ret<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _19f\"> </span>-352,908<span class=\"_ _1a0\"> </span>-160,575<span class=\"_ _1a0\"> </span>-192,333<span class=\"_ _13c\"> </span>4<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs64f\">Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tiv<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1a1\"> </span>-134,154<span class=\"_ _189\"> </span>-89,377<span class=\"_ _189\"> </span>-45,712<span class=\"_ _13c\"> </span>8<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs650\">Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpen<span class=\"_ _1\"></span>ses<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>-114,759<span class=\"_ _1a0\"> </span>-104,187<span class=\"_ _189\"> </span>-10,095<span class=\"_ _1a3\"> </span>-38<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs651\">Re<span class=\"_ _1\"></span>sult <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> ta<span class=\"_ _1\"></span>xe<span class=\"_ _1\"></span>s* <span class=\"_ _1a4\"> </span>-26,66<span class=\"_ _1\"></span>7<span class=\"_ _165\"> </span>-22,449<span class=\"_ _167\"> </span>6,314<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs652\">221<span class=\"_ _379\"> </span></div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs653\">*<span class=\"_ _379\"> </span></div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs654\">The resu<span class=\"_ _3\"></span>lt before taxes includes impairments of <span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> portfolios an<span class=\"_ _3\"></span>d t<span class=\"_ _1\"></span>he cu<span class=\"_ _3\"></span>stomer bases of AE<span class=\"_ _1\"></span>GO<span class=\"_ _3\"></span>N Hungary (EUR 33,639,000) and Vienna <span class=\"_ _3\"></span>Life T\u00fcrkiye (EUR 3,578,000). </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs655\">Inclusion <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e first-tim<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated com<span class=\"_ _5\"></span>panies r<span class=\"_ _5\"></span>etros<span class=\"_ _3\"></span>pecti<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ly <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Janua<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>would <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _5\"></span>any ma<span class=\"_ _3\"></span>terial <span class=\"_ _3\"></span>chang<span class=\"_ _3\"></span>es </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs656\">in bal<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nce<span class=\"_ _3\"></span> sh<span class=\"_ _3\"></span>eet <span class=\"_ _3\"></span>items. <span class=\"_ _5\"></span>Inclusio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>first-<span class=\"_ _3\"></span>time co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _3\"></span>dated <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etrosp<span class=\"_ _3\"></span>ectively <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>1 Ja<span class=\"_ _3\"></span>nuary <span class=\"_ _3\"></span>2022 <span class=\"_ _5\"></span>would <span class=\"_ _3\"></span>incr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>e </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs657\">the Gro<span class=\"_ _3\"></span>up r<span class=\"_ _3\"></span>esult b<span class=\"_ _3\"></span>efore t<span class=\"_ _3\"></span>axes and no<span class=\"_ _3\"></span>n-co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span>ling in<span class=\"_ _3\"></span>terests b<span class=\"_ _3\"></span>y 2.38% <span class=\"_ _3\"></span>(not inclu<span class=\"_ _3\"></span>ding any co<span class=\"_ _3\"></span>nsolidatio<span class=\"_ _3\"></span>n eff<span class=\"_ _3\"></span>ects). </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs658\">The numbe<span class=\"_ _3\"></span>r of em<span class=\"_ _3\"></span>ployees in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>d by 2,670 <span class=\"_ _3\"></span>due to <span class=\"_ _3\"></span>the ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es in th<span class=\"_ _3\"></span>e scope of <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dation. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-428": {
   "value": "ACCOUNTING POLICIES<span class=\"ff49\"> </span>INT<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>GIBLE <span class=\"_ _5\"></span>ASSETS (A)<span class=\"_ _3\"></span> Goodwill<span class=\"_ _3\"></span> Good<span class=\"_ _3\"></span>will <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>acc<span class=\"_ _1\"></span>ounted <span class=\"_ _c\"> </span>for <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>fun<span class=\"_ _3\"></span>ctional <span class=\"_ _b\"> </span>curr<span class=\"_ _3\"></span>ency <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>each <span class=\"_ _6\"> </span>entity<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>G<span class=\"_ _1\"></span>ood<span class=\"_ _3\"></span>will <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>measured <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>t <span class=\"_ _b\"> </span>cost <span class=\"_ _6\"> </span>less <span class=\"_ _c\"> </span>accum<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed impairme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>loss<span class=\"_ _3\"></span>es. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>case <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>equity <span class=\"_ _1\"></span>conso<span class=\"_ _3\"></span>lidated <span class=\"_ _1\"></span>companies,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>good<span class=\"_ _3\"></span>will <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>included <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>adjusted <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>ok<span class=\"_ _1\"></span> value of t<span class=\"_ _3\"></span>he participa<span class=\"_ _3\"></span>tion.<span class=\"_ _379\"> </span>Other inta<span class=\"_ _3\"></span>ngible ass<span class=\"_ _3\"></span>ets Pur<span class=\"_ _3\"></span>chased <span class=\"_ _1\"></span>intangibl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>recog<span class=\"_ _3\"></span>nised <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _1\"></span>sheet a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>less <span class=\"_ _1\"></span>acc<span class=\"_ _3\"></span>umulat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>rtisatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>impairme<span class=\"_ _3\"></span>nt loss<span class=\"_ _3\"></span>es. No noteworth<span class=\"_ _3\"></span>y intangibl<span class=\"_ _3\"></span>e assets wer<span class=\"_ _3\"></span>e creat<span class=\"_ _3\"></span>ed by the compa<span class=\"_ _3\"></span>nies in the scope o<span class=\"_ _3\"></span>f consolid<span class=\"_ _3\"></span>ation. With the excepti<span class=\"_ _3\"></span>on of <span class=\"_ _1\"></span>tradem<span class=\"_ _3\"></span>arks, <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>assets have a <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nite u<span class=\"_ _1\"></span>sef<span class=\"_ _3\"></span>ul <span class=\"_ _1\"></span>life. Th<span class=\"_ _1\"></span>e intangibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>efore<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>amortised<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>over <span class=\"_ _1\"></span>thei<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>eriod of use.<span class=\"_ _3\"></span> Average<span class=\"_ _1\"></span> us<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ful life i<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>rs <span class=\"_ _14e\"> </span><span class=\"fs15\">from<span class=\"_ _379\"> </span></span>to<span class=\"_ _379\"> </span>Sof<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>are<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>3<span class=\"_ _379\"> </span>13<span class=\"_ _379\"> </span>Softwar<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>s amo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ised <span class=\"_ _5\"></span>using t<span class=\"_ _3\"></span>he straig<span class=\"_ _3\"></span>ht-line m<span class=\"_ _3\"></span>ethod. <span class=\"_ _3\"></span>Softw<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e compo<span class=\"_ _3\"></span>nents ar<span class=\"_ _5\"></span>e also <span class=\"_ _3\"></span>examin<span class=\"_ _3\"></span>ed on <span class=\"_ _3\"></span>an e<span class=\"_ _3\"></span>vent-dri<span class=\"_ _3\"></span>ven basis <span class=\"_ _5\"></span>to see <span class=\"_ _3\"></span>wheth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>they <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>an <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>till <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>used. <span class=\"_ _3\"></span>If <span class=\"_ _5\"></span>there <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>high <span class=\"_ _3\"></span>prob<span class=\"_ _3\"></span>ability <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>certain <span class=\"_ _5\"></span>IT s<span class=\"_ _3\"></span>ystems<span class=\"_ _3\"></span> or<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>og<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>amm<span class=\"_ _3\"></span>e s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ctio<span class=\"_ _3\"></span>ns <span class=\"_ _3\"></span>can <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>er be used or <span class=\"_ _3\"></span>no longer be f<span class=\"_ _3\"></span>ully used, a <span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>e-dow<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> must <span class=\"_ _3\"></span>be made. If a c<span class=\"_ _3\"></span>hange in <span class=\"_ _3\"></span>useful life i<span class=\"_ _3\"></span>s determined d<span class=\"_ _3\"></span>uring full <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se, t<span class=\"_ _3\"></span>he amortisa<span class=\"_ _3\"></span>tion period is<span class=\"_ _3\"></span> chang<span class=\"_ _3\"></span>ed to the <span class=\"_ _3\"></span>new <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>seful li<span class=\"_ _3\"></span>fe.<span class=\"_ _379\"> </span>In <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>evio<span class=\"_ _3\"></span>us <span class=\"_ _c\"></span>years <span class=\"_ _a\"></span>tradema<span class=\"_ _3\"></span>rks <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>unlim<span class=\"_ _3\"></span>ited <span class=\"_ _c\"></span>usef<span class=\"_ _3\"></span>ul <span class=\"_ _a\"></span>lives <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>ere <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>dentified <span class=\"_ _a\"></span>as <span class=\"_ _c\"></span>pa<span class=\"_ _3\"></span>rt <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>urch<span class=\"_ _3\"></span>ase <span class=\"_ _c\"></span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _c\"></span>allo<span class=\"_ _3\"></span>cation <span class=\"_ _a\"></span>during acquisiti<span class=\"_ _3\"></span>on of the <span class=\"_ _3\"></span>companies Asi<span class=\"_ _3\"></span>rom, <span class=\"_ _5\"></span>B<span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>A Baltic a<span class=\"_ _3\"></span>nd Se<span class=\"_ _3\"></span>esam. The <span class=\"_ _3\"></span>unlimi<span class=\"_ _3\"></span>ted useful l<span class=\"_ _3\"></span>ife results f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>the fa<span class=\"_ _3\"></span>ct that t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e is <span class=\"_ _3\"></span>no for<span class=\"_ _3\"></span>eseeable <span class=\"_ _5\"></span>end <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>their <span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomic <span class=\"_ _5\"></span>life. <span class=\"_ _3\"></span>The f<span class=\"_ _5\"></span>air <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>ademarks<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>was <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>ned d<span class=\"_ _5\"></span>urin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>irst-time <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng the <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>elief-fr<span class=\"_ _3\"></span>om-ro<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>alty <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ethod.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>A <span class=\"_ _4\"></span>\u201ctax<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>amo<span class=\"_ _3\"></span>rtisatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>enefit\u201d<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>was<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>taken <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _1\"></span>account <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>relief-fr<span class=\"_ _3\"></span>om<span class=\"_ _3\"></span>-ro<span class=\"_ _3\"></span>ya<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>met<span class=\"_ _3\"></span>hod. <span class=\"_ _4\"></span>The Asir<span class=\"_ _3\"></span>om <span class=\"_ _1\"></span>trademar<span class=\"_ _3\"></span>k <span class=\"_ _1\"></span>had <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>book va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _4\"></span>of EUR 9,661,000 (EUR <span class=\"_ _1\"></span>13,64<span class=\"_ _3\"></span>8,000),<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> BT<span class=\"_ _5\"></span>A <span class=\"_ _1\"></span>Baltic t<span class=\"_ _1\"></span>rade<span class=\"_ _3\"></span>mark h<span class=\"_ _1\"></span>ad a <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>value<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>37,0<span class=\"_ _3\"></span>00,000 (EUR 37,000,0<span class=\"_ _3\"></span>00) and <span class=\"_ _1\"></span>the Seesam trade<span class=\"_ _3\"></span>mark had a<span class=\"_ _1\"></span> book value <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>7,70<span class=\"_ _3\"></span>0,000 (EUR 7,700,000<span class=\"_ _5\"></span>) <span class=\"_ _1\"></span>on 31 Decem<span class=\"_ _3\"></span>ber 2022<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span>Impairm<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>nt<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>subsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ies <span class=\"_ _d\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>combine<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>into <span class=\"_ _5\"></span>cash-ge<span class=\"_ _3\"></span>nerating <span class=\"_ _d\"></span>units <span class=\"_ _d\"></span>(<span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>GU <span class=\"_ _5\"></span>groups<span class=\"_ _3\"></span>) <span class=\"_ _5\"></span>at <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>geograp<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>al <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>ount<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>level <span class=\"_ _5\"></span>for <span class=\"_ _d\"></span>te<span class=\"_ _1\"></span>sti<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>good<span class=\"_ _3\"></span>will. The C<span class=\"_ _3\"></span>GU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ups <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>impairment <span class=\"_ _5\"></span>testing <span class=\"_ _3\"></span>corr<span class=\"_ _3\"></span>espond <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>operating <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>egments. <span class=\"_ _3\"></span>The<span class=\"_ _3\"></span> trad<span class=\"_ _3\"></span>emarks <span class=\"_ _5\"></span>were <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ndividuall<span class=\"_ _3\"></span>y tested <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>impai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>elief-fr<span class=\"_ _3\"></span>om-ro<span class=\"_ _3\"></span>yalty <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>ethod.<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>Intangibl<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>assets <span class=\"_ _a\"></span>with <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>ndefi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ite <span class=\"_ _a\"></span>useful <span class=\"_ _c\"> </span>li<span class=\"_ _3\"></span>fe <span class=\"_ _c\"> </span>(goo<span class=\"_ _3\"></span>dwill <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>nd tradem<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ks <span class=\"_ _1\"></span>carried <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>alance <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>eet) <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>tested <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>trigge<span class=\"_ _3\"></span>ring <span class=\"_ _4\"></span>eve<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>occ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rs, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>uring <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>year<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>at<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a minimum a<span class=\"_ _3\"></span>t the en<span class=\"_ _3\"></span>d of the fi<span class=\"_ _3\"></span>nancial y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>. As <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ule, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>use <span class=\"_ _1\"></span>calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>using <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>discou<span class=\"_ _3\"></span>nted <span class=\"_ _1\"></span>cash <span class=\"_ _1\"></span>flow <span class=\"_ _1\"></span>method <span class=\"_ _1\"></span>is u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>coverable <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>the CGU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>up. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>cases <span class=\"_ _5\"></span>where <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>alue i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>use <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>than <span class=\"_ _5\"></span>book <span class=\"_ _3\"></span>value, <span class=\"_ _5\"></span>fair <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>selling <span class=\"_ _5\"></span>costs <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> calc<span class=\"_ _3\"></span>ulated. <span class=\"_ _3\"></span>Fair <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue less cost o<span class=\"_ _3\"></span>f dispos<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l i<span class=\"_ _3\"></span>s calculated <span class=\"_ _3\"></span>using tr<span class=\"_ _3\"></span>ailing stoc<span class=\"_ _3\"></span>k exch<span class=\"_ _3\"></span>ange m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ltipl<span class=\"_ _3\"></span>iers fo<span class=\"_ _3\"></span>r the pro<span class=\"_ _3\"></span>perty <span class=\"_ _3\"></span>and cas<span class=\"_ _3\"></span>ualty and<span class=\"_ _3\"></span> health li<span class=\"_ _3\"></span>nes <span class=\"_ _3\"></span>of business <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>all <span class=\"_ _4\"></span>cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tri<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>life <span class=\"_ _4\"></span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss <span class=\"_ _4\"></span>outsid<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Austria. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>life <span class=\"_ _4\"></span>business<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>Aust<span class=\"_ _3\"></span>ria <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>Ma<span class=\"_ _3\"></span>rket <span class=\"_ _a\"></span>Co<span class=\"_ _3\"></span>nsistent Embedde<span class=\"_ _3\"></span>d V<span class=\"_ _5\"></span>alue is use<span class=\"_ _3\"></span>d.<span class=\"_ _379\"> </span> T<span class=\"_ _11\"></span>o calculat<span class=\"_ _3\"></span>e val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>use, t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h fl<span class=\"_ _3\"></span>ows avai<span class=\"_ _3\"></span>lable to <span class=\"_ _3\"></span>share<span class=\"_ _3\"></span>holders <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>five pl<span class=\"_ _3\"></span>anning <span class=\"_ _3\"></span>years a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span>ollowing <span class=\"_ _3\"></span>perpetu<span class=\"_ _3\"></span>al ann<span class=\"_ _3\"></span>uity are discou<span class=\"_ _3\"></span>nted. <span class=\"_ _1\"></span>Du<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>geo<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>to IFRS <span class=\"_ _1\"></span>17 from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>1 J<span class=\"_ _3\"></span>anuary 2023, the <span class=\"_ _1\"></span>proj<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>will also be <span class=\"_ _1\"></span>adapt<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>to the IFRS 17 str<span class=\"_ _3\"></span>uc<span class=\"_ _1\"></span>tur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>. Si<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ce t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e proj<span class=\"_ _3\"></span>ectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not finalis<span class=\"_ _3\"></span>ed until t<span class=\"_ _3\"></span>he co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed fina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>nts for 2<span class=\"_ _3\"></span>022 ar<span class=\"_ _3\"></span>e com<span class=\"_ _3\"></span>piled, <span class=\"_ _3\"></span>an IFRS 4 pr<span class=\"_ _3\"></span>ojectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>ne pla<span class=\"_ _3\"></span>n year was p<span class=\"_ _3\"></span>ut toget<span class=\"_ _3\"></span>her for the <span class=\"_ _3\"></span>purpose of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pairme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>test. The s<span class=\"_ _3\"></span>ubsidiaries t<span class=\"_ _3\"></span>hus pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>e a <span class=\"_ _4\"></span>detailed <span class=\"_ _1\"></span>plan<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>curre<span class=\"_ _3\"></span>ncy <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>one <span class=\"_ _4\"></span>y<span class=\"_ _3\"></span>ear <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>submi<span class=\"_ _3\"></span>tted <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>super<span class=\"_ _3\"></span>visory <span class=\"_ _4\"></span>boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>meeti<span class=\"_ _3\"></span>ngs <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cent<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ally <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>hecked <span class=\"_ _4\"></span>for plausibili<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>part of t<span class=\"_ _1\"></span>he planni<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g and <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>pro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>ess. Extr<span class=\"_ _3\"></span>apolation of th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>detail<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>pla<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s for <span class=\"_ _1\"></span>a further four y<span class=\"_ _1\"></span>ears and <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e perpetu<span class=\"_ _3\"></span>al a<span class=\"_ _3\"></span>nnuity <span class=\"_ _3\"></span>is<span class=\"_ _3\"></span> pe<span class=\"_ _3\"></span>rformed <span class=\"_ _5\"></span>using <span class=\"_ _3\"></span>key <span class=\"_ _5\"></span>paramet<span class=\"_ _3\"></span>er pr<span class=\"_ _3\"></span>oje<span class=\"_ _3\"></span>ctions <span class=\"_ _5\"></span>(c<span class=\"_ _1\"></span>ombi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _5\"></span>ratios, <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>um g<span class=\"_ _3\"></span>rowt<span class=\"_ _3\"></span>h, <span class=\"_ _3\"></span>finan<span class=\"_ _3\"></span>cial i<span class=\"_ _3\"></span>ncome) <span class=\"_ _3\"></span>base<span class=\"_ _3\"></span>d on th<span class=\"_ _3\"></span>eir past <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ues a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expected f<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ture<span class=\"_ _3\"></span> ma<span class=\"_ _3\"></span>rket ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es. The <span class=\"_ _3\"></span>predi<span class=\"_ _3\"></span>cted cas<span class=\"_ _3\"></span>h flows fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> perpet<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>annuit<span class=\"_ _3\"></span>y are <span class=\"_ _3\"></span>assumed<span class=\"_ _3\"></span> to continue <span class=\"_ _1\"></span>for<span class=\"_ _3\"></span>ever<span class=\"_ _11\"></span>. <span class=\"_ _1\"></span>Curr<span class=\"_ _3\"></span>encies are translate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to euro using the exchang<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the 31 <span class=\"_ _1\"></span>Decembe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>porting date for <span class=\"_ _1\"></span>the financial y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>. All <span class=\"_ _5\"></span>of the unde<span class=\"_ _3\"></span>rwriting <span class=\"_ _3\"></span>busin<span class=\"_ _3\"></span>ess asse<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>assigne<span class=\"_ _3\"></span>d to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CGU <span class=\"_ _3\"></span>gro<span class=\"_ _3\"></span>ups. <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>additio<span class=\"_ _3\"></span>n to <span class=\"_ _3\"></span>good<span class=\"_ _3\"></span>will <span class=\"_ _3\"></span>and trad<span class=\"_ _3\"></span>emarks, <span class=\"_ _3\"></span>thes<span class=\"_ _3\"></span>e al<span class=\"_ _3\"></span>so include <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>insurance <span class=\"_ _4\"></span>portfol<span class=\"_ _3\"></span>ios <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>custom<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>bases, <span class=\"_ _1\"></span>investments, <span class=\"_ _1\"></span>receivabl<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>other <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>ets. <span class=\"_ _4\"></span>Underw<span class=\"_ _3\"></span>riting <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> and curr<span class=\"_ _3\"></span>ent liabi<span class=\"_ _3\"></span>lities are ded<span class=\"_ _3\"></span>ucted f<span class=\"_ _3\"></span>rom the boo<span class=\"_ _3\"></span>k values. <span class=\"_ _3\"></span>Assets ar<span class=\"_ _3\"></span>e allocated to t<span class=\"_ _3\"></span>he CGU gr<span class=\"_ _3\"></span>oups in the f<span class=\"_ _3\"></span>orm of corpo<span class=\"_ _3\"></span>rate assets <span class=\"_ _4\"></span>insof<span class=\"_ _3\"></span>ar <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>they<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>accounted <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>but <span class=\"_ _1\"></span>used <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>erating <span class=\"_ _1\"></span>companies. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>flows <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>CGU gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ps <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>accordi<span class=\"_ _3\"></span>ngly adjust<span class=\"_ _3\"></span>ed fo<span class=\"_ _3\"></span>r amortisatio<span class=\"_ _3\"></span>n of the all<span class=\"_ _3\"></span>ocated cor<span class=\"_ _3\"></span>porate <span class=\"_ _3\"></span>assets.<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>o ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulate the disco<span class=\"_ _3\"></span>unt rates, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>apital asset prici<span class=\"_ _3\"></span>ng mo<span class=\"_ _3\"></span>del (CAPM) is use<span class=\"_ _3\"></span>d to calculat<span class=\"_ _3\"></span>e a c<span class=\"_ _1\"></span>ost of<span class=\"_ _3\"></span> equity capit<span class=\"_ _3\"></span>al. This i<span class=\"_ _3\"></span>s<span class=\"_ _1\"></span> done b<span class=\"_ _3\"></span>y addi<span class=\"_ _3\"></span>ng cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ry-specifi<span class=\"_ _3\"></span>c inflatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ferential<span class=\"_ _3\"></span>s, risk<span class=\"_ _3\"></span> prem<span class=\"_ _3\"></span>iums an<span class=\"_ _3\"></span>d secto<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-spe<span class=\"_ _3\"></span>cific market<span class=\"_ _3\"></span> risk<span class=\"_ _3\"></span> to th<span class=\"_ _3\"></span>e risk-fr<span class=\"_ _3\"></span>ee in<span class=\"_ _3\"></span>terest<span class=\"_ _3\"></span> rate (<span class=\"_ _1\"></span>equ<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>to the <span class=\"_ _1\"></span>yield on German <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>vernment <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>nds <span class=\"_ _1\"></span>on the repo<span class=\"_ _3\"></span>rting <span class=\"_ _1\"></span>dat<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>calcula<span class=\"_ _3\"></span>ted u<span class=\"_ _1\"></span>sing the <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>vensson method<span class=\"_ _3\"></span>). <span class=\"_ _1\"></span>The base <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>befor<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>nflation<span class=\"_ _3\"></span> dif<span class=\"_ _5\"></span>ferentials <span class=\"_ _5\"></span>was 2.<span class=\"_ _3\"></span>36% <span class=\"_ _3\"></span>(0.12<span class=\"_ _3\"></span>%). <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>rket ris<span class=\"_ _3\"></span>k of<span class=\"_ _3\"></span> 7.1<span class=\"_ _3\"></span>4% <span class=\"_ _3\"></span>(7.38%<span class=\"_ _3\"></span>) w<span class=\"_ _3\"></span>as m<span class=\"_ _3\"></span>ultipli<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y a <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>fact<span class=\"_ _3\"></span>or of <span class=\"_ _1\"></span>0.87 (<span class=\"_ _1\"></span>1.19) <span class=\"_ _1\"></span>that was <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>culated <span class=\"_ _1\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>specif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>peer <span class=\"_ _1\"></span>gro<span class=\"_ _3\"></span>up. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>contrast <span class=\"_ _1\"></span>to the <span class=\"_ _1\"></span>previo<span class=\"_ _3\"></span>us <span class=\"_ _1\"></span>year<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>eta <span class=\"_ _1\"></span>factor was determin<span class=\"_ _3\"></span>ed as of <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>eporting dat<span class=\"_ _3\"></span>e. The <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g-<span class=\"_ _3\"></span>term <span class=\"_ _4\"></span>gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>rates<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>calcula<span class=\"_ _3\"></span>ted <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _4\"></span>yea<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>based <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>compou<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>annu<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>th <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>CA<span class=\"_ _3\"></span>GR) assumi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>pe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>etra<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>countries <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>ncerned <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>tarting <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>2013 <span class=\"_ _1\"></span>will<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nverge <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>50\u20137<span class=\"_ _3\"></span>0 <span class=\"_ _1\"></span>yea<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsistent<span class=\"_ _3\"></span> with t<span class=\"_ _3\"></span>he curr<span class=\"_ _3\"></span>ent sit<span class=\"_ _3\"></span>uation i<span class=\"_ _3\"></span>n Germa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>. A<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> infla<span class=\"_ _3\"></span>tion adjus<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>t equal to<span class=\"_ _3\"></span> half of<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>ation i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> cost of<span class=\"_ _3\"></span> equit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>was added to t<span class=\"_ _3\"></span>he CAG<span class=\"_ _3\"></span>R.<span class=\"_ _379\"> </span>Impairment<span class=\"_ _1\"></span> and recove<span class=\"_ _1\"></span>rable amo<span class=\"_ _1\"></span>unt<span class=\"_ _1\"></span>s for CGU <span class=\"_ _1\"></span>groups<span class=\"_ _1\"></span><span class=\"fce\"> <span class=\"_ _150\"> </span></span><span class=\"fsc\">2022 <span class=\"_ _151\"> </span><span class=\"fce\">2021 </span></span>Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span>Recoverable<span class=\"_ _1\"></span> amount<span class=\"_ _379\"> </span>Impairm<span class=\"_ _1\"></span>ent<span class=\"_ _379\"> </span>Recoverable<span class=\"_ _1\"></span> amount<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R millions<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>sov<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _152\"> </span>13.6<span class=\"_ _379\"> </span>22.1<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _153\"> </span>12.6<span class=\"_ _379\"> </span>27.1<span class=\"_ _379\"> </span>Additionally<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ancial year<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>impairme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>cquire<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>insurance portfoli<span class=\"_ _3\"></span>os <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR 19,510,<span class=\"_ _3\"></span>000 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>angi<span class=\"_ _3\"></span>ble assets <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>UR 21,7<span class=\"_ _3\"></span>07,000<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>were<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>nised <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>income<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>statement.<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>Th<span class=\"_ _3\"></span>ese <span class=\"_ _a\"></span>values <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>due <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ewly<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed Aegon com<span class=\"_ _3\"></span>panies <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lting f<span class=\"_ _3\"></span>rom t<span class=\"_ _3\"></span>he addi<span class=\"_ _3\"></span>tional i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce ta<span class=\"_ _3\"></span>x determined <span class=\"_ _3\"></span>after closi<span class=\"_ _3\"></span>ng in H<span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ary<span class=\"_ _d\"></span>, and th<span class=\"_ _3\"></span>e Asir<span class=\"_ _3\"></span>om bra<span class=\"_ _3\"></span>nd. Impairm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>angible <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eversals <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>impairm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tangibl<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>assets<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>included <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>se<span class=\"_ _3\"></span>parate <span class=\"_ _4\"></span>items<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> income s<span class=\"_ _3\"></span>tatement <span class=\"_ _3\"></span>betwee<span class=\"_ _3\"></span>n the Gro<span class=\"_ _3\"></span>up oper<span class=\"_ _3\"></span>ating res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lt and <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>esult befor<span class=\"_ _5\"></span>e taxes.<span class=\"_ _379\"> </span>Key calculatio<span class=\"_ _1\"></span>n para<span class=\"_ _1\"></span>meters<span class=\"_ _1\"></span> <span class=\"_ _154\"> </span><span class=\"fsc\">Discount ra<span class=\"_ _1\"></span>tes <span class=\"_ _12f\"> </span>Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry risk<span class=\"_ _1\"></span>s <span class=\"_ _14\"> </span>Long-term<span class=\"_ _1\"></span> growth rate </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a <span class=\"_ _155\"> </span>9.25<span class=\"_ _379\"> </span>9.27<span class=\"_ _379\"> </span>0.69<span class=\"_ _379\"> </span>0.39<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _156\"> </span>9.11<span class=\"_ _379\"> </span>9.83<span class=\"_ _379\"> </span>1.03<span class=\"_ _379\"> </span>0.60<span class=\"_ _379\"> </span>3.60\u2013<span class=\"_ _1\"></span>5.46<span class=\"_ _379\"> </span>4.20\u2013<span class=\"_ _1\"></span>5.73<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _157\"> </span>11.22<span class=\"_ _379\"> </span>10.67<span class=\"_ _379\"> </span>1.46<span class=\"_ _379\"> </span>0.84<span class=\"_ _379\"> </span>5.79\u2013<span class=\"_ _1\"></span>7.29<span class=\"_ _379\"> </span>5.41\u2013<span class=\"_ _1\"></span>6.86<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>cl. <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>sov<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>16.02<span class=\"_ _379\"> </span>14.02<span class=\"_ _379\"> </span>7.77<span class=\"_ _379\"> </span>4.45<span class=\"_ _379\"> </span>6.41<span class=\"_ _379\"> </span>6.76<span class=\"_ _379\"> </span>Bal<span class=\"_ _1\"></span>tic<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _158\"> </span>10.15<span class=\"_ _379\"> </span>9.79<span class=\"_ _379\"> </span>1.58<span class=\"_ _379\"> </span>0.91<span class=\"_ _379\"> </span>5.20\u2013<span class=\"_ _1\"></span>6.69<span class=\"_ _379\"> </span>4.94\u2013<span class=\"_ _1\"></span>6.39<span class=\"_ _379\"> </span>Bosn<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Herz<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ovin<span class=\"_ _1\"></span>a <span class=\"_ _159\"> </span>19.65<span class=\"_ _379\"> </span>16.62<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>5.55\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>6.00\u2013<span class=\"_ _1\"></span>8.12<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a <span class=\"_ _15a\"> </span>10.52<span class=\"_ _379\"> </span>10.65<span class=\"_ _379\"> </span>2.76<span class=\"_ _379\"> </span>1.58<span class=\"_ _379\"> </span>5.64\u2013<span class=\"_ _1\"></span>6.18<span class=\"_ _379\"> </span>5.97\u2013<span class=\"_ _1\"></span>6.83<span class=\"_ _379\"> </span>Cro<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ia <span class=\"_ _e9\"> </span>12<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>11.70<span class=\"_ _379\"> </span>3.29<span class=\"_ _379\"> </span>2.47<span class=\"_ _379\"> </span>5.12\u2013<span class=\"_ _1\"></span>7.54<span class=\"_ _379\"> </span>5.25\u2013<span class=\"_ _1\"></span>7.18<span class=\"_ _379\"> </span>Mol<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _15b\"> </span>22.50<span class=\"_ _379\"> </span>18.70<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>8.78<span class=\"_ _379\"> </span>9.01<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _15c\"> </span>14.28<span class=\"_ _379\"> </span>12.41<span class=\"_ _379\"> </span>6.21<span class=\"_ _379\"> </span>3.56<span class=\"_ _379\"> </span>5.75<span class=\"_ _379\"> </span>5.87<span class=\"_ _379\"> </span>Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>13.2<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>12.08<span class=\"_ _379\"> </span>3.79<span class=\"_ _379\"> </span>2.18<span class=\"_ _379\"> </span>5.60\u2013<span class=\"_ _1\"></span>7.91<span class=\"_ _379\"> </span>5.84\u2013<span class=\"_ _1\"></span>7.97<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>rbia<span class=\"_ _1\"></span> <span class=\"_ _6c\"> </span>14.75<span class=\"_ _379\"> </span>12.72<span class=\"_ _379\"> </span>5.19<span class=\"_ _379\"> </span>2.97<span class=\"_ _379\"> </span>5.78\u2013<span class=\"_ _1\"></span>7.57<span class=\"_ _379\"> </span>5.68\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _15a\"> </span>10.02<span class=\"_ _379\"> </span>9.72<span class=\"_ _379\"> </span>1.46<span class=\"_ _379\"> </span>0.84<span class=\"_ _379\"> </span>5.77\u2013<span class=\"_ _1\"></span>6.03<span class=\"_ _379\"> </span>5.32\u2013<span class=\"_ _1\"></span>5.53<span class=\"_ _379\"> </span>Uk<span class=\"_ _1\"></span>rain<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>40.82<span class=\"_ _379\"> </span>18.91<span class=\"_ _379\"> </span>17.26<span class=\"_ _379\"> </span>6.43<span class=\"_ _379\"> </span>15.03\u2013<span class=\"_ _1\"></span>18.36<span class=\"_ _379\"> </span>8.58\u2013<span class=\"_ _1\"></span>12.34<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _15a\"> </span>13.34<span class=\"_ _379\"> </span>12.23<span class=\"_ _379\"> </span>3.29<span class=\"_ _379\"> </span>1.88<span class=\"_ _379\"> </span>6.55\u2013<span class=\"_ _1\"></span>6.59<span class=\"_ _379\"> </span>6.25\u2013<span class=\"_ _1\"></span>6.59<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>rman<span class=\"_ _1\"></span>y <span class=\"_ _15d\"> </span>8.<span class=\"_ _1\"></span>56<span class=\"_ _379\"> </span>8.88<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>orgi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>14.00<span class=\"_ _379\"> </span>13.21<span class=\"_ _379\"> </span>5.19<span class=\"_ _379\"> </span>2.97<span class=\"_ _379\"> </span>6.12<span class=\"_ _379\"> </span>6.67<span class=\"_ _379\"> </span>Lie<span class=\"_ _1\"></span>cht<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ein <span class=\"_ _15e\"> </span>8.56<span class=\"_ _379\"> </span>8.88<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>0.00<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>1.50<span class=\"_ _379\"> </span>T\u00fcr<span class=\"_ _1\"></span>kiy<span class=\"_ _1\"></span>e <span class=\"_ _e9\"> </span>37.79<span class=\"_ _379\"> </span>25.51<span class=\"_ _379\"> </span>11.22<span class=\"_ _379\"> </span>5.44<span class=\"_ _379\"> </span>14.55\u2013<span class=\"_ _1\"></span>17.00<span class=\"_ _379\"> </span>10.68\u2013<span class=\"_ _1\"></span>13.28<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>Fun<span class=\"_ _1\"></span>cti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>9.25\u201314.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>9.27\u2013<span class=\"_ _1\"></span>12.72<span class=\"_ _379\"> </span>0.69\u2013<span class=\"_ _1\"></span>5.19<span class=\"_ _379\"> </span>0.39\u2013<span class=\"_ _1\"></span>2.97<span class=\"_ _379\"> </span>1.50\u2013<span class=\"_ _1\"></span>7.57<span class=\"_ _379\"> </span>1.50\u2013<span class=\"_ _1\"></span>7.47<span class=\"_ _379\"> </span>The aver<span class=\"_ _3\"></span>age incr<span class=\"_ _3\"></span>ease in t<span class=\"_ _3\"></span>he disco<span class=\"_ _3\"></span>unt rates <span class=\"_ _3\"></span>is prima<span class=\"_ _3\"></span>rily due to hig<span class=\"_ _3\"></span>her count<span class=\"_ _3\"></span>ry risk pr<span class=\"_ _3\"></span>emiums.<span class=\"_ _379\"> </span>INVESTMENTS <span class=\"_ _3\"></span>(B) General inform<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> In <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce with the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elevant IFRS req<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>some a<span class=\"_ _3\"></span>ssets and <span class=\"_ _1\"></span>liabili<span class=\"_ _3\"></span>ties a<span class=\"_ _1\"></span>re ca<span class=\"_ _3\"></span>rr<span class=\"_ _1\"></span>ied at fair v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated financial  s<span class=\"_ _3\"></span>tatements.  T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is  con<span class=\"_ _3\"></span>cerns  a  signifi<span class=\"_ _3\"></span>cant  portion<span class=\"_ _3\"></span>  of  investments. <span class=\"_ _6\"> </span>VI<span class=\"_ _1\"></span>G  I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance  Gr<span class=\"_ _3\"></span>oup  assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>all  financial instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>one <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>le<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ls <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _a\"></span>13 <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>hierarchy<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>decentrali<span class=\"_ _3\"></span>sed <span class=\"_ _a\"></span>organis<span class=\"_ _3\"></span>ational structur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _4\"></span>Ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>subsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>are <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _1\"></span>categorisa<span class=\"_ _3\"></span>tion. <span class=\"_ _4\"></span>This <span class=\"_ _4\"></span>tak<span class=\"_ _3\"></span>es account, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>particular<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>local <span class=\"_ _1\"></span>knowledge<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ty <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>any <span class=\"_ _4\"></span>inpu<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>paramet<span class=\"_ _3\"></span>ers <span class=\"_ _1\"></span>needed <span class=\"_ _1\"></span>for model v<span class=\"_ _3\"></span>aluation. <span class=\"_ _3\"></span> Fair values <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e determi<span class=\"_ _3\"></span>ned using t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng hierar<span class=\"_ _3\"></span>chy spe<span class=\"_ _3\"></span>cified in I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 13<span class=\"_ _3\"></span>: \u2022<span class=\"_ _f\"> </span>The determi<span class=\"_ _3\"></span>nation of<span class=\"_ _3\"></span> fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> for f<span class=\"_ _3\"></span>inancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s ge<span class=\"_ _3\"></span>nerally base<span class=\"_ _3\"></span>d on pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>e markets <span class=\"_ _3\"></span>for<span class=\"_ _379\"> </span>identical ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts or li<span class=\"_ _3\"></span>abilities (<span class=\"_ _3\"></span>Level 1).<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>If a financial i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ent is not li<span class=\"_ _3\"></span>sted a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>no mark<span class=\"_ _3\"></span>et price quo<span class=\"_ _3\"></span>tations ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> activ<span class=\"_ _3\"></span>e mark<span class=\"_ _3\"></span>ets, fair val<span class=\"_ _3\"></span>ue is<span class=\"_ _379\"> </span>determin<span class=\"_ _3\"></span>ed using <span class=\"_ _3\"></span>price quot<span class=\"_ _3\"></span>ations for sim<span class=\"_ _3\"></span>ila<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> asse<span class=\"_ _3\"></span>ts or pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations in in<span class=\"_ _3\"></span>active m<span class=\"_ _3\"></span>arkets (Le<span class=\"_ _3\"></span>vel 2). S<span class=\"_ _3\"></span>tandard <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span>models wi<span class=\"_ _3\"></span>th inpu<span class=\"_ _3\"></span>ts that are o<span class=\"_ _5\"></span>bservable i<span class=\"_ _3\"></span>n the mark<span class=\"_ _3\"></span>et are <span class=\"_ _3\"></span>used for <span class=\"_ _3\"></span>Level 2 m<span class=\"_ _3\"></span>easurem<span class=\"_ _3\"></span>ents. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ese m<span class=\"_ _3\"></span>odels ar<span class=\"_ _3\"></span>e prima<span class=\"_ _3\"></span>rily<span class=\"_ _379\"> </span>used fo<span class=\"_ _3\"></span>r illiquid bon<span class=\"_ _3\"></span>ds (pr<span class=\"_ _3\"></span>esent v<span class=\"_ _3\"></span>alue method<span class=\"_ _3\"></span>) and s<span class=\"_ _3\"></span>tructure<span class=\"_ _3\"></span>d securiti<span class=\"_ _3\"></span>es.<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>The fair val<span class=\"_ _3\"></span>ue of cert<span class=\"_ _3\"></span>ain financi<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments, i<span class=\"_ _3\"></span>n particula<span class=\"_ _3\"></span>r bonds fr<span class=\"_ _3\"></span>om cou<span class=\"_ _3\"></span>ntries <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ut active <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rkets, a<span class=\"_ _3\"></span>nd<span class=\"_ _379\"> </span>prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>, is d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>ned using <span class=\"_ _3\"></span>valuation mo<span class=\"_ _3\"></span>dels wit<span class=\"_ _3\"></span>h input f<span class=\"_ _3\"></span>actors th<span class=\"_ _3\"></span>at are g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y unobse<span class=\"_ _3\"></span>rvable i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>arket. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span>models us<span class=\"_ _3\"></span>e, for ex<span class=\"_ _3\"></span>ample, tra<span class=\"_ _3\"></span>nsactio<span class=\"_ _3\"></span>ns in inactiv<span class=\"_ _3\"></span>e marke<span class=\"_ _3\"></span>ts, expert r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e of cash fl<span class=\"_ _3\"></span>ows (<span class=\"_ _3\"></span>Level 3).<span class=\"_ _379\"> </span>The ta<span class=\"_ _3\"></span>ble belo<span class=\"_ _3\"></span>w lists <span class=\"_ _3\"></span>the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d and m<span class=\"_ _3\"></span>ost impo<span class=\"_ _379\"> </span>rtant <span class=\"_ _3\"></span>input fa<span class=\"_ _3\"></span>ctors for <span class=\"_ _3\"></span>Levels<span class=\"_ _3\"></span> 2 and<span class=\"_ _3\"></span> 3. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> calculated<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alues c<span class=\"_ _3\"></span>an be used for <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>curring a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>non-r<span class=\"_ _3\"></span>ecurring m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> Pricing metho<span class=\"_ _1\"></span>d <span class=\"_ _15f\"> </span><span class=\"fsc\">Used for <span class=\"_ _160\"> </span>Fair<span class=\"_ _1\"></span> Value <span class=\"_ _4f\"> </span>Input paramet<span class=\"_ _1\"></span>ers </span>Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>Observable<span class=\"_ _1\"></span> Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s; borrower's note loans<span class=\"_ _1\"></span>; loans; se<span class=\"_ _1\"></span>curitised liabilities and su<span class=\"_ _1\"></span>bordinated liab<span class=\"_ _1\"></span>ilities<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Issuer, secto<span class=\"_ _1\"></span>r and rating-d<span class=\"_ _1\"></span>ependen<span class=\"_ _1\"></span>t yield curves<span class=\"_ _1\"></span> Lib<span class=\"_ _1\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rese<span class=\"_ _1\"></span>nt valu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s and b<span class=\"_ _1\"></span>orrower's note loans with<span class=\"_ _1\"></span> other embedd<span class=\"_ _1\"></span>ed derivates<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice Money marke<span class=\"_ _1\"></span>t and sw<span class=\"_ _1\"></span>ap curves; implied v<span class=\"_ _1\"></span>olatility su<span class=\"_ _1\"></span>rface; cap &amp; floor <span class=\"_ _1\"></span>volatilities; issuer, se<span class=\"_ _1\"></span>ctor <span class=\"_ _1\"></span>and rating-<span class=\"_ _379\"> </span>depend<span class=\"_ _1\"></span>ent yield curves Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>C<span class=\"_ _3\"></span>urrenc<span class=\"_ _1\"></span>y futures contr<span class=\"_ _1\"></span>acts <span class=\"_ _162\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket curves for th<span class=\"_ _1\"></span>e curren<span class=\"_ _1\"></span>cies concerned Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>I<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest rate/curren<span class=\"_ _1\"></span>cy swaps<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket and s<span class=\"_ _1\"></span>wap curves fo<span class=\"_ _1\"></span>r the currencies c<span class=\"_ _1\"></span>oncerned Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; im<span class=\"_ _1\"></span>plied volatilities; yield curve<span class=\"_ _1\"></span> Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>(Un-)obser<span class=\"_ _1\"></span>vable Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; volati<span class=\"_ _1\"></span>lities; yield<span class=\"_ _1\"></span> curve<span class=\"_ _1\"></span> Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>tho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; capitalisation <span class=\"_ _1\"></span>rate; data on<span class=\"_ _1\"></span> comparabl<span class=\"_ _1\"></span>e transa<span class=\"_ _1\"></span>ctions Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; discount rate; ind<span class=\"_ _1\"></span>exes Mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch <span class=\"_ _167\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>typical indu<span class=\"_ _1\"></span>stry multipliers Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>discount rate<span class=\"_ _1\"></span> Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Shares <span class=\"_ _168\"> </span>Book value Company-sp<span class=\"_ _1\"></span>ecific equity a<span class=\"_ _1\"></span>ccording to sep<span class=\"_ _1\"></span>arate finan<span class=\"_ _1\"></span>cial statements Amo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t Fixed income <span class=\"_ _1\"></span>instrumen<span class=\"_ _1\"></span>ts (illiquid bon<span class=\"_ _1\"></span>ds, policy loans, loans) with<span class=\"_ _1\"></span> no observ<span class=\"_ _1\"></span>able inpu<span class=\"_ _1\"></span>t data for comparable ass<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> Book value <span class=\"_ _56\"> </span>Cost-price; redemp<span class=\"_ _1\"></span>tion pri<span class=\"_ _1\"></span>ce; effective yield<span class=\"_ _1\"></span> Fo<span class=\"_ _3\"></span>r f<span class=\"_ _5\"></span>urth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>info<span class=\"_ _5\"></span>rmati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>ple<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>see <span class=\"_ _5\"></span>Not<span class=\"_ _3\"></span>e 2<span class=\"_ _5\"></span>4. <span class=\"_ _3\"></span>Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>hie<span class=\"_ _3\"></span>rar<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>33.<span class=\"_ _3\"></span> The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>nts th<span class=\"_ _3\"></span>e relatio<span class=\"_ _3\"></span>nships b<span class=\"_ _3\"></span>etween bal<span class=\"_ _3\"></span>ance-s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et items a<span class=\"_ _3\"></span>nd classes o<span class=\"_ _3\"></span>f fin<span class=\"_ _3\"></span>ancial instr<span class=\"_ _3\"></span>uments <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> to IFRS 7, i<span class=\"_ _3\"></span>ncludi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g me<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent me<span class=\"_ _3\"></span>thods:<span class=\"_ _3\"></span> Balance s<span class=\"_ _1\"></span>heet item<span class=\"_ _1\"></span>s, IAS 39 cate<span class=\"_ _1\"></span>gories<span class=\"_ _1\"></span> and classe<span class=\"_ _1\"></span>s of financ<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nstruments<span class=\"_ _1\"></span> ac<span class=\"_ _1\"></span>cording to<span class=\"_ _1\"></span> IFRS 7 <span class=\"_ _169\"> </span><span class=\"fsc\">Measurem<span class=\"_ _1\"></span>ent met<span class=\"_ _1\"></span>hod </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _16b\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>At fair value<span class=\"_ _1\"></span> Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _ed\"> </span>At am<span class=\"_ _1\"></span>ortised costs Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iabi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>) <span class=\"_ _6d\"> </span>At amortised costs<span class=\"_ _1\"></span> De<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies)<span class=\"_ _1\"></span> <span class=\"_ _16e\"> </span>At fair value<span class=\"_ _1\"></span> *Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>Property<span class=\"_ _3\"></span> Both <span class=\"_ _d\"></span>owner<span class=\"_ _5\"></span>-<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ccupied <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>investment <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>operties <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>re<span class=\"_ _3\"></span>ported <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>propert<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. <span class=\"_ _d\"></span>Propert<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>is <span class=\"_ _d\"></span>both<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>self-used <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>investm<span class=\"_ _3\"></span>ent prope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>divided. <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>small <span class=\"_ _5\"></span>amou<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>do <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ceed <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>20% <span class=\"_ _3\"></span>limi<span class=\"_ _3\"></span>t, <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>entir<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>larger <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>ateg<span class=\"_ _3\"></span>ory (80:20 r<span class=\"_ _3\"></span>ule). Prope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>measured <span class=\"_ _3\"></span>at cos<span class=\"_ _3\"></span>t m<span class=\"_ _3\"></span>inu<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>acc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ulated <span class=\"_ _3\"></span>depre<span class=\"_ _3\"></span>ciatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>and i<span class=\"_ _3\"></span>mpairm<span class=\"_ _3\"></span>ent lo<span class=\"_ _3\"></span>sses. <span class=\"_ _3\"></span>Cost com<span class=\"_ _3\"></span>prises al<span class=\"_ _3\"></span>l cos<span class=\"_ _3\"></span>ts inc<span class=\"_ _3\"></span>urred <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span> putting t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e ass<span class=\"_ _3\"></span>et into its <span class=\"_ _3\"></span>present loc<span class=\"_ _3\"></span>ation i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> its pr<span class=\"_ _3\"></span>esent con<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>tion. Costs incur<span class=\"_ _3\"></span>red in late<span class=\"_ _3\"></span>r periods ar<span class=\"_ _3\"></span>e only capit<span class=\"_ _3\"></span>alised i<span class=\"_ _3\"></span>f they lead to a signif<span class=\"_ _3\"></span>icant i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>e in future o<span class=\"_ _3\"></span>pportu<span class=\"_ _3\"></span>nities for <span class=\"_ _3\"></span>use of the b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ildi<span class=\"_ _3\"></span>ng (e.g. t<span class=\"_ _3\"></span>hrough b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>ding expa<span class=\"_ _3\"></span>nsion or new <span class=\"_ _3\"></span>building<span class=\"_ _3\"></span> constr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ctio<span class=\"_ _3\"></span>n)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Ow<span class=\"_ _3\"></span>ner<span class=\"_ _3\"></span>-occ<span class=\"_ _3\"></span>upied and <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>buildi<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>both depr<span class=\"_ _3\"></span>eciated<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g the <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>traight-l<span class=\"_ _3\"></span>ine <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hod <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e ex-<span class=\"_ _379\"> </span>pected <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sef<span class=\"_ _3\"></span>ul lif<span class=\"_ _3\"></span>e. The<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowi<span class=\"_ _3\"></span>ng averag<span class=\"_ _3\"></span>e u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>eful lives <span class=\"_ _3\"></span>are us<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>calculatio<span class=\"_ _3\"></span>n: Average<span class=\"_ _1\"></span> us<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>ful life i<span class=\"_ _1\"></span>n yea<span class=\"_ _1\"></span>rs <span class=\"_ _14e\"> </span><span class=\"fsc\">from<span class=\"_ _379\"> </span></span>to<span class=\"_ _379\"> </span>Buil<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> <span class=\"_ _16f\"> </span>20<span class=\"_ _379\"> </span>50<span class=\"_ _379\"> </span>IMP<span class=\"_ _3\"></span>AIRMEN<span class=\"_ _3\"></span>T OF PROP<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>R<span class=\"_ _5\"></span>TY Prope<span class=\"_ _3\"></span>rty appraisals<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>rmed at reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>inte<span class=\"_ _3\"></span>rvals for <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wner<span class=\"_ _3\"></span>-o<span class=\"_ _3\"></span>ccupied pro<span class=\"_ _3\"></span>perty and investm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>rope<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>, reg<span class=\"_ _3\"></span>ardl<span class=\"_ _3\"></span>ess of their <span class=\"_ _4\"></span>book<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>valu<span class=\"_ _3\"></span>es, <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nterna<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>externally <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>well <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>ju<span class=\"_ _3\"></span>dicially <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ertified <span class=\"_ _1\"></span>building <span class=\"_ _1\"></span>constr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>prope<span class=\"_ _3\"></span>rty <span class=\"_ _1\"></span>appraisers. Fair <span class=\"_ _a\"></span>va<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulated <span class=\"_ _a\"></span>using <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>capit<span class=\"_ _3\"></span>alised <span class=\"_ _a\"></span>earn<span class=\"_ _1\"></span>ings<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>method <span class=\"_ _a\"></span>or <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>arket <span class=\"_ _c\"></span>com<span class=\"_ _5\"></span>parisons. <span class=\"_ _c\"> </span>U<span class=\"_ _3\"></span>nless<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>leased, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>sset<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>val<span class=\"_ _3\"></span>ue method i<span class=\"_ _3\"></span>s generall<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>nly used <span class=\"_ _3\"></span>for unde<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>lop<span class=\"_ _3\"></span>ed la<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d. T<span class=\"_ _3\"></span>he discou<span class=\"_ _3\"></span>nted cas<span class=\"_ _3\"></span>h flow met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>d is use<span class=\"_ _3\"></span>d in excepti<span class=\"_ _3\"></span>onal cas<span class=\"_ _3\"></span>es. If th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> is be<span class=\"_ _1\"></span>low the book value (c<span class=\"_ _1\"></span>os<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>minus accum<span class=\"_ _3\"></span>ulated <span class=\"_ _1\"></span>de<span class=\"_ _3\"></span>preciatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>write-do<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ns), the <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>et <span class=\"_ _1\"></span>is impaired.<span class=\"_ _3\"></span> In this <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>se,<span class=\"_ _3\"></span> the bo<span class=\"_ _3\"></span>ok v<span class=\"_ _3\"></span>alue is <span class=\"_ _3\"></span>writte<span class=\"_ _3\"></span>n down to<span class=\"_ _3\"></span> fair <span class=\"_ _3\"></span>value t<span class=\"_ _3\"></span>hroug<span class=\"_ _3\"></span>h pr<span class=\"_ _3\"></span>ofit or<span class=\"_ _3\"></span> loss. T<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ethod use<span class=\"_ _3\"></span>d to t<span class=\"_ _3\"></span>est for<span class=\"_ _3\"></span> impairm<span class=\"_ _3\"></span>ent is <span class=\"_ _3\"></span>also used to test fo<span class=\"_ _3\"></span>r a<span class=\"_ _1\"></span> re<span class=\"_ _3\"></span>versal of<span class=\"_ _3\"></span> impairment. <span class=\"_ _3\"></span>On<span class=\"_ _1\"></span> e<span class=\"_ _3\"></span>ach balance s<span class=\"_ _3\"></span>heet date, a t<span class=\"_ _3\"></span>est is perform<span class=\"_ _3\"></span>ed for indicatio<span class=\"_ _3\"></span>ns that a re<span class=\"_ _3\"></span>versal o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span> impairme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>taken <span class=\"_ _4\"></span>pla<span class=\"_ _3\"></span>ce. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>book <span class=\"_ _1\"></span>value <span class=\"_ _4\"></span>aft<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ever<span class=\"_ _3\"></span>sal <span class=\"_ _4\"></span>may <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>exce<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>book value <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>would <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>existe<span class=\"_ _3\"></span>d, taking i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>depreci<span class=\"_ _3\"></span>ation, if no i<span class=\"_ _3\"></span>mpairm<span class=\"_ _3\"></span>ent had b<span class=\"_ _3\"></span>een r<span class=\"_ _3\"></span>ecognised.<span class=\"_ _3\"></span> Both impai<span class=\"_ _3\"></span>rments and re<span class=\"_ _3\"></span>versal<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>of impai<span class=\"_ _3\"></span>rments<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eport<span class=\"_ _3\"></span>ed in the <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>nancial res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n the <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>e stateme<span class=\"_ _3\"></span>nt and are sho<span class=\"_ _3\"></span>wn starting o<span class=\"_ _3\"></span>n page<span class=\"_ _3\"></span> 126. Th<span class=\"_ _3\"></span>e fai<span class=\"_ _3\"></span>r values a<span class=\"_ _3\"></span>nd le<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>el <span class=\"_ _3\"></span>hierarc<span class=\"_ _3\"></span>hy ac<span class=\"_ _3\"></span>cordi<span class=\"_ _3\"></span>ng to I<span class=\"_ _3\"></span>FRS 13 ar<span class=\"_ _5\"></span>e shown i<span class=\"_ _3\"></span>n Note 24<span class=\"_ _3\"></span>. Fi<span class=\"_ _3\"></span>nancial i<span class=\"_ _3\"></span>nstruments and fair <span class=\"_ _3\"></span>value meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ent hier<span class=\"_ _3\"></span>archy st<span class=\"_ _3\"></span>arting o<span class=\"_ _3\"></span>n page 133<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span>Financial<span class=\"_ _3\"></span> assets<span class=\"_ _3\"></span> Financial ass<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _3\"></span>vided into t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng catego<span class=\"_ _3\"></span>ries in a<span class=\"_ _3\"></span>ccord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h the req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ements of IA<span class=\"_ _3\"></span>S 39:<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>Loans and o<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>vestments, o<span class=\"_ _3\"></span>ther re<span class=\"_ _3\"></span>ceivabl<span class=\"_ _3\"></span>es,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>eld to m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>turit<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets availabl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> for sal<span class=\"_ _3\"></span>e,<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets re<span class=\"_ _3\"></span>cognis<span class=\"_ _3\"></span>ed at fair <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue thr<span class=\"_ _3\"></span>ough pr<span class=\"_ _3\"></span>ofit and <span class=\"_ _3\"></span>loss and<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Financial ass<span class=\"_ _3\"></span>ets <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>eld fo<span class=\"_ _3\"></span>r trading.<span class=\"_ _379\"> </span>On initial r<span class=\"_ _3\"></span>ecognitio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>correspo<span class=\"_ _3\"></span>nding fi<span class=\"_ _3\"></span>nancial ass<span class=\"_ _3\"></span>ets are <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d at cost, <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _3\"></span>equals fair <span class=\"_ _3\"></span>value at t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> time o<span class=\"_ _3\"></span>f acq<span class=\"_ _3\"></span>u-<span class=\"_ _379\"> </span>isiti<span class=\"_ _3\"></span>on. For<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>ubseq<span class=\"_ _3\"></span>uent meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt of fin<span class=\"_ _3\"></span>ancial asse<span class=\"_ _3\"></span>ts, tw<span class=\"_ _3\"></span>o measurem<span class=\"_ _5\"></span>ent methods<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>used.<span class=\"_ _379\"> </span> AMOR<span class=\"_ _3\"></span>T<span class=\"_ _1\"></span>IS<span class=\"_ _3\"></span>ED COS<span class=\"_ _3\"></span>T L<span class=\"_ _379\"> </span>oans<span class=\"_ _379\"> </span>and other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>invest<span class=\"_ _3\"></span>ments, other<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es and financia<span class=\"_ _3\"></span>l assets held to maturit<span class=\"_ _3\"></span>y are<span class=\"_ _379\"> </span>subseq<span class=\"_ _3\"></span>uently meas<span class=\"_ _3\"></span>ured at<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>tised <span class=\"_ _a\"></span>cost. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>rtised <span class=\"_ _a\"></span>cost<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _c\"></span>det<span class=\"_ _3\"></span>ermined <span class=\"_ _4\"></span>using <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>effecti<span class=\"_ _3\"></span>ve <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>rate <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>asset <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>questi<span class=\"_ _3\"></span>on. <span class=\"_ _c\"></span>A<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>write-do<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>is<span class=\"_ _1\"></span> recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n profit or lo<span class=\"_ _3\"></span>ss i<span class=\"_ _3\"></span>n the case of p<span class=\"_ _3\"></span>erma<span class=\"_ _3\"></span>nent imp<span class=\"_ _3\"></span>airment. <span class=\"_ _3\"></span> The curr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt in<span class=\"_ _3\"></span>come r<span class=\"_ _3\"></span>ecor<span class=\"_ _3\"></span>ded in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement i<span class=\"_ _3\"></span>s essenti<span class=\"_ _3\"></span>ally inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st in<span class=\"_ _3\"></span>come. RECOGNIS<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>D<span class=\"_ _3\"></span> A<span class=\"_ _d\"></span>T F<span class=\"_ _3\"></span>AIR<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>VA<span class=\"_ _3\"></span>LUE Non-deri<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>tiv<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>ets <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>desig<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>a<span class=\"_ _379\"> </span>vail<span class=\"_ _3\"></span>able <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>sale<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>not <span class=\"_ _5\"></span>classifi<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>as <span class=\"_ _5\"></span>loans <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>other<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ents, other <span class=\"_ _d\"></span>receivables, <span class=\"_ _d\"></span>held-to-m<span class=\"_ _3\"></span>aturity <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>assets <span class=\"_ _5\"></span>or fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>assets<span class=\"_ _379\"> </span>at <span class=\"_ _5\"></span>fair <span class=\"_ _5\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>throug<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>profit <span class=\"_ _d\"></span>or <span class=\"_ _5\"></span>loss <span class=\"_ _d\"></span>are <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>subseque<span class=\"_ _3\"></span>ntly meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>t f<span class=\"_ _3\"></span>air <span class=\"_ _3\"></span>value. <span class=\"_ _5\"></span>Fluctuatio<span class=\"_ _3\"></span>ns i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>recogn<span class=\"_ _3\"></span>ised <span class=\"_ _3\"></span>in o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>prehe<span class=\"_ _3\"></span>nsive <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eport<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>n e<span class=\"_ _3\"></span>quity in other r<span class=\"_ _3\"></span>eser<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s. T<span class=\"_ _3\"></span>his does <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>ude<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pairm<span class=\"_ _3\"></span>ents that <span class=\"_ _3\"></span>are r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d in pr<span class=\"_ _3\"></span>ofit a<span class=\"_ _3\"></span>nd loss.  Upon <span class=\"_ _5\"></span>disposal, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>cumulati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>gains <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>los<span class=\"_ _3\"></span>ses <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>other <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>erves <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>previo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>periods <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>transfe<span class=\"_ _3\"></span>rred <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ult for the p<span class=\"_ _3\"></span>eriod (r<span class=\"_ _3\"></span>ecycling).<span class=\"_ _3\"></span> Spot tra<span class=\"_ _3\"></span>nsactions <span class=\"_ _3\"></span>are ac<span class=\"_ _3\"></span>counted fo<span class=\"_ _3\"></span>r at the s<span class=\"_ _3\"></span>ettleme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>date. AMENDM<span class=\"_ _3\"></span>ENTS <span class=\"_ _3\"></span>TO IAS<span class=\"_ _3\"></span> 39 <span class=\"_ _3\"></span>AND IFRS<span class=\"_ _3\"></span> 7 RECLASSIFI<span class=\"_ _3\"></span>CA<span class=\"_ _5\"></span>TION OF <span class=\"_ _3\"></span>FINANCIAL<span class=\"_ _3\"></span> ASS<span class=\"_ _3\"></span>ETS The <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>ASB <span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>ubl<span class=\"_ _3\"></span>ished <span class=\"_ _a\"></span>amendm<span class=\"_ _3\"></span>ents <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _a\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>39 <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _a\"></span>7 <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>October<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>20<span class=\"_ _3\"></span>08. <span class=\"_ _a\"></span>The <span class=\"_ _a\"></span>adjusted <span class=\"_ _4\"></span>version <span class=\"_ _a\"></span>of <span class=\"_ _c\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>39 <span class=\"_ _4\"></span>permi<span class=\"_ _3\"></span>ts <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>e-<span class=\"_ _379\"> </span>classif<span class=\"_ _3\"></span>ication <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-derivati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>assets <span class=\"_ _a\"></span>(exc<span class=\"_ _3\"></span>ept <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>f<span class=\"_ _3\"></span>inancial <span class=\"_ _4\"></span>instrume<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>were <span class=\"_ _4\"></span>measur<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>using <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fair <span class=\"_ _a\"></span>value option <span class=\"_ _3\"></span>upon initial r<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nition) in t<span class=\"_ _3\"></span>he \u201cheld<span class=\"_ _3\"></span>-for<span class=\"_ _3\"></span>-tr<span class=\"_ _3\"></span>ading\u201d and <span class=\"_ _3\"></span>\u201cavail<span class=\"_ _3\"></span>able-for<span class=\"_ _5\"></span>-sale\u201d c<span class=\"_ _3\"></span>ategories.<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>amen<span class=\"_ _3\"></span>dments to <span class=\"_ _4\"></span>IAS<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>39 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>RS<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>7 went <span class=\"_ _1\"></span>into e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fect <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>tr<span class=\"_ _3\"></span>oactivel<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>1 <span class=\"_ _4\"></span>J<span class=\"_ _3\"></span>uly <span class=\"_ _4\"></span>2008<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>were a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plied <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>spectivel<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m the time <span class=\"_ _1\"></span>of re<span class=\"_ _3\"></span>classification. Re<span class=\"_ _3\"></span>classificatio<span class=\"_ _3\"></span>ns performed in <span class=\"_ _1\"></span>VI<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>Insu<span class=\"_ _3\"></span>rance Group befor<span class=\"_ _3\"></span>e 1 <span class=\"_ _1\"></span>Novemb<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>2008 used fai<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>values as of 1<span class=\"_ _3\"></span> Ju<span class=\"_ _1\"></span>ly 200<span class=\"_ _3\"></span>8. IMP<span class=\"_ _3\"></span>AIRMEN<span class=\"_ _3\"></span>T OF FINAN<span class=\"_ _3\"></span>CIAL <span class=\"_ _3\"></span>ASSE<span class=\"_ _3\"></span>TS On eac<span class=\"_ _3\"></span>h bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet d<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> the boo<span class=\"_ _3\"></span>k v<span class=\"_ _3\"></span>alues of f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ial <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>sets not<span class=\"_ _3\"></span> measu<span class=\"_ _3\"></span>red at<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alue <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it o<span class=\"_ _3\"></span>r loss <span class=\"_ _3\"></span>are tes<span class=\"_ _3\"></span>ted for <span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>nce of<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>mpairment. <span class=\"_ _3\"></span>Such <span class=\"_ _3\"></span>evidence <span class=\"_ _3\"></span>could <span class=\"_ _3\"></span>be, f<span class=\"_ _3\"></span>or ex<span class=\"_ _3\"></span>ample, <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he d<span class=\"_ _3\"></span>ebtor <span class=\"_ _3\"></span>experie<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>ng si<span class=\"_ _3\"></span>gnificant <span class=\"_ _3\"></span>financial <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ficulties,<span class=\"_ _3\"></span> a high <span class=\"_ _1\"></span>prob<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>insolve<span class=\"_ _3\"></span>ncy <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ceedings,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>loss <span class=\"_ _1\"></span>of an <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>ctive <span class=\"_ _1\"></span>market <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>asset, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>sig<span class=\"_ _3\"></span>nificant <span class=\"_ _1\"></span>chang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in the technolo<span class=\"_ _3\"></span>gical, <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic, l<span class=\"_ _3\"></span>egal <span class=\"_ _5\"></span>or m<span class=\"_ _3\"></span>arket <span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>nt of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ssuer<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>or <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>permanent<span class=\"_ _3\"></span> de<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span>inancial asset <span class=\"_ _5\"></span>b<span class=\"_ _1\"></span>elo<span class=\"_ _3\"></span>w <span class=\"_ _3\"></span>amorti<span class=\"_ _3\"></span>sed <span class=\"_ _3\"></span>cost. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>agi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>has <span class=\"_ _5\"></span>considerabl<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>discr<span class=\"_ _3\"></span>etion <span class=\"_ _5\"></span>when <span class=\"_ _5\"></span>quantifying <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>influe<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>informati<span class=\"_ _3\"></span>on that could af<span class=\"_ _5\"></span>fect the <span class=\"_ _3\"></span>creditwo<span class=\"_ _3\"></span>rthiness,<span class=\"_ _3\"></span> rating a<span class=\"_ _3\"></span>nd/or ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>power of a d<span class=\"_ _3\"></span>ebtor<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> Any imp<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>irm<span class=\"_ _3\"></span>ent l<span class=\"_ _3\"></span>osses <span class=\"_ _3\"></span>due to<span class=\"_ _3\"></span> fair <span class=\"_ _5\"></span>value l<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng b<span class=\"_ _3\"></span>elow <span class=\"_ _3\"></span>the boo<span class=\"_ _5\"></span>k <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>lu<span class=\"_ _3\"></span>e ar<span class=\"_ _3\"></span>e r<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or <span class=\"_ _3\"></span>loss. <span class=\"_ _3\"></span>If <span class=\"_ _3\"></span>any c<span class=\"_ _3\"></span>hanges <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>the f<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ir value of <span class=\"_ _1\"></span>availabl<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-for<span class=\"_ _d\"></span>-sale <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets were pr<span class=\"_ _3\"></span>ev<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>usly <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecognis<span class=\"_ _3\"></span>ed directly in equity<span class=\"_ _d\"></span>, these changes m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st be eliminat<span class=\"_ _3\"></span>ed fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>equity and recog<span class=\"_ _3\"></span>nised in <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>loss on <span class=\"_ _1\"></span>the income statem<span class=\"_ _3\"></span>ent. <span class=\"_ _1\"></span>As a ru<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>impairm<span class=\"_ _3\"></span>ent of e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uity<span class=\"_ _1\"></span> instrum<span class=\"_ _3\"></span>ents is t<span class=\"_ _1\"></span>o be recog<span class=\"_ _3\"></span>nised <span class=\"_ _a\"></span>if <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>average <span class=\"_ _a\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>v<span class=\"_ _3\"></span>alue <span class=\"_ _a\"></span>during <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>l<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>st <span class=\"_ _a\"></span>six <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nths <span class=\"_ _a\"></span>was <span class=\"_ _a\"></span>consis<span class=\"_ _3\"></span>tently <span class=\"_ _a\"></span>less <span class=\"_ _4\"></span>than <span class=\"_ _a\"></span>80% <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>historical <span class=\"_ _4\"></span>cost <span class=\"_ _4\"></span>of acquisiti<span class=\"_ _3\"></span>on and/o<span class=\"_ _3\"></span>r if the fair <span class=\"_ _3\"></span>value as at <span class=\"_ _3\"></span>the r<span class=\"_ _3\"></span>eporting d<span class=\"_ _3\"></span>ate is l<span class=\"_ _3\"></span>ess tha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> 50% of<span class=\"_ _3\"></span> the histo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ical <span class=\"_ _3\"></span>cost of a<span class=\"_ _3\"></span>cquisiti<span class=\"_ _3\"></span>on. FINANCIAL INST<span class=\"_ _3\"></span>R<span class=\"_ _1\"></span>UMENTS <span class=\"_ _3\"></span>FOR <span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>IT<span class=\"_ _d\"></span>-LINKED <span class=\"_ _3\"></span>AND I<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>DEX<span class=\"_ _3\"></span>-L<span class=\"_ _1\"></span>INKE<span class=\"_ _3\"></span>D LIFE INSURA<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>CE<span class=\"_ _3\"></span> (<span class=\"_ _1\"></span>C<span class=\"_ _3\"></span>) Financial <span class=\"_ _c\"> </span>instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>for <span class=\"_ _c\"> </span>u<span class=\"_ _1\"></span>nit-li<span class=\"_ _3\"></span>nked <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>index-l<span class=\"_ _3\"></span>inked <span class=\"_ _b\"> </span>life <span class=\"_ _b\"> </span>insurance <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vide <span class=\"_ _b\"> </span>cover <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>unit-linked <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>index<span class=\"_ _3\"></span>-linked <span class=\"_ _b\"> </span>life insuranc<span class=\"_ _3\"></span>e underw<span class=\"_ _3\"></span>riting pr<span class=\"_ _3\"></span>ovisions. T<span class=\"_ _3\"></span>he su<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l a<span class=\"_ _3\"></span>nd surr<span class=\"_ _3\"></span>ender p<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents for t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e policies a<span class=\"_ _3\"></span>re li<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ed to the pe<span class=\"_ _3\"></span>rforma<span class=\"_ _3\"></span>nce of the <span class=\"_ _b\"> </span>unde<span class=\"_ _3\"></span>rly<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>financial <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents. <span class=\"_ _b\"> </span>The <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>from <span class=\"_ _c\"> </span>these <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>cr<span class=\"_ _3\"></span>edited <span class=\"_ _b\"> </span>in <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>ull <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>poli<span class=\"_ _3\"></span>cyholders. <span class=\"_ _b\"> </span>As<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>result,<span class=\"_ _3\"></span> policy<span class=\"_ _3\"></span>holders <span class=\"_ _1\"></span>bear <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>asso<span class=\"_ _3\"></span>ciated <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>performa<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>trumen<span class=\"_ _3\"></span>ts. <span class=\"_ _1\"></span>They <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>held <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>separ<span class=\"_ _3\"></span>ate <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver funds, a<span class=\"_ _3\"></span>nd managed s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>arately fr<span class=\"_ _3\"></span>om the ot<span class=\"_ _3\"></span>her fina<span class=\"_ _3\"></span>ncial assets o<span class=\"_ _3\"></span>f VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p. <span class=\"_ _3\"></span> Since <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>cha<span class=\"_ _3\"></span>nges <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>occasi<span class=\"_ _3\"></span>onally <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>ual <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>changes<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>underwriting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons, <span class=\"_ _1\"></span>these <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts ar<span class=\"_ _3\"></span>e valued in<span class=\"_ _1\"></span> accor<span class=\"_ _3\"></span>dance with the requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of IAS 39.9b. F<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ancial instrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s for unit- and <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ex-linke<span class=\"_ _3\"></span>d lif<span class=\"_ _3\"></span>e insu<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e therefo<span class=\"_ _3\"></span>re m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed at fair <span class=\"_ _3\"></span>value, and <span class=\"_ _3\"></span>chang<span class=\"_ _3\"></span>es in value a<span class=\"_ _3\"></span>re r<span class=\"_ _3\"></span>ecog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ised i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the i<span class=\"_ _3\"></span>ncome sta<span class=\"_ _3\"></span>tement.<span class=\"_ _3\"></span> REINSURERS\u2019<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>SHARE<span class=\"_ _3\"></span> IN UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS (D) The <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>underw<span class=\"_ _3\"></span>riting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _1\"></span>is me<span class=\"_ _3\"></span>asure<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in accord<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> contractu<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>provisi<span class=\"_ _3\"></span>ons. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>qua<span class=\"_ _3\"></span>lity of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>especti<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>counterp<span class=\"_ _3\"></span>arty <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>whe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>asured.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Informatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sele<span class=\"_ _3\"></span>ction of r<span class=\"_ _3\"></span>einsure<span class=\"_ _3\"></span>rs is pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ided i<span class=\"_ _3\"></span>n the Fin<span class=\"_ _3\"></span>ancial ins<span class=\"_ _3\"></span>truments <span class=\"_ _3\"></span>and risk m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t section o<span class=\"_ _3\"></span>n page 93.<span class=\"_ _3\"></span> RECEIV<span class=\"_ _5\"></span>ABLES (<span class=\"_ _1\"></span>E<span class=\"_ _3\"></span>) The r<span class=\"_ _3\"></span>eceivables s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>own i<span class=\"_ _3\"></span>n the bal<span class=\"_ _3\"></span>ance shee<span class=\"_ _3\"></span>t rela<span class=\"_ _3\"></span>te to <span class=\"_ _3\"></span>the follo<span class=\"_ _3\"></span>wing in pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ular: \u2022<span class=\"_ _f\"> </span>Receivables f<span class=\"_ _3\"></span>rom dir<span class=\"_ _5\"></span>ect ins<span class=\"_ _3\"></span>urance busi<span class=\"_ _3\"></span>ness<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> policyholders<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> insurance i<span class=\"_ _3\"></span>ntermedia<span class=\"_ _3\"></span>ries<span class=\"_ _379\"> </span>\u2013<span class=\"_ _49\"> </span>from<span class=\"_ _3\"></span> insurance com<span class=\"_ _5\"></span>panies<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Receivables f<span class=\"_ _3\"></span>rom r<span class=\"_ _5\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Other re<span class=\"_ _3\"></span>ceivabl<span class=\"_ _3\"></span>es<span class=\"_ _379\"> </span>As a rule, r<span class=\"_ _5\"></span>eceivables <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted at cos<span class=\"_ _3\"></span>t less i<span class=\"_ _3\"></span>mpairme<span class=\"_ _3\"></span>nt los<span class=\"_ _3\"></span>ses for loss<span class=\"_ _3\"></span>es alr<span class=\"_ _3\"></span>eady i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ut not ye<span class=\"_ _3\"></span>t known <span class=\"_ _3\"></span>(e.g. dea<span class=\"_ _3\"></span>th that is not yet k<span class=\"_ _3\"></span>nown). Impairm<span class=\"_ _3\"></span>ent is<span class=\"_ _3\"></span> n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ssa<span class=\"_ _3\"></span>ry if ther<span class=\"_ _3\"></span>e is mate<span class=\"_ _3\"></span>rial evide<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce of fi<span class=\"_ _3\"></span>nancial di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>iculties, such as default o<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> d<span class=\"_ _3\"></span>elay in pa<span class=\"_ _3\"></span>yment <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>items<span class=\"_ _3\"></span> ther<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>for<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>annot <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>consider<span class=\"_ _5\"></span>ed co<span class=\"_ _3\"></span>llectable o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>not f<span class=\"_ _3\"></span>ully <span class=\"_ _3\"></span>collectable. <span class=\"_ _5\"></span>In t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eceivables <span class=\"_ _3\"></span>fr<span class=\"_ _3\"></span>om policy<span class=\"_ _3\"></span>holders, <span class=\"_ _3\"></span>expec<span class=\"_ _3\"></span>ted <span class=\"_ _3\"></span>impairm<span class=\"_ _3\"></span>ent l<span class=\"_ _3\"></span>osses<span class=\"_ _3\"></span> fr<span class=\"_ _3\"></span>om <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n-c<span class=\"_ _1\"></span>oll<span class=\"_ _3\"></span>ectable <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>um <span class=\"_ _3\"></span>rec<span class=\"_ _3\"></span>eivables <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>sho<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties s<span class=\"_ _3\"></span>ide <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the balanc<span class=\"_ _3\"></span>e s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>under <span class=\"_ _5\"></span>\u201cOther <span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>writing <span class=\"_ _5\"></span>provis<span class=\"_ _3\"></span>ions\u201d <span class=\"_ _3\"></span>(pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>cellations)<span class=\"_ _3\"></span> or <span class=\"_ _5\"></span>deducte<span class=\"_ _3\"></span>d fr<span class=\"_ _3\"></span>om <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eceiva<span class=\"_ _3\"></span>ble using a v<span class=\"_ _3\"></span>aluation <span class=\"_ _3\"></span>allowance. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e amo<span class=\"_ _3\"></span>unts incl<span class=\"_ _3\"></span>uded ar<span class=\"_ _3\"></span>e sho<span class=\"_ _3\"></span>wn in Not<span class=\"_ _3\"></span>e 5. Rec<span class=\"_ _3\"></span>eivables o<span class=\"_ _3\"></span>n page 108<span class=\"_ _3\"></span>.  T<span class=\"_ _5\"></span>AXES (F) Income <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es com<span class=\"_ _5\"></span>pr<span class=\"_ _1\"></span>ise <span class=\"_ _5\"></span>actual <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>ax<span class=\"_ _379\"> </span>es. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e tax <span class=\"_ _5\"></span>associated <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>transacti<span class=\"_ _3\"></span>ons r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>direc<span class=\"_ _3\"></span>tly in <span class=\"_ _c\"> </span>equity <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>recog<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ise<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _c\"> </span>in <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>The <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ct<span class=\"_ _3\"></span>ual <span class=\"_ _c\"> </span>taxes <span class=\"_ _a\"></span>for <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>individ<span class=\"_ _3\"></span>ual <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _c\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _c\"> </span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re calculat<span class=\"_ _3\"></span>ed using t<span class=\"_ _3\"></span>he compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s tax<span class=\"_ _3\"></span>able incom<span class=\"_ _3\"></span>e and t<span class=\"_ _3\"></span>he tax rate ap<span class=\"_ _3\"></span>plicable i<span class=\"_ _3\"></span>n the co<span class=\"_ _3\"></span>untry in <span class=\"_ _3\"></span>question.<span class=\"_ _379\"> </span> Deferr<span class=\"_ _3\"></span>ed taxes are calc<span class=\"_ _3\"></span>ulated usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g the balan<span class=\"_ _3\"></span>ce shee<span class=\"_ _379\"> </span>t liability met<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>od for all tempor<span class=\"_ _3\"></span>ary dif<span class=\"_ _3\"></span>ferences<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>betw<span class=\"_ _3\"></span>een the asset and liabil<span class=\"_ _3\"></span>ity <span class=\"_ _a\"></span>values <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ecognised<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>IFRS <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dated <span class=\"_ _4\"></span>financi<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>stateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>tax <span class=\"_ _4\"></span>bases<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>these assets <span class=\"_ _3\"></span>and l<span class=\"_ _3\"></span>iabilities.<span class=\"_ _3\"></span> Un<span class=\"_ _3\"></span>der <span class=\"_ _3\"></span>IAS 1<span class=\"_ _3\"></span>2.47, <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>axes <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>rates a<span class=\"_ _3\"></span>pplica<span class=\"_ _3\"></span>ble at <span class=\"_ _5\"></span>the tim<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>realis<span class=\"_ _3\"></span>ation. In addition,<span class=\"_ _3\"></span> any pr<span class=\"_ _3\"></span>obabl<span class=\"_ _3\"></span>e tax b<span class=\"_ _3\"></span>enefits re<span class=\"_ _3\"></span>alisable f<span class=\"_ _3\"></span>rom <span class=\"_ _3\"></span>existing<span class=\"_ _3\"></span> loss<span class=\"_ _3\"></span> carry<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rwards <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e includ<span class=\"_ _3\"></span>ed in t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulation. Ex<span class=\"_ _3\"></span>ceptions<span class=\"_ _3\"></span> to <span class=\"_ _c\"> </span>this <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>eferral <span class=\"_ _c\"> </span>calc<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces <span class=\"_ _c\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _c\"> </span>non-<span class=\"_ _3\"></span>tax-deducti<span class=\"_ _3\"></span>ble <span class=\"_ _c\"> </span>good<span class=\"_ _3\"></span>will <span class=\"_ _c\"></span>and <span class=\"_ _a\"></span>any <span class=\"_ _c\"> </span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>tax <span class=\"_ _c\"> </span>dif<span class=\"_ _5\"></span>feren<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>s <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>inked <span class=\"_ _c\"> </span>to<span class=\"_ _3\"></span> participatio<span class=\"_ _3\"></span>ns. D<span class=\"_ _3\"></span>eferred<span class=\"_ _3\"></span> tax ass<span class=\"_ _5\"></span>et<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e not r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d if i<span class=\"_ _3\"></span>t is <span class=\"_ _3\"></span>not pro<span class=\"_ _3\"></span>bable<span class=\"_ _3\"></span> that t<span class=\"_ _3\"></span>he tax <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>ts they <span class=\"_ _3\"></span>contai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>can be<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>alised.<span class=\"_ _3\"></span> Wher<span class=\"_ _3\"></span>e req<span class=\"_ _3\"></span>uired, <span class=\"_ _3\"></span>deferr<span class=\"_ _3\"></span>ed taxes a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>calculated b<span class=\"_ _3\"></span>ased on <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>ollowing tax r<span class=\"_ _3\"></span>ates:<span class=\"_ _3\"></span> Tax rate<span class=\"_ _1\"></span>s <span class=\"_ _ba\"> </span><span class=\"fsc\">3<span class=\"_ _1\"></span>1.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Alba<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _170\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Bosn<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>Herz<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ovin<span class=\"_ _1\"></span>a <span class=\"_ _171\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a <span class=\"_ _172\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>rman<span class=\"_ _1\"></span>y1 <span class=\"_ _173\"> </span>30.0<span class=\"_ _379\"> </span>30.0<span class=\"_ _379\"> </span>Est<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>2 <span class=\"_ _65\"> </span>0.<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>Ge<span class=\"_ _1\"></span>orgi<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>3 <span class=\"_ _174\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Kos<span class=\"_ _1\"></span>ovo<span class=\"_ _1\"></span> <span class=\"_ _175\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Cro<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ia <span class=\"_ _175\"> </span>18.0<span class=\"_ _379\"> </span>18.0<span class=\"_ _379\"> </span>Latv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>4 <span class=\"_ _176\"> </span>0.0<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>Lie<span class=\"_ _1\"></span>cht<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ein <span class=\"_ _177\"> </span>12.5<span class=\"_ _379\"> </span>12.5<span class=\"_ _379\"> </span>Lith<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a <span class=\"_ _178\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Mol<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _179\"> </span>12.0<span class=\"_ _379\"> </span>12.0<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rth<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>aced<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ia <span class=\"_ _17a\"> </span>10.0<span class=\"_ _379\"> </span>10.0<span class=\"_ _379\"> </span>Aus<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>a<span class=\"_ _379\"> </span>5 <span class=\"_ _17b\"> </span>25.0<span class=\"_ _379\"> </span>25.0<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>land<span class=\"_ _1\"></span> <span class=\"_ _65\"> </span>19<span class=\"_ _1\"></span>.0<span class=\"_ _379\"> </span>19.0<span class=\"_ _379\"> </span>Rom<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d6\"> </span>16.0<span class=\"_ _379\"> </span>16.0<span class=\"_ _379\"> </span>Se<span class=\"_ _1\"></span>rbia<span class=\"_ _1\"></span> <span class=\"_ _17c\"> </span>15.0<span class=\"_ _379\"> </span>15.0<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>kia<span class=\"_ _1\"></span> <span class=\"_ _172\"> </span>21.0<span class=\"_ _379\"> </span>21.0<span class=\"_ _379\"> </span>Cze<span class=\"_ _1\"></span>ch R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span> <span class=\"_ _17d\"> </span>19.0<span class=\"_ _379\"> </span>19.0<span class=\"_ _379\"> </span>T\u00fcr<span class=\"_ _1\"></span>kiy<span class=\"_ _1\"></span>e <span class=\"_ _17e\"> </span>25.0<span class=\"_ _379\"> </span>25.0<span class=\"_ _379\"> </span>Uk<span class=\"_ _1\"></span>rain<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _17f\"> </span>18.0<span class=\"_ _379\"> </span>18.0<span class=\"_ _379\"> </span>Hung<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ry <span class=\"_ _172\"> </span>11.3<span class=\"_ _379\"> </span>11.3<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The tax rate <span class=\"_ _3\"></span>shown here is a flat tax rate. The tax <span class=\"_ _3\"></span>rate is between 15,825% and 31,715%, dep<span class=\"_ _3\"></span>ending on<span class=\"_ _1\"></span> the r<span class=\"_ _3\"></span>egistered office and activities of the <span class=\"_ _3\"></span>company.<span class=\"_ _1\"></span> 2 <span class=\"_ _6\"> </span>The retain<span class=\"_ _3\"></span>ed profits of locally domicil<span class=\"_ _3\"></span>ed<span class=\"_ _1\"></span> companies <span class=\"_ _3\"></span>are<span class=\"_ _1\"></span> not su<span class=\"_ _3\"></span>b<span class=\"_ _1\"></span>ject to corporate in<span class=\"_ _3\"></span>come tax. Profit distributions by the <span class=\"_ _3\"></span>compan<span class=\"_ _1\"></span>ies are <span class=\"_ _3\"></span>s<span class=\"_ _1\"></span>ubject to a <span class=\"_ _3\"></span>tax rate of 14% to 20%.<span class=\"_ _1\"></span> 3 <span class=\"_ _6\"> </span>As<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>ule,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eta<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ed p<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>fit<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>of l<span class=\"_ _5\"></span>ocal<span class=\"_ _3\"></span>ly<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>omi<span class=\"_ _3\"></span>cil<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>comp<span class=\"_ _3\"></span>ani<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> n<span class=\"_ _3\"></span>ot b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>rp<span class=\"_ _3\"></span>ora<span class=\"_ _3\"></span>te i<span class=\"_ _5\"></span>nco<span class=\"_ _3\"></span>me <span class=\"_ _3\"></span>tax <span class=\"_ _5\"></span>sta<span class=\"_ _3\"></span>rtin<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>1 <span class=\"_ _3\"></span>Jan<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>23. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>e pl<span class=\"_ _5\"></span>ann<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>im<span class=\"_ _3\"></span>pl<span class=\"_ _3\"></span>emen<span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>on d<span class=\"_ _5\"></span>ate <span class=\"_ _3\"></span>wa<span class=\"_ _3\"></span>s p<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>tpon<span class=\"_ _3\"></span>e<span class=\"_ _3\"></span>d fr<span class=\"_ _5\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>1 J<span class=\"_ _3\"></span>anuar<span class=\"_ _5\"></span>y <span class=\"_ _3\"></span>2019<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>o 1<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Janu<span class=\"_ _3\"></span>ary<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>2023.<span class=\"_ _3\"></span> 4 <span class=\"_ _6\"> </span>The retain<span class=\"_ _3\"></span>ed profits of locally domicil<span class=\"_ _3\"></span>ed<span class=\"_ _1\"></span> companies <span class=\"_ _3\"></span>are<span class=\"_ _1\"></span> not su<span class=\"_ _3\"></span>b<span class=\"_ _1\"></span>ject to corporate in<span class=\"_ _3\"></span>come tax. Profit distributions by the <span class=\"_ _3\"></span>compan<span class=\"_ _1\"></span>ies are <span class=\"_ _3\"></span>s<span class=\"_ _1\"></span>ubject to a <span class=\"_ _3\"></span>tax rate of 20%. 5 Due to a n<span class=\"_ _3\"></span>ew law that was passed, the corporate <span class=\"_ _3\"></span>income tax rate will be reduced in stages from <span class=\"_ _3\"></span>25% t<span class=\"_ _1\"></span>o 24% in<span class=\"_ _3\"></span> 2023, and then to 23% in 2024. Group ta<span class=\"_ _3\"></span>xati<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n With <span class=\"_ _4\"></span>W<span class=\"_ _1\"></span>iene<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>V<span class=\"_ _5\"></span>er<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>cheru<span class=\"_ _3\"></span>ngsver<span class=\"_ _3\"></span>ein <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>arent<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>corporate <span class=\"_ _1\"></span>gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _4\"></span>of c<span class=\"_ _1\"></span>ompa<span class=\"_ _3\"></span>nies <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>hin <span class=\"_ _4\"></span>the meaning<span class=\"_ _3\"></span> of \u00a7 9<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> the Aus<span class=\"_ _3\"></span>trian Co<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>Income<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>ax Act <span class=\"_ _3\"></span>(KStG).<span class=\"_ _3\"></span> The <span class=\"_ _3\"></span>taxable <span class=\"_ _3\"></span>earnings of<span class=\"_ _3\"></span> gro<span class=\"_ _3\"></span>up memb<span class=\"_ _3\"></span>ers ar<span class=\"_ _5\"></span>e attrib<span class=\"_ _3\"></span>uted to the hea<span class=\"_ _3\"></span>d of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>tax gr<span class=\"_ _3\"></span>oup. T<span class=\"_ _3\"></span>he hea<span class=\"_ _3\"></span>d of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>tax gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>tered in<span class=\"_ _3\"></span>to agr<span class=\"_ _3\"></span>eeme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>with e<span class=\"_ _3\"></span>ach gr<span class=\"_ _3\"></span>oup mem<span class=\"_ _3\"></span>ber gov<span class=\"_ _3\"></span>erning the allocation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>positiv<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>negati<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _4\"></span>amou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pur<span class=\"_ _3\"></span>pose <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>allocating <span class=\"_ _1\"></span>corpo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>incom<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>ch<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>cordi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> origin. <span class=\"_ _3\"></span>If <span class=\"_ _3\"></span>a gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>membe<span class=\"_ _3\"></span>r ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>positiv<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>come, 2<span class=\"_ _3\"></span>5% <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>allocated <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>head o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he t<span class=\"_ _3\"></span>ax gr<span class=\"_ _3\"></span>oup. <span class=\"_ _3\"></span>In <span class=\"_ _3\"></span>case <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>negative <span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me, the gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p m<span class=\"_ _3\"></span>ember r<span class=\"_ _3\"></span>eceives l<span class=\"_ _3\"></span>ump-sum <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>ensatio<span class=\"_ _3\"></span>n equal to 2<span class=\"_ _3\"></span>2.5% of <span class=\"_ _3\"></span>the tax l<span class=\"_ _3\"></span>oss. Si<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e the tax <span class=\"_ _3\"></span>allocatio<span class=\"_ _3\"></span>n is 25<span class=\"_ _3\"></span>% in t<span class=\"_ _3\"></span>he case <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>pos<span class=\"_ _3\"></span>itive <span class=\"_ _c\"></span>in<span class=\"_ _3\"></span>come, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>grou<span class=\"_ _3\"></span>p <span class=\"_ _c\"></span>membe<span class=\"_ _3\"></span>r <span class=\"_ _c\"></span>sho<span class=\"_ _3\"></span>uld <span class=\"_ _a\"></span>provid<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>10% <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ax <span class=\"_ _a\"></span>benefit <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>rom <span class=\"_ _a\"></span>grou<span class=\"_ _3\"></span>p <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>ax<span class=\"_ _3\"></span>ation <span class=\"_ _c\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sulti<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om inclusio<span class=\"_ _3\"></span>n of that gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>member i<span class=\"_ _3\"></span>n the gro<span class=\"_ _3\"></span>up. Cas<span class=\"_ _3\"></span>h settleme<span class=\"_ _3\"></span>nt of tax be<span class=\"_ _3\"></span>nefits is pe<span class=\"_ _3\"></span>rform<span class=\"_ _3\"></span>ed for a p<span class=\"_ _3\"></span>eriod of t<span class=\"_ _3\"></span>hree <span class=\"_ _3\"></span>years. Change<span class=\"_ _3\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _3\"></span> t<span class=\"_ _1\"></span>h<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>ustrian tax<span class=\"_ _3\"></span> rate<span class=\"_ _3\"></span> As a result of the 2022 tax<span class=\"_ _3\"></span> reform,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the co<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>po<span class=\"_ _3\"></span>rate <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ncome ta<span class=\"_ _3\"></span>x <span class=\"_ _1\"></span>rate will<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be re<span class=\"_ _3\"></span>duced in stages from<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>25<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>to 24% in 2023 and<span class=\"_ _3\"></span> then to 23<span class=\"_ _3\"></span>% in 2024. The r<span class=\"_ _3\"></span>eductio<span class=\"_ _3\"></span>n in the corporat<span class=\"_ _3\"></span>e income<span class=\"_ _3\"></span> tax rate in Austria r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ed in deferr<span class=\"_ _3\"></span>ed tax incom<span class=\"_ _3\"></span>e of EUR 2.<span class=\"_ _5\"></span>0<span class=\"_ _1\"></span> mil<span class=\"_ _3\"></span>lion for the r<span class=\"_ _3\"></span>eporting <span class=\"_ _3\"></span>period.<span class=\"_ _3\"></span> Additional<span class=\"_ _3\"></span> tax on <span class=\"_ _3\"></span>ins<span class=\"_ _1\"></span>uran<span class=\"_ _3\"></span>ce premi<span class=\"_ _3\"></span>ums in Hunga<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y<span class=\"ff4a\"> </span>An additio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l insu<span class=\"_ _3\"></span>rance tax was <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ntrodu<span class=\"_ _3\"></span>ced for insuran<span class=\"_ _3\"></span>ce c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>mpanies oper<span class=\"_ _3\"></span>ating in Hungar<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> (Gove<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ment<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Dec<span class=\"_ _3\"></span>ree on Extra-<span class=\"_ _379\"> </span>Prof<span class=\"_ _3\"></span>it <span class=\"_ _3\"></span>T<span class=\"_ _d\"></span>axes i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> Ju<span class=\"_ _3\"></span>ne <span class=\"_ _3\"></span>2022). <span class=\"_ _3\"></span>This <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>dditio<span class=\"_ _3\"></span>nal i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e tax <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>progr<span class=\"_ _3\"></span>essi<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>tax <span class=\"_ _3\"></span>based <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>gross<span class=\"_ _3\"></span> ins<span class=\"_ _3\"></span>uranc<span class=\"_ _3\"></span>e premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>lif<span class=\"_ _3\"></span>e and non-li<span class=\"_ _3\"></span>fe insu<span class=\"_ _3\"></span>rance lines of <span class=\"_ _3\"></span>business<span class=\"_ _3\"></span> for th<span class=\"_ _3\"></span>e period 1 J<span class=\"_ _3\"></span>uly 202<span class=\"_ _3\"></span>2 to 31 D<span class=\"_ _3\"></span>ecember 202<span class=\"_ _3\"></span>3. This <span class=\"_ _4\"></span>dec<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ee <span class=\"_ _4\"></span>has <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>signif<span class=\"_ _3\"></span>icant <span class=\"_ _a\"></span>incr<span class=\"_ _3\"></span>ease <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>ta<span class=\"_ _3\"></span>x <span class=\"_ _4\"></span>b<span class=\"_ _1\"></span>urd<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>for <span class=\"_ _a\"></span>H<span class=\"_ _3\"></span>ungarian <span class=\"_ _4\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>anies. <span class=\"_ _4\"></span>Ba<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>on curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>values <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>Unio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>Biztos\u00edt\u00f3<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>AEGO<span class=\"_ _3\"></span>N <span class=\"_ _1\"></span>Hunga<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>an additional E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 25.9 <span class=\"_ _1\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>aid <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>the period <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>Jul<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> 2022 <span class=\"_ _c\"> </span>to <span class=\"_ _6\"> </span>31 <span class=\"_ _b\"> </span>December <span class=\"_ _b\"> </span>2022. <span class=\"_ _b\"> </span>Accor<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>pla<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>values <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>vail<span class=\"_ _3\"></span>able, <span class=\"_ _6\"> </span>VIG <span class=\"_ _b\"> </span>ca<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>expect <span class=\"_ _b\"> </span>furth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>burd<span class=\"_ _3\"></span>ens <span class=\"_ _b\"> </span>amo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nting <span class=\"_ _c\"> </span>to approxi<span class=\"_ _3\"></span>matel<span class=\"_ _3\"></span>y EUR 40 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on in the financi<span class=\"_ _3\"></span>al year 202<span class=\"_ _3\"></span>3. Global min<span class=\"_ _3\"></span>imum ta<span class=\"_ _3\"></span>x EU member states ha<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e, in principl<span class=\"_ _3\"></span>e, <span class=\"_ _1\"></span>agr<span class=\"_ _3\"></span>eed on the Europe<span class=\"_ _3\"></span>-w<span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>impl<span class=\"_ _3\"></span>ementation of the Global Anti-B<span class=\"_ _3\"></span>ase Erosio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> (GloBE) rules <span class=\"_ _3\"></span>(Pillar<span class=\"_ _3\"></span> T<span class=\"_ _4a\"></span>wo)<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>inte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>nal <span class=\"_ _3\"></span>tax r<span class=\"_ _5\"></span>eform <span class=\"_ _3\"></span>set <span class=\"_ _5\"></span>out b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>O<span class=\"_ _1\"></span>ECD.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>gre<span class=\"_ _3\"></span>ement<span class=\"_ _3\"></span> stip<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lates <span class=\"_ _5\"></span>that t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>ts of<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es with <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>ann<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>evenue <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>at l<span class=\"_ _3\"></span>east <span class=\"_ _3\"></span>EUR 750<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on will<span class=\"_ _3\"></span>, i<span class=\"_ _3\"></span>n future,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>be s<span class=\"_ _3\"></span>ubject <span class=\"_ _5\"></span>to a <span class=\"_ _5\"></span>ta<span class=\"_ _1\"></span>x <span class=\"_ _5\"></span>rate of<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>t leas<span class=\"_ _3\"></span>t 1<span class=\"_ _3\"></span>5%. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>ne m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span> be <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>corporate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>into the memb<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>stat<span class=\"_ _3\"></span>es\u2019 <span class=\"_ _1\"></span>natio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al legislatio<span class=\"_ _3\"></span>n by the <span class=\"_ _1\"></span>end<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of 2023 at the <span class=\"_ _1\"></span>latest. It is not curre<span class=\"_ _3\"></span>ntly possible to reli<span class=\"_ _3\"></span>ably estimat<span class=\"_ _3\"></span>e the imp<span class=\"_ _3\"></span>act(s) of t<span class=\"_ _3\"></span>he global m<span class=\"_ _3\"></span>inim<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m tax o<span class=\"_ _3\"></span>n the Gr<span class=\"_ _3\"></span>oup.<span class=\"_ _3\"></span> In <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rder to r<span class=\"_ _3\"></span>eprese<span class=\"_ _3\"></span>nt Pillar T<span class=\"_ _11\"></span>w<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>tax r<span class=\"_ _3\"></span>eform in the IFRS fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>stat<span class=\"_ _3\"></span>ements, a draft of the ch<span class=\"_ _3\"></span>anges to IAS 12 Incom<span class=\"_ _3\"></span>e T<span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>xes has been availabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>since January 2023, altho<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>gh the endorsem<span class=\"_ _3\"></span>ent process for this has n<span class=\"_ _1\"></span>ot yet begun. W<span class=\"_ _1\"></span>ith rega<span class=\"_ _3\"></span>rd to <span class=\"_ _1\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents, <span class=\"_ _1\"></span>the draft <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ides <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>separate prese<span class=\"_ _3\"></span>ntation <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>deferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>taxes <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>relat<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>new tax <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>balance <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>heet <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>correspo<span class=\"_ _3\"></span>nding <span class=\"_ _1\"></span>tax expenses <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>statement <span class=\"_ _1\"></span>from 1 <span class=\"_ _4\"></span>Ja<span class=\"_ _3\"></span>nuary <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>3. <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>has comme<span class=\"_ _3\"></span>nced the n<span class=\"_ _3\"></span>ecessary p<span class=\"_ _3\"></span>repar<span class=\"_ _3\"></span>atory wo<span class=\"_ _3\"></span>rk for th<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>ntation.<span class=\"_ _3\"></span> OTHER <span class=\"_ _3\"></span>ASSETS<span class=\"_ _3\"></span> (G) Other assets a<span class=\"_ _3\"></span>re me<span class=\"_ _3\"></span>asured <span class=\"_ _3\"></span>at cost less c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mul<span class=\"_ _3\"></span>ative depr<span class=\"_ _3\"></span>ecia<span class=\"_ _3\"></span>tion and impairm<span class=\"_ _3\"></span>ent lo<span class=\"_ _3\"></span>sses. Cost compris<span class=\"_ _3\"></span>es all costs i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cu<span class=\"_ _3\"></span>rred in <span class=\"_ _5\"></span>putting <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>asset <span class=\"_ _5\"></span>into <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>loc<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ent <span class=\"_ _5\"></span>condi<span class=\"_ _3\"></span>tion. <span class=\"_ _3\"></span>Depr<span class=\"_ _3\"></span>eciatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>performed <span class=\"_ _5\"></span>using <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>straig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>t-lin<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>metho<span class=\"_ _3\"></span>d over t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>expected <span class=\"_ _3\"></span>useful life of<span class=\"_ _3\"></span> the ass<span class=\"_ _3\"></span>et. <div class=\"t m3 h1e ff45 fs11 fcb sc0 ls6 ws0 gs4e0\">UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS (H) </div><div class=\"t m3 h22 ff49 fsf fc3 sc0 ls6 ws0 gs4e1\">Classificat<span class=\"_ _3\"></span>ion of ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e2\">C<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e3\">o<span class=\"_ _3\"></span>ntracts <span class=\"_ _5\"></span>under <span class=\"_ _3\"></span>whic<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>an i<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>pany <span class=\"_ _3\"></span>assu<span class=\"_ _3\"></span>mes a <span class=\"_ _3\"></span>sig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _5\"></span>cant i<span class=\"_ _3\"></span>nsu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k fr<span class=\"_ _5\"></span>om a<span class=\"_ _3\"></span>nothe<span class=\"_ _3\"></span>r pa<span class=\"_ _3\"></span>rty (<span class=\"_ _3\"></span>the po<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cyhold<span class=\"_ _3\"></span>er), <span class=\"_ _3\"></span>by<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e4\">agr<span class=\"_ _3\"></span>eei<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>provid<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>pol<span class=\"_ _3\"></span>icy<span class=\"_ _3\"></span>holde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>if <span class=\"_ _d\"></span>a <span class=\"_ _5\"></span>spe<span class=\"_ _3\"></span>cifie<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>unce<span class=\"_ _3\"></span>rtain <span class=\"_ _5\"></span>fu<span class=\"_ _3\"></span>tur<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>even<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>(the <span class=\"_ _5\"></span>ins<span class=\"_ _3\"></span>ure<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>even<span class=\"_ _3\"></span>t) <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ativel<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fects<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e5\">the <span class=\"_ _d\"></span>policy<span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>er <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>tr<span class=\"_ _3\"></span>eated<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ins<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>poli<span class=\"_ _3\"></span>cies <span class=\"_ _5\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>pu<span class=\"_ _3\"></span>rposes <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>IFRS.<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>F<span class=\"_ _1\"></span>ina<span class=\"_ _3\"></span>ncial <span class=\"_ _d\"></span>risk <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>ssibl<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>futu<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>ch<span class=\"_ _3\"></span>ange<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e6\">in <span class=\"_ _4\"></span>sp<span class=\"_ _3\"></span>ecifi<span class=\"_ _3\"></span>c <span class=\"_ _a\"></span>int<span class=\"_ _3\"></span>eres<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>es, <span class=\"_ _4\"></span>sec<span class=\"_ _3\"></span>uriti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>pric<span class=\"_ _3\"></span>es,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>pri<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>ces, <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ndices<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>cre<span class=\"_ _3\"></span>dit <span class=\"_ _4\"></span>rati<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>s, <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>dices,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>som<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>other<span class=\"_ _5\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e7\">vari<span class=\"_ _3\"></span>able.<span class=\"_ _3\"></span> It <span class=\"_ _3\"></span>mus<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>noted <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>t i<span class=\"_ _3\"></span>n th<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>ase of<span class=\"_ _5\"></span> a <span class=\"_ _3\"></span>non-fi<span class=\"_ _5\"></span>nancial<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>able,<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e v<span class=\"_ _3\"></span>ariabl<span class=\"_ _3\"></span>e is<span class=\"_ _5\"></span> not s<span class=\"_ _5\"></span>pecifi<span class=\"_ _3\"></span>c to <span class=\"_ _5\"></span>one <span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nterp<span class=\"_ _3\"></span>arty<span class=\"_ _11\"></span>. I<span class=\"_ _3\"></span>n ma<span class=\"_ _3\"></span>ny </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e8\">cases<span class=\"_ _3\"></span>, p<span class=\"_ _3\"></span>arti<span class=\"_ _3\"></span>cularl<span class=\"_ _3\"></span>y i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he lif<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nsu<span class=\"_ _3\"></span>rance a<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ea, i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> poli<span class=\"_ _3\"></span>cies as <span class=\"_ _5\"></span>defin<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>n IFRS <span class=\"_ _3\"></span>also<span class=\"_ _3\"></span> tr<span class=\"_ _3\"></span>ansfe<span class=\"_ _3\"></span>r fi<span class=\"_ _3\"></span>nanci<span class=\"_ _3\"></span>al ris<span class=\"_ _3\"></span>k. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4e9\">Poli<span class=\"_ _3\"></span>cies <span class=\"_ _1\"></span>under whi<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> onl<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>an <span class=\"_ _1\"></span>insig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>cant <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance r<span class=\"_ _1\"></span>isk is transfe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>polic<span class=\"_ _3\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>er to <span class=\"_ _1\"></span>the ins<span class=\"_ _3\"></span>urance compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>re </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ea\">treated<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>finan<span class=\"_ _3\"></span>cial <span class=\"_ _a\"></span>ins<span class=\"_ _3\"></span>truments <span class=\"_ _4\"></span>(\u201cfi<span class=\"_ _3\"></span>nancial <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>policies<span class=\"_ _3\"></span>\u201d) <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>IFRS <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eporting<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>purpo<span class=\"_ _3\"></span>ses. <span class=\"_ _a\"></span>S<span class=\"_ _3\"></span>uch <span class=\"_ _4\"></span>policies <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xis<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>only<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>a </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4eb\">minor ex<span class=\"_ _3\"></span>tent in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>so<span class=\"_ _3\"></span>nal i<span class=\"_ _3\"></span>nsurance ar<span class=\"_ _3\"></span>ea.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ec\">Bot<span class=\"_ _3\"></span>h i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span>racts<span class=\"_ _5\"></span> and<span class=\"_ _3\"></span> fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial<span class=\"_ _5\"></span> ins<span class=\"_ _3\"></span>ura<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>po<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cies <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n ha<span class=\"_ _3\"></span>ve <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>ntra<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>rms <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>qual<span class=\"_ _5\"></span>ify <span class=\"_ _3\"></span>as d<span class=\"_ _3\"></span>is<span class=\"_ _3\"></span>cr<span class=\"_ _3\"></span>eti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nar<span class=\"_ _3\"></span>y p<span class=\"_ _3\"></span>artici<span class=\"_ _5\"></span>pati<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>in<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ed\">net income (\u201cpr<span class=\"_ _3\"></span>ofit pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>ation\u201d, \u201cpr<span class=\"_ _3\"></span>ofit-<span class=\"_ _3\"></span>depende<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t pr<span class=\"_ _3\"></span>emium<span class=\"_ _3\"></span> refund\u201d<span class=\"_ _3\"></span>). Contractual righ<span class=\"_ _3\"></span>ts are co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sid<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>d discre<span class=\"_ _3\"></span>tionary par<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ee\">ticipatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>net <span class=\"_ _5\"></span>inc<span class=\"_ _1\"></span>ome <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>addition <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>guara<span class=\"_ _3\"></span>nteed <span class=\"_ _3\"></span>ben<span class=\"_ _3\"></span>efits <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>polic<span class=\"_ _3\"></span>yholder <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>additio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>payme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>likely<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ef\">to consti<span class=\"_ _3\"></span>tute a sig<span class=\"_ _3\"></span>nificant po<span class=\"_ _3\"></span>rtion of th<span class=\"_ _3\"></span>e total co<span class=\"_ _3\"></span>ntract<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al pa<span class=\"_ _3\"></span>yments a<span class=\"_ _3\"></span>nd are <span class=\"_ _3\"></span>contract<span class=\"_ _3\"></span>ually bas<span class=\"_ _3\"></span>ed on:<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f0\">\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t from a <span class=\"_ _3\"></span>certai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> po<span class=\"_ _3\"></span>rtfolio <span class=\"_ _3\"></span>of poli<span class=\"_ _3\"></span>cies or a certai<span class=\"_ _3\"></span>n type of<span class=\"_ _3\"></span> policy<span class=\"_ _d\"></span>, or<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f1\">\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>reali<span class=\"_ _3\"></span>sed and/o<span class=\"_ _3\"></span>r unr<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>sed investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt in<span class=\"_ _3\"></span>come fro<span class=\"_ _3\"></span>m a ce<span class=\"_ _3\"></span>rtain portfol<span class=\"_ _3\"></span>io of <span class=\"_ _3\"></span>assets held <span class=\"_ _3\"></span>by the ins<span class=\"_ _3\"></span>urance comp<span class=\"_ _5\"></span>any<span class=\"_ _5\"></span>, or<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f2\">\u2022<span class=\"_ _f\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or loss of<span class=\"_ _3\"></span> the compa<span class=\"_ _3\"></span>ny<span class=\"_ _5\"></span>, i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ent fund, o<span class=\"_ _3\"></span>r busine<span class=\"_ _3\"></span>ss unit (e.g. <span class=\"_ _3\"></span>balanc<span class=\"_ _3\"></span>e sheet <span class=\"_ _3\"></span>un<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>) h<span class=\"_ _1\"></span>oldi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>contrac<span class=\"_ _3\"></span>t.<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f3\">Poli<span class=\"_ _3\"></span>cies with discr<span class=\"_ _3\"></span>etionary <span class=\"_ _3\"></span>net income pa<span class=\"_ _3\"></span>rticipatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> exist in a<span class=\"_ _3\"></span>ll VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>countries, p<span class=\"_ _3\"></span>rimaril<span class=\"_ _3\"></span>y in the life insu<span class=\"_ _3\"></span>rance </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f4\">are<span class=\"_ _3\"></span>a, <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>secon<span class=\"_ _3\"></span>dary <span class=\"_ _d\"></span>extent <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>prop<span class=\"_ _3\"></span>erty <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _5\"></span>and <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>eal<span class=\"_ _3\"></span>th <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>areas <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>well, <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>treat<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>as <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>rance </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f5\">polici<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>cc<span class=\"_ _1\"></span>or<span class=\"_ _5\"></span>dance with IFRS <span class=\"_ _1\"></span>4. The<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>net income<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>particip<span class=\"_ _3\"></span>ation <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>life insuran<span class=\"_ _3\"></span>ce u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ally exis<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>in the form <span class=\"_ _1\"></span>of par<span class=\"_ _3\"></span>ticipatio<span class=\"_ _3\"></span>n </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f6\">in th<span class=\"_ _3\"></span>e net <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ome <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>et <span class=\"_ _3\"></span>inter<span class=\"_ _3\"></span>est i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e in <span class=\"_ _3\"></span>ques<span class=\"_ _3\"></span>tion, c<span class=\"_ _3\"></span>alculated <span class=\"_ _3\"></span>accor<span class=\"_ _5\"></span>ding to <span class=\"_ _5\"></span>national <span class=\"_ _3\"></span>accou<span class=\"_ _3\"></span>nting <span class=\"_ _3\"></span>requir<span class=\"_ _5\"></span>ements. N<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>inco<span class=\"_ _3\"></span>me </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f7\">or <span class=\"_ _1\"></span>profit <span class=\"_ _1\"></span>participatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>amounts <span class=\"_ _1\"></span>that <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>alrea<span class=\"_ _3\"></span>dy<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>alloc<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>omm<span class=\"_ _3\"></span>itted <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>policyholders <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>ported <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>h-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f8\">ematical <span class=\"_ _1\"></span>reser<span class=\"_ _3\"></span>ve. <span class=\"_ _4\"></span>Amou<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>local <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ual <span class=\"_ _1\"></span>financial <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>have <span class=\"_ _4\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>committed <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>allocat<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4f9\">policy<span class=\"_ _3\"></span>holders <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>f<span class=\"_ _3\"></span>uture <span class=\"_ _a\"></span>by <span class=\"_ _a\"></span>means <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>net <span class=\"_ _a\"></span>income <span class=\"_ _a\"></span>parti<span class=\"_ _3\"></span>cipation <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>repo<span class=\"_ _3\"></span>rted <span class=\"_ _a\"></span>in <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _c\"></span>bala<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>sheet <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>on <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs31b\">performa<span class=\"_ _3\"></span>nce-base<span class=\"_ _3\"></span>d pr<span class=\"_ _3\"></span>emium r<span class=\"_ _3\"></span>efunds.<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4fa\">In <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>ddition, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>profi<span class=\"_ _3\"></span>t-relat<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>po<span class=\"_ _3\"></span>rtion <span class=\"_ _a\"></span>res<span class=\"_ _3\"></span>ulting <span class=\"_ _a\"></span>from <span class=\"_ _a\"></span>IFRS <span class=\"_ _4\"></span>measurem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>diff<span class=\"_ _3\"></span>erences <span class=\"_ _a\"></span>as <span class=\"_ _a\"></span>compar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>ocal <span class=\"_ _a\"></span>measur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4fb\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents (defe<span class=\"_ _3\"></span>rred <span class=\"_ _3\"></span>prof<span class=\"_ _3\"></span>it par<span class=\"_ _3\"></span>ticipation) <span class=\"_ _3\"></span>is also <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted i<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vision fo<span class=\"_ _3\"></span>r prof<span class=\"_ _3\"></span>it-r<span class=\"_ _3\"></span>elated <span class=\"_ _3\"></span>premi<span class=\"_ _3\"></span>um r<span class=\"_ _3\"></span>efunds. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is p<span class=\"_ _3\"></span>rimari<span class=\"_ _3\"></span>ly </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4fc\">concerns Aust<span class=\"_ _3\"></span>rian and Germ<span class=\"_ _3\"></span>an policies t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>are eligibl<span class=\"_ _3\"></span>e for profi<span class=\"_ _3\"></span>t par<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cipation, as th<span class=\"_ _3\"></span>e profit par<span class=\"_ _3\"></span>ticipation in t<span class=\"_ _3\"></span>hese countri<span class=\"_ _3\"></span>es </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4fd\">is <span class=\"_ _3\"></span>governed by <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>egulations. <span class=\"_ _3\"></span>D<span class=\"_ _3\"></span>eferred <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>n is <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n b<span class=\"_ _3\"></span>alance <span class=\"_ _3\"></span>sheets <span class=\"_ _3\"></span>in ot<span class=\"_ _3\"></span>her co<span class=\"_ _3\"></span>untries,<span class=\"_ _3\"></span> si<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cy-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4fe\">holder <span class=\"_ _3\"></span>participa<span class=\"_ _3\"></span>tion is<span class=\"_ _3\"></span> at <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ole di<span class=\"_ _3\"></span>scretio<span class=\"_ _3\"></span>n of <span class=\"_ _3\"></span>the com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y conce<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e r<span class=\"_ _3\"></span>ate <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d fo<span class=\"_ _3\"></span>r calculati<span class=\"_ _3\"></span>ng defe<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>ed pro<span class=\"_ _3\"></span>fit <span class=\"_ _3\"></span>partici<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs4ff\">pation is 80% of the dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce bet<span class=\"_ _3\"></span>ween the value r<span class=\"_ _3\"></span>ecognise<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in the local fina<span class=\"_ _3\"></span>ncial statem<span class=\"_ _3\"></span>ents and the value recog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>in </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs500\">the IFRS fi<span class=\"_ _3\"></span>nancial sta<span class=\"_ _3\"></span>tements<span class=\"_ _3\"></span>. </div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs501\">As permitted by IFR<span class=\"_ _1\"></span>S 4, the option to pr<span class=\"_ _3\"></span>esen<span class=\"_ _1\"></span>t unr<span class=\"_ _3\"></span>ealised gains and losses wi<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span> the same eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ts on balance she<span class=\"_ _1\"></span>et mea<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m3 h1c ff4a fsf fc3 sc0 ls6 ws0 gs502\">urements <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>un<span class=\"_ _1\"></span>derwriting <span class=\"_ _4\"></span>provis<span class=\"_ _3\"></span>ions, <span class=\"_ _4\"></span>capital<span class=\"_ _1\"></span>ised <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cquisition <span class=\"_ _4\"></span>costs <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>pu<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>chased <span class=\"_ _4\"></span>insurance <span class=\"_ _4\"></span>portfoli<span class=\"_ _3\"></span>o<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>realised <span class=\"_ _4\"></span>gai<span class=\"_ _1\"></span>ns<span class=\"_ _379\"> </span> </div>and <span class=\"_ _c\"> </span>losses <span class=\"_ _c\"></span>has <span class=\"_ _c\"> </span>been <span class=\"_ _c\"></span>applied <span class=\"_ _c\"></span>(shadow <span class=\"_ _c\"> </span>accounting). <span class=\"_ _c\"> </span>The <span class=\"_ _c\"> </span>first <span class=\"_ _c\"></span>step <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>allocate<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>unreali<span class=\"_ _3\"></span>sed <span class=\"_ _c\"> </span>gains <span class=\"_ _c\"> </span>on <span class=\"_ _c\"> </span>ava<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>able-for<span class=\"_ _3\"></span>-sale financial i<span class=\"_ _3\"></span>nstr<span class=\"_ _1\"></span>uments to <span class=\"_ _5\"></span>a deferr<span class=\"_ _3\"></span>ed mat<span class=\"_ _3\"></span>hematica<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>reserve <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>serve <span class=\"_ _3\"></span>as security <span class=\"_ _3\"></span>for cont<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ctually <span class=\"_ _3\"></span>agreed <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>surance <span class=\"_ _3\"></span>payments. The <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyh<span class=\"_ _1\"></span>older\u2019<span class=\"_ _d\"></span>s <span class=\"_ _1\"></span>share <span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>plus <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>remaining <span class=\"_ _4\"></span>unrealised <span class=\"_ _1\"></span>gains <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>then <span class=\"_ _4\"></span>allocated <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ision <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>deferred prof<span class=\"_ _3\"></span>it <span class=\"_ _a\"></span>partic<span class=\"_ _1\"></span>ipation. <span class=\"_ _4\"></span>An<span class=\"_ _1\"></span>y <span class=\"_ _a\"></span>remaining <span class=\"_ _4\"></span>asset <span class=\"_ _a\"></span>balan<span class=\"_ _1\"></span>ce <span class=\"_ _4\"></span>is<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>reporte<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>as <span class=\"_ _a\"></span>deferred <span class=\"_ _a\"></span>policyholder <span class=\"_ _a\"></span>profit <span class=\"_ _4\"></span>par<span class=\"_ _1\"></span>ticipation <span class=\"_ _4\"></span>result<span class=\"_ _1\"></span>ing <span class=\"_ _4\"></span>from<span class=\"_ _1\"></span> measurement <span class=\"_ _4\"></span>dif<span class=\"_ _3\"></span>ference<span class=\"_ _1\"></span>s. <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>defer<span class=\"_ _1\"></span>red <span class=\"_ _1\"></span>item<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>only <span class=\"_ _4\"></span>recogn<span class=\"_ _1\"></span>ised <span class=\"_ _4\"></span>if <span class=\"_ _4\"></span>it <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>highly <span class=\"_ _4\"></span>probable, <span class=\"_ _4\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>company <span class=\"_ _4\"></span>leve<span class=\"_ _1\"></span>l, <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>item  can <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>satisfied <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>futu<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyh<span class=\"_ _1\"></span>olders <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipate. <span class=\"_ _1\"></span>Particu<span class=\"_ _1\"></span>larly <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Austria,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>provisi<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>eferred prof<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>ticipation <span class=\"_ _1\"></span>assets<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>was <span class=\"_ _4\"></span>limited <span class=\"_ _1\"></span>to<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>mount <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ndisclosed <span class=\"_ _1\"></span>profit <span class=\"_ _4\"></span>shares <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>fit <span class=\"_ _4\"></span>participation <span class=\"_ _1\"></span>pu<span class=\"_ _1\"></span>rsuan<span class=\"_ _1\"></span>t  to V<span class=\"_ _5\"></span>AG<span class=\"_ _1\"></span>. RECOGNI<span class=\"_ _3\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _5\"></span> AND<span class=\"_ _3\"></span> ACCO<span class=\"_ _3\"></span>UNTING M<span class=\"_ _3\"></span>ETHODS FOR<span class=\"_ _3\"></span> INSURANC<span class=\"_ _3\"></span>E POLICI<span class=\"_ _3\"></span>ES Based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>electio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovided <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>FRS <span class=\"_ _1\"></span>4, <span class=\"_ _1\"></span>the values <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ecognised <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dated <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial <span class=\"_ _1\"></span>statem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>prep<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ac-<span class=\"_ _379\"> </span>corda<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>with <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>plicable <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>nal <span class=\"_ _5\"></span>law <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _d\"></span>carried <span class=\"_ _5\"></span>over <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>IFRS <span class=\"_ _5\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _5\"></span>financial<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. <span class=\"_ _5\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>nation<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> only car<span class=\"_ _3\"></span>ried ov<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>, <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, if <span class=\"_ _3\"></span>they s<span class=\"_ _3\"></span>atisfy t<span class=\"_ _3\"></span>he mi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>imum<span class=\"_ _3\"></span> re<span class=\"_ _3\"></span>quirem<span class=\"_ _3\"></span>ents of <span class=\"_ _3\"></span>IFRS 4.<span class=\"_ _3\"></span> Equ<span class=\"_ _3\"></span>alisation<span class=\"_ _3\"></span> and ca<span class=\"_ _3\"></span>tastro<span class=\"_ _3\"></span>phe pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons are t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e not r<span class=\"_ _3\"></span>ecognised. I<span class=\"_ _3\"></span>n pr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nciple, acco<span class=\"_ _3\"></span>unting pol<span class=\"_ _3\"></span>icies<span class=\"_ _3\"></span> were not ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ed to dif<span class=\"_ _3\"></span>fer from<span class=\"_ _3\"></span> national <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>unting r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span>ments, <span class=\"_ _a\"></span>except <span class=\"_ _a\"></span>when <span class=\"_ _a\"></span>parame<span class=\"_ _3\"></span>ters <span class=\"_ _a\"></span>used <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>cal<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>te <span class=\"_ _a\"></span>underwriti<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>provis<span class=\"_ _3\"></span>ions <span class=\"_ _a\"></span>did <span class=\"_ _c\"></span>not <span class=\"_ _a\"></span>lead <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>ad<span class=\"_ _3\"></span>equate <span class=\"_ _a\"></span>fundi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>future<span class=\"_ _3\"></span> provisi<span class=\"_ _3\"></span>ons. <span class=\"_ _4\"></span>In <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>uch <span class=\"_ _4\"></span>cases, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>uses <span class=\"_ _4\"></span>its <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>parame<span class=\"_ _3\"></span>ters, <span class=\"_ _4\"></span>w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nsistent <span class=\"_ _1\"></span>with<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>these <span class=\"_ _4\"></span>prin<span class=\"_ _3\"></span>ciples.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>In individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>cases, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>formed l<span class=\"_ _3\"></span>ocally b<span class=\"_ _3\"></span>y a<span class=\"_ _3\"></span>n insura<span class=\"_ _3\"></span>nce comp<span class=\"_ _3\"></span>any <span class=\"_ _3\"></span>for outs<span class=\"_ _3\"></span>tandi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>adjust<span class=\"_ _3\"></span>ed in <span class=\"_ _3\"></span>the co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>oli-<span class=\"_ _379\"> </span>dated <span class=\"_ _3\"></span>fina<span class=\"_ _3\"></span>ncial s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>ateme<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>based<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>corr<span class=\"_ _3\"></span>espon<span class=\"_ _3\"></span>ding <span class=\"_ _3\"></span>anal<span class=\"_ _3\"></span>ysis. <span class=\"_ _3\"></span>Detailed <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nformation<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>valuatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>underwriti<span class=\"_ _3\"></span>ng ite<span class=\"_ _3\"></span>ms is available i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _3\"></span>rem<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ks fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> eac<span class=\"_ _3\"></span>h item. ADEQUAC<span class=\"_ _3\"></span>Y T<span class=\"_ _3\"></span>EST FOR LIA<span class=\"_ _3\"></span>BILITIES<span class=\"_ _3\"></span> ARISIN<span class=\"_ _5\"></span>G F<span class=\"_ _1\"></span>RO<span class=\"_ _3\"></span>M INSURAN<span class=\"_ _3\"></span>CE POLICIE<span class=\"_ _3\"></span>S Liabilities from <span class=\"_ _1\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>polici<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>are t<span class=\"_ _1\"></span>est<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>each <span class=\"_ _1\"></span>balanc<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>da<span class=\"_ _3\"></span>te <span class=\"_ _4\"></span>for<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>equacy <span class=\"_ _1\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovisions re<span class=\"_ _3\"></span>cognised <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts.  If <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>calc<span class=\"_ _3\"></span>ul<span class=\"_ _3\"></span>ate<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>up<span class=\"_ _3\"></span>-to<span class=\"_ _3\"></span>-da<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>esti<span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>cu<span class=\"_ _3\"></span>rr<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>para<span class=\"_ _3\"></span>met<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>ta<span class=\"_ _3\"></span>ki<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nto <span class=\"_ _5\"></span>acco<span class=\"_ _3\"></span>unt<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ll <span class=\"_ _5\"></span>fut<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>cas<span class=\"_ _3\"></span>h f<span class=\"_ _3\"></span>lo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> associat<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>policies, <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>higher <span class=\"_ _3\"></span>than <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _5\"></span>formed <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _5\"></span>from <span class=\"_ _5\"></span>insur<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _3\"></span>policies,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>an <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>ease in the pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s re<span class=\"_ _3\"></span>cognised in <span class=\"_ _3\"></span>profi<span class=\"_ _3\"></span>t or loss to <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>inate th<span class=\"_ _3\"></span>e shortfall.<span class=\"_ _3\"></span> Provision for<span class=\"_ _3\"></span> unearn<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> premiums Under <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>versio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>IF<span class=\"_ _1\"></span>RS <span class=\"_ _1\"></span>4, <span class=\"_ _1\"></span>figures <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>annual <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ancial <span class=\"_ _1\"></span>stateme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>prepar<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>accor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ith n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>quire-<span class=\"_ _379\"> </span>ments m<span class=\"_ _3\"></span>ay be us<span class=\"_ _3\"></span>ed for t<span class=\"_ _3\"></span>he pres<span class=\"_ _3\"></span>entatio<span class=\"_ _3\"></span>n of figur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s r<span class=\"_ _3\"></span>elating <span class=\"_ _3\"></span>to i<span class=\"_ _3\"></span>nsurance poli<span class=\"_ _3\"></span>cies i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>consoli<span class=\"_ _3\"></span>dated finan<span class=\"_ _3\"></span>cial sta<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents. I<span class=\"_ _3\"></span>n Austria, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cost <span class=\"_ _4\"></span>disco<span class=\"_ _3\"></span>unt <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>15<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(15%) <span class=\"_ _4\"></span>is u<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>when <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulating <span class=\"_ _1\"></span>unearned <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>emiums <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>pert<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cas<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce (10% <span class=\"_ _1\"></span>for mo<span class=\"_ _3\"></span>tor <span class=\"_ _1\"></span>third par<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> liabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>(10<span class=\"_ _3\"></span>%)), <span class=\"_ _1\"></span>corr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>onding to <span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>R 38,995,0<span class=\"_ _3\"></span>00 <span class=\"_ _1\"></span>(EU<span class=\"_ _3\"></span>R 33,694,00<span class=\"_ _3\"></span>0). <span class=\"_ _1\"></span>A<span class=\"_ _3\"></span>cquisition ex-<span class=\"_ _379\"> </span>penses <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>excess <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is figur<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>are not <span class=\"_ _1\"></span>capitali<span class=\"_ _3\"></span>sed <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Aus<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>rei<span class=\"_ _3\"></span>gn <span class=\"_ _1\"></span>compani<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty and <span class=\"_ _1\"></span>casualt<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a portio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>acq<span class=\"_ _3\"></span>uisition expenses is generally r<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>og<span class=\"_ _3\"></span>nised in the <span class=\"_ _1\"></span>same pr<span class=\"_ _3\"></span>oportio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> as the ratio <span class=\"_ _1\"></span>of net earned premi<span class=\"_ _3\"></span>ums to writte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>emiums<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>T<span class=\"_ _d\"></span>o <span class=\"_ _1\"></span>ens<span class=\"_ _3\"></span>ure un<span class=\"_ _1\"></span>iform<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esentation,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>pitalised ac<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uisition<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>costs<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>are also <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed financial s<span class=\"_ _3\"></span>tatemen<span class=\"_ _3\"></span>ts as a r<span class=\"_ _3\"></span>eduction i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>vision for <span class=\"_ _3\"></span>unearne<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>prem<span class=\"_ _3\"></span>iums: EU<span class=\"_ _3\"></span>R 458,361,0<span class=\"_ _3\"></span>00 (EUR 39<span class=\"_ _3\"></span>7,795,00<span class=\"_ _3\"></span>0).<span class=\"_ _3\"></span> Mathemat<span class=\"_ _3\"></span>ical reserve<span class=\"_ _3\"></span> Life insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>mathe<span class=\"_ _1\"></span>matical reserves a<span class=\"_ _1\"></span>re calculated <span class=\"_ _1\"></span>using t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pros<span class=\"_ _3\"></span>pec<span class=\"_ _1\"></span>tive <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hod <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>actuarial <span class=\"_ _1\"></span>present <span class=\"_ _1\"></span>value of <span class=\"_ _1\"></span>obli<span class=\"_ _3\"></span>-<span class=\"_ _379\"> </span>gations (in<span class=\"_ _1\"></span>cluding de<span class=\"_ _1\"></span>clared an<span class=\"_ _1\"></span>d al<span class=\"_ _1\"></span>located <span class=\"_ _1\"></span>prof<span class=\"_ _3\"></span>it<span class=\"_ _1\"></span> sh<span class=\"_ _1\"></span>ares and <span class=\"_ _4\"></span>an <span class=\"_ _1\"></span>administrative <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>reserve) <span class=\"_ _1\"></span>minus <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>present <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>all future premiums r<span class=\"_ _3\"></span>eceiv<span class=\"_ _1\"></span>ed. The calculation is based o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> such factors as expected mortality<span class=\"_ _d\"></span>, costs and th<span class=\"_ _1\"></span>e discount ra<span class=\"_ _1\"></span>te.<span class=\"_ _379\"> </span> <span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>he m<span class=\"_ _5\"></span>ath<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>cal<span class=\"_ _5\"></span> r<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>rve<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>el<span class=\"_ _5\"></span>ate<span class=\"_ _3\"></span>d p<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _5\"></span>ium<span class=\"_ _5\"></span> rat<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>r<span class=\"_ _379\"> </span>e e<span class=\"_ _3\"></span>ss<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>all<span class=\"_ _5\"></span>y ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>cul<span class=\"_ _5\"></span>ated<span class=\"_ _3\"></span> us<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> s<span class=\"_ _3\"></span>am<span class=\"_ _3\"></span>e b<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>s,<span class=\"_ _5\"></span> whi<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> ap<span class=\"_ _3\"></span>pli<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>unif<span class=\"_ _5\"></span>orm<span class=\"_ _3\"></span>ly for <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>entir<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>entire <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icy<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>eness <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>calc<span class=\"_ _3\"></span>ulation <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>is rev<span class=\"_ _1\"></span>iew<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>each year <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>accord<span class=\"_ _3\"></span>ance <span class=\"_ _1\"></span>with <span class=\"_ _a\"></span>IFRS<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>4 <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>applica<span class=\"_ _3\"></span>ble <span class=\"_ _4\"></span>nation<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>ac<span class=\"_ _3\"></span>counting <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts. <span class=\"_ _4\"></span>Ple<span class=\"_ _3\"></span>ase <span class=\"_ _4\"></span>ref<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Adeq<span class=\"_ _3\"></span>uacy <span class=\"_ _4\"></span>test <span class=\"_ _4\"></span>for liabil<span class=\"_ _3\"></span>ities <span class=\"_ _4\"></span>arising <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>insur<span class=\"_ _3\"></span>ance <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cies <span class=\"_ _4\"></span>sectio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>57. <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>informatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>shado<span class=\"_ _3\"></span>w <span class=\"_ _4\"></span>accou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng, <span class=\"_ _1\"></span>also <span class=\"_ _4\"></span>see page <span class=\"_ _1\"></span>57. Basic<span class=\"_ _3\"></span>ally<span class=\"_ _d\"></span>, the <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>ficial mortality tables of <span class=\"_ _1\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>cou<span class=\"_ _3\"></span>ntry<span class=\"_ _1\"></span> are use<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>life insur<span class=\"_ _3\"></span>ance ba<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>shee<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>unit. If <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ent mortalit<span class=\"_ _3\"></span>y ex<span class=\"_ _3\"></span>pectatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>fer to <span class=\"_ _5\"></span>the b<span class=\"_ _3\"></span>enefit <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cyholde<span class=\"_ _3\"></span>rs f<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>m th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>calculatio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ate, <span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ading <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>orr<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>din<span class=\"_ _3\"></span>g insuff<span class=\"_ _3\"></span>icienc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>in t<span class=\"_ _3\"></span>he ma<span class=\"_ _3\"></span>thematical <span class=\"_ _5\"></span>reserv<span class=\"_ _3\"></span>es, th<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>eserves <span class=\"_ _5\"></span>are i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eased <span class=\"_ _3\"></span>approp<span class=\"_ _3\"></span>riately <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>connectio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> wit<span class=\"_ _3\"></span>h t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>adequacy <span class=\"_ _3\"></span>test<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _1\"></span> insuranc<span class=\"_ _3\"></span>e liabili<span class=\"_ _3\"></span>ties.  In <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>life insuran<span class=\"_ _3\"></span>ce ba<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>heet unit, acquisi<span class=\"_ _3\"></span>tion costs <span class=\"_ _1\"></span>ar<span class=\"_ _5\"></span>e <span class=\"_ _1\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>into acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>thro<span class=\"_ _3\"></span>ugh zill<span class=\"_ _3\"></span>merisation or anothe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>actua<span class=\"_ _3\"></span>rial method <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>reduc<span class=\"_ _3\"></span>tion <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>hematic<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>res<span class=\"_ _3\"></span>erves. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>resu<span class=\"_ _3\"></span>lting <span class=\"_ _4\"></span>negative <span class=\"_ _4\"></span>math<span class=\"_ _3\"></span>ematical <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>erves <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>either <span class=\"_ _a\"></span>set <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>zero <span class=\"_ _1\"></span>in accor<span class=\"_ _3\"></span>dance <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>natio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>equireme<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>or <span class=\"_ _5\"></span>repo<span class=\"_ _3\"></span>rted <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>mat<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>atical <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>erve <span class=\"_ _3\"></span>item <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>onsoli<span class=\"_ _3\"></span>dated <span class=\"_ _5\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _5\"></span>sta<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ements. The follo<span class=\"_ _3\"></span>wing a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>age <span class=\"_ _3\"></span>disco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt r<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed to calc<span class=\"_ _3\"></span>ulate <span class=\"_ _3\"></span>mathematical r<span class=\"_ _5\"></span>eserves: <span class=\"_ _3\"></span> As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>: 1.83<span class=\"_ _3\"></span>% As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2021<span class=\"_ _3\"></span>: 1.80<span class=\"_ _3\"></span>% In Aust<span class=\"_ _3\"></span>ria, the aver<span class=\"_ _3\"></span>age dis<span class=\"_ _3\"></span>count rate for l<span class=\"_ _3\"></span>ife ins<span class=\"_ _3\"></span>urance was <span class=\"_ _3\"></span>1.55<span class=\"_ _3\"></span>% during t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng period (1.5<span class=\"_ _3\"></span>9%). In <span class=\"_ _a\"></span>additio<span class=\"_ _3\"></span>n, <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>unre<span class=\"_ _3\"></span>alised <span class=\"_ _4\"></span>gains <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>losses <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>vail<span class=\"_ _3\"></span>able-for<span class=\"_ _5\"></span>-sale <span class=\"_ _4\"></span>financial <span class=\"_ _4\"></span>instrume<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>servi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>as <span class=\"_ _a\"></span>secu<span class=\"_ _3\"></span>rity <span class=\"_ _4\"></span>for contract<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>obligatio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>sho<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>math<span class=\"_ _3\"></span>ematical <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eserve <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>shadow <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>ccounting <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed <span class=\"_ _1\"></span>accordi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to IFRS 4.<span class=\"_ _3\"></span> In the <span class=\"_ _3\"></span>healt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce bal<span class=\"_ _3\"></span>ance sh<span class=\"_ _3\"></span>eet u<span class=\"_ _3\"></span>nit, mat<span class=\"_ _3\"></span>hematical<span class=\"_ _3\"></span> res<span class=\"_ _3\"></span>erves ar<span class=\"_ _3\"></span>e al<span class=\"_ _3\"></span>so calc<span class=\"_ _3\"></span>ulated <span class=\"_ _3\"></span>accordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g to<span class=\"_ _3\"></span> the pr<span class=\"_ _3\"></span>os<span class=\"_ _3\"></span>pective m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>od as <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>dif<span class=\"_ _3\"></span>ference <span class=\"_ _5\"></span>betwee<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>act<span class=\"_ _3\"></span>uarial <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value o<span class=\"_ _3\"></span>f f<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>policy <span class=\"_ _5\"></span>payments <span class=\"_ _5\"></span>minus <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>fut<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e pr<span class=\"_ _5\"></span>emiums<span class=\"_ _3\"></span>. The <span class=\"_ _1\"></span>loss<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>fr<span class=\"_ _3\"></span>equenci<span class=\"_ _3\"></span>es used to calculate th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>math<span class=\"_ _3\"></span>ematical r<span class=\"_ _3\"></span>eserve derive<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ily<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>fr<span class=\"_ _3\"></span>om analyses co<span class=\"_ _3\"></span>nducted on the Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s own <span class=\"_ _5\"></span>insurance <span class=\"_ _d\"></span>portfolio. <span class=\"_ _d\"></span>As <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>rule, <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>ables <span class=\"_ _5\"></span>used <span class=\"_ _5\"></span>correspo<span class=\"_ _3\"></span>nd <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>publi<span class=\"_ _3\"></span>shed <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _5\"></span>tables. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>followi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>discou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> rates ar<span class=\"_ _3\"></span>e used fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> the gr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t majority of<span class=\"_ _3\"></span> transa<span class=\"_ _3\"></span>ctions w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> c<span class=\"_ _3\"></span>alculati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g ma<span class=\"_ _3\"></span>themati<span class=\"_ _3\"></span>cal res<span class=\"_ _3\"></span>erves:<span class=\"_ _3\"></span> As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>: 2.09<span class=\"_ _3\"></span>% As of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2021<span class=\"_ _3\"></span>: 2.35<span class=\"_ _3\"></span>% Provision for<span class=\"_ _3\"></span> outstandin<span class=\"_ _3\"></span>g cla<span class=\"_ _3\"></span>ims National <span class=\"_ _a\"></span>insu<span class=\"_ _1\"></span>ranc<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>law <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>national <span class=\"_ _a\"></span>regulations <span class=\"_ _c\"></span>(in <span class=\"_ _a\"></span>Austria, <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>Austrian <span class=\"_ _a\"></span>I<span class=\"_ _1\"></span>nsurance <span class=\"_ _a\"></span>Su<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>vision <span class=\"_ _a\"></span>Act <span class=\"_ _c\"></span>(V<span class=\"_ _5\"></span>AG<span class=\"_ _1\"></span>)) <span class=\"_ _a\"></span>require <span class=\"_ _a\"></span>VIG Insur<span class=\"_ _1\"></span>ance <span class=\"_ _6\"> </span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _6\"> </span>companies <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>form <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>ovis<span class=\"_ _1\"></span>ions <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>out<span class=\"_ _1\"></span>stan<span class=\"_ _1\"></span>ding <span class=\"_ _6\"> </span>claims. <span class=\"_ _6\"> </span>The <span class=\"_ _2\"> </span>pr<span class=\"_ _3\"></span>ovision<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>are <span class=\"_ _6\"> </span>calculated <span class=\"_ _2\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>payme<span class=\"_ _1\"></span>nt oblig<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions <span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ising <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>cla<span class=\"_ _1\"></span>ims, <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hich <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ave<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>occurred u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _4\"></span>balance <span class=\"_ _4\"></span>sheet <span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>but <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>hose <span class=\"_ _1\"></span>basis <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>size <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _1\"></span>yet<span class=\"_ _1\"></span> been e<span class=\"_ _1\"></span>stablis<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ed, as well as all<span class=\"_ _3\"></span> related claims settlement expen<span class=\"_ _1\"></span>ses expected to be incurred after the bala<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce sheet date, and, <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>ule, <span class=\"_ _3\"></span>are <span class=\"_ _5\"></span>formed <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>the individual <span class=\"_ _5\"></span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _3\"></span>level. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>policy-leve<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>provisions <span class=\"_ _5\"></span>are marked <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>flat-r<span class=\"_ _1\"></span>ate <span class=\"_ _3\"></span>allowance for <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nexpected <span class=\"_ _3\"></span>additional <span class=\"_ _5\"></span>losses. <span class=\"_ _3\"></span>Except <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _3\"></span>provisi<span class=\"_ _3\"></span>ons for <span class=\"_ _3\"></span>pension <span class=\"_ _3\"></span>obli<span class=\"_ _3\"></span>gati<span class=\"_ _1\"></span>ons, <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>discount<span class=\"_ _1\"></span>ing <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>per<span class=\"_ _1\"></span>formed. <span class=\"_ _3\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> loss<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>that <span class=\"_ _c\"></span>have <span class=\"_ _a\"></span>occurred <span class=\"_ _a\"></span>up <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>balance <span class=\"_ _a\"></span>sheet <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>bu<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>were <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ot <span class=\"_ _a\"></span>kn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>at <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>time <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>balance <span class=\"_ _a\"></span>shee<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>as prepared <span class=\"_ _d\"></span>(\u201c<span class=\"_ _1\"></span>IBNR\u201d), <span class=\"_ _d\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _5\"></span>hav<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>occurred <span class=\"_ _d\"></span>bu<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>have <span class=\"_ _5\"></span>not <span class=\"_ _d\"></span>bee<span class=\"_ _1\"></span>n <span class=\"_ _5\"></span>reported <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>orrect <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>mou<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>(\u201c<span class=\"_ _1\"></span>IBNER\u201d), <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>inc<span class=\"_ _1\"></span>luded in t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision (inc<span class=\"_ _1\"></span>urred but n<span class=\"_ _1\"></span>ot reported claims provisions an<span class=\"_ _1\"></span>d provis<span class=\"_ _3\"></span>ions <span class=\"_ _1\"></span>for as <span class=\"_ _1\"></span>yet <span class=\"_ _1\"></span>unidentified lar<span class=\"_ _1\"></span>ge losses). Separ<span class=\"_ _1\"></span>ate provisi<span class=\"_ _3\"></span>ons <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>sett<span class=\"_ _1\"></span>lement <span class=\"_ _4\"></span>expenses <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>formed <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>in<span class=\"_ _1\"></span>tern<span class=\"_ _1\"></span>ally <span class=\"_ _4\"></span>incur<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>expenses <span class=\"_ _4\"></span>attr<span class=\"_ _1\"></span>ibutable <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>settleme<span class=\"_ _1\"></span>nt<span class=\"_ _379\"> </span> <div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs51a\">und<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>allocation <span class=\"_ _4\"></span>ac<span class=\"_ _1\"></span>cordi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>origin <span class=\"_ _4\"></span>principle. <span class=\"_ _4\"></span>Collecta<span class=\"_ _1\"></span>ble <span class=\"_ _4\"></span>recour<span class=\"_ _1\"></span>se <span class=\"_ _4\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>are <span class=\"_ _4\"></span>de<span class=\"_ _1\"></span>ducted <span class=\"_ _4\"></span>from <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>provisio<span class=\"_ _3\"></span>n. <span class=\"_ _a\"></span>Where </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs51b\">nece<span class=\"_ _1\"></span>ssary<span class=\"_ _d\"></span>, actuar<span class=\"_ _1\"></span>ial esti<span class=\"_ _3\"></span>mation methods<span class=\"_ _1\"></span> are used to<span class=\"_ _1\"></span> calculate th<span class=\"_ _1\"></span>e provisi<span class=\"_ _3\"></span>ons.<span class=\"_ _1\"></span> The methods are applied con<span class=\"_ _1\"></span>sistently<span class=\"_ _5\"></span>, with<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs51c\">both the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>calculation parameters <span class=\"_ _3\"></span>tested contin<span class=\"_ _3\"></span>uou<span class=\"_ _1\"></span>sly <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>ade<span class=\"_ _1\"></span>quacy a<span class=\"_ _3\"></span>nd adjusted i<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ecessary<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>provisions </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs51d\">are affected <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>con<span class=\"_ _1\"></span>omi<span class=\"_ _3\"></span>c <span class=\"_ _1\"></span>factors <span class=\"_ _1\"></span>(e.g. in<span class=\"_ _1\"></span>flatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>te) <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>by<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>legal an<span class=\"_ _1\"></span>d regulatory<span class=\"_ _1\"></span> developments, <span class=\"_ _1\"></span>which may <span class=\"_ _1\"></span>be su<span class=\"_ _1\"></span>bject to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs51e\">change over<span class=\"_ _1\"></span> time. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs51f\">Provision for<span class=\"_ _3\"></span> profit-unre<span class=\"_ _3\"></span>lated prem<span class=\"_ _3\"></span>ium ref<span class=\"_ _3\"></span>unds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs520\">The pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons for pr<span class=\"_ _3\"></span>ofit-<span class=\"_ _3\"></span>unr<span class=\"_ _3\"></span>elated pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>um r<span class=\"_ _3\"></span>efunds r<span class=\"_ _3\"></span>elate, i<span class=\"_ _3\"></span>n pa<span class=\"_ _3\"></span>rticular<span class=\"_ _d\"></span>, to p<span class=\"_ _3\"></span>rope<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>and cas<span class=\"_ _3\"></span>ualty an<span class=\"_ _3\"></span>d health<span class=\"_ _3\"></span> insura<span class=\"_ _3\"></span>nce, and<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs521\">pertain to <span class=\"_ _3\"></span>premi<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m r<span class=\"_ _5\"></span>efunds i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>certain ins<span class=\"_ _3\"></span>urance cl<span class=\"_ _3\"></span>asses t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>rac<span class=\"_ _3\"></span>tually g<span class=\"_ _3\"></span>uarantee<span class=\"_ _3\"></span>d to pol<span class=\"_ _3\"></span>icyholde<span class=\"_ _3\"></span>rs in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>event th<span class=\"_ _3\"></span>at </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs522\">there ar<span class=\"_ _3\"></span>e no <span class=\"_ _1\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r a<span class=\"_ _1\"></span> low level of claims. Thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovision<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>forme<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>at the indi<span class=\"_ _3\"></span>vidual polic<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> level. Sinc<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>the pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs523\">are p<span class=\"_ _3\"></span>redomi<span class=\"_ _3\"></span>nantly sho<span class=\"_ _3\"></span>rt-term pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons, no di<span class=\"_ _3\"></span>scounting <span class=\"_ _3\"></span>has<span class=\"_ _3\"></span> been perfo<span class=\"_ _3\"></span>rmed. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs524\">Provision for<span class=\"_ _3\"></span> profit-re<span class=\"_ _3\"></span>lated premi<span class=\"_ _3\"></span>um refun<span class=\"_ _3\"></span>ds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs525\">Prof<span class=\"_ _3\"></span>it <span class=\"_ _4\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>wer<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>dedic<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>pol<span class=\"_ _3\"></span>icyhold<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>local <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>plans, <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>not <span class=\"_ _4\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>allocate<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>comm<span class=\"_ _3\"></span>itted<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to<span class=\"_ _1\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs526\">individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _b\"> </span>policyhol<span class=\"_ _3\"></span>ders <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _b\"> </span>balance <span class=\"_ _b\"> </span>sheet<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>date, <span class=\"_ _6\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>show<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vision <span class=\"_ _6\"> </span>for<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>profit-<span class=\"_ _3\"></span>rela<span class=\"_ _3\"></span>ted <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>emium <span class=\"_ _b\"> </span>refu<span class=\"_ _3\"></span>nds </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs527\">(\u201cdiscr<span class=\"_ _3\"></span>etiona<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>et <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>ncome <span class=\"_ _a\"></span>participatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>\u201d). <span class=\"_ _a\"></span>In <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>ddition, <span class=\"_ _a\"></span>both <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>po<span class=\"_ _3\"></span>rtion <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>alised <span class=\"_ _a\"></span>thro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>gh <span class=\"_ _a\"></span>prof<span class=\"_ _3\"></span>it <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>oss <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>portion<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs528\">realis<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>equity<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>results<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _4\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>dif<span class=\"_ _5\"></span>fere<span class=\"_ _3\"></span>nces <span class=\"_ _4\"></span>bet<span class=\"_ _3\"></span>ween <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>loc<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>me<span class=\"_ _3\"></span>asurem<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs529\">(\u201cdeferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ofit participa<span class=\"_ _3\"></span>tion\u201d) are repor<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> this item. Please see <span class=\"_ _1\"></span>the Classif<span class=\"_ _3\"></span>ication <span class=\"_ _1\"></span>of insu<span class=\"_ _3\"></span>rance policies section startin<span class=\"_ _3\"></span>g </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs52a\">on page 56<span class=\"_ _3\"></span>. </div><div class=\"t m1 h2e ff49 fs14 fc3 sc0 ls6 ws0 gs52b\">Other und<span class=\"_ _3\"></span>erwriting<span class=\"_ _3\"></span> provisions<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs52c\">The o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>und<span class=\"_ _3\"></span>erwriting <span class=\"_ _5\"></span>provisio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>item <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>rima<span class=\"_ _3\"></span>rily i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>des <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>cancellatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s. <span class=\"_ _3\"></span>Can<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span>ation <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _5\"></span>are <span class=\"_ _3\"></span>formed <span class=\"_ _5\"></span>for </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs52d\">the <span class=\"_ _5\"></span>cancellation <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>have <span class=\"_ _3\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>written <span class=\"_ _5\"></span>but <span class=\"_ _5\"></span>not <span class=\"_ _3\"></span>yet <span class=\"_ _3\"></span>paid <span class=\"_ _5\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>policyhold<span class=\"_ _3\"></span>er<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>therefo<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>epr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>liabilitie<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs52e\">side <span class=\"_ _6\"> </span>allowa<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>for <span class=\"_ _6\"> </span>rec<span class=\"_ _3\"></span>eivables <span class=\"_ _6\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _6\"> </span>policy<span class=\"_ _3\"></span>holders. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _6\"> </span>are <span class=\"_ _6\"> </span>form<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>base<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>on <span class=\"_ _2\"> </span>t<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>applicatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>ertain </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs52f\">perc<span class=\"_ _3\"></span>entage rat<span class=\"_ _3\"></span>es to o<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>rd<span class=\"_ _3\"></span>ue pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>mium r<span class=\"_ _5\"></span>eceivables.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs530\">UNDERWRITING PROVISI<span class=\"_ _3\"></span>ONS FOR UNIT<span class=\"_ _d\"></span>-<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>AN<span class=\"_ _3\"></span>D <span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>DEX-LINKED LIFE INSURA<span class=\"_ _3\"></span>NCE (I) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs531\">Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng pro<span class=\"_ _3\"></span>visions fo<span class=\"_ _3\"></span>r unit- and i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>dex-li<span class=\"_ _3\"></span>nked lif<span class=\"_ _3\"></span>e insurance r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent obli<span class=\"_ _3\"></span>gations to po<span class=\"_ _3\"></span>licy<span class=\"_ _3\"></span>holders that <span class=\"_ _3\"></span>are lin<span class=\"_ _3\"></span>ked to t<span class=\"_ _3\"></span>he </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs532\">performa<span class=\"_ _3\"></span>nce a<span class=\"_ _3\"></span>nd in<span class=\"_ _3\"></span>come o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>rrespo<span class=\"_ _3\"></span>nding f<span class=\"_ _3\"></span>inancial<span class=\"_ _3\"></span> instr<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> these <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _3\"></span>corr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spo<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>to </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs533\">the meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>of the fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r u<span class=\"_ _1\"></span>nit- an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nde<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>-linked life insu<span class=\"_ _3\"></span>rance, and is bas<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the fair val<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>of the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs534\">investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> f<span class=\"_ _3\"></span>und or i<span class=\"_ _3\"></span>ndex servi<span class=\"_ _3\"></span>ng as a r<span class=\"_ _3\"></span>efer<span class=\"_ _3\"></span>ence.<span class=\"_ _379\"> </span><span class=\"_ _3\"></span> </div><div class=\"t m1 h3d ff45 fs1d fcf sc0 ls6 ws0 gs535\">NON-UNDERWRITING PR<span class=\"_ _3\"></span>OVISIONS (J) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs536\">Pensio<span class=\"_ _3\"></span>n obligations ar<span class=\"_ _3\"></span>e based o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>ndividual co<span class=\"_ _3\"></span>ntractual obl<span class=\"_ _3\"></span>igations a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d coll<span class=\"_ _3\"></span>ective agr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ents. The oblig<span class=\"_ _3\"></span>ations ar<span class=\"_ _3\"></span>e defined<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs537\">benefit obl<span class=\"_ _3\"></span>igations. T<span class=\"_ _3\"></span>he pla<span class=\"_ _3\"></span>ns are b<span class=\"_ _3\"></span>ased o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>average s<span class=\"_ _3\"></span>alary and/or <span class=\"_ _3\"></span>the numbe<span class=\"_ _3\"></span>r of yea<span class=\"_ _3\"></span>rs of service <span class=\"_ _3\"></span>with t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>company<span class=\"_ _11\"></span>. </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs538\">These obligations ar<span class=\"_ _3\"></span>e accounted for <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>accord<span class=\"_ _5\"></span>ance <span class=\"_ _1\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> IAS 19. The <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>defi<span class=\"_ _3\"></span>ned benefit obligatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> (DB<span class=\"_ _3\"></span>O) </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs539\">is calculated. Cal<span class=\"_ _3\"></span>culatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of the DBO is perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>d using the proj<span class=\"_ _3\"></span>ected unit cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ethod. In this metho<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>futu<span class=\"_ _3\"></span>re payme<span class=\"_ _3\"></span>nts </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs53a\">calculat<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ealistic <span class=\"_ _a\"></span>assump<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>accrued <span class=\"_ _a\"></span>lin<span class=\"_ _3\"></span>ear<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>ov<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>eriod <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>which <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>be<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>ciary <span class=\"_ _a\"></span>acquir<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>these </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs53b\">entitleme<span class=\"_ _3\"></span>nts. The nec<span class=\"_ _3\"></span>essary pro<span class=\"_ _3\"></span>vision amo<span class=\"_ _3\"></span>unt is calc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lat<span class=\"_ _3\"></span>ed for the<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>ele<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t bal<span class=\"_ _3\"></span>ance sheet dat<span class=\"_ _3\"></span>e u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng actuarial r<span class=\"_ _3\"></span>eports t<span class=\"_ _3\"></span>hat </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs53c\">have be<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>provid<span class=\"_ _3\"></span>ed for t<span class=\"_ _3\"></span>he curre<span class=\"_ _3\"></span>nt fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _3\"></span>year and <span class=\"_ _3\"></span>the pri<span class=\"_ _3\"></span>or financi<span class=\"_ _3\"></span>al year<span class=\"_ _d\"></span>.  </div>The calc<span class=\"_ _3\"></span>ulations a<span class=\"_ _3\"></span>re based o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> th<span class=\"_ _3\"></span>e follo<span class=\"_ _3\"></span>win<span class=\"_ _1\"></span>g ass<span class=\"_ _3\"></span>umptions:<span class=\"_ _3\"></span> Pension a<span class=\"_ _1\"></span>ssumptio<span class=\"_ _1\"></span>ns <span class=\"_ _180\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>st <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _d6\"> </span>3.60%<span class=\"_ _379\"> </span>1.00% Emp<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>yee <span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rno<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>rate<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e-d<span class=\"_ _1\"></span>epen<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t)<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>0%\u20134%<span class=\"_ _379\"> </span>0%\u20134%<span class=\"_ _379\"> </span>Ret<span class=\"_ _1\"></span>irem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>, w<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>tran<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>rran<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>emen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _6a\"> </span>62+<span class=\"_ _379\"> </span>62+<span class=\"_ _379\"> </span>Ret<span class=\"_ _1\"></span>irem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>men<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(tra<span class=\"_ _1\"></span>nsi<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>onal<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>rra<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _181\"> </span>62+<span class=\"_ _379\"> </span>62+<span class=\"_ _379\"> </span>Life<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>ect<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cy <span class=\"_ _1\"></span>(fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>loy<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>s,<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> wi<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>) <span class=\"_ _105\"> </span>(<span class=\"_ _3\"></span>AV\u00d6 2018<span class=\"_ _1\"></span>-P)<span class=\"_ _379\"> </span>(AV\u00d6 2018-P)<span class=\"_ _379\"> </span>Pension a<span class=\"_ _1\"></span>nd salary<span class=\"_ _1\"></span> increases<span class=\"_ _1\"></span> <span class=\"_ _182\"> </span><span class=\"fsc\">Regulato<span class=\"_ _1\"></span>ry pension and <span class=\"_ _1\"></span>special </span>contra<span class=\"_ _1\"></span>cts Associati<span class=\"_ _1\"></span>on recom<span class=\"_ _1\"></span>mendatio<span class=\"_ _1\"></span>n 31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _183\"> </span><span class=\"fce\">2.25%<span class=\"_ _379\"> </span></span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>8.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>6.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>3.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>0.00%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>2.50%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>1.20%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>2.00%<span class=\"_ _379\"> </span>2.25%<span class=\"_ _379\"> </span>1.20%<span class=\"_ _379\"> </span>1.50%<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>weighte<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>verage <span class=\"_ _1\"></span>length <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>DB<span class=\"_ _3\"></span>O <span class=\"_ _4\"></span>for <span class=\"_ _1\"></span>pensio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>was<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>12.1<span class=\"_ _3\"></span>1 <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ears <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>fina<span class=\"_ _3\"></span>ncial <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>(15.54 years). <span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>portion of<span class=\"_ _1\"></span> the <span class=\"_ _6\"> </span>dir<span class=\"_ _3\"></span>ect <span class=\"_ _b\"> </span>pension <span class=\"_ _b\"> </span>obligatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>are <span class=\"_ _b\"> </span>administ<span class=\"_ _3\"></span>ered <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>s <span class=\"_ _b\"> </span>an <span class=\"_ _b\"> </span>occupatio<span class=\"_ _3\"></span>nal <span class=\"_ _6\"> </span>gr<span class=\"_ _3\"></span>oup <span class=\"_ _b\"> </span>insurance <span class=\"_ _b\"> </span>plan <span class=\"_ _b\"> </span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _6\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cl<span class=\"_ _3\"></span>usion <span class=\"_ _6\"> </span>of <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>n insuranc<span class=\"_ _3\"></span>e contract i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>accord<span class=\"_ _3\"></span>ance wit<span class=\"_ _3\"></span>h \u00a7 93\u201398 <span class=\"_ _5\"></span>VAG.<span class=\"_ _3\"></span> SUBORDINA<span class=\"_ _5\"></span>TED LIABILITIE<span class=\"_ _3\"></span>S <span class=\"_ _3\"></span>AND LIABI<span class=\"_ _3\"></span>L<span class=\"_ _1\"></span>ITIES EX<span class=\"_ _3\"></span>CL.<span class=\"_ _3\"></span> SUBOR<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span>INA<span class=\"_ _5\"></span>TED LIABILITIES <span class=\"_ _3\"></span>(K)<span class=\"ff4a fsf fc3\"> </span>As <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>ule, all <span class=\"_ _5\"></span>liabiliti<span class=\"_ _3\"></span>es are <span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>asured <span class=\"_ _5\"></span>at<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>amortised <span class=\"_ _3\"></span>cost. <span class=\"_ _3\"></span>This <span class=\"_ _3\"></span>al<span class=\"_ _3\"></span>so <span class=\"_ _3\"></span>applies <span class=\"_ _3\"></span>to li<span class=\"_ _3\"></span>abilities <span class=\"_ _3\"></span>arising <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce pol<span class=\"_ _3\"></span>icies. The fai<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>value of<span class=\"_ _3\"></span> finan<span class=\"_ _3\"></span>cial liabil<span class=\"_ _3\"></span>ities is <span class=\"_ _3\"></span>sho<span class=\"_ _3\"></span>wn in No<span class=\"_ _3\"></span>te 24. <span class=\"_ _3\"></span>Fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial inst<span class=\"_ _3\"></span>ruments<span class=\"_ _3\"></span> and f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span> measu<span class=\"_ _3\"></span>rem<span class=\"_ _3\"></span>ent hie<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>chy <span class=\"_ _3\"></span>startin<span class=\"_ _3\"></span>g on page 13<span class=\"_ _3\"></span>3. NET EARNED PRE<span class=\"_ _3\"></span>MIUMS (L) As a <span class=\"_ _3\"></span>rule, <span class=\"_ _3\"></span>unearned pr<span class=\"_ _3\"></span>emi<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ms <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed p<span class=\"_ _3\"></span>remi<span class=\"_ _3\"></span>ums) ar<span class=\"_ _3\"></span>e det<span class=\"_ _3\"></span>ermined<span class=\"_ _3\"></span> on a<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span> rata b<span class=\"_ _3\"></span>asis ov<span class=\"_ _3\"></span>er time.<span class=\"_ _3\"></span> No <span class=\"_ _3\"></span>defer<span class=\"_ _3\"></span>ral of <span class=\"_ _5\"></span>un<span class=\"_ _1\"></span>it- <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>-linked <span class=\"_ _5\"></span>life <span class=\"_ _5\"></span>insurance <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _5\"></span>is <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d, <span class=\"_ _5\"></span>since<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>amount <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _3\"></span>writte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>repo<span class=\"_ _3\"></span>rting period is i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the calc<span class=\"_ _3\"></span>ulation of<span class=\"_ _3\"></span> the u<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>writi<span class=\"_ _3\"></span>ng pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons for unit- a<span class=\"_ _3\"></span>nd index-li<span class=\"_ _3\"></span>nked life ins<span class=\"_ _3\"></span>urance.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-433": {
   "value": "INTANGIBLE ASSETS (A) Goodwill Goodwill  is  accounted  for  in  the  functional  currency  of  each  entity.  Goodwill  is  measured  at  cost  less  accumulated impairment losses. In the case of shares in at equity consolidated companies, goodwill is included in the adjusted book value of the participation. Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. In previous years trademarks with  unlimited useful lives were identified as part  of the purchase price allocation during acquisition of the companies Asirom, BTA Baltic and Seesam. The unlimited useful life results from the fact that there is no foreseeable end to their economic life. The fair value of the trademarks was determined during first-time consolidation using the relief-from-royalty method. A \u201ctax amortisation benefit\u201d was taken into account in the relief-from-royalty method. The Asirom trademark had a book value of EUR 9,661,000 (EUR 13,648,000), the BTA Baltic trademark had a book value of EUR 37,000,000 (EUR 37,000,000) and the Seesam trademark had a book value of EUR 7,700,000 (EUR 7,700,000) on 31 December 2022. Key calculation parameters  Discount rates  Country risks  Long-term growth rate 2022 2021 2022 2021 2022 2021 in % Austria  9.25 9.27 0.69 0.39 1.50 1.50 Czech Republic  9.11 9.83 1.03 0.60 3.60\u20135.46 4.20\u20135.73 Poland  11.22 10.67 1.46 0.84 5.79\u20137.29 5.41\u20136.86 Albania incl. Kosovo  16.02 14.02 7.77 4.45 6.41 6.76 Baltic States  10.15 9.79 1.58 0.91 5.20\u20136.69 4.94\u20136.39 Bosnia-Herzegovina  19.65 16.62 11.22 6.43 5.55\u20137.47 6.00\u20138.12 Bulgaria  10.52 10.65 2.76 1.58 5.64\u20136.18 5.97\u20136.83 Croatia  12.00 11.70 3.29 2.47 5.12\u20137.54 5.25\u20137.18 Moldova  22.50 18.70 11.22 6.43 8.78 9.01 North Macedonia  14.28 12.41 6.21 3.56 5.75 5.87 Romania  13.22 12.08 3.79 2.18 5.60\u20137.91 5.84\u20137.97 Serbia  14.75 12.72 5.19 2.97 5.78\u20137.57 5.68\u20137.47 Slovakia  10.02 9.72 1.46 0.84 5.77\u20136.03 5.32\u20135.53 Ukraine  40.82 18.91 17.26 6.43 15.03\u201318.36 8.58\u201312.34 Hungary  13.34 12.23 3.29 1.88 6.55\u20136.59 6.25\u20136.59 Germany  8.56 8.88 0.00 0.00 1.50 1.50 Georgia  14.00 13.21 5.19 2.97 6.12 6.67 Liechtenstein  8.56 8.88 0.00 0.00 1.50 1.50 T\u00fcrkiye  37.79 25.51 11.22 5.44 14.55\u201317.00 10.68\u201313.28 Group Functions  9.25\u201314.75 9.27\u201312.72 0.69\u20135.19 0.39\u20132.97 1.50\u20137.57 1.50\u20137.47 The average increase in the discount rates is primarily due to higher country risk premiums. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-414": {
   "value": "INTANGIBLE ASSETS (A) Goodwill Goodwill  is  accounted  for  in  the  functional  currency  of  each  entity.  Goodwill  is  measured  at  cost  less  accumulated impairment losses. In the case of shares in at equity consolidated companies, goodwill is included in the adjusted book value of the participation. Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. In previous years trademarks with  unlimited useful lives were identified as part  of the purchase price allocation during acquisition of the companies Asirom, BTA Baltic and Seesam. The unlimited useful life results from the fact that there is no foreseeable end to their economic life. The fair value of the trademarks was determined during first-time consolidation using the relief-from-royalty method. A \u201ctax amortisation benefit\u201d was taken into account in the relief-from-royalty method. The Asirom trademark had a book value of EUR 9,661,000 (EUR 13,648,000), the BTA Baltic trademark had a book value of EUR 37,000,000 (EUR 37,000,000) and the Seesam trademark had a book value of EUR 7,700,000 (EUR 7,700,000) on 31 December 2022. Impairment The subsidiaries are combined into cash-generating units (CGU groups) at the geographical country level for testing goodwill. The CGU groups used for impairment testing correspond to the operating segments. The trademarks were also individually tested for  impairment using the  relief-from-royalty  method.  Intangible assets with  an indefinite useful  life  (goodwill  and trademarks carried on the balance sheet) are tested when a triggering event occurs, including during the year, and at a minimum at the end of the financial year. As a rule, the value in use calculated using the discounted cash flow method is used as the recoverable amount for the CGU group. In cases where the value in use is less than book value, fair value less selling costs is also calculated. Fair value less cost of disposal is calculated using trailing stock exchange multipliers for the property and casualty and health lines of business in all countries and for the life business outside Austria. For the life business in Austria the Market Consistent Embedded Value is used. To calculate value in use, the cash flows available to shareholders of five planning years and the following perpetual annuity are discounted. Due to the changeover to IFRS 17 from 1 January 2023, the projections will also be adapted to the IFRS 17 structure. Since these projections are not finalised until the consolidated financial statements for 2022 are compiled, an IFRS 4 projection for one plan year was put together for the purpose of the impairment test. The subsidiaries thus prepare a detailed plan in local currency for one year that is submitted in supervisory board meetings and centrally checked for plausibility as part of the planning and control process. Extrapolation of the detailed plans for a further four years and the perpetual annuity is performed using key parameter projections (combined ratios, premium growth, financial income) based on their past values and expected future market changes. The predicted cash flows for the perpetual annuity are assumed to continue forever. Currencies are translated to euro using the exchange rate on the 31 December reporting date for the financial year. All of the underwriting business assets are assigned to the CGU groups. In addition to goodwill and trademarks, these also include all insurance portfolios and customer bases, investments, receivables and other assets. Underwriting provisions and current liabilities are deducted from the book values. Assets are allocated to the CGU groups in the form of corporate assets insofar as they are accounted in VIG Holding but used by the operating companies. The cash flows of the CGU groups are accordingly adjusted for amortisation of the allocated corporate assets. To calculate the discount rates, the capital asset pricing model (CAPM) is used to calculate a cost of equity capital. This is done by adding country-specific inflation differentials, risk premiums and sector-specific market risk to the risk-free interest rate (equal to the yield on German government bonds on the reporting date calculated using the Svensson method). The base rate before inflation differentials was 2.36% (0.12%). The market risk of 7.14% (7.38%) was multiplied by a beta factor of 0.87 (1.19) that was calculated based on a specified peer group. In contrast to the previous year, the beta factor was determined as of the reporting date. The long-term growth rates are calculated during the financial year based on the compound annual growth rate (CAGR) assuming that insurance penetration in the countries concerned starting in 2013 will converge in 50\u201370 years consistent with the current situation in Germany. An inflation adjustment equal to half of the inflation included in the cost of equity was added to the CAGR. Impairment and recoverable amounts for CGU groups  2022  2021 Impairment Recoverable amount Impairment Recoverable amount in EUR millions Albania incl. Kosovo  13.6 22.1 North Macedonia  12.6 27.1 Additionally, in the financial year, impairments of acquired insurance portfolios of EUR 19,510,000 and of other intangible assets of EUR 21,707,000 were recognised in the income statement. These values are due to the newly consolidated Aegon companies resulting from the additional insurance tax determined after closing in Hungary, and the Asirom brand. Impairments of intangible assets and reversals of impairments of intangible assets are included as separate items in the income statement between the Group operating result and the result before taxes.  Key calculation parameters  Discount rates  Country risks  Long-term growth rate 2022 2021 2022 2021 2022 2021 in % Austria  9.25 9.27 0.69 0.39 1.50 1.50 Czech Republic  9.11 9.83 1.03 0.60 3.60\u20135.46 4.20\u20135.73 Poland  11.22 10.67 1.46 0.84 5.79\u20137.29 5.41\u20136.86 Albania incl. Kosovo  16.02 14.02 7.77 4.45 6.41 6.76 Baltic States  10.15 9.79 1.58 0.91 5.20\u20136.69 4.94\u20136.39 Bosnia-Herzegovina  19.65 16.62 11.22 6.43 5.55\u20137.47 6.00\u20138.12 Bulgaria  10.52 10.65 2.76 1.58 5.64\u20136.18 5.97\u20136.83 Croatia  12.00 11.70 3.29 2.47 5.12\u20137.54 5.25\u20137.18 Moldova  22.50 18.70 11.22 6.43 8.78 9.01 North Macedonia  14.28 12.41 6.21 3.56 5.75 5.87 Romania  13.22 12.08 3.79 2.18 5.60\u20137.91 5.84\u20137.97 Serbia  14.75 12.72 5.19 2.97 5.78\u20137.57 5.68\u20137.47 Slovakia  10.02 9.72 1.46 0.84 5.77\u20136.03 5.32\u20135.53 Ukraine  40.82 18.91 17.26 6.43 15.03\u201318.36 8.58\u201312.34 Hungary  13.34 12.23 3.29 1.88 6.55\u20136.59 6.25\u20136.59 Germany  8.56 8.88 0.00 0.00 1.50 1.50 Georgia  14.00 13.21 5.19 2.97 6.12 6.67 Liechtenstein  8.56 8.88 0.00 0.00 1.50 1.50 T\u00fcrkiye  37.79 25.51 11.22 5.44 14.55\u201317.00 10.68\u201313.28 Group Functions  9.25\u201314.75 9.27\u201312.72 0.69\u20135.19 0.39\u20132.97 1.50\u20137.57 1.50\u20137.47 The average increase in the discount rates is primarily due to higher country risk premiums. IMPAIRMENT OF PROPERTY Property appraisals are performed at regular intervals for owner-occupied property and investment property, regardless of their book values, by internally and externally as well as judicially certified building construction and property appraisers. Fair value  is calculated using the capitalised earnings  method or  market comparisons.  Unless  leased, the asset  value method is generally only used for undeveloped land. The discounted cash flow method is used in exceptional cases. If the fair value is below the book value (cost minus accumulated depreciation and write-downs), the asset is impaired. In this case, the book value is written down to fair value through profit or loss. The method used to test for impairment is also used to test for a reversal of impairment. On each balance sheet date, a test is performed for indications that a reversal of impairment has taken place. The book value after the reversal may not exceed the book value that would have existed, taking into account depreciation, if no impairment had been recognised. Both impairments and reversals of impairments are reported in the financial result in the income statement and are shown starting on page 126. The fair values and level hierarchy according to IFRS 13 are shown in Note 24. Financial instruments and fair value measurement hierarchy starting on page 133. IMPAIRMENT OF FINANCIAL ASSETS On each balance sheet date, the book values of financial assets not measured at fair value through profit or loss are tested for evidence of impairment. Such evidence could be, for example, the debtor experiencing significant financial difficulties, a high probability of insolvency proceedings, the loss of an active market for the financial asset, a significant change in the technological, economic, legal or market environment of the issuer, or a permanent decrease in the fair value of the financial asset below amortised cost. The Managing Board has considerable discretion when quantifying the influence of information that could affect the creditworthiness, rating and/or earning power of a debtor. Any impairment losses due to fair value lying below the book value are recognised in profit or loss. If any changes to the fair value of available-for-sale financial assets were previously recognised directly in equity, these changes must be eliminated from equity and recognised in profit or loss on the income statement. As a rule, impairment of equity instruments is to be recognised if the average fair value during the last six months was consistently less than 80% of the historical cost of acquisition and/or if the fair value as at the reporting date is less than 50% of the historical cost of acquisition.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "INTANGIBLE ASSETS (A) Goodwill Goodwill  is  accounted  for  in  the  functional  currency  of  each  entity.  Goodwill  is  measured  at  cost  less  accumulated impairment losses. In the case of shares in at equity consolidated companies, goodwill is included in the adjusted book value of the participation. Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. In previous years trademarks with  unlimited useful lives were identified as part  of the purchase price allocation during acquisition of the companies Asirom, BTA Baltic and Seesam. The unlimited useful life results from the fact that there is no foreseeable end to their economic life. The fair value of the trademarks was determined during first-time consolidation using the relief-from-royalty method. A \u201ctax amortisation benefit\u201d was taken into account in the relief-from-royalty method. The Asirom trademark had a book value of EUR 9,661,000 (EUR 13,648,000), the BTA Baltic trademark had a book value of EUR 37,000,000 (EUR 37,000,000) and the Seesam trademark had a book value of EUR 7,700,000 (EUR 7,700,000) on 31 December 2022. Impairment The subsidiaries are combined into cash-generating units (CGU groups) at the geographical country level for testing goodwill. The CGU groups used for impairment testing correspond to the operating segments. The trademarks were also individually tested for  impairment using the  relief-from-royalty  method.  Intangible assets with  an indefinite useful  life  (goodwill  and trademarks carried on the balance sheet) are tested when a triggering event occurs, including during the year, and at a minimum at the end of the financial year. As a rule, the value in use calculated using the discounted cash flow method is used as the recoverable amount for the CGU group. In cases where the value in use is less than book value, fair value less selling costs is also calculated. Fair value less cost of disposal is calculated using trailing stock exchange multipliers for the property and casualty and health lines of business in all countries and for the life business outside Austria. For the life business in Austria the Market Consistent Embedded Value is used. To calculate value in use, the cash flows available to shareholders of five planning years and the following perpetual annuity are discounted. Due to the changeover to IFRS 17 from 1 January 2023, the projections will also be adapted to the IFRS 17 structure. Since these projections are not finalised until the consolidated financial statements for 2022 are compiled, an IFRS 4 projection for one plan year was put together for the purpose of the impairment test. The subsidiaries thus prepare a detailed plan in local currency for one year that is submitted in supervisory board meetings and centrally checked for plausibility as part of the planning and control process. Extrapolation of the detailed plans for a further four years and the perpetual annuity is performed using key parameter projections (combined ratios, premium growth, financial income) based on their past values and expected future market changes. The predicted cash flows for the perpetual annuity are assumed to continue forever. Currencies are translated to euro using the exchange rate on the 31 December reporting date for the financial year. All of the underwriting business assets are assigned to the CGU groups. In addition to goodwill and trademarks, these also include all insurance portfolios and customer bases, investments, receivables and other assets. Underwriting provisions and current liabilities are deducted from the book values. Assets are allocated to the CGU groups in the form of corporate assets insofar as they are accounted in VIG Holding but used by the operating companies. The cash flows of the CGU groups are accordingly adjusted for amortisation of the allocated corporate assets. To calculate the discount rates, the capital asset pricing model (CAPM) is used to calculate a cost of equity capital. This is done by adding country-specific inflation differentials, risk premiums and sector-specific market risk to the risk-free interest rate (equal to the yield on German government bonds on the reporting date calculated using the Svensson method). The base rate before inflation differentials was 2.36% (0.12%). The market risk of 7.14% (7.38%) was multiplied by a beta factor of 0.87 (1.19) that was calculated based on a specified peer group. In contrast to the previous year, the beta factor was determined as of the reporting date. The long-term growth rates are calculated during the financial year based on the compound annual growth rate (CAGR) assuming that insurance penetration in the countries concerned starting in 2013 will converge in 50\u201370 years consistent with the current situation in Germany. An inflation adjustment equal to half of the inflation included in the cost of equity was added to the CAGR. Impairment and recoverable amounts for CGU groups  2022  2021 Impairment Recoverable amount Impairment Recoverable amount in EUR millions Albania incl. Kosovo  13.6 22.1 North Macedonia  12.6 27.1 Additionally, in the financial year, impairments of acquired insurance portfolios of EUR 19,510,000 and of other intangible assets of EUR 21,707,000 were recognised in the income statement. These values are due to the newly consolidated Aegon companies resulting from the additional insurance tax determined after closing in Hungary, and the Asirom brand. Impairments of intangible assets and reversals of impairments of intangible assets are included as separate items in the income statement between the Group operating result and the result before taxes. Key calculation parameters  Discount rates  Country risks  Long-term growth rate 2022 2021 2022 2021 2022 2021 in % Austria  9.25 9.27 0.69 0.39 1.50 1.50 Czech Republic  9.11 9.83 1.03 0.60 3.60\u20135.46 4.20\u20135.73 Poland  11.22 10.67 1.46 0.84 5.79\u20137.29 5.41\u20136.86 Albania incl. Kosovo  16.02 14.02 7.77 4.45 6.41 6.76 Baltic States  10.15 9.79 1.58 0.91 5.20\u20136.69 4.94\u20136.39 Bosnia-Herzegovina  19.65 16.62 11.22 6.43 5.55\u20137.47 6.00\u20138.12 Bulgaria  10.52 10.65 2.76 1.58 5.64\u20136.18 5.97\u20136.83 Croatia  12.00 11.70 3.29 2.47 5.12\u20137.54 5.25\u20137.18 Moldova  22.50 18.70 11.22 6.43 8.78 9.01 North Macedonia  14.28 12.41 6.21 3.56 5.75 5.87 Romania  13.22 12.08 3.79 2.18 5.60\u20137.91 5.84\u20137.97 Serbia  14.75 12.72 5.19 2.97 5.78\u20137.57 5.68\u20137.47 Slovakia  10.02 9.72 1.46 0.84 5.77\u20136.03 5.32\u20135.53 Ukraine  40.82 18.91 17.26 6.43 15.03\u201318.36 8.58\u201312.34 Hungary  13.34 12.23 3.29 1.88 6.55\u20136.59 6.25\u20136.59 Germany  8.56 8.88 0.00 0.00 1.50 1.50 Georgia  14.00 13.21 5.19 2.97 6.12 6.67 Liechtenstein  8.56 8.88 0.00 0.00 1.50 1.50 T\u00fcrkiye  37.79 25.51 11.22 5.44 14.55\u201317.00 10.68\u201313.28 Group Functions  9.25\u201314.75 9.27\u201312.72 0.69\u20135.19 0.39\u20132.97 1.50\u20137.57 1.50\u20137.47 The average increase in the discount rates is primarily due to higher country risk premiums. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-379": {
   "value": "Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. In previous years trademarks with  unlimited useful lives were identified as part  of the purchase price allocation during acquisition of the companies Asirom, BTA Baltic and Seesam. The unlimited useful life results from the fact that there is no foreseeable end to their economic life. The fair value of the trademarks was determined during first-time consolidation using the relief-from-royalty method. A \u201ctax amortisation benefit\u201d was taken into account in the relief-from-royalty method. The Asirom trademark had a book value of EUR 9,661,000 (EUR 13,648,000), the BTA Baltic trademark had a book value of EUR 37,000,000 (EUR 37,000,000) and the Seesam trademark had a book value of EUR 7,700,000 (EUR 7,700,000) on 31 December 2022. Impairment The subsidiaries are combined into cash-generating units (CGU groups) at the geographical country level for testing goodwill. The CGU groups used for impairment testing correspond to the operating segments. The trademarks were also individually tested for  impairment using the  relief-from-royalty  method.  Intangible assets with  an indefinite useful  life  (goodwill  and trademarks carried on the balance sheet) are tested when a triggering event occurs, including during the year, and at a minimum at the end of the financial year. As a rule, the value in use calculated using the discounted cash flow method is used as the recoverable amount for the CGU group. In cases where the value in use is less than book value, fair value less selling costs is also calculated. Fair value less cost of disposal is calculated using trailing stock exchange multipliers for the property and casualty and health lines of business in all countries and for the life business outside Austria. For the life business in Austria the Market Consistent Embedded Value is used.  To calculate value in use, the cash flows available to shareholders of five planning years and the following perpetual annuity are discounted. Due to the changeover to IFRS 17 from 1 January 2023, the projections will also be adapted to the IFRS 17 structure. Since these projections are not finalised until the consolidated financial statements for 2022 are compiled, an IFRS 4 projection for one plan year was put together for the purpose of the impairment test. The subsidiaries thus prepare a detailed plan in local currency for one year that is submitted in supervisory board meetings and centrally checked for plausibility as part of the planning and control process. Extrapolation of the detailed plans for a further four years and the perpetual annuity is performed using key parameter projections (combined ratios, premium growth, financial income) based on their past values and expected future market changes. The predicted cash flows for the perpetual annuity are assumed to continue forever. Currencies are translated to euro using the exchange rate on the 31 December reporting date for the financial year. All of the underwriting business assets are assigned to the CGU groups. In addition to goodwill and trademarks, these also include all insurance portfolios and customer bases, investments, receivables and other assets. Underwriting provisions and current liabilities are deducted from the book values. Assets are allocated to the CGU groups in the form of corporate assets insofar as they are accounted in VIG Holding but used by the operating companies. The cash flows of the CGU groups are accordingly adjusted for amortisation of the allocated corporate assets. To calculate the discount rates, the capital asset pricing model (CAPM) is used to calculate a cost of equity capital. This is done by adding country-specific inflation differentials, risk premiums and sector-specific market risk to the risk-free interest rate (equal to the yield on German government bonds on the reporting date calculated using the Svensson method). The base rate before inflation differentials was 2.36% (0.12%). The market risk of 7.14% (7.38%) was multiplied by a beta factor of 0.87 (1.19) that was calculated based on a specified peer group. In contrast to the previous year, the beta factor was determined as of the reporting date. The long-term growth rates are calculated during the financial year based on the compound annual growth rate (CAGR) assuming that insurance penetration in the countries concerned starting in 2013 will converge in 50\u201370 years consistent with the current situation in Germany. An inflation adjustment equal to half of the inflation included in the cost of equity was added to the CAGR. Key calculation parameters  Discount rates  Country risks  Long-term growth rate 2022 2021 2022 2021 2022 2021 in % Austria  9.25 9.27 0.69 0.39 1.50 1.50 Czech Republic  9.11 9.83 1.03 0.60 3.60\u20135.46 4.20\u20135.73 Poland  11.22 10.67 1.46 0.84 5.79\u20137.29 5.41\u20136.86 Albania incl. Kosovo  16.02 14.02 7.77 4.45 6.41 6.76 Baltic States  10.15 9.79 1.58 0.91 5.20\u20136.69 4.94\u20136.39 Bosnia-Herzegovina  19.65 16.62 11.22 6.43 5.55\u20137.47 6.00\u20138.12 Bulgaria  10.52 10.65 2.76 1.58 5.64\u20136.18 5.97\u20136.83 Croatia  12.00 11.70 3.29 2.47 5.12\u20137.54 5.25\u20137.18 Moldova  22.50 18.70 11.22 6.43 8.78 9.01 North Macedonia  14.28 12.41 6.21 3.56 5.75 5.87 Romania  13.22 12.08 3.79 2.18 5.60\u20137.91 5.84\u20137.97 Serbia  14.75 12.72 5.19 2.97 5.78\u20137.57 5.68\u20137.47 Slovakia  10.02 9.72 1.46 0.84 5.77\u20136.03 5.32\u20135.53 Ukraine  40.82 18.91 17.26 6.43 15.03\u201318.36 8.58\u201312.34 Hungary  13.34 12.23 3.29 1.88 6.55\u20136.59 6.25\u20136.59 Germany  8.56 8.88 0.00 0.00 1.50 1.50 Georgia  14.00 13.21 5.19 2.97 6.12 6.67 Liechtenstein  8.56 8.88 0.00 0.00 1.50 1.50 T\u00fcrkiye  37.79 25.51 11.22 5.44 14.55\u201317.00 10.68\u201313.28 Group Functions  9.25\u201314.75 9.27\u201312.72 0.69\u20135.19 0.39\u20132.97 1.50\u20137.57 1.50\u20137.47 The average increase in the discount rates is primarily due to higher country risk premiums. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-438": {
   "value": "Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-436": {
   "value": "Other intangible assets Purchased intangible assets are recognised on the balance sheet at cost less accumulated amortisation and impairment losses. No noteworthy intangible assets were created by the companies in the scope of consolidation. With the exception of trademarks, all intangible assets have a finite useful life. The intangible assets are therefore amortised over their period of use. Average useful life in years  from to Software  3 13 Software is amortised using the straight-line method. Software components are also examined on an event-driven basis to see whether they can still be used. If there is a high probability that certain IT systems or programme sections can no longer be used or no longer be fully used, a write-down must be made. If a change in useful life is determined during full use, the amortisation period is changed to the new useful life. OTHER ASSETS (G) Other assets are measured at cost less cumulative depreciation and impairment losses. Cost comprises all costs incurred in putting the asset into its present location in its present condition. Depreciation is performed using the straight-line method over the expected useful life of the asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "INVESTMENTS <span class=\"_ _3\"></span>(B) General inform<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> In <span class=\"_ _1\"></span>accor<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce with the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>elevant IFRS req<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>some a<span class=\"_ _3\"></span>ssets and <span class=\"_ _1\"></span>liabili<span class=\"_ _3\"></span>ties a<span class=\"_ _1\"></span>re ca<span class=\"_ _3\"></span>rr<span class=\"_ _1\"></span>ied at fair v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>consoli<span class=\"_ _3\"></span>dated financial  s<span class=\"_ _3\"></span>tatements.  T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>is  con<span class=\"_ _3\"></span>cerns  a  signifi<span class=\"_ _3\"></span>cant  portion<span class=\"_ _3\"></span>  of  investments. <span class=\"_ _6\"> </span>VI<span class=\"_ _1\"></span>G  I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance  Gr<span class=\"_ _3\"></span>oup  assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>all  financial instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _4\"></span>one <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>le<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>ls <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _a\"></span>13 <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>urem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt <span class=\"_ _4\"></span>hierarchy<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>As <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>r<span class=\"_ _5\"></span>esu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>decentrali<span class=\"_ _3\"></span>sed <span class=\"_ _a\"></span>organis<span class=\"_ _3\"></span>ational structur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _4\"></span>Ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>subsidia<span class=\"_ _3\"></span>ries <span class=\"_ _1\"></span>are <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _4\"></span>fair <span class=\"_ _4\"></span>value <span class=\"_ _1\"></span>categorisa<span class=\"_ _3\"></span>tion. <span class=\"_ _4\"></span>This <span class=\"_ _4\"></span>tak<span class=\"_ _3\"></span>es account, <span class=\"_ _4\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>particular<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>local <span class=\"_ _1\"></span>knowledge<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>q<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ty <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _4\"></span>fair<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>any <span class=\"_ _4\"></span>inpu<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>paramet<span class=\"_ _3\"></span>ers <span class=\"_ _1\"></span>needed <span class=\"_ _1\"></span>for model v<span class=\"_ _3\"></span>aluation. <span class=\"_ _3\"></span> Fair values <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e determi<span class=\"_ _3\"></span>ned using t<span class=\"_ _3\"></span>he followi<span class=\"_ _3\"></span>ng hierar<span class=\"_ _3\"></span>chy spe<span class=\"_ _3\"></span>cified in I<span class=\"_ _3\"></span>FR<span class=\"_ _1\"></span>S 13<span class=\"_ _3\"></span>: \u2022<span class=\"_ _f\"> </span>The determi<span class=\"_ _3\"></span>nation of<span class=\"_ _3\"></span> fair val<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> for f<span class=\"_ _3\"></span>inancial i<span class=\"_ _3\"></span>nstrume<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s i<span class=\"_ _3\"></span>s ge<span class=\"_ _3\"></span>nerally base<span class=\"_ _3\"></span>d on pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>e markets <span class=\"_ _3\"></span>for<span class=\"_ _379\"> </span>identical ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts or li<span class=\"_ _3\"></span>abilities (<span class=\"_ _3\"></span>Level 1).<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>If a financial i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ent is not li<span class=\"_ _3\"></span>sted a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>no mark<span class=\"_ _3\"></span>et price quo<span class=\"_ _3\"></span>tations ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> activ<span class=\"_ _3\"></span>e mark<span class=\"_ _3\"></span>ets, fair val<span class=\"_ _3\"></span>ue is<span class=\"_ _379\"> </span>determin<span class=\"_ _3\"></span>ed using <span class=\"_ _3\"></span>price quot<span class=\"_ _3\"></span>ations for sim<span class=\"_ _3\"></span>ila<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> asse<span class=\"_ _3\"></span>ts or pric<span class=\"_ _3\"></span>e quot<span class=\"_ _3\"></span>ations in in<span class=\"_ _3\"></span>active m<span class=\"_ _3\"></span>arkets (Le<span class=\"_ _3\"></span>vel 2). S<span class=\"_ _3\"></span>tandard <span class=\"_ _3\"></span>valuatio<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span>models wi<span class=\"_ _3\"></span>th inpu<span class=\"_ _3\"></span>ts that are o<span class=\"_ _5\"></span>bservable i<span class=\"_ _3\"></span>n the mark<span class=\"_ _3\"></span>et are <span class=\"_ _3\"></span>used for <span class=\"_ _3\"></span>Level 2 m<span class=\"_ _3\"></span>easurem<span class=\"_ _3\"></span>ents. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ese m<span class=\"_ _3\"></span>odels ar<span class=\"_ _3\"></span>e prima<span class=\"_ _3\"></span>rily<span class=\"_ _379\"> </span>used fo<span class=\"_ _3\"></span>r illiquid bon<span class=\"_ _3\"></span>ds (pr<span class=\"_ _3\"></span>esent v<span class=\"_ _3\"></span>alue method<span class=\"_ _3\"></span>) and s<span class=\"_ _3\"></span>tructure<span class=\"_ _3\"></span>d securiti<span class=\"_ _3\"></span>es.<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>The fair val<span class=\"_ _3\"></span>ue of cert<span class=\"_ _3\"></span>ain financi<span class=\"_ _3\"></span>al instr<span class=\"_ _3\"></span>uments, i<span class=\"_ _3\"></span>n particula<span class=\"_ _3\"></span>r bonds fr<span class=\"_ _3\"></span>om cou<span class=\"_ _3\"></span>ntries <span class=\"_ _3\"></span>with<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ut active <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rkets, a<span class=\"_ _3\"></span>nd<span class=\"_ _379\"> </span>prope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>, is d<span class=\"_ _3\"></span>etermi<span class=\"_ _3\"></span>ned using <span class=\"_ _3\"></span>valuation mo<span class=\"_ _3\"></span>dels wit<span class=\"_ _3\"></span>h input f<span class=\"_ _3\"></span>actors th<span class=\"_ _3\"></span>at are g<span class=\"_ _3\"></span>enerall<span class=\"_ _3\"></span>y unobse<span class=\"_ _3\"></span>rvable i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>arket. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e<span class=\"_ _379\"> </span>models us<span class=\"_ _3\"></span>e, for ex<span class=\"_ _3\"></span>ample, tra<span class=\"_ _3\"></span>nsactio<span class=\"_ _3\"></span>ns in inactiv<span class=\"_ _3\"></span>e marke<span class=\"_ _3\"></span>ts, expert r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e of cash fl<span class=\"_ _3\"></span>ows (<span class=\"_ _3\"></span>Level 3).<span class=\"_ _379\"> </span>The ta<span class=\"_ _3\"></span>ble belo<span class=\"_ _3\"></span>w lists <span class=\"_ _3\"></span>the m<span class=\"_ _3\"></span>ethods <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d and m<span class=\"_ _3\"></span>ost impo<span class=\"_ _379\"> </span>rtant <span class=\"_ _3\"></span>input fa<span class=\"_ _3\"></span>ctors for <span class=\"_ _3\"></span>Levels<span class=\"_ _3\"></span> 2 and<span class=\"_ _3\"></span> 3. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> calculated<span class=\"_ _3\"></span> fair v<span class=\"_ _3\"></span>alues c<span class=\"_ _3\"></span>an be used for <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>curring a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>non-r<span class=\"_ _3\"></span>ecurring m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> Pricing metho<span class=\"_ _1\"></span>d <span class=\"_ _15f\"> </span><span class=\"fsc\">Used for <span class=\"_ _160\"> </span>Fair<span class=\"_ _1\"></span> Value <span class=\"_ _4f\"> </span>Input paramet<span class=\"_ _1\"></span>ers </span>Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>Observable<span class=\"_ _1\"></span> Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s; borrower's note loans<span class=\"_ _1\"></span>; loans; se<span class=\"_ _1\"></span>curitised liabilities and su<span class=\"_ _1\"></span>bordinated liab<span class=\"_ _1\"></span>ilities<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Issuer, secto<span class=\"_ _1\"></span>r and rating-d<span class=\"_ _1\"></span>ependen<span class=\"_ _1\"></span>t yield curves<span class=\"_ _1\"></span> Lib<span class=\"_ _1\"></span>or m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>rese<span class=\"_ _1\"></span>nt valu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> Bond<span class=\"_ _1\"></span>s and b<span class=\"_ _1\"></span>orrower's note loans with<span class=\"_ _1\"></span> other embedd<span class=\"_ _1\"></span>ed derivates<span class=\"_ _1\"></span> Theoretical p<span class=\"_ _1\"></span>rice Money marke<span class=\"_ _1\"></span>t and sw<span class=\"_ _1\"></span>ap curves; implied v<span class=\"_ _1\"></span>olatility su<span class=\"_ _1\"></span>rface; cap &amp; floor <span class=\"_ _1\"></span>volatilities; issuer, se<span class=\"_ _1\"></span>ctor <span class=\"_ _1\"></span>and rating-<span class=\"_ _379\"> </span>depend<span class=\"_ _1\"></span>ent yield curves Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>C<span class=\"_ _3\"></span>urrenc<span class=\"_ _1\"></span>y futures contr<span class=\"_ _1\"></span>acts <span class=\"_ _162\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket curves for th<span class=\"_ _1\"></span>e curren<span class=\"_ _1\"></span>cies concerned Pres<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>lue m<span class=\"_ _1\"></span>eth<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>I<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest rate/curren<span class=\"_ _1\"></span>cy swaps<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Exchange rates; m<span class=\"_ _1\"></span>oney m<span class=\"_ _1\"></span>arket and s<span class=\"_ _1\"></span>wap curves fo<span class=\"_ _1\"></span>r the currencies c<span class=\"_ _1\"></span>oncerned Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; im<span class=\"_ _1\"></span>plied volatilities; yield curve<span class=\"_ _1\"></span> Lev<span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> <span class=\"_ _81\"> </span>(Un-)obser<span class=\"_ _1\"></span>vable Opt<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>els<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Stock options<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Share prices <span class=\"_ _1\"></span>on the valuation d<span class=\"_ _1\"></span>ate; volati<span class=\"_ _1\"></span>lities; yield<span class=\"_ _1\"></span> curve<span class=\"_ _1\"></span> Ma<span class=\"_ _1\"></span>rke<span class=\"_ _1\"></span>t va<span class=\"_ _1\"></span>lu<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>tho<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; capitalisation <span class=\"_ _1\"></span>rate; data on<span class=\"_ _1\"></span> comparabl<span class=\"_ _1\"></span>e transa<span class=\"_ _1\"></span>ctions Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Real estate<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Appraisal value<span class=\"_ _1\"></span> Real estate-spec<span class=\"_ _1\"></span>ific income an<span class=\"_ _1\"></span>d expense p<span class=\"_ _1\"></span>arameters; discount rate; ind<span class=\"_ _1\"></span>exes Mult<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s ap<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>roa<span class=\"_ _1\"></span>ch <span class=\"_ _167\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>typical indu<span class=\"_ _1\"></span>stry multipliers Dis<span class=\"_ _1\"></span>coun<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>cas<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span> flow<span class=\"_ _1\"></span>-m<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Shares <span class=\"_ _168\"> </span>Theoretical p<span class=\"_ _1\"></span>rice <span class=\"_ _161\"> </span>Company-sp<span class=\"_ _1\"></span>ecific earnin<span class=\"_ _1\"></span>gs figures; <span class=\"_ _1\"></span>discount rate<span class=\"_ _1\"></span> Sha<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>cap<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Shares <span class=\"_ _168\"> </span>Book value Company-sp<span class=\"_ _1\"></span>ecific equity a<span class=\"_ _1\"></span>ccording to sep<span class=\"_ _1\"></span>arate finan<span class=\"_ _1\"></span>cial statements Amo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ised<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>t Fixed income <span class=\"_ _1\"></span>instrumen<span class=\"_ _1\"></span>ts (illiquid bon<span class=\"_ _1\"></span>ds, policy loans, loans) with<span class=\"_ _1\"></span> no observ<span class=\"_ _1\"></span>able inpu<span class=\"_ _1\"></span>t data for comparable ass<span class=\"_ _1\"></span>ets<span class=\"_ _1\"></span> Book value <span class=\"_ _56\"> </span>Cost-price; redemp<span class=\"_ _1\"></span>tion pri<span class=\"_ _1\"></span>ce; effective yield<span class=\"_ _1\"></span> Fo<span class=\"_ _3\"></span>r f<span class=\"_ _5\"></span>urth<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>info<span class=\"_ _5\"></span>rmati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>ple<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>see <span class=\"_ _5\"></span>Not<span class=\"_ _3\"></span>e 2<span class=\"_ _5\"></span>4. <span class=\"_ _3\"></span>Fin<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tru<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nts <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>air <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>meas<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>hie<span class=\"_ _3\"></span>rar<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>sta<span class=\"_ _3\"></span>rti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>33.<span class=\"_ _3\"></span> The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>nts th<span class=\"_ _3\"></span>e relatio<span class=\"_ _3\"></span>nships b<span class=\"_ _3\"></span>etween bal<span class=\"_ _3\"></span>ance-s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et items a<span class=\"_ _3\"></span>nd classes o<span class=\"_ _3\"></span>f fin<span class=\"_ _3\"></span>ancial instr<span class=\"_ _3\"></span>uments <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>rding<span class=\"_ _3\"></span> to IFRS 7, i<span class=\"_ _3\"></span>ncludi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g me<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rem<span class=\"_ _3\"></span>ent me<span class=\"_ _3\"></span>thods:<span class=\"_ _3\"></span> Balance s<span class=\"_ _1\"></span>heet item<span class=\"_ _1\"></span>s, IAS 39 cate<span class=\"_ _1\"></span>gories<span class=\"_ _1\"></span> and classe<span class=\"_ _1\"></span>s of financ<span class=\"_ _1\"></span>ial i<span class=\"_ _1\"></span>nstruments<span class=\"_ _1\"></span> ac<span class=\"_ _1\"></span>cording to<span class=\"_ _1\"></span> IFRS 7 <span class=\"_ _169\"> </span><span class=\"fsc\">Measurem<span class=\"_ _1\"></span>ent met<span class=\"_ _1\"></span>hod </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _16b\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _78\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s*<span class=\"_ _1\"></span> <span class=\"_ _16c\"> </span>At fair value<span class=\"_ _1\"></span> Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or un<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>x-l<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ked<span class=\"_ _1\"></span> li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _fd\"> </span>At fair value<span class=\"_ _1\"></span> Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l li<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>bilit<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s Subo<span class=\"_ _1\"></span>rd<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies<span class=\"_ _1\"></span>) <span class=\"_ _ed\"> </span>At am<span class=\"_ _1\"></span>ortised costs Liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ina<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>cial<span class=\"_ _1\"></span> ins<span class=\"_ _1\"></span>titu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>(oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iabi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>ties<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>At amortised<span class=\"_ _1\"></span> costs Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> (ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r li<span class=\"_ _1\"></span>ab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>) <span class=\"_ _6d\"> </span>At amortised costs<span class=\"_ _1\"></span> De<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ativ<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>liab<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies)<span class=\"_ _1\"></span> <span class=\"_ _16e\"> </span>At fair value<span class=\"_ _1\"></span> *Inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for trad<span class=\"_ _3\"></span>ing<span class=\"_ _379\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "Property Both owner-occupied and investment properties are reported under property. Property that is both self-used and investment property is divided. For small amounts that do not exceed the 20% limit, the entire property is reported in the larger category (80:20 rule). Property is measured at cost minus accumulated depreciation and impairment losses. Cost comprises all costs incurred in putting the asset into its present location in its present condition. Costs incurred in later periods are only capitalised if they lead to a significant increase in future opportunities for use of the building (e.g. through building expansion or new building construction). Owner-occupied and investment buildings are both depreciated using the straight-line method over the ex- pected useful life. The following average useful lives are used in the calculation: Average useful life in years  from to Buildings  20 50 IMPAIRMENT OF PROPERTY Property appraisals are performed at regular intervals for owner-occupied property and investment property, regardless of their book values, by internally and externally as well as judicially certified building construction and property appraisers. Fair value  is calculated using the capitalised earnings  method or  market comparisons.  Unless  leased, the asset  value method is generally only used for undeveloped land. The discounted cash flow method is used in exceptional cases. If the fair value is below the book value (cost minus accumulated depreciation and write-downs), the asset is impaired. In this case, the book value is written down to fair value through profit or loss. The method used to test for impairment is also used to test for a reversal of impairment. On each balance sheet date, a test is performed for indications that a reversal of impairment has taken place. The book value after the reversal may not exceed the book value that would have existed, taking into account depreciation, if no impairment had been recognised. Both impairments and reversals of impairments are reported in the financial result in the income statement and are shown starting on page 126. The fair values and level hierarchy according to IFRS 13 are shown in Note 24. Financial instruments and fair value measurement hierarchy starting on page 133. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-380": {
   "value": "Financial assets Financial assets are divided into the following categories in accordance with the requirements of IAS 39: \u2022 Loans and other investments, other receivables, \u2022 Financial assets held to maturity, \u2022 Financial assets available for sale, \u2022 Financial assets recognised at fair value through profit and loss and \u2022 Financial assets held for trading. On initial recognition, the corresponding financial assets are measured at cost, which equals fair value at the time of acqu- isition. For subsequent measurement of financial assets, two measurement methods are used.  AMORTISED COST L oans and other investments, other receivables and financial assets held to maturity are subsequently measured at amor- tised cost. The amortised cost is determined using the effective  interest rate of the asset in question. A write-down is recognised in profit or loss in the case of permanent impairment.  The current income recorded in the income statement is essentially interest income. RECOGNISED AT FAIR VALUE Non-derivative financial assets that are designated as a vailable for sale and are not classified as loans and other investments, other receivables, held-to-maturity financial assets or financial assets at fair value through profit or loss are also subsequently measured at fair value. Fluctuations in value are to be recognised in other comprehensive income and are reported in equity in other reserves. This does not include impairments that are recognised in profit and loss.  Upon disposal, the cumulative gains and losses recognised in other reserves in previous periods are transferred to the result for the period (recycling). Spot transactions are accounted for at the settlement date. AMENDMENTS TO IAS 39 AND IFRS 7 RECLASSIFICATION OF FINANCIAL ASSETS The IASB published amendments to IAS 39 and IFRS 7 in October 2008. The adjusted version of IAS 39 permits re- classification of non-derivative financial assets (except for financial instruments that were measured using the fair value option upon initial recognition) in the \u201cheld-for-trading\u201d and \u201cavailable-for-sale\u201d categories. The amendments to IAS 39 and IFRS 7 went into effect retroactively to 1 July 2008 and were applied prospectively from the time of reclassification. Reclassifications performed in VIG Insurance Group before 1 November 2008 used fair values as of 1 July 2008. IMPAIRMENT OF FINANCIAL ASSETS On each balance sheet date, the book values of financial assets not measured at fair value through profit or loss are tested for evidence of impairment. Such evidence could be, for example, the debtor experiencing significant financial difficulties, a high probability of insolvency proceedings, the loss of an active market for the financial asset, a significant change in the technological, economic, legal or market environment of the issuer, or a permanent decrease in the fair value of the financial asset below amortised cost. The Managing Board has considerable discretion when quantifying the influence of information that could affect the creditworthiness, rating and/or earning power of a debtor. Any impairment losses due to fair value lying below the book value are recognised in profit or loss. If any changes to the fair value of available-for-sale financial assets were previously recognised directly in equity, these changes must be eliminated from equity and recognised in profit or loss on the income statement. As a rule, impairment of equity instruments is to be recognised if the average fair value during the last six months was consistently less than 80% of the historical cost of acquisition and/or if the fair value as at the reporting date is less than 50% of the historical cost of acquisition. FINANCIAL INSTRUMENTS FOR UNIT-LINKED AND INDEX-LINKED LIFE INSURANCE (C) Financial  instruments  for  unit-linked  and  index-linked  life  insurance  provide  cover  for  unit-linked  and  index-linked  life insurance underwriting provisions. The survival and surrender payments for these policies are linked to the performance of the  underlying  financial  instruments.  The  income  from  these  is  also  credited  in  full  to  the  policyholders.  As  a  result, policyholders bear the risk associated with the performance of the financial instruments. They are held in separate cover funds, and managed separately from the other financial assets of VIG Insurance Group.  Since the changes in value are occasionally equal to the changes in value of the underwriting provisions, these financial instruments are valued in accordance with the requirements of IAS 39.9b. Financial instruments for unit- and index-linked life insurance are therefore measured at fair value, and changes in value are recognised in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-434": {
   "value": "Financial assets Financial assets are divided into the following categories in accordance with the requirements of IAS 39: \u2022 Loans and other investments, other receivables, \u2022 Financial assets held to maturity, \u2022 Financial assets available for sale, \u2022 Financial assets recognised at fair value through profit and loss and \u2022 Financial assets held for trading. On initial recognition, the corresponding financial assets are measured at cost, which equals fair value at the time of acqu- isition. For subsequent measurement of financial assets, two measurement methods are used. AMORTISED COST L oans and other investments, other receivables and financial assets held to maturity are subsequently measured at amor- tised cost. The amortised cost is determined using the effective  interest rate of the asset in question. A write-down is recognised in profit or loss in the case of permanent impairment.  The current income recorded in the income statement is essentially interest income. RECOGNISED AT FAIR VALUE Non-derivative financial assets that are designated as a vailable for sale and are not classified as loans and other investments, other receivables, held-to-maturity financial assets or financial assets at fair value through profit or loss are also subsequently measured at fair value. Fluctuations in value are to be recognised in other comprehensive income and are reported in equity in other reserves. This does not include impairments that are recognised in profit and loss.  Upon disposal, the cumulative gains and losses recognised in other reserves in previous periods are transferred to the result for the period (recycling). Spot transactions are accounted for at the settlement date. AMENDMENTS TO IAS 39 AND IFRS 7 RECLASSIFICATION OF FINANCIAL ASSETS The IASB published amendments to IAS 39 and IFRS 7 in October 2008. The adjusted version of IAS 39 permits re- classification of non-derivative financial assets (except for financial instruments that were measured using the fair value option upon initial recognition) in the \u201cheld-for-trading\u201d and \u201cavailable-for-sale\u201d categories. The amendments to IAS 39 and IFRS 7 went into effect retroactively to 1 July 2008 and were applied prospectively from the time of reclassification. Reclassifications performed in VIG Insurance Group before 1 November 2008 used fair values as of 1 July 2008. IMPAIRMENT OF FINANCIAL ASSETS On each balance sheet date, the book values of financial assets not measured at fair value through profit or loss are tested for evidence of impairment. Such evidence could be, for example, the debtor experiencing significant financial difficulties, a high probability of insolvency proceedings, the loss of an active market for the financial asset, a significant change in the technological, economic, legal or market environment of the issuer, or a permanent decrease in the fair value of the financial asset below amortised cost. The Managing Board has considerable discretion when quantifying the influence of information that could affect the creditworthiness, rating and/or earning power of a debtor. Any impairment losses due to fair value lying below the book value are recognised in profit or loss. If any changes to the fair value of available-for-sale financial assets were previously recognised directly in equity, these changes must be eliminated from equity and recognised in profit or loss on the income statement. As a rule, impairment of equity instruments is to be recognised if the average fair value during the last six months was consistently less than 80% of the historical cost of acquisition and/or if the fair value as at the reporting date is less than 50% of the historical cost of acquisition.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-9": {
   "value": "IMPAIRMENT OF FINANCIAL ASSETS On each balance sheet date, the book values of financial assets not measured at fair value through profit or loss are tested for evidence of impairment. Such evidence could be, for example, the debtor experiencing significant financial difficulties, a high probability of insolvency proceedings, the loss of an active market for the financial asset, a significant change in the technological, economic, legal or market environment of the issuer, or a permanent decrease in the fair value of the financial asset below amortised cost. The Managing Board has considerable discretion when quantifying the influence of information that could affect the creditworthiness, rating and/or earning power of a debtor. Any impairment losses due to fair value lying below the book value are recognised in profit or loss. If any changes to the fair value of available-for-sale financial assets were previously recognised directly in equity, these changes must be eliminated from equity and recognised in profit or loss on the income statement. As a rule, impairment of equity instruments is to be recognised if the average fair value during the last six months was consistently less than 80% of the historical cost of acquisition and/or if the fair value as at the reporting date is less than 50% of the historical cost of acquisition.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "REINSURERS\u2019 SHARE IN UNDERWRITING PROVISIONS (D) The reinsurers\u2019 share in underwriting provisions is measured in accordance with contractual provisions. The credit quality of the respective counterparty is taken into account when the reinsurers\u2019 share is measured. Information on the selection of reinsurers is provided in the Financial instruments and risk management section on page 93.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "RECEIVABLES (E) The receivables shown in the balance sheet relate to the following in particular: \u2022 Receivables from direct insurance business \u2013 from policyholders \u2013 from insurance intermediaries \u2013 from insurance companies \u2022 Receivables from reinsurance business \u2022 Other receivables As a rule, receivables are reported at cost less impairment losses for losses already incurred but not yet known (e.g. death that is not yet known). Impairment is necessary if there is material evidence of financial difficulties, such as default or delay in payment and the items therefore cannot be considered collectable or not fully collectable. In the case of receivables from policyholders, expected impairment losses from non-collectable premium receivables are shown on the liabilities side of the balance sheet under \u201cOther underwriting provisions\u201d (provisions for cancellations) or deducted from the premium receivable using a valuation allowance. The amounts included are shown in Note 5. Receivables on page 108.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "Additional tax on insurance premiums in Hungary An additional insurance tax was introduced for insurance companies operating in Hungary (Government Decree on Extra- Profit Taxes in June 2022). This additional insurance tax is a progressive tax based on gross insurance premiums for the life and non-life insurance lines of business for the period 1 July 2022 to 31 December 2023. This decree has resulted in a significant increase in the tax burden for Hungarian VIG insurance companies. Based on current values for Union Biztos\u00edt\u00f3 and AEGON Hungary, an additional EUR 25.9 million is to be paid for the period 1 July 2022  to  31  December  2022.  According  to  the  plan  values  available,  VIG  can  expect  further  burdens  amounting  to approximately EUR 40 million in the financial year 2023.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "UNDERWRITING PROVISIONS (H) Classification of insurance policies C ontracts under which an insurance company assumes a significant insurance risk from another party (the policyholder), by agreeing to provide compensation to the policyholder if a specified uncertain future event (the insured event) negatively affects the policyholder are treated as insurance policies for the purposes of IFRS. Financial risk is the risk of a possible future change in specific interest rates, securities prices, price indices, interest rate indices, credit ratings, credit indices, or some other variable. It must be noted that in the case of a non-financial variable, the variable is not specific to one counterparty. In many cases, particularly in the life insurance area, insurance policies as defined in IFRS also transfer financial risk. Policies under which only an insignificant insurance risk is transferred from the policyholder to the insurance company are treated as financial instruments (\u201cfinancial insurance policies\u201d) for IFRS reporting purposes. Such policies exist only to a minor extent in the personal insurance area. Both insurance contracts and financial insurance policies can have contract terms that qualify as discretionary participation in net income (\u201cprofit participation\u201d, \u201cprofit-dependent premium refund\u201d). Contractual rights are considered discretionary par- ticipation in net income if in addition to guaranteed benefits the policyholder also receives additional payments that are likely to constitute a significant portion of the total contractual payments and are contractually based on: \u2022 the profit from a certain portfolio of policies or a certain type of policy, or \u2022 the realised and/or unrealised investment income from a certain portfolio of assets held by the insurance company, or \u2022 the profit or loss of the company, investment fund, or business unit (e.g. balance sheet unit) holding the contract. Policies with discretionary net income participation exist in all VIG Insurance Group countries, primarily in the life insurance area, and to a secondary extent in the property and casualty and health insurance areas as well, and are treated as insurance policies in accordance with IFRS 4. The net income participation in life insurance usually exists in the form of participation in the net income or net interest income in question, calculated according to national accounting requirements. Net income or profit participation amounts that have already been allocated or committed to policyholders are reported in the math- ematical reserve. Amounts reported in the local annual financial statements which have been committed or allocated to policyholders  in the  future by means of net income participation are reported in  the balance sheet in the provision for performance-based premium refunds. In addition, the profit-related portion resulting from IFRS measurement differences as compared to local measurement requirements (deferred profit participation) is also reported in the provision for profit-related premium refunds. This primarily concerns Austrian and German policies that are eligible for profit participation, as the profit participation in these countries is governed by regulations. Deferred profit participation is not recognised in balance sheets in other countries, since policy- holder participation is at the sole discretion of the company concerned. The rate used for calculating deferred profit partici- pation is 80% of the difference between the value recognised in the local financial statements and the value recognised in the IFRS financial statements. As permitted by IFRS 4, the option to present unrealised gains and losses with the same effects on balance sheet meas- urements of underwriting provisions, capitalised acquisition costs and purchased insurance portfolios as realised gains and  losses has  been applied (shadow  accounting).  The  first step is  to  allocate  unrealised  gains  on  available-for-sale financial instruments to a deferred mathematical reserve to serve as security for contractually agreed insurance payments. The policyholder\u2019s share of the surplus from the remaining unrealised gains is then allocated to a provision for deferred profit participation. Any remaining asset balance is reported as deferred policyholder profit participation resulting from measurement differences. This deferred item is only recognised if it is highly probable, at company level, that the item  can be satisfied by future profits in which the policyholders participate. Particularly in Austria, the provision for deferred profit participation assets was limited to the amount of the undisclosed profit shares in the profit participation pursuant  to VAG. RECOGNITION AND ACCOUNTING METHODS FOR INSURANCE POLICIES Based on the election provided in IFRS 4, the values recognised in the consolidated financial statements prepared in ac- cordance with applicable national law are carried over to the IFRS consolidated financial statements. The national provisions are only carried over, however, if they satisfy the minimum requirements of IFRS 4. Equalisation and catastrophe provisions are therefore not recognised. In principle, accounting policies were not changed to differ from national accounting require- ments, except when parameters used to calculate underwriting provisions did not lead to adequate funding for  future provisions. In such cases, VIG Insurance Group uses its own parameters, which are consistent with these principles. In individual cases, the provisions formed locally by an insurance company for outstanding claims are adjusted in the consoli- dated financial statements based on the corresponding analysis. Detailed information on the valuation of underwriting items is available in the remarks for each item. ADEQUACY TEST FOR LIABILITIES ARISING FROM INSURANCE POLICIES Liabilities from insurance policies are tested at each balance sheet date for adequacy of the provisions recognised in the financial statements.  If the value calculated based on up-to-date estimates of current valuation parameters, taking into account all future cash flows associated with the insurance policies, is higher than the provisions formed for liabilities from insurance policies, an increase in the provisions is recognised in profit or loss to eliminate the shortfall. Provision for unearned premiums Under the current version of IFRS 4, figures in annual financial statements prepared in accordance with national require- ments may be used for the presentation of figures relating to insurance policies in the consolidated financial statements. In Austria, a cost discount of 15% (15%) is used when calculating unearned premiums in property and casualty insurance (10% for motor third party liability insurance (10%)), corresponding to EUR 38,995,000 (EUR 33,694,000). Acquisition ex- penses in excess of this figure are not capitalised in Austria. For foreign companies in property and casualty insurance, a portion of the acquisition expenses is generally recognised in the same proportion as the ratio of net earned premiums to written premiums. To ensure uniform presentation, these capitalised acquisition costs are also shown in the consolidated financial statements as a reduction in the provision for unearned premiums: EUR 458,361,000 (EUR 397,795,000). Mathematical reserve Life insurance mathematical reserves are calculated using the prospective method as the actuarial present value of obli- gations (including declared and allocated profit shares and an administrative cost reserve) minus the present value of all future premiums received. The calculation is based on such factors as expected mortality, costs and the discount rate. The mathematical reserve and related premium rate ar e essentially calculated using the same basis, which is applied uniformly for the entire rate and during the entire term of the policy. The appropriateness of the calculation basis is reviewed each year in accordance with IFRS 4 and applicable national accounting requirements. Please refer to the Adequacy test for liabilities arising from insurance policies section on page 57. For information on the use of shadow accounting, also see page 57. Basically, the official mortality tables of each country are used for the life insurance balance sheet unit. If current mortality expectations differ to the benefit of policyholders from the calculation used for the rate, leading to a corresponding insufficiency in the mathematical reserves, the reserves are increased appropriately in connection with the adequacy test of insurance liabilities.  In the life insurance balance sheet unit, acquisition costs are taken into account through zillmerisation or another actuarial method as a reduction of mathematical reserves. The resulting negative mathematical reserves are either set to zero in accordance with national requirements or reported in the mathematical reserve item in the consolidated financial statements. The following average discount rates are used to calculate mathematical reserves:  As of 31 December 2022: 1.83% As of 31 December 2021: 1.80% In Austria, the average discount rate for life insurance was 1.55% during the reporting period (1.59%). In addition, the share of unrealised gains and losses from available-for-sale financial instruments serving as security for contractual obligations is shown in the mathematical reserve as part of the shadow accounting performed according to IFRS 4. In the health insurance balance sheet unit, mathematical reserves are also calculated according to the prospective method as the difference between the actuarial present value of future policy payments minus the present value of future premiums. The loss frequencies used to calculate the mathematical reserve derive primarily from analyses conducted on the Group\u2019s own insurance portfolio. As a rule, the mortality tables used correspond to published mortality tables. The following discount rates are used for the great majority of transactions when calculating mathematical reserves: As of 31 December 2022: 2.09% As of 31 December 2021: 2.35% Provision for outstanding claims National insurance law  and national regulations (in Austria,  the Austrian Insurance Supervision Act (VAG)) require VIG Insurance  Group  companies  to  form  provisions  for  outstanding  claims.  The  provisions  are  calculated  for  payment obligations arising from claims, which have occurred up to the balance sheet date but whose basis or size has not yet been established, as well as all related claims settlement expenses expected to be incurred after the balance sheet date, and, as a rule, are formed at the individual policy level. These policy-level provisions are marked up by a flat-rate allowance for unexpected additional losses. Except for the provisions for pension obligations, no discounting is performed. Insurance losses that have occurred up to the balance sheet  date but were not known at  the time that  the balance sheet was prepared (\u201cIBNR\u201d), and losses that have occurred but have not been reported in the correct amount (\u201cIBNER\u201d), are included in the provision (incurred but not reported claims provisions and provisions for as yet unidentified large losses). Separate provisions for claims settlement expenses are formed for internally incurred expenses attributable to claims settlement under the allocation according to origin principle. Collectable recourse claims are deducted from the provision. Where necessary, actuarial estimation methods are used to calculate the provisions. The methods are applied consistently, with both the methods and calculation parameters tested continuously for adequacy and adjusted if necessary. The provisions are affected by economic factors (e.g. inflation rate) and by legal and regulatory developments, which may be subject to change over time. Provision for profit-unrelated premium refunds The provisions for profit-unrelated premium refunds relate, in particular, to property and casualty and health insurance, and pertain to premium refunds in certain insurance classes that are contractually guaranteed to policyholders in the event that there are no claims or a low level of claims. These provisions are formed at the individual policy level. Since the provisions are predominantly short-term provisions, no discounting has been performed. Provision for profit-related premium refunds Profit shares that were dedicated to policyholders in local business plans, but have not been allocated or committed to individual  policyholders  as  of  the  balance  sheet  date,  are  shown  in  the  provision  for  profit-related  premium  refunds (\u201cdiscretionary net income participation\u201d). In  addition, both the  portion realised through profit and loss and the portion realised directly in equity that results from measurement differences between IFRS and local measurement requirements (\u201cdeferred profit participation\u201d) are reported in this item. Please see the Classification of insurance policies section starting on page 56. Other underwriting provisions The other underwriting provisions item primarily includes provisions for cancellations. Cancellation provisions are formed for the cancellation of premiums that have been written but not yet paid by the policyholder, and therefore represent a liabilities- side  allowance  for  receivables  from  policyholders.  These  provisions  are  formed  based  on  the  application  of  certain percentage rates to overdue premium receivables. UNDERWRITING PROVISIONS FOR UNIT- AND INDEX-LINKED LIFE INSURANCE (I) Underwriting provisions for unit- and index-linked life insurance represent obligations to policyholders that are linked to the performance and income of the corresponding financial instruments. The measurement of these provisions corresponds to the measurement of the financial instruments for unit- and index-linked life insurance, and is based on the fair value of the investment fund or index serving as a reference. NET EARNED PREMIUMS (L) As a rule, unearned premiums (provision for unearned premiums) are determined on a pro rata basis over time. No deferral of unit- and index-linked life insurance premiums is performed, since the full amount of the premiums written in the reporting period is included in the calculation of the underwriting provisions for unit- and index-linked life insurance.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-381": {
   "value": "Mathematical reserve Life insurance mathematical reserves are calculated using the prospective method as the actuarial present value of obli- gations (including declared and allocated profit shares and an administrative cost reserve) minus the present value of all future premiums received. The calculation is based on such factors as expected mortality, costs and the discount rate.   The mathematical reserve and related premium rate ar e essentially calculated using the same basis, which is applied uniformly for the entire rate and during the entire term of the policy. The appropriateness of the calculation basis is reviewed each year in accordance with IFRS 4 and applicable national accounting requirements. Please refer to the Adequacy test for liabilities arising from insurance policies section on page 57. For information on the use of shadow accounting, also see page 57. Basically, the official mortality tables of each country are used for the life insurance balance sheet unit. If current mortality expectations differ to the benefit of policyholders from the calculation used for the rate, leading to a corresponding insufficiency in the mathematical reserves, the reserves are increased appropriately in connection with the adequacy test of insurance liabilities.  In the life insurance balance sheet unit, acquisition costs are taken into account through zillmerisation or another actuarial method as a reduction of mathematical reserves. The resulting negative mathematical reserves are either set to zero in accordance with national requirements or reported in the mathematical reserve item in the consolidated financial statements. The following average discount rates are used to calculate mathematical reserves:  As of 31 December 2022: 1.83% As of 31 December 2021: 1.80% In Austria, the average discount rate for life insurance was 1.55% during the reporting period (1.59%). In addition, the share of unrealised gains and losses from available-for-sale financial instruments serving as security for contractual obligations is shown in the mathematical reserve as part of the shadow accounting performed according to IFRS 4. In the health insurance balance sheet unit, mathematical reserves are also calculated according to the prospective method as the difference between the actuarial present value of future policy payments minus the present value of future premiums. The loss frequencies used to calculate the mathematical reserve derive primarily from analyses conducted on the Group\u2019s own insurance portfolio. As a rule, the mortality tables used correspond to published mortality tables. The following discount rates are used for the great majority of transactions when calculating mathematical reserves: As of 31 December 2022: 2.09% As of 31 December 2021: 2.35% Provision for outstanding claims National insurance law  and national regulations (in Austria,  the Austrian Insurance Supervision Act (VAG)) require VIG Insurance  Group  companies  to  form  provisions  for  outstanding  claims.  The  provisions  are  calculated  for  payment obligations arising from claims, which have occurred up to the balance sheet date but whose basis or size has not yet been established, as well as all related claims settlement expenses expected to be incurred after the balance sheet date, and, as a rule, are formed at the individual policy level. These policy-level provisions are marked up by a flat-rate allowance for unexpected additional losses. Except for the provisions for pension obligations, no discounting is performed. Insurance losses that have occurred up to the balance sheet  date but were not known at  the time that  the balance sheet was prepared (\u201cIBNR\u201d), and losses that have occurred but have not been reported in the correct amount (\u201cIBNER\u201d), are included in the provision (incurred but not reported claims provisions and provisions for as yet unidentified large losses). Separate provisions for claims settlement expenses are formed for internally incurred expenses attributable to claims settlement  under the allocation according to origin principle. Collectable recourse claims are deducted from the provision. Where necessary, actuarial estimation methods are used to calculate the provisions. The methods are applied consistently, with both the methods and calculation parameters tested continuously for adequacy and adjusted if necessary. The provisions are affected by economic factors (e.g. inflation rate) and by legal and regulatory developments, which may be subject to change over time. Provision for profit-unrelated premium refunds The provisions for profit-unrelated premium refunds relate, in particular, to property and casualty and health insurance, and pertain to premium refunds in certain insurance classes that are contractually guaranteed to policyholders in the event that there are no claims or a low level of claims. These provisions are formed at the individual policy level. Since the provisions are predominantly short-term provisions, no discounting has been performed. Provision for profit-related premium refunds Profit shares that were dedicated to policyholders in local business plans, but have not been allocated or committed to individual  policyholders  as  of  the  balance  sheet  date,  are  shown  in  the  provision  for  profit-related  premium  refunds (\u201cdiscretionary net income participation\u201d). In  addition, both the  portion realised through profit and loss and the portion realised directly in equity that results from measurement differences between IFRS and local measurement requirements (\u201cdeferred profit participation\u201d) are reported in this item. Please see the Classification of insurance policies section starting on page 56. Other underwriting provisions The other underwriting provisions item primarily includes provisions for cancellations. Cancellation provisions are formed for the cancellation of premiums that have been written but not yet paid by the policyholder, and therefore represent a liabilities- side  allowance  for  receivables  from  policyholders.  These  provisions  are  formed  based  on  the  application  of  certain percentage rates to overdue premium receivables. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": "NON-UNDERWRITING PROVISIONS (J) Pension obligations are based on individual contractual obligations and collective agreements. The obligations are defined benefit obligations. The plans are based on average salary and/or the number of years of service with the company. These obligations are accounted for in accordance with IAS 19. The present value of the defined benefit obligation (DBO) is calculated. Calculation of the DBO is performed using the projected unit credit method. In this method future payments calculated  based on realistic assumptions are accrued linearly  over the period in which the beneficiary acquires these entitlements. The necessary provision amount is calculated for the relevant balance sheet date using actuarial reports that have been provided for the current financial year and the prior financial year. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-382": {
   "value": "SUBORDINATED LIABILITIES AND LIABILITIES EXCL. SUBORDINATED LIABILITIES (K) As a rule, all liabilities are measured at amortised cost. This also applies to liabilities arising from financial insurance policies. The fair value of financial liabilities is shown in Note 24. Financial instruments and fair value measurement hierarchy starting on page 133. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-15": {
   "value": "SUBORDINATED LIABILITIES AND LIABILITIES EXCL. SUBORDINATED LIABILITIES (K) As a rule, all liabilities are measured at amortised cost. This also applies to liabilities arising from financial insurance policies. The fair value of financial liabilities is shown in Note 24. Financial instruments and fair value measurement hierarchy starting on page 133. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-415": {
   "value": "SUBORDINATED LIABILITIES AND LIABILITIES EXCL. SUBORDINATED LIABILITIES (K) As a rule, all liabilities are measured at amortised cost. This also applies to liabilities arising from financial insurance policies. The fair value of financial liabilities is shown in Note 24. Financial instruments and fair value measurement hierarchy starting on page 133. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-416": {
   "value": "BUSINESS COMBINATIONS (IFRS 3) Business combinations are recognised using the purchase method. Goodwill is recognised as the value of the consideration transferred and all non-controlling interests in the acquired company  less the  identifiable assets acquired and liabilities assumed. In any business combination, present non-controlling interests that entitle holders to a proportionate share of the entity\u2019s net assets in the event of a liquidation can be measured either at fair value or as part of the identifiable net assets. Unless another  IFRS  provides  a  different  measurement  method,  all  other  components  of  non-controlling  interests are measured at the corresponding share of the identifiable net assets. If the consideration is less than the net assets of the acquired subsidiary measured at fair value, the difference is checked again and recognised directly in the income statement. As a rule, the fair values calculated in accordance with IFRS 13 of all assets (incl. goodwill and other intangible assets) and liabilities are allocated to the country to which the purchased company is assigned. Deferred tax assets acquired during a business combination and arising under IAS 12.66 et seqq. on the acquisition date are tested for impairment in accordance with IAS 12.37. The Group considers the reported goodwill to reflect the value of the ability to make use of the insurance-specific expertise of the employees of the acquired companies. When a market is entered, it represents the ability to offer insurance products in a country and take advantage of the opportunities that exist there. In countries where the Group is already represented by one or more companies, the goodwill also represents the possibility of making use of potential synergies. When real estate holding companies are acquired, they are checked to see whether they include business operations. If they  do not, the purchase  method is  not used. In  such  cases, the  acquisition  costs,  including  transaction  costs,  are distributed among the acquired assets and assumed liabilities based on fair value. No deferred taxes are recognised in such cases (initial recognition exemption). Goodwill cannot arise in this context. All company acquisitions were performed with cash and cash equivalents. A list of fully and at equity consolidated com- panies is provided from page 140 in Note 28. Affiliated companies and participations. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-16": {
   "value": "BUSINESS COMBINATIONS (IFRS 3) Business combinations are recognised using the purchase method. Goodwill is recognised as the value of the consideration transferred and all non-controlling interests in the acquired company  less the  identifiable assets acquired and liabilities assumed. In any business combination, present non-controlling interests that entitle holders to a proportionate share of the entity\u2019s net assets in the event of a liquidation can be measured either at fair value or as part of the identifiable net assets. Unless another  IFRS  provides  a  different  measurement  method,  all  other  components  of  non-controlling  interests are measured at the corresponding share of the identifiable net assets. If the consideration is less than the net assets of the acquired subsidiary measured at fair value, the difference is checked again and recognised directly in the income statement. As a rule, the fair values calculated in accordance with IFRS 13 of all assets (incl. goodwill and other intangible assets) and liabilities are allocated to the country to which the purchased company is assigned. Deferred tax assets acquired during a business combination and arising under IAS 12.66 et seqq. on the acquisition date are tested for impairment in accordance with IAS 12.37. The Group considers the reported goodwill to reflect the value of the ability to make use of the insurance-specific expertise of the employees of the acquired companies. When a market is entered, it represents the ability to offer insurance products in a country and take advantage of the opportunities that exist there. In countries where the Group is already represented by one or more companies, the goodwill also represents the possibility of making use of potential synergies. When real estate holding companies are acquired, they are checked to see whether they include business operations. If they  do not, the purchase  method is  not used. In  such  cases, the  acquisition  costs,  including  transaction  costs,  are distributed among the acquired assets and assumed liabilities based on fair value. No deferred taxes are recognised in such cases (initial recognition exemption). Goodwill cannot arise in this context. All company acquisitions were performed with cash and cash equivalents. A list of fully and at equity consolidated com- panies is provided from page 140 in Note 28. Affiliated companies and participations. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "SEGMENT REPORTING OPERATING SEGMENTS The operating segments were determined in accordance with IFRS 8 Operating segments based on internal reporting to the principal decision-maker. The individual countries, in which VIG Insurance Group operates, were identified as operating segments. The VIG Holding Managing Board, as principal decision-maker, regularly evaluates earning power based on these segments and decides on the allocation of resources to them. The focus on countries is also reflected in the country responsibilities of the members of the VIG Holding Managing Board. The countries Estonia, Latvia and Lithuania are combined in the Baltic States operating segment, and Albania and Kosovo are combined in the Albania incl. Kosovo operating segment when reporting to the Managing Board. REPORTABLE SEGMENTS Change of reportable segments Every 5 years, the Managing Board prepares and approves the detailed medium-term strategic orientation of VIG Insurance Group. The Group\u2019s strategic orientation until 2025 was established in financial year 2021. When the composition of the Managing Board was changed in financial year 2020, the reportable segments that were previously published were evalu- ated and modified accordingly when the 2025 strategy was established. Determination The reportable segments were determined using the aggregation criteria in IFRS 8.12 and IFRS 8.14 and the quantitative thresholds defined in IFRS 8.13.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-18": {
   "value": "This led to the following segments being specified as reportable segments:  \u2022 Austria (incl. the Wiener St\u00e4dtische branches in Slovenia and Italy), \u2022 Czech Republic, \u2022 Poland, \u2022 Extended CEE, \u2022 Special Markets and \u2022 Group Functions (incl. the VIG Holding branches in Sweden, Norway and Denmark and VIG Re branches in Germany and France). EXTENDED CEE The Extended CEE reportable segment includes the operating segments of Albania incl. Kosovo (a branch of an Albanian company  is  located  in  Kosovo),  the  Baltic  states,  Bosnia-Herzegovina,  Bulgaria,  Croatia,  Hungary,  Moldova,  North Macedonia, Romania, Serbia, Slovakia and Ukraine. The segment was aggregated in accordance with the aggregation criteria in IFRS 8.14 and was not reported in an \u201call other segments\u201d in accordance with IFRS 8.16 in spite of falling below the thresholds. SPECIAL MARKETS The Special Markets reportable  segment corresponds to the  \u201call other segments\u201d category in  IFRS 8.16 and includes Germany, Georgia, Liechtenstein and T\u00fcrkiye. GROUP FUNCTIONS VIG Insurance Group is an international insurance group operating in Central and Eastern Europe. The Managing Board accordingly manages the insurance business separate from the coordination functions in the individual countries. As a result, only the companies related to the insurance business are included in the individual operating segments. That means that companies that    do not distribute or assist in the distribution of insurance products,    perform loss assessments or claims handling, or    operate as service companies for the Group, are included in the Group Functions reportable segment, not in the country where they have their registered office. Specifically, this means the Group Functions segment includes VIG Holding, VIG Re, Wiener Re, VIG Fund, corporate IT service providers, asset management companies, pension funds and intermediate holding companies, among others. BASIS OF THE REVENUES OF THE REPORTABLE SEGMENTS The scope of business operations includes private and corporate customer insurance business. The range of products includes, among  other things, motor third party liability  and own damage, accident,  third party liability,  fire and natural hazards, and travel insurance.  A large number of life and health insurance products are offered for individuals and groups. These include, for example, supplementary  health  insurance,  nursing  care  insurance,  endowment  insurance,  term  life  insurance  and  investment- oriented products. In accordance with the cornerstones of VIG Insurance Group, products are sold through all distribution channels in all markets. This means that insurance products are distributed, among others, by sales employees, banks, brokers and agents. VIG Holding primarily focuses on managerial tasks for VIG Insurance Group. It  also operates as a reinsurer within  VIG Insurance  Group  and  in  the  international  corporate  business.  The  Group\u2019s  own  reinsurance  company,  VIG  Re,  is  a successful provider of reinsurance products for both insurance companies of VIG Insurance Group and for external partners. Information on major customers VIG Insurance Group does not depend to a great extent on one single customer, as defined in IFRS 8.34. The 10 largest customer groups are responsible for 2.2% of the premiums written by the Group. Corporate customers that are under common control according to the information available to VIG Insurance Group are combined into customer groups. GENERAL DISCLOSURES Like transactions with  third  parties,  transfer  prices between  reportable segments are determined  using  market  prices. Intragroup transactions between segments are eliminated in the consolidation column. The only exceptions are dividends and intercompany profits, which are eliminated in each reportable segment. Group PERFORMANCE MEASUREMENT FOR REPORTABLE SEGMENTS A variety of performance indicators are used to determine the financial performance of the reportable segments. The IFRS Group operating result is used as an indicator in all cases. In the interests of comparability, the income statement by re- portable  segments  is  appropriately  reconciled  with  the  consolidated  income  statement  and  only  the  main  items  are presented. The same applies to the balance statement by segments and consolidated balance sheet. CONSOLIDATED BALANCE SHEET BY REPORTABLE SEGMENT  Assets  Austria  Czech Republic  Poland  Extended CEE    31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Intangible assets  570,894 548,040 516,377 506,739 171,011 160,038 704,847 483,013 Right-of-Use Assets  69,033 71,190 62,838 57,646 6,564 7,480 32,876 33,661 Investments  19,558,207 22,891,500 3,120,396 3,187,915 1,384,316 1,353,830 4,910,682 4,687,186 Financial instruments for unit- and index-linked life insurance  4,132,350 5,219,135 429,409 490,766 588,346 698,849 1,072,944 1,044,657 Reinsurers' share in underwriting provisions 549,856 327,852 186,264 166,928 127,458 119,083 221,277 177,381 Receivables  793,143 705,701 188,292 168,469 266,758 225,045 625,766 547,882 Tax receivables and advance payments out of income tax  7,452 9,134 19,483 10,290 6,839 2,942 4,079 1,522 Deferred tax assets  104,435 3,636 279,514 233,419 12,079 4,584 94,447 27,432 Other assets  77,973 87,751 170,049 169,442 12,194 5,583 81,468 68,736 Cash and cash equivalents  454,352 438,989 44,017 141,943 29,560 32,946 199,288 237,626 Total  26,317,695 30,302,928 5,016,639 5,133,557 2,605,125 2,610,380 7,947,674 7,309,096 Assets  Special Markets  Group Functions  Total    31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Intangible assets  40,749 4,385 80,867 41,954 2,084,745 1,744,169 Right-of-Use Assets  4,641 489 2,711 2,882 178,663 173,348 Investments  1,351,389 798,307 2,015,363 1,891,052 32,340,353 34,809,790 Financial instruments for unit- and index-linked life insurance  930,909 1,063,444 10,171 8,480 7,164,129 8,525,331 Reinsurers' share in underwriting provisions  165,600 98,982 712,172 674,379 1,962,627 1,564,605 Receivables  141,650 92,982 326,066 327,109 2,341,675 2,067,188 Tax receivables and advance payments out of income tax  2,918 1,543 133,010 109,622 173,781 135,053 Deferred tax assets  11,851 3,039 67,563 39,337 569,889 311,447 Other assets  7,594 6,061 49,902 53,320 399,180 390,893 Cash and cash equivalents  90,325 105,523 1,241,428 1,499,306 2,058,970 2,456,333 Total  2,747,626 2,174,755 4,639,253 4,647,441 49,274,012 52,178,157 Liabilities and shareholders\u02be equity  Austria  Czech Republic  Poland  Extended CEE 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Subordinated liabilities  339,160 339,160 22,806 22,126 0 0 0 0 Underwriting provisions  19,907,121 21,919,592 3,031,752 3,041,097 1,420,734 1,346,705 4,938,135 4,353,673 Underwriting provisions for unit- and index-linked life insurance  4,010,889 5,059,871 310,996 335,134 572,193 683,030 1,072,092 1,046,414 Non-underwriting provisions  402,220 611,799 25,987 21,954 14,316 15,203 76,979 68,258 Liabilities excl. Subordinated liabilities  698,263 699,073 529,549 464,175 189,609 169,488 470,920 403,293 Tax liabilities out of income tax  77,725 127,999 345 88,951 0 0 3,009 4,012 Deferred tax liabilities  20,490 169,728 6,110 5,872 692 7,947 8,239 21,670 Other liabilities  48,747 59,838 4,152 3,326 21,184 17,470 43,904 42,183 Subtotal  25,504,615 28,987,060 3,931,697 3,982,635 2,218,728 2,239,843 6,613,278 5,939,503 Liabilities and shareholders\u02be equity  Special Markets  Group Functions  Total 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Subordinated liabilities  0 0 1,384,400 1,100,000 1,746,366 1,461,286 Underwriting provisions  1,558,093 956,176 1,132,035 928,984 31,987,870 32,546,227 Underwriting provisions for unit- and index-linked life insurance  926,369 1,055,864 10,171 8,480 6,902,710 8,188,793 Non-underwriting provisions  18,971 21,597 159,232 151,378 697,705 890,189 Liabilities excl. Subordinated liabilities  133,519 76,146 1,166,515 1,088,105 3,188,375 2,900,280 Tax liabilities out of income tax  10,810 3,913 19,630 18,507 111,519 243,382 Deferred tax liabilities  10,073 336 31,814 13,331 77,418 218,884 Other liabilities  652 630 9,226 7,721 127,865 131,168 Subtotal  2,658,487 2,114,662 3,913,023 3,316,506 44,839,828 46,580,209 Shareholders' equity  4,434,184 5,597,948 Total  49,274,012 52,178,157 I ntrasegment transactions have been eliminated from the amounts indicated for each reportable segment. As a result, the segment assets and liabilities cannot be netted to determine the segment shareholders\u2019 equity. CONSOLIDATED INCOME STATEMENT BY REPORTABLE SEGMENT    Austria  Czech Republic  Poland  Extended CEE    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Premiums written \u2013 gross  4,138,384 4,048,443 2,122,121 1,864,939 1,352,881 1,279,791 3,593,244 2,886,733 Net earned premiums \u2013 retention  3,314,834 3,242,491 1,575,086 1,399,805 1,018,401 983,029 2,742,749 2,200,684 Financial result excl. result from shares in at equity consolidated companies  556,682 580,101 67,602 70,979 19,549 23,946 128,186 130,089 Income from investments  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Expenses for investments and interest expenses  -303,096 -182,443 -57,285 -34,888 -25,626 -17,668 -85,734 -40,392 Result from shares in at equity consolidated companies  17,728 23,106 0 1,139 0 0 0 0 Other income  20,554 27,740 26,630 30,346 20,203 9,552 56,810 53,416 Expenses for claims and insurance benefits \u2013 retention  -2,947,444 -2,919,325 -870,678 -828,780 -696,340 -671,220 -1,790,014 -1,504,948 Acquisition and administrative expenses  -692,433 -691,773 -535,436 -428,260 -273,950 -241,084 -758,823 -572,538 Other expenses  -20,511 -27,685 -61,310 -58,332 -35,931 -33,678 -202,379 -118,122 Business operating result  249,410 234,655 201,894 186,897 51,932 70,545 176,529 188,581 Impairments of goodwill  0 0 0 0 -184 0 -26,177 0 Impairments of intangible assets excluding goodwill  0 0 0 0 0 -688 -37,639 0 Result before taxes  249,410 234,655 201,894 186,897 51,748 69,857 112,713 188,581 Taxes  -10,824 -76,022 -39,858 -37,828 -11,552 -10,492 -32,329 -31,995 Result for the period  238,586 158,633 162,036 149,069 40,196 59,365 80,384 156,586 Special Markets  Group Functions  Consolidation  Total 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Premiums written \u2013 gross  846,187 531,686 2,297,825 1,965,017 -1,791,400 -1,574,043 12,559,242 11,002,566 Net earned premiums \u2013 retention  501,294 325,866 1,756,143 1,554,110 2,381 -352 10,910,888 9,705,633 Financial result excl. result from shares in at equity consolidated companies  152,544 35,641 -141,058 -229,602 -4,558 -4,136 778,947 607,018 Income from investments  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Expenses for investments and interest expenses  93,400 56 -286,561 -334,491 84,388 57,324 -580,514 -552,502 Result from shares in at equity consolidated companies  0 0 559 627 0 0 18,287 24,872 Other income  43,894 29,733 20,056 16,660 -2,288 -1,658 185,859 165,789 Expenses for claims and insurance benefits \u2013 retention  -452,429 -228,933 -1,143,812 -986,010 -11,319 2,655 -7,912,036 -7,136,561 Acquisition and administrative expenses  -115,376 -65,709 -551,907 -536,873 -2,540 -591 -2,930,465 -2,536,828 Other expenses  -76,947 -58,744 -41,217 -29,742 16,815 8,401 -421,480 -317,902 Business operating result  52,980 37,854 -101,236 -210,830 -1,509 4,319 630,000 512,021 Impairments of goodwill  0 0 0 0 0 0 -26,361 0 Impairments of intangible assets excluding goodwill  -3,578 0 0 0 0 0 -41,217 -688 Result before taxes  49,402 37,854 -101,236 -210,830 -1,509 4,319 562,422 511,333 Taxes  -17,129 -11,550 13,561 44,548 0 0 -98,131 -123,339 Result for the period  32,273 26,304 -87,675 -166,282 -1,509 4,319 464,291 387,994 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-383": {
   "value": "BASIS OF THE REVENUES OF THE REPORTABLE SEGMENTS The scope of business operations includes private and corporate customer insurance business. The range of products includes, among  other things, motor third party liability  and own damage, accident,  third party liability,  fire and natural hazards, and travel insurance.  A large number of life and health insurance products are offered for individuals and groups. These include, for example, supplementary  health  insurance,  nursing  care  insurance,  endowment  insurance,  term  life  insurance  and  investment- oriented products. In accordance with the cornerstones of VIG Insurance Group, products are sold through all distribution channels in all markets. This means that insurance products are distributed, among others, by sales employees, banks, brokers and agents. VIG Holding primarily focuses on managerial tasks for VIG Insurance Group. It  also operates as a reinsurer within  VIG Insurance  Group  and  in  the  international  corporate  business.  The  Group\u2019s  own  reinsurance  company,  VIG  Re,  is  a successful provider of reinsurance products for both insurance companies of VIG Insurance Group and for external partners. Information on major customers VIG Insurance Group does not depend to a great extent on one single customer, as defined in IFRS 8.34. The 10 largest customer groups are responsible for 2.2% of the premiums written by the Group. Corporate customers that are under common control according to the information available to VIG Insurance Group are combined into customer groups. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-384": {
   "value": "CONSOLIDATED INCOME STATEMENT BY REPORTABLE SEGMENT    Austria  Czech Republic  Poland  Extended CEE    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Premiums written \u2013 gross  4,138,384 4,048,443 2,122,121 1,864,939 1,352,881 1,279,791 3,593,244 2,886,733 Net earned premiums \u2013 retention  3,314,834 3,242,491 1,575,086 1,399,805 1,018,401 983,029 2,742,749 2,200,684 Financial result excl. result from shares in at equity consolidated companies  556,682 580,101 67,602 70,979 19,549 23,946 128,186 130,089 Income from investments  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Expenses for investments and interest expenses  -303,096 -182,443 -57,285 -34,888 -25,626 -17,668 -85,734 -40,392 Result from shares in at equity consolidated companies  17,728 23,106 0 1,139 0 0 0 0 Other income  20,554 27,740 26,630 30,346 20,203 9,552 56,810 53,416 Expenses for claims and insurance benefits \u2013 retention  -2,947,444 -2,919,325 -870,678 -828,780 -696,340 -671,220 -1,790,014 -1,504,948 Acquisition and administrative expenses  -692,433 -691,773 -535,436 -428,260 -273,950 -241,084 -758,823 -572,538 Other expenses  -20,511 -27,685 -61,310 -58,332 -35,931 -33,678 -202,379 -118,122 Business operating result  249,410 234,655 201,894 186,897 51,932 70,545 176,529 188,581 Impairments of goodwill  0 0 0 0 -184 0 -26,177 0 Impairments of intangible assets excluding goodwill  0 0 0 0 0 -688 -37,639 0 Result before taxes  249,410 234,655 201,894 186,897 51,748 69,857 112,713 188,581 Taxes  -10,824 -76,022 -39,858 -37,828 -11,552 -10,492 -32,329 -31,995 Result for the period  238,586 158,633 162,036 149,069 40,196 59,365 80,384 156,586 Special Markets  Group Functions  Consolidation  Total 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Premiums written \u2013 gross  846,187 531,686 2,297,825 1,965,017 -1,791,400 -1,574,043 12,559,242 11,002,566 Net earned premiums \u2013 retention  501,294 325,866 1,756,143 1,554,110 2,381 -352 10,910,888 9,705,633 Financial result excl. result from shares in at equity consolidated companies  152,544 35,641 -141,058 -229,602 -4,558 -4,136 778,947 607,018 Income from investments  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Expenses for investments and interest expenses  93,400 56 -286,561 -334,491 84,388 57,324 -580,514 -552,502 Result from shares in at equity consolidated companies  0 0 559 627 0 0 18,287 24,872 Other income  43,894 29,733 20,056 16,660 -2,288 -1,658 185,859 165,789 Expenses for claims and insurance benefits \u2013 retention  -452,429 -228,933 -1,143,812 -986,010 -11,319 2,655 -7,912,036 -7,136,561 Acquisition and administrative expenses  -115,376 -65,709 -551,907 -536,873 -2,540 -591 -2,930,465 -2,536,828 Other expenses  -76,947 -58,744 -41,217 -29,742 16,815 8,401 -421,480 -317,902 Business operating result  52,980 37,854 -101,236 -210,830 -1,509 4,319 630,000 512,021 Impairments of goodwill  0 0 0 0 0 0 -26,361 0 Impairments of intangible assets excluding goodwill  -3,578 0 0 0 0 0 -41,217 -688 Result before taxes  49,402 37,854 -101,236 -210,830 -1,509 4,319 562,422 511,333 Taxes  -17,129 -11,550 13,561 44,548 0 0 -98,131 -123,339 Result for the period  32,273 26,304 -87,675 -166,282 -1,509 4,319 464,291 387,994 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-19": {
   "value": "FINANCIAL INSTR<span class=\"_ _1\"></span>UMENTS <span class=\"_ _5\"></span>AND RISK MANAGEMENT FINANCIAL INST<span class=\"_ _3\"></span>R<span class=\"_ _1\"></span>UMENTS <span class=\"_ _3\"></span>(INCL<span class=\"_ _1\"></span>.<span class=\"_ _5\"></span> PROPER<span class=\"_ _3\"></span>TY <span class=\"_ _3\"></span>AND OTHER<span class=\"_ _3\"></span> IN<span class=\"_ _1\"></span>VES<span class=\"_ _3\"></span>TMENTS) The Gro<span class=\"_ _5\"></span>up invests<span class=\"_ _3\"></span> in fi<span class=\"_ _3\"></span>xed-incom<span class=\"_ _3\"></span>e sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities<span class=\"_ _3\"></span> (bonds,<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns/cr<span class=\"_ _3\"></span>edits), sh<span class=\"_ _3\"></span>ares,<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span>perty<span class=\"_ _d\"></span>, pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>ns and ot<span class=\"_ _3\"></span>her i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>, taking i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>the overal<span class=\"_ _3\"></span>l risk positi<span class=\"_ _3\"></span>on and t<span class=\"_ _3\"></span>he investm<span class=\"_ _3\"></span>ent strateg<span class=\"_ _3\"></span>y pro<span class=\"_ _3\"></span>vided for <span class=\"_ _3\"></span>this pu<span class=\"_ _3\"></span>rpose. The <span class=\"_ _a\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _a\"></span>strat<span class=\"_ _3\"></span>egy <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>laid <span class=\"_ _a\"></span>down <span class=\"_ _4\"></span>in <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>gui<span class=\"_ _3\"></span>delines <span class=\"_ _a\"></span>for <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es. <span class=\"_ _a\"></span>Compl<span class=\"_ _3\"></span>iance <span class=\"_ _4\"></span>is contin<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ousl<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nitored <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>Asset <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>Asset <span class=\"_ _4\"></span>Risk <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>departm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>by <span class=\"_ _a\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>Internal <span class=\"_ _a\"></span>A<span class=\"_ _3\"></span>udit departm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>sam<span class=\"_ _3\"></span>ple <span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>sis.<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>Investment<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>laid <span class=\"_ _4\"></span>dow<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>cent<span class=\"_ _3\"></span>rally <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>ust <span class=\"_ _1\"></span>be <span class=\"_ _4\"></span>foll<span class=\"_ _3\"></span>owed <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>up <span class=\"_ _c\"> </span>companies.<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>W<span class=\"_ _3\"></span>hen <span class=\"_ _b\"> </span>det<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>mi<span class=\"_ _3\"></span>ning <span class=\"_ _c\"> </span>expos<span class=\"_ _3\"></span>ure <span class=\"_ _c\"> </span>volumes<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>limits<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>as <span class=\"_ _b\"> </span>par<span class=\"_ _3\"></span>t <span class=\"_ _b\"> </span>of <span class=\"_ _c\"></span>esta<span class=\"_ _3\"></span>blishing <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>strategi<span class=\"_ _3\"></span>c <span class=\"_ _c\"> </span>orientatio<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>of investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s, <span class=\"_ _3\"></span>the risk i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>her<span class=\"_ _3\"></span>ent in the s<span class=\"_ _3\"></span>pecif<span class=\"_ _3\"></span>ied catego<span class=\"_ _3\"></span>ries and m<span class=\"_ _3\"></span>arket risks<span class=\"_ _3\"></span> are of<span class=\"_ _3\"></span> fundam<span class=\"_ _3\"></span>ental impo<span class=\"_ _3\"></span>rtance.<span class=\"_ _3\"></span> The investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt str<span class=\"_ _3\"></span>ategy prin<span class=\"_ _3\"></span>ciples ma<span class=\"_ _3\"></span>y be s<span class=\"_ _3\"></span>ummarised as f<span class=\"_ _5\"></span>ollows:  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>V<span class=\"_ _1\"></span>IG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup p<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>actices <span class=\"_ _3\"></span>a conse<span class=\"_ _3\"></span>rvative i<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> desig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed fo<span class=\"_ _3\"></span>r the lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g te<span class=\"_ _3\"></span>rm. \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>V<span class=\"_ _1\"></span>IG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup f<span class=\"_ _3\"></span>ocuses o<span class=\"_ _3\"></span>n its ass<span class=\"_ _3\"></span>et mix as a <span class=\"_ _3\"></span>way to e<span class=\"_ _3\"></span>nsure t<span class=\"_ _3\"></span>hat cas<span class=\"_ _3\"></span>h flows mat<span class=\"_ _3\"></span>ch its l<span class=\"_ _3\"></span>ong-term l<span class=\"_ _3\"></span>iability pro<span class=\"_ _3\"></span>file a<span class=\"_ _3\"></span>nd to cre<span class=\"_ _3\"></span>ate sustain<span class=\"_ _3\"></span>able i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>reases i<span class=\"_ _3\"></span>n value <span class=\"_ _3\"></span>throug<span class=\"_ _3\"></span>h the us<span class=\"_ _3\"></span>e of corr<span class=\"_ _3\"></span>elation <span class=\"_ _3\"></span>and diversif<span class=\"_ _3\"></span>ication ef<span class=\"_ _3\"></span>fects o<span class=\"_ _3\"></span>f the in<span class=\"_ _3\"></span>dividual ass<span class=\"_ _3\"></span>et classes.<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Inve<span class=\"_ _1\"></span>stm<span class=\"_ _3\"></span>ent ma<span class=\"_ _3\"></span>nagemen<span class=\"_ _3\"></span>t depends o<span class=\"_ _3\"></span>n the ass<span class=\"_ _3\"></span>et class i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ques<span class=\"_ _3\"></span>tion or on t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e o<span class=\"_ _3\"></span>bjective <span class=\"_ _3\"></span>within asset <span class=\"_ _3\"></span>classes <span class=\"_ _3\"></span>and is performed i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ternall<span class=\"_ _3\"></span>y or<span class=\"_ _1\"></span> b<span class=\"_ _3\"></span>y an outsid<span class=\"_ _3\"></span>e ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>er<span class=\"_ _5\"></span>. \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>cy profi<span class=\"_ _3\"></span>le of the i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s s<span class=\"_ _3\"></span>hould m<span class=\"_ _3\"></span>atch as clo<span class=\"_ _5\"></span>sely<span class=\"_ _1\"></span> as poss<span class=\"_ _3\"></span>ibl<span class=\"_ _3\"></span>e the obligatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s to pol<span class=\"_ _3\"></span>icyhol<span class=\"_ _3\"></span>ders and ot<span class=\"_ _3\"></span>her liabil<span class=\"_ _3\"></span>ities (curre<span class=\"_ _3\"></span>ncy mat<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng). \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>isk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt for sec<span class=\"_ _3\"></span>urities is<span class=\"_ _3\"></span> aimed at pr<span class=\"_ _3\"></span>ovidi<span class=\"_ _3\"></span>ng a tra<span class=\"_ _3\"></span>nspare<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>view of t<span class=\"_ _3\"></span>he risk expos<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e arisi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g fr<span class=\"_ _3\"></span>om p<span class=\"_ _3\"></span>rice, inter<span class=\"_ _3\"></span>est-<span class=\"_ _379\"> </span>rate and <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ency fluctu<span class=\"_ _3\"></span>ations as t<span class=\"_ _3\"></span>hey aff<span class=\"_ _3\"></span>ect prof<span class=\"_ _3\"></span>itabil<span class=\"_ _3\"></span>ity and the v<span class=\"_ _3\"></span>alue of i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>, and at l<span class=\"_ _3\"></span>imiting t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>risks. A l<span class=\"_ _3\"></span>imit system is <span class=\"_ _3\"></span>used to l<span class=\"_ _3\"></span>imit the risks<span class=\"_ _3\"></span>. \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Mar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>et developm<span class=\"_ _3\"></span>ents ar<span class=\"_ _3\"></span>e monitor<span class=\"_ _5\"></span>ed contin<span class=\"_ _3\"></span>uously and <span class=\"_ _3\"></span>the st<span class=\"_ _3\"></span>ructure of <span class=\"_ _3\"></span>the po<span class=\"_ _3\"></span>rtfolio i<span class=\"_ _3\"></span>s actively ma<span class=\"_ _3\"></span>naged, if <span class=\"_ _3\"></span>necessary<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _1\"></span>(with <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>lo<span class=\"_ _3\"></span>ok-thr<span class=\"_ _3\"></span>ough <span class=\"_ _1\"></span>appro<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ch <span class=\"_ _1\"></span>appli<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>institutio<span class=\"_ _3\"></span>nal <span class=\"_ _1\"></span>funds) <span class=\"_ _1\"></span>includ<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>oldi<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>of arou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>69.28<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>70.25<span class=\"_ _5\"></span>%) <span class=\"_ _1\"></span>in bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds a<span class=\"_ _3\"></span>nd a<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nd 6.16<span class=\"_ _3\"></span>% (5.79%)<span class=\"_ _379\"> </span>in loans.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The sha<span class=\"_ _3\"></span>re <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n equities is aro<span class=\"_ _3\"></span>und 3.53% (5.11<span class=\"_ _3\"></span>%), in prope<span class=\"_ _3\"></span>rty <span class=\"_ _1\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>9.56<span class=\"_ _3\"></span>% <span class=\"_ _1\"></span>(8.02<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> particip<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _1\"></span>1.<span class=\"_ _3\"></span>58% <span class=\"_ _1\"></span>(1.49<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>oth<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>und <span class=\"_ _1\"></span>9.89% (<span class=\"_ _1\"></span>9.34<span class=\"_ _5\"></span>%), <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll cases based on t<span class=\"_ _3\"></span>he book <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he total i<span class=\"_ _3\"></span>nvestment <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io.<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n of inve<span class=\"_ _1\"></span>stments (<span class=\"_ _1\"></span>book values<span class=\"_ _1\"></span>) <span class=\"_ _1d0\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Prop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1d1\"> </span>3,128,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>2,850,58<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>287,960<span class=\"_ _379\"> </span>276,913<span class=\"_ _379\"> </span>Loa<span class=\"_ _1\"></span>ns <span class=\"_ _1d3\"> </span>2,119,42<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>2,156,06<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s <span class=\"_ _179\"> </span>1,306,237<span class=\"_ _379\"> </span>1,273,63<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fied<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>oan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _87\"> </span>91,834<span class=\"_ _379\"> </span>106,677<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cl<span class=\"_ _1\"></span>assi<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> lo<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span> <span class=\"_ _14b\"> </span>721,357<span class=\"_ _379\"> </span>775,754<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>ncial<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>set<span class=\"_ _1\"></span>s <span class=\"_ _95\"> </span>25,555,212<span class=\"_ _379\"> </span>28,653,9<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> he<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>atur<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y - <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>s <span class=\"_ _d4\"> </span>2<span class=\"_ _1\"></span>,278,932<span class=\"_ _379\"> </span>2,255,31<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> as<span class=\"_ _1\"></span> h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>rit<span class=\"_ _1\"></span>y -<span class=\"_ _1\"></span> b<span class=\"_ _1\"></span>onds<span class=\"_ _1\"></span> <span class=\"_ _1d4\"> </span>155,858<span class=\"_ _379\"> </span>302,402<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>vai<span class=\"_ _1\"></span>lab<span class=\"_ _1\"></span>le f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r sa<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1d5\"> </span>22,915,6<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span>25,849,0<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>Bond<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1d6\"> </span>20,413,1<span class=\"_ _1\"></span>91<span class=\"_ _379\"> </span>22,305,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>arti<span class=\"_ _1\"></span>cip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>1 <span class=\"_ _84\"> </span>613,1<span class=\"_ _1\"></span>36<span class=\"_ _379\"> </span>770,933<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t f<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _1d7\"> </span>1,889,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>2,772,92<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>cog<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> at<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>alu<span class=\"_ _1\"></span>e t<span class=\"_ _1\"></span>hro<span class=\"_ _1\"></span>ug<span class=\"_ _1\"></span>h <span class=\"_ _1\"></span>prof<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>los<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>2 <span class=\"_ _134\"> </span>204,750<span class=\"_ _379\"> </span>247,209<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _171\"> </span>1,248,7<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span>872,227<span class=\"_ _379\"> </span>Ban<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>dep<span class=\"_ _1\"></span>osit<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _b9\"> </span>1,157<span class=\"_ _1\"></span>,148<span class=\"_ _379\"> </span>783,730<span class=\"_ _379\"> </span>Dep<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sum<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>bus<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1d8\"> </span>91,611<span class=\"_ _379\"> </span>88,480<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>17<span class=\"_ _379\"> </span>17<span class=\"_ _379\"> </span>Total <span class=\"_ _65\"> </span>32,340,3<span class=\"_ _1\"></span>53<span class=\"_ _379\"> </span>34,809,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span>1  <span class=\"_ _1\"></span>includes shares in n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>nsolid<span class=\"_ _3\"></span>ated s<span class=\"_ _1\"></span>ubsi<span class=\"_ _3\"></span>dia<span class=\"_ _1\"></span>ries an<span class=\"_ _3\"></span>d<span class=\"_ _1\"></span> other <span class=\"_ _3\"></span>participat<span class=\"_ _1\"></span>ions <span class=\"_ _3\"></span>of EUR 254,714<span class=\"_ _1\"></span>,000 (EUR <span class=\"_ _3\"></span>27<span class=\"_ _1\"></span>9,516,000)<span class=\"_ _3\"></span> 2 <span class=\"_ _6\"> </span>inclu<span class=\"_ _3\"></span>di<span class=\"_ _1\"></span>ng h<span class=\"_ _3\"></span>eld<span class=\"_ _1\"></span> for <span class=\"_ _3\"></span>tradi<span class=\"_ _1\"></span>ng Property<span class=\"_ _3\"></span> The po<span class=\"_ _3\"></span>rtfolio<span class=\"_ _3\"></span> had <span class=\"_ _3\"></span>a bo<span class=\"_ _3\"></span>ok <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>E<span class=\"_ _1\"></span>UR 3,12<span class=\"_ _3\"></span>9.0 <span class=\"_ _3\"></span>mill<span class=\"_ _3\"></span>ion as <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>3<span class=\"_ _3\"></span>1 D<span class=\"_ _3\"></span>ece<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _3\"></span>2022 <span class=\"_ _3\"></span>(fair <span class=\"_ _3\"></span>value: <span class=\"_ _5\"></span>E<span class=\"_ _1\"></span>UR 5,12<span class=\"_ _3\"></span>5.1 <span class=\"_ _3\"></span>mill<span class=\"_ _3\"></span>ion) <span class=\"_ _3\"></span>and a <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>ok value of EU<span class=\"_ _3\"></span>R 2,850.<span class=\"_ _3\"></span>6 mill<span class=\"_ _3\"></span>ion as of 31<span class=\"_ _3\"></span> Decembe<span class=\"_ _3\"></span>r 2021 (f<span class=\"_ _3\"></span>air val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e: <span class=\"_ _3\"></span>EUR 4,682.1 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on)<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> The portfol<span class=\"_ _3\"></span>io of <span class=\"_ _1\"></span>dir<span class=\"_ _3\"></span>ectly held assets an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>ass<span class=\"_ _3\"></span>ets held in the <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rm <span class=\"_ _1\"></span>of parti<span class=\"_ _3\"></span>cipations is used prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y t<span class=\"_ _1\"></span>o cre<span class=\"_ _3\"></span>ate highly inflati<span class=\"_ _3\"></span>on-<span class=\"_ _379\"> </span>resis<span class=\"_ _3\"></span>tant <span class=\"_ _1\"></span>long-<span class=\"_ _3\"></span>term positions for <span class=\"_ _1\"></span>the insurance bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness, <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to create h<span class=\"_ _1\"></span>idd<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>rese<span class=\"_ _3\"></span>rves. The <span class=\"_ _1\"></span>prope<span class=\"_ _3\"></span>rty portfoli<span class=\"_ _3\"></span>o <span class=\"_ _1\"></span>repr<span class=\"_ _3\"></span>esents 9.56% (8.02<span class=\"_ _5\"></span>%) of the tot<span class=\"_ _3\"></span>al investm<span class=\"_ _3\"></span>ent portfol<span class=\"_ _3\"></span>io.  The follo<span class=\"_ _3\"></span>wing tabl<span class=\"_ _3\"></span>e shows<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _5\"></span>ecember 202<span class=\"_ _3\"></span>2 a<span class=\"_ _3\"></span>nd 31 D<span class=\"_ _3\"></span>ece<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber 2021<span class=\"_ _3\"></span>, br<span class=\"_ _3\"></span>oken do<span class=\"_ _3\"></span>wn by t<span class=\"_ _3\"></span>ype of <span class=\"_ _3\"></span>use for the A<span class=\"_ _3\"></span>ustria a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _3\"></span>Functions <span class=\"_ _3\"></span>report<span class=\"_ _3\"></span>able segm<span class=\"_ _3\"></span>ents an<span class=\"_ _3\"></span>d the totals<span class=\"_ _3\"></span> for all ot<span class=\"_ _3\"></span>her segme<span class=\"_ _3\"></span>nts. Use of prope<span class=\"_ _1\"></span>rty in %<span class=\"_ _1\"></span> of the <span class=\"_ _1\"></span>property<span class=\"_ _1\"></span> portfolio <span class=\"_ _1d9\"> </span><span class=\"fsc\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>Au<span class=\"_ _1\"></span>stri<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1da\"> </span>66.27<span class=\"_ _379\"> </span>65.40<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>5.39<span class=\"_ _379\"> </span>6.29<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1dc\"> </span>60.88<span class=\"_ _379\"> </span>59.11<span class=\"_ _379\"> </span>Gro<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>p Fu<span class=\"_ _1\"></span>nct<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>18.23<span class=\"_ _379\"> </span>19.57<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>1.11<span class=\"_ _379\"> </span>1.22<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1dc\"> </span>17.12<span class=\"_ _379\"> </span>18.35<span class=\"_ _379\"> </span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>gme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1dd\"> </span>15.50<span class=\"_ _379\"> </span>15.03<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> <span class=\"_ _1db\"> </span>8.92<span class=\"_ _379\"> </span>9.06<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _1de\"> </span>6.58<span class=\"_ _379\"> </span>5.97<span class=\"_ _379\"> </span>Shares <span class=\"_ _3\"></span>in <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t equity <span class=\"_ _3\"></span>consolidate<span class=\"_ _3\"></span>d compan<span class=\"_ _3\"></span>ies Shares in at <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>consol<span class=\"_ _3\"></span>idated compani<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>had a <span class=\"_ _1\"></span>book value of E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 288.0 mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>as of 31 <span class=\"_ _1\"></span>December 2022 and <span class=\"_ _1\"></span>a book value <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 276.9 <span class=\"_ _1\"></span>milli<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _1\"></span>Decemb<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>2021. <span class=\"_ _1\"></span>Shar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>equity <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>idated <span class=\"_ _1\"></span>companies<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _1\"></span>repr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed 0.89% (0.80<span class=\"_ _5\"></span>%) of the book <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he tot<span class=\"_ _3\"></span>al investm<span class=\"_ _3\"></span>ent portfo<span class=\"_ _3\"></span>lio as of<span class=\"_ _3\"></span> 31 Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>.  Loans and<span class=\"_ _3\"></span> other inv<span class=\"_ _3\"></span>estments<span class=\"_ _3\"></span> Loans <span class=\"_ _4\"></span>and <span class=\"_ _c\"></span>ot<span class=\"_ _3\"></span>her <span class=\"_ _a\"></span>investme<span class=\"_ _3\"></span>nts <span class=\"_ _a\"></span>had <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>book <span class=\"_ _4\"></span>value <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 3,3<span class=\"_ _3\"></span>68.2 <span class=\"_ _a\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>31 <span class=\"_ _a\"></span>Decemb<span class=\"_ _3\"></span>er <span class=\"_ _c\"></span>202<span class=\"_ _3\"></span>2 <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>a <span class=\"_ _c\"> </span>book<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>value <span class=\"_ _4\"></span>of<span class=\"_ _1\"></span> EUR 3,028.<span class=\"_ _3\"></span>3 <span class=\"_ _3\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>2021. <span class=\"_ _5\"></span>Investm<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>loans <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>less <span class=\"_ _3\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CEE <span class=\"_ _5\"></span>regio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _5\"></span>A <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>alysi<span class=\"_ _3\"></span>s and mat<span class=\"_ _3\"></span>urity str<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ctur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> of l<span class=\"_ _3\"></span>oans ar<span class=\"_ _3\"></span>e pr<span class=\"_ _3\"></span>esented i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> No<span class=\"_ _3\"></span>te 2.3. <span class=\"_ _3\"></span>Loans <span class=\"_ _3\"></span>and othe<span class=\"_ _3\"></span>r investme<span class=\"_ _3\"></span>nts starti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g o<span class=\"_ _3\"></span>n page 102<span class=\"_ _3\"></span>. Bonds<span class=\"_ _3\"></span> Bonds <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eprese<span class=\"_ _3\"></span>nted <span class=\"_ _4\"></span>69.28<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>70.25<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span>) <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>total <span class=\"_ _4\"></span>inves<span class=\"_ _3\"></span>tments <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _a\"></span>D<span class=\"_ _3\"></span>ecember <span class=\"_ _4\"></span>2022.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>anages <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ts bond portfol<span class=\"_ _3\"></span>io u<span class=\"_ _1\"></span>sing estim<span class=\"_ _3\"></span>ates of cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges in inter<span class=\"_ _3\"></span>est rates, spr<span class=\"_ _3\"></span>eads and credit qu<span class=\"_ _3\"></span>ality<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>taki<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> in<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>its related<span class=\"_ _3\"></span> to individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _4\"></span>iss<span class=\"_ _3\"></span>uers, <span class=\"_ _4\"></span>credit<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>quality<span class=\"_ _11\"></span>, <span class=\"_ _a\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>countri<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>curr<span class=\"_ _3\"></span>encies <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>iss<span class=\"_ _3\"></span>ue <span class=\"_ _a\"></span>vol<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>me. <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>model, <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>bon<span class=\"_ _3\"></span>ds serve <span class=\"_ _4\"></span>prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>ensure <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>able <span class=\"_ _4\"></span>ea<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nings <span class=\"_ _4\"></span>over <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>long <span class=\"_ _4\"></span>term<span class=\"_ _3\"></span>. <span class=\"_ _4\"></span>Derivative <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>oducts <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly <span class=\"_ _4\"></span>us<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>redu<span class=\"_ _3\"></span>ce <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _1\"></span>or <span class=\"_ _4\"></span>make<span class=\"_ _3\"></span> ef<span class=\"_ _3\"></span>ficient <span class=\"_ _c\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _c\"> </span>ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>easier<span class=\"_ _11\"></span>. <span class=\"_ _c\"> </span>Rel<span class=\"_ _3\"></span>evant <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>guid<span class=\"_ _3\"></span>elines <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>xpr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ssly<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>govern <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>us<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>d<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>vat<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ves <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>bo<span class=\"_ _3\"></span>nd portfolio<span class=\"_ _3\"></span>s manage<span class=\"_ _3\"></span>d by thir<span class=\"_ _3\"></span>d parties s<span class=\"_ _3\"></span>uch as i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt fund<span class=\"_ _3\"></span>s. Shares<span class=\"_ _3\"></span> As <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>De<span class=\"_ _3\"></span>cember <span class=\"_ _1\"></span>2022, <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>hare <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>(i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uding <span class=\"_ _1\"></span>those <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntained <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>funds) <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>3.53<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>(5.11<span class=\"_ _3\"></span>%) <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the book <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>total <span class=\"_ _5\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _d\"></span>p<span class=\"_ _1\"></span>ortfoli<span class=\"_ _3\"></span>o. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>accor<span class=\"_ _5\"></span>dance <span class=\"_ _3\"></span>wi<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>investme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ria, <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>carried<span class=\"_ _3\"></span> out <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>top-do<span class=\"_ _3\"></span>wn <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>oac<span class=\"_ _3\"></span>h, <span class=\"_ _4\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nstrai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>diversifica<span class=\"_ _3\"></span>tion <span class=\"_ _4\"></span>be <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>minimise <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>rket <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>the shar<span class=\"_ _3\"></span>es. The o<span class=\"_ _3\"></span>verall pro<span class=\"_ _3\"></span>portio<span class=\"_ _3\"></span>n of shar<span class=\"_ _3\"></span>es is ver<span class=\"_ _3\"></span>y small<span class=\"_ _3\"></span> for co<span class=\"_ _3\"></span>mpanies of <span class=\"_ _3\"></span>VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p in t<span class=\"_ _3\"></span>he CEE r<span class=\"_ _3\"></span>egion.<span class=\"_ _379\"> </span>RISK MANAGEME<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>T<span class=\"_ _3\"></span> VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s cor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>compete<span class=\"_ _3\"></span>nce i<span class=\"_ _3\"></span>s de<span class=\"_ _3\"></span>aling <span class=\"_ _3\"></span>pro<span class=\"_ _379\"> </span>fessio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ally <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isk. <span class=\"_ _5\"></span>The i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sis<span class=\"_ _3\"></span>ts of<span class=\"_ _3\"></span> cons<span class=\"_ _3\"></span>ciousl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> assumi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>divers<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risks and managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>em pr<span class=\"_ _3\"></span>ofitably<span class=\"_ _d\"></span>. One of the<span class=\"_ _1\"></span> prima<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>respo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sibil<span class=\"_ _3\"></span>ities of r<span class=\"_ _1\"></span>isk manag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>is to e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ure that the o<span class=\"_ _3\"></span>bligations ass<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies c<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>be satisf<span class=\"_ _3\"></span>ied at all ti<span class=\"_ _3\"></span>mes. <span class=\"_ _3\"></span> In ge<span class=\"_ _3\"></span>neral, al<span class=\"_ _3\"></span>l insuran<span class=\"_ _3\"></span>ce comp<span class=\"_ _3\"></span>anies a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>respo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e fo<span class=\"_ _3\"></span>r ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>their ow<span class=\"_ _3\"></span>n risks. <span class=\"_ _3\"></span>The co<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>porat<span class=\"_ _3\"></span>e Risk M<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt d<span class=\"_ _3\"></span>epart-<span class=\"_ _379\"> </span>ment <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Holding pro<span class=\"_ _3\"></span>vides <span class=\"_ _1\"></span>guidelin<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>all <span class=\"_ _1\"></span>major <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span>as <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>these <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>set <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts and rei<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suran<span class=\"_ _3\"></span>ce are<span class=\"_ _3\"></span>as ar<span class=\"_ _3\"></span>e particula<span class=\"_ _3\"></span>rly strict. <span class=\"_ _3\"></span> The <span class=\"_ _a\"></span>primar<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fectiv<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>a <span class=\"_ _c\"> </span>risk<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>system <span class=\"_ _4\"></span>that <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>consiste<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>thro<span class=\"_ _3\"></span>ughout <span class=\"_ _a\"></span>the<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>risk <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cy <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>et <span class=\"_ _a\"></span>by <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>objecti<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>suc<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>risk <span class=\"_ _4\"></span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>not <span class=\"_ _4\"></span>compl<span class=\"_ _3\"></span>ete avoidan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> of risk but <span class=\"_ _1\"></span>rat<span class=\"_ _3\"></span>her <span class=\"_ _1\"></span>a conscio<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s ac<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>tance of d<span class=\"_ _1\"></span>esi<span class=\"_ _3\"></span>red risks and the <span class=\"_ _1\"></span>imple<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tati<span class=\"_ _3\"></span>on <span class=\"_ _1\"></span>of meas<span class=\"_ _3\"></span>ures to monitor and possi<span class=\"_ _3\"></span>bly <span class=\"_ _1\"></span>even redu<span class=\"_ _3\"></span>ce e<span class=\"_ _1\"></span>xis<span class=\"_ _3\"></span>ting risks ba<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>on economic fact<span class=\"_ _3\"></span>ors. The <span class=\"_ _1\"></span>risk-<span class=\"_ _3\"></span>retu<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span> ratio <span class=\"_ _1\"></span>is therefo<span class=\"_ _3\"></span>re a <span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> meas<span class=\"_ _3\"></span>ure that <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ust be <span class=\"_ _3\"></span>op<span class=\"_ _3\"></span>timised <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>or<span class=\"_ _3\"></span>der <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>guara<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ee <span class=\"_ _d\"></span>adequat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>sec<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>policyholder<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>insure<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>itsel<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>whil<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>vin<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>due <span class=\"_ _5\"></span>consider<span class=\"_ _3\"></span>ation to the <span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d to cre<span class=\"_ _3\"></span>ate val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e.<span class=\"_ _3\"></span> Risk managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ponsibili<span class=\"_ _3\"></span>ties <span class=\"_ _1\"></span>in VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>bundle<span class=\"_ _3\"></span>d t<span class=\"_ _1\"></span>oget<span class=\"_ _3\"></span>her <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ind<span class=\"_ _3\"></span>epende<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t organis<span class=\"_ _3\"></span>ational units, a<span class=\"_ _1\"></span>nd throug<span class=\"_ _3\"></span>h a well-establi<span class=\"_ _3\"></span>shed  risk  and  co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l  cultur<span class=\"_ _3\"></span>e, <span class=\"_ _10\"> </span>eac<span class=\"_ _3\"></span>h <span class=\"_ _10\"> </span>i<span class=\"_ _3\"></span>ndiv<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ual  employee  co<span class=\"_ _3\"></span>ntributes  to  succ<span class=\"_ _3\"></span>essful  managem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt  of  risk. T<span class=\"_ _11\"></span>r<span class=\"_ _1\"></span>anspar<span class=\"_ _3\"></span>ent, verifi<span class=\"_ _3\"></span>able de<span class=\"_ _3\"></span>cisions a<span class=\"_ _3\"></span>nd proc<span class=\"_ _3\"></span>esses <span class=\"_ _3\"></span>within a co<span class=\"_ _3\"></span>mpa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>y ar<span class=\"_ _3\"></span>e ver<span class=\"_ _3\"></span>y importa<span class=\"_ _3\"></span>nt a<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>pects of <span class=\"_ _3\"></span>its risk c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ure.<span class=\"_ _3\"></span> Risk strat<span class=\"_ _3\"></span>egy The <span class=\"_ _5\"></span>strategi<span class=\"_ _3\"></span>c <span class=\"_ _3\"></span>orien<span class=\"_ _3\"></span>tat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _3\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _5\"></span>strat<span class=\"_ _3\"></span>egy<span class=\"_ _5\"></span>, <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>pital <span class=\"_ _3\"></span>st<span class=\"_ _3\"></span>rategy <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>compr<span class=\"_ _3\"></span>ehensiv<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>strate<span class=\"_ _3\"></span>gy<span class=\"_ _d\"></span>. The risk <span class=\"_ _1\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>for significa<span class=\"_ _3\"></span>nt r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and is b<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>in-<span class=\"_ _379\"> </span>ciples t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>are appli<span class=\"_ _3\"></span>cable <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p-wi<span class=\"_ _3\"></span>de:<span class=\"_ _3\"></span> ACCEPTED<span class=\"_ _3\"></span> RISKS<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>A sustaina<span class=\"_ _3\"></span>ble portion of<span class=\"_ _3\"></span> all<span class=\"_ _3\"></span> risks that <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _3\"></span>a dire<span class=\"_ _3\"></span>ct conn<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n to th<span class=\"_ _3\"></span>e insurance <span class=\"_ _3\"></span>business t<span class=\"_ _3\"></span>hat is co<span class=\"_ _3\"></span>nducted <span class=\"_ _3\"></span>are ac<span class=\"_ _3\"></span>cepted<span class=\"_ _379\"> </span>(underwriti<span class=\"_ _3\"></span>ng risks, m<span class=\"_ _3\"></span>arket <span class=\"_ _3\"></span>risks).<span class=\"_ _379\"> </span>RISKS <span class=\"_ _5\"></span>THA<span class=\"_ _3\"></span>T <span class=\"_ _3\"></span>ARE NO<span class=\"_ _3\"></span>T A<span class=\"_ _3\"></span>CCEPTED<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>Risks fr<span class=\"_ _3\"></span>om the ins<span class=\"_ _3\"></span>urance b<span class=\"_ _3\"></span>usiness ar<span class=\"_ _5\"></span>e n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t accept<span class=\"_ _3\"></span>ed if they <span class=\"_ _3\"></span>cann<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t be ad<span class=\"_ _3\"></span>equately m<span class=\"_ _3\"></span>easur<span class=\"_ _3\"></span>ed. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>udes, fo<span class=\"_ _3\"></span>r example<span class=\"_ _3\"></span>,<span class=\"_ _379\"> </span>liabil<span class=\"_ _3\"></span>ity insurance fo<span class=\"_ _3\"></span>r genetic <span class=\"_ _3\"></span>engineeri<span class=\"_ _3\"></span>ng.<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>W<span class=\"_ _1\"></span>ith r<span class=\"_ _3\"></span>espect to i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ents, risks a<span class=\"_ _3\"></span>re <span class=\"_ _3\"></span>not accep<span class=\"_ _3\"></span>ted if ins<span class=\"_ _3\"></span>uffi<span class=\"_ _3\"></span>cient know<span class=\"_ _3\"></span>-h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>w is a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ailabl<span class=\"_ _3\"></span>e to me<span class=\"_ _3\"></span>asure t<span class=\"_ _3\"></span>he risks, e.g.<span class=\"_ _379\"> </span>weathe<span class=\"_ _3\"></span>r derivatives <span class=\"_ _3\"></span>or forw<span class=\"_ _3\"></span>ard tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>actions fo<span class=\"_ _3\"></span>r foodst<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fs, or<span class=\"_ _3\"></span> if they co<span class=\"_ _3\"></span>uld genera<span class=\"_ _3\"></span>te pote<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tiall<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>unlimi<span class=\"_ _3\"></span>ted losses.<span class=\"_ _379\"> </span>RISKS <span class=\"_ _3\"></span>ACC<span class=\"_ _3\"></span>EPTED <span class=\"_ _3\"></span>WIT<span class=\"_ _3\"></span>H<span class=\"_ _1\"></span> RE<span class=\"_ _3\"></span>STRICTIONS<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>Operation<span class=\"_ _3\"></span>al risks mus<span class=\"_ _3\"></span>t be a<span class=\"_ _3\"></span>voided as f<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>as possible, b<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>t h<span class=\"_ _3\"></span>ave to be <span class=\"_ _3\"></span>accepted <span class=\"_ _3\"></span>to a <span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>rtai<span class=\"_ _3\"></span>n exte<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> as <span class=\"_ _3\"></span>they ca<span class=\"_ _3\"></span>nnot be<span class=\"_ _379\"> </span>fully excl<span class=\"_ _3\"></span>uded, or <span class=\"_ _3\"></span>the costs f<span class=\"_ _3\"></span>or avoiding <span class=\"_ _3\"></span>them ex<span class=\"_ _3\"></span>ceed the <span class=\"_ _3\"></span>expected l<span class=\"_ _3\"></span>osses.<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>A conserva<span class=\"_ _3\"></span>tive appr<span class=\"_ _3\"></span>oach is <span class=\"_ _3\"></span>used fo<span class=\"_ _3\"></span>r investme<span class=\"_ _3\"></span>nts.<span class=\"_ _379\"> </span>RISK-MINIMISI<span class=\"_ _3\"></span>NG MEA<span class=\"_ _3\"></span>SURES \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>E<span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>blish functi<span class=\"_ _3\"></span>onal risk g<span class=\"_ _3\"></span>overnance by m<span class=\"_ _3\"></span>aintaini<span class=\"_ _3\"></span>ng and pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>moting a high le<span class=\"_ _3\"></span>vel o<span class=\"_ _3\"></span>f risk awar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ness.<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>R<span class=\"_ _1\"></span>eins<span class=\"_ _3\"></span>urance is <span class=\"_ _3\"></span>a key inst<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent for <span class=\"_ _3\"></span>hedging ag<span class=\"_ _3\"></span>ainst larg<span class=\"_ _3\"></span>e losses (t<span class=\"_ _3\"></span>ail risks), pa<span class=\"_ _3\"></span>rticularly i<span class=\"_ _3\"></span>n the pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y and cas<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>y are<span class=\"_ _3\"></span>a. \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>L<span class=\"_ _1\"></span>imi<span class=\"_ _3\"></span>t market risk <span class=\"_ _3\"></span>taking i<span class=\"_ _3\"></span>nto acco<span class=\"_ _3\"></span>unt underw<span class=\"_ _3\"></span>riting obl<span class=\"_ _3\"></span>igations.<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>O<span class=\"_ _1\"></span>bse<span class=\"_ _3\"></span>rve and ac<span class=\"_ _3\"></span>t in accor<span class=\"_ _3\"></span>dan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>with the p<span class=\"_ _3\"></span>rudent busi<span class=\"_ _3\"></span>nessm<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e in conne<span class=\"_ _3\"></span>ction wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> in<span class=\"_ _3\"></span>vestme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts.<span class=\"_ _3\"></span> Organisat<span class=\"_ _3\"></span>ion of th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>sk manag<span class=\"_ _3\"></span>ement sy<span class=\"_ _3\"></span>ste<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent system is w<span class=\"_ _1\"></span>ell integrated into VIG Holding\u2019<span class=\"_ _d\"></span>s organis<span class=\"_ _3\"></span>ational structur<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>The foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>chart shows the units that pl<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>y a<span class=\"_ _3\"></span>n importa<span class=\"_ _3\"></span>nt role i<span class=\"_ _3\"></span>n the ris<span class=\"_ _3\"></span>k managem<span class=\"_ _3\"></span>ent sys<span class=\"_ _3\"></span>tem. MANAGIN<span class=\"_ _3\"></span>G BOARD<span class=\"_ _3\"></span> The Man<span class=\"_ _3\"></span>aging Boa<span class=\"_ _3\"></span>rd as <span class=\"_ _3\"></span>a whole is r<span class=\"_ _5\"></span>esponsibl<span class=\"_ _3\"></span>e for the ris<span class=\"_ _3\"></span>k man<span class=\"_ _3\"></span>agement sys<span class=\"_ _3\"></span>tem, in <span class=\"_ _3\"></span>particula<span class=\"_ _3\"></span>r for the foll<span class=\"_ _3\"></span>owing ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>as:<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Set<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>up and pr<span class=\"_ _3\"></span>omot<span class=\"_ _3\"></span>e the risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt system<span class=\"_ _3\"></span>  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Define and comm<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ni<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e the risk s<span class=\"_ _3\"></span>trategy<span class=\"_ _d\"></span>, incl<span class=\"_ _3\"></span>uding <span class=\"_ _3\"></span>risk tolera<span class=\"_ _3\"></span>nces and <span class=\"_ _3\"></span>risk appetit<span class=\"_ _3\"></span>e \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>Appro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e co<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>risk manag<span class=\"_ _3\"></span>ement g<span class=\"_ _3\"></span>uidelines<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>T<span class=\"_ _d\"></span>ake the <span class=\"_ _3\"></span>risk situation i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>to acco<span class=\"_ _3\"></span>unt i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> str<span class=\"_ _3\"></span>ategic deci<span class=\"_ _3\"></span>sions<span class=\"_ _379\"> </span>Both <span class=\"_ _3\"></span>the E<span class=\"_ _3\"></span>nterprise <span class=\"_ _3\"></span>Risk <span class=\"_ _3\"></span>Manag<span class=\"_ _3\"></span>ement a<span class=\"_ _3\"></span>nd Asset <span class=\"_ _5\"></span>Risk <span class=\"_ _3\"></span>Man<span class=\"_ _379\"> </span>agem<span class=\"_ _3\"></span>ent units <span class=\"_ _5\"></span>report <span class=\"_ _3\"></span>dir<span class=\"_ _3\"></span>ectly <span class=\"_ _3\"></span>to Man<span class=\"_ _3\"></span>aging Bo<span class=\"_ _3\"></span>ard <span class=\"_ _3\"></span>membe<span class=\"_ _3\"></span>r Lia<span class=\"_ _3\"></span>ne Hirner<span class=\"_ _5\"></span>. <span class=\"_ _5\"></span>They <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>assisted <span class=\"_ _d\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>Digitalis<span class=\"_ _3\"></span>ation, <span class=\"_ _5\"></span>F<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nance <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Risk <span class=\"_ _d\"></span>de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>artment, <span class=\"_ _d\"></span>which <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso <span class=\"_ _d\"></span>repo<span class=\"_ _3\"></span>rts <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>memb<span class=\"_ _3\"></span>er Liane Hi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ner a<span class=\"_ _3\"></span>nd is wher<span class=\"_ _3\"></span>e th<span class=\"_ _3\"></span>e Solvency <span class=\"_ _3\"></span>II repor<span class=\"_ _3\"></span>ting s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stem is<span class=\"_ _5\"></span> organised.<span class=\"_ _3\"></span> RISK COMMI<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>TEE<span class=\"_ _3\"></span> The VI<span class=\"_ _3\"></span>G Holdi<span class=\"_ _3\"></span>ng Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d est<span class=\"_ _3\"></span>ablished <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>Risk Co<span class=\"_ _3\"></span>mmittee to <span class=\"_ _5\"></span>ensure <span class=\"_ _3\"></span>reg<span class=\"_ _3\"></span>ular di<span class=\"_ _3\"></span>scussio<span class=\"_ _3\"></span>ns of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>urre<span class=\"_ _3\"></span>nt mat<span class=\"_ _3\"></span>ters <span class=\"_ _3\"></span>relati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> to <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>anag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>across<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>functio<span class=\"_ _3\"></span>nal <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>eas <span class=\"_ _1\"></span>within <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>exch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>situ<span class=\"_ _3\"></span>ation between<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>m<span class=\"_ _3\"></span>embers<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>of <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>committ<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>th<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _c\"></span>Boar<span class=\"_ _3\"></span>d. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>Risk <span class=\"_ _a\"></span>Commit<span class=\"_ _3\"></span>tee <span class=\"_ _c\"> </span>me<span class=\"_ _3\"></span>etin<span class=\"_ _1\"></span>gs<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>take <span class=\"_ _a\"></span>place <span class=\"_ _a\"></span>at <span class=\"_ _c\"> </span>least<span class=\"_ _3\"></span> quarterl<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>chair<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>M<span class=\"_ _3\"></span>anaging <span class=\"_ _1\"></span>Board <span class=\"_ _1\"></span>member<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>area. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Risk <span class=\"_ _4\"></span>Commi<span class=\"_ _3\"></span>ttee <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d after its m<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>eti<span class=\"_ _3\"></span>ngs. ENTERPRIS<span class=\"_ _3\"></span>E RISK MAN<span class=\"_ _3\"></span>AGEMEN<span class=\"_ _3\"></span>T The <span class=\"_ _1\"></span>depa<span class=\"_ _3\"></span>rtment <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging Board <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ember L<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>ne Hir<span class=\"_ _1\"></span>ner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagemen<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>of the <span class=\"_ _1\"></span>dep<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent performs the <span class=\"_ _1\"></span>risk managem<span class=\"_ _3\"></span>ent func<span class=\"_ _3\"></span>tion r<span class=\"_ _3\"></span>equired <span class=\"_ _3\"></span>under Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency II <span class=\"_ _3\"></span>at the G<span class=\"_ _3\"></span>ro<span class=\"_ _3\"></span>up and sol<span class=\"_ _3\"></span>o level. The <span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>respo<span class=\"_ _3\"></span>nsibiliti<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>overall <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>file <span class=\"_ _5\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>calculating <span class=\"_ _5\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _5\"></span>. <span class=\"_ _5\"></span>The departm<span class=\"_ _3\"></span>ent pr<span class=\"_ _3\"></span>ovides <span class=\"_ _3\"></span>a G<span class=\"_ _3\"></span>rou<span class=\"_ _3\"></span>p-wide <span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ggr<span class=\"_ _5\"></span>egation <span class=\"_ _3\"></span>solutio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>for this <span class=\"_ _3\"></span>purpose <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>exte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sive <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting a<span class=\"_ _3\"></span>nd p<span class=\"_ _3\"></span>artial <span class=\"_ _3\"></span>modell<span class=\"_ _3\"></span>ing appro<span class=\"_ _3\"></span>aches f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>calc<span class=\"_ _3\"></span>ulating <span class=\"_ _3\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>capital. <span class=\"_ _3\"></span>Calcula<span class=\"_ _3\"></span>tion o<span class=\"_ _3\"></span>f t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>solven<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al r<span class=\"_ _3\"></span>equir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>during <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ear<span class=\"_ _11\"></span>, an<span class=\"_ _3\"></span>alysis <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>risk-<span class=\"_ _379\"> </span>bearing <span class=\"_ _4\"></span>capacit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _1\"></span>propriet<span class=\"_ _3\"></span>ary <span class=\"_ _a\"></span>an<span class=\"_ _3\"></span>alysis <span class=\"_ _4\"></span>tools <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>revie<span class=\"_ _3\"></span>wing <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>internal <span class=\"_ _a\"></span>cont<span class=\"_ _3\"></span>rol <span class=\"_ _4\"></span>system <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>oth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _4\"></span>activiti<span class=\"_ _3\"></span>es performed <span class=\"_ _3\"></span>by the d<span class=\"_ _3\"></span>epartm<span class=\"_ _3\"></span>ent. The <span class=\"_ _c\"></span>dep<span class=\"_ _3\"></span>artment <span class=\"_ _a\"></span>also <span class=\"_ _c\"> </span>assis<span class=\"_ _3\"></span>ts <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>Managing <span class=\"_ _a\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _c\"> </span>with <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>datin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>corporate <span class=\"_ _a\"></span>risk <span class=\"_ _c\"> </span>stra<span class=\"_ _3\"></span>tegy<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>imp<span class=\"_ _3\"></span>rov<span class=\"_ _3\"></span>ements <span class=\"_ _a\"></span>to <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>sk organisatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> and f<span class=\"_ _3\"></span>urther corpo<span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>risk manag<span class=\"_ _3\"></span>ement topi<span class=\"_ _3\"></span>cs. ASSET RISK<span class=\"_ _3\"></span> MANAG<span class=\"_ _3\"></span>EMENT The <span class=\"_ _5\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>repor<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>mem<span class=\"_ _3\"></span>ber <span class=\"_ _5\"></span>Liane <span class=\"_ _5\"></span>H<span class=\"_ _3\"></span>ir<span class=\"_ _1\"></span>ner<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _5\"></span>primary <span class=\"_ _d\"></span>responsi<span class=\"_ _3\"></span>bility <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>is <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>analyse, assess <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>nitor <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _5\"></span> <span class=\"_ _a\"></span>associate<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>investme<span class=\"_ _3\"></span>nts, <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>articul<span class=\"_ _3\"></span>ar <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>resp<span class=\"_ _3\"></span>ect <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _4\"></span>solve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> result <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>fina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ci<span class=\"_ _3\"></span>al <span class=\"_ _4\"></span>result. <span class=\"_ _1\"></span>For <span class=\"_ _4\"></span>this <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>urpose, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>specifi<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>ass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> impl<span class=\"_ _3\"></span>ements <span class=\"_ _c\"> </span>a <span class=\"_ _a\"></span>central <span class=\"_ _c\"></span>syst<span class=\"_ _3\"></span>em <span class=\"_ _c\"> </span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _c\"> </span>and <span class=\"_ _a\"></span>risk <span class=\"_ _c\"> </span>mo<span class=\"_ _3\"></span>nitoring. <span class=\"_ _a\"></span>The <span class=\"_ _c\"></span>dep<span class=\"_ _3\"></span>artment <span class=\"_ _c\"> </span>is <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>res<span class=\"_ _3\"></span>ponsible <span class=\"_ _4\"></span>for maintaini<span class=\"_ _3\"></span>ng an inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>nal r<span class=\"_ _3\"></span>ating app<span class=\"_ _3\"></span>roach.<span class=\"_ _3\"></span> ASSET MANA<span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>EMEN<span class=\"_ _3\"></span>T (INCL<span class=\"_ _3\"></span>. RE<span class=\"_ _3\"></span>AL EST<span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>TE) The de<span class=\"_ _3\"></span>partment<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eports to<span class=\"_ _3\"></span> Managi<span class=\"_ _3\"></span>ng Boa<span class=\"_ _3\"></span>rd m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span> Gerhar<span class=\"_ _5\"></span>d Lahner<span class=\"_ _11\"></span>. One<span class=\"_ _3\"></span> of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>main r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spo<span class=\"_ _3\"></span>nsibili<span class=\"_ _3\"></span>ties of t<span class=\"_ _3\"></span>he depa<span class=\"_ _3\"></span>rtment <span class=\"_ _3\"></span>is to de<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e a strategic orientatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> for the <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments of <span class=\"_ _1\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>insurance comp<span class=\"_ _3\"></span>any and <span class=\"_ _1\"></span>for VIG <span class=\"_ _1\"></span>Insu<span class=\"_ _3\"></span>rance Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>a whole,<span class=\"_ _3\"></span> and <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>speci<span class=\"_ _3\"></span>fy <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>investme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>strategy<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>proc<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> aimed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>ensuri<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>curr<span class=\"_ _3\"></span>ent i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>igh <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>possible, but <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>as se<span class=\"_ _3\"></span>cure<span class=\"_ _3\"></span> as<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>possible, <span class=\"_ _5\"></span>while <span class=\"_ _3\"></span>simult<span class=\"_ _3\"></span>aneo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sly <span class=\"_ _5\"></span>taking <span class=\"_ _5\"></span>advantage<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f o<span class=\"_ _3\"></span>pportu<span class=\"_ _3\"></span>nities <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>incr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ase <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>value <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nvestment<span class=\"_ _3\"></span>s. Guidelines <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>lim<span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>inves<span class=\"_ _3\"></span>tments. <span class=\"_ _d\"></span>R<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ar <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>also <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ided <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>investme<span class=\"_ _3\"></span>nts, <span class=\"_ _3\"></span>lim<span class=\"_ _3\"></span>its <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>incom<span class=\"_ _3\"></span>e. ACTUARIAL<span class=\"_ _3\"></span> DEP<span class=\"_ _3\"></span>AR<span class=\"_ _3\"></span>TMENT The <span class=\"_ _a\"></span>depa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>repor<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>Board <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>ember <span class=\"_ _a\"></span>Pet<span class=\"_ _3\"></span>er <span class=\"_ _a\"></span>Thirring. <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>depa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ms <span class=\"_ _4\"></span>the Actuarial<span class=\"_ _3\"></span> functio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>requir<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>by Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency <span class=\"_ _3\"></span>II. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e d<span class=\"_ _3\"></span>epartm<span class=\"_ _3\"></span>ent i<span class=\"_ _3\"></span>s ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>esponsi<span class=\"_ _3\"></span>ble, i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>parti<span class=\"_ _3\"></span>cular<span class=\"_ _d\"></span>, fo<span class=\"_ _3\"></span>r t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>duties <span class=\"_ _3\"></span>rel<span class=\"_ _3\"></span>ated to <span class=\"_ _5\"></span>the Actuarial<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>function. <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>Actuarial <span class=\"_ _d\"></span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>alc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>tes <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>embed<span class=\"_ _3\"></span>ded <span class=\"_ _5\"></span>value <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>health <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _5\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span>es and <span class=\"_ _6\"> </span>pr<span class=\"_ _3\"></span>epar<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>profi<span class=\"_ _3\"></span>ta<span class=\"_ _1\"></span>bil<span class=\"_ _3\"></span>ity <span class=\"_ _6\"> </span>anal<span class=\"_ _3\"></span>yses <span class=\"_ _6\"> </span>and <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _b\"> </span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>uations. <span class=\"_ _b\"> </span>The <span class=\"_ _b\"> </span>departme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>also <span class=\"_ _b\"> </span>assists <span class=\"_ _b\"> </span>actuarial <span class=\"_ _b\"> </span>collabo<span class=\"_ _3\"></span>ration <span class=\"_ _b\"> </span>and functional<span class=\"_ _3\"></span> networki<span class=\"_ _3\"></span>ng.<span class=\"_ _379\"> </span>REINSURAN<span class=\"_ _3\"></span>CE The <span class=\"_ _5\"></span>departme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eports <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _5\"></span>Board <span class=\"_ _d\"></span>membe<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>Peter <span class=\"_ _5\"></span>H\u00f6<span class=\"_ _3\"></span>finger<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>coo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ates <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>assists <span class=\"_ _5\"></span>all <span class=\"_ _5\"></span>compani<span class=\"_ _3\"></span>es in VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>their<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsurance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>epartments <span class=\"_ _3\"></span>with <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>ance matters i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> the non-li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>usiness (prop<span class=\"_ _3\"></span>erty and<span class=\"_ _3\"></span> casualty<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>third <span class=\"_ _5\"></span>party <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ty and <span class=\"_ _3\"></span>accid<span class=\"_ _3\"></span>ent i<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span>) by <span class=\"_ _3\"></span>pre<span class=\"_ _3\"></span>paring <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>appl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ing <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ideli<span class=\"_ _3\"></span>nes. <span class=\"_ _3\"></span>The dep<span class=\"_ _3\"></span>artme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>also <span class=\"_ _3\"></span>administe<span class=\"_ _3\"></span>rs Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _3\"></span>gram<span class=\"_ _3\"></span>mes <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>non-lif<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>lines <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>usiness. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>ima<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>objecti<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>create <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>safet<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>net <span class=\"_ _4\"></span>to provid<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>ntinuous <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>tectio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>all <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the co<span class=\"_ _3\"></span>mpanies <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>VIG<span class=\"_ _3\"></span> Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up ag<span class=\"_ _3\"></span>ainst <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>negativ<span class=\"_ _3\"></span>e ef<span class=\"_ _3\"></span>fects of<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>atastrop<span class=\"_ _5\"></span>hes, individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al la<span class=\"_ _3\"></span>rge losses <span class=\"_ _3\"></span>and negati<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n entire i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce portfol<span class=\"_ _3\"></span>ios. PLANNING<span class=\"_ _3\"></span> AND<span class=\"_ _3\"></span> CONT<span class=\"_ _3\"></span>ROLLING The d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt is<span class=\"_ _3\"></span> an i<span class=\"_ _3\"></span>mporta<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>part <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the i<span class=\"_ _3\"></span>ntegrated <span class=\"_ _5\"></span>risk m<span class=\"_ _3\"></span>anagement <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>oach <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rts to <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ember<span class=\"_ _3\"></span> Hartwig <span class=\"_ _3\"></span>L\u00f6ger<span class=\"_ _11\"></span>. Th<span class=\"_ _3\"></span>e depa<span class=\"_ _3\"></span>rtment <span class=\"_ _3\"></span>coor<span class=\"_ _3\"></span>dinates <span class=\"_ _3\"></span>busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss <span class=\"_ _3\"></span>pla<span class=\"_ _3\"></span>nning <span class=\"_ _3\"></span>over <span class=\"_ _3\"></span>a 3-<span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>horizo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>standar<span class=\"_ _3\"></span>dised r<span class=\"_ _5\"></span>eports <span class=\"_ _3\"></span>includ<span class=\"_ _3\"></span>e k<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> figur<span class=\"_ _3\"></span>e <span class=\"_ _2\"> </span>a<span class=\"_ _3\"></span>nd <span class=\"_ _2\"> </span>varia<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>analyses <span class=\"_ _b\"> </span>for <span class=\"_ _6\"> </span>planning, <span class=\"_ _6\"> </span>for<span class=\"_ _3\"></span>ecasts <span class=\"_ _6\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>ongoing <span class=\"_ _6\"> </span>performan<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>VIG<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>Holding <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>other <span class=\"_ _6\"> </span>insuran<span class=\"_ _3\"></span>ce companies. <span class=\"_ _1\"></span>Regular <span class=\"_ _a\"></span>mo<span class=\"_ _3\"></span>nthly <span class=\"_ _4\"></span>prem<span class=\"_ _3\"></span>ium <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>eports, <span class=\"_ _4\"></span>quarterly <span class=\"_ _1\"></span>reports <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>each <span class=\"_ _4\"></span>compan<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>(aggreg<span class=\"_ _3\"></span>ated <span class=\"_ _4\"></span>at <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>cou<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>VIG Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up level) a<span class=\"_ _3\"></span>nd cost r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>por<span class=\"_ _3\"></span>ts are pr<span class=\"_ _5\"></span>epare<span class=\"_ _3\"></span>d. VIG CORPOR<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TE IT<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>Cor<span class=\"_ _3\"></span>porate <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>reports <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>member <span class=\"_ _1\"></span>Gerhar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>Lahner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dep<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>responsible <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>IT managem<span class=\"_ _3\"></span>ent at t<span class=\"_ _3\"></span>he VIG<span class=\"_ _3\"></span> Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span> level (<span class=\"_ _3\"></span>IT strategy<span class=\"_ _11\"></span>, I<span class=\"_ _3\"></span>T governance, <span class=\"_ _3\"></span>IT se<span class=\"_ _3\"></span>curity<span class=\"_ _d\"></span>, IT <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up proj<span class=\"_ _3\"></span>ects, <span class=\"_ _3\"></span>etc.), fo<span class=\"_ _3\"></span>r assisti<span class=\"_ _3\"></span>ng companies<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>large<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>IT<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>proje<span class=\"_ _3\"></span>cts, <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>for <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>veloping <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up-wide <span class=\"_ _5\"></span>g<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ideli<span class=\"_ _3\"></span>nes <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>commo<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>standar<span class=\"_ _3\"></span>ds. TREASUR<span class=\"_ _5\"></span>Y<span class=\"_ _1\"></span> INCL<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> ASS<span class=\"_ _3\"></span>ET LIABI<span class=\"_ _3\"></span>LITY MANA<span class=\"_ _3\"></span>GEMENT<span class=\"_ _3\"></span> The departme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports to Managi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ember Ger<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>La<span class=\"_ _3\"></span>hner<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The obse<span class=\"_ _3\"></span>rvation, measur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d optim<span class=\"_ _3\"></span>isation of future <span class=\"_ _d\"></span>cas<span class=\"_ _3\"></span>h <span class=\"_ _5\"></span>flows <span class=\"_ _d\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>asset <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>liabil<span class=\"_ _3\"></span>ities <span class=\"_ _d\"></span>sides <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>responsi<span class=\"_ _3\"></span>bilities <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>Asset <span class=\"_ _d\"></span>L<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>bility <span class=\"_ _d\"></span>Manageme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>departm<span class=\"_ _3\"></span>ent. It is also<span class=\"_ _3\"></span> respo<span class=\"_ _3\"></span>nsible for <span class=\"_ _3\"></span>the exch<span class=\"_ _3\"></span>ange of k<span class=\"_ _3\"></span>nowledge <span class=\"_ _3\"></span>and im<span class=\"_ _3\"></span>prov<span class=\"_ _3\"></span>ements i<span class=\"_ _3\"></span>n the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p in this <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>a. INTERNAL<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>AUDIT The <span class=\"_ _1\"></span>depa<span class=\"_ _3\"></span>rtment <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eports to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Bo<span class=\"_ _3\"></span>ard. Managing Boar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>C<span class=\"_ _3\"></span>hairwom<span class=\"_ _3\"></span>an E<span class=\"_ _1\"></span>lis<span class=\"_ _3\"></span>abe<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>Stadler is <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>cont<span class=\"_ _3\"></span>act <span class=\"_ _1\"></span>person<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in the <span class=\"_ _3\"></span>Managi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d. T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Internal <span class=\"_ _5\"></span>Audit d<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>partm<span class=\"_ _3\"></span>ent <span class=\"_ _3\"></span>system<span class=\"_ _3\"></span>atically <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ating <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses,<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ternal contro<span class=\"_ _3\"></span>l <span class=\"_ _4\"></span>system <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>all <span class=\"_ _1\"></span>operational <span class=\"_ _1\"></span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _1\"></span>are<span class=\"_ _3\"></span>as, <span class=\"_ _4\"></span>includi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ompl<span class=\"_ _3\"></span>iance <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>legal <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts, <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>function<span class=\"_ _3\"></span>ality <span class=\"_ _4\"></span>and adequac<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>depar<span class=\"_ _3\"></span>tment <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>erates <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>ontinuously <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>ports <span class=\"_ _1\"></span>directly <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>gi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>Boar<span class=\"_ _3\"></span>d. <span class=\"_ _4\"></span>Th<span class=\"_ _3\"></span>e managem<span class=\"_ _3\"></span>ent of th<span class=\"_ _3\"></span>e departm<span class=\"_ _3\"></span>ent performs<span class=\"_ _3\"></span> the I<span class=\"_ _3\"></span>nternal Audit <span class=\"_ _3\"></span>function r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ed by Sol<span class=\"_ _3\"></span>venc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> II.<span class=\"_ _3\"></span> Risk manag<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ment <span class=\"_ _3\"></span>processe<span class=\"_ _3\"></span>s Many r<span class=\"_ _1\"></span>isk manag<span class=\"_ _3\"></span>ement proc<span class=\"_ _3\"></span>esses have <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>een <span class=\"_ _1\"></span>establi<span class=\"_ _3\"></span>shed in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>vidual areas of the <span class=\"_ _1\"></span>risk manageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>system to c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver the <span class=\"_ _b\"> </span>entire<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>risk <span class=\"_ _b\"> </span>m<span class=\"_ _3\"></span>anagement <span class=\"_ _c\"> </span>cycle <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>risk <span class=\"_ _b\"> </span>id<span class=\"_ _3\"></span>entification<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _b\"> </span>r<span class=\"_ _1\"></span>isk <span class=\"_ _b\"> </span>ass<span class=\"_ _3\"></span>essment, <span class=\"_ _c\"> </span>risk <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntrol <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>r<span class=\"_ _1\"></span>isk <span class=\"_ _b\"> </span>mo<span class=\"_ _3\"></span>nitoring. <span class=\"_ _b\"> </span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e process<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>are <span class=\"_ _a\"></span>governed <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>number <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>intern<span class=\"_ _1\"></span>al <span class=\"_ _a\"></span>guideli<span class=\"_ _3\"></span>nes. <span class=\"_ _a\"></span>This <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>nsur<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>Insurance <span class=\"_ _a\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>xpos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>is<span class=\"_ _3\"></span> appro<span class=\"_ _3\"></span>priately <span class=\"_ _3\"></span>recor<span class=\"_ _3\"></span>ded a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>taken i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>to <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>when busin<span class=\"_ _3\"></span>ess <span class=\"_ _3\"></span>dec<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons are m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>e. RISK IDEN<span class=\"_ _3\"></span>TIFICA<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>risk manageme<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ocess begins w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>ide<span class=\"_ _3\"></span>ntificatio<span class=\"_ _3\"></span>n of <span class=\"_ _1\"></span>risks. This i<span class=\"_ _1\"></span>s per<span class=\"_ _1\"></span>formed using a <span class=\"_ _1\"></span>stan<span class=\"_ _3\"></span>dardi<span class=\"_ _3\"></span>sed <span class=\"_ _1\"></span>proc<span class=\"_ _3\"></span>ess t<span class=\"_ _1\"></span>hat<span class=\"_ _3\"></span> is <span class=\"_ _3\"></span>supplem<span class=\"_ _3\"></span>ented <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>ad<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>oc<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>nalyses. <span class=\"_ _3\"></span>A <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>hensive <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eporting <span class=\"_ _5\"></span>process <span class=\"_ _d\"></span>e<span class=\"_ _1\"></span>nsur<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>newly <span class=\"_ _3\"></span>identifi<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>effec<span class=\"_ _3\"></span>ts of extrao<span class=\"_ _3\"></span>rdinar<span class=\"_ _3\"></span>y events ar<span class=\"_ _5\"></span>e approp<span class=\"_ _3\"></span>riately i<span class=\"_ _3\"></span>ncluded i<span class=\"_ _3\"></span>n the risk <span class=\"_ _3\"></span>prof<span class=\"_ _3\"></span>ile. RISK <span class=\"_ _3\"></span>ASSES<span class=\"_ _3\"></span>SMENT A <span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>assessme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>met<span class=\"_ _3\"></span>hods <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>assess identif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isks.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ass<span class=\"_ _3\"></span>essment <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>primaril<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>internal models and <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ard <span class=\"_ _1\"></span>formul<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>perfo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>annually and <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>the year<span class=\"_ _5\"></span>. I<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sta<span class=\"_ _3\"></span>ndard <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmula <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>,<span class=\"_ _379\"> </span>an <span class=\"_ _4\"></span>appro<span class=\"_ _3\"></span>priate<span class=\"_ _3\"></span>ness <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>heck <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>also <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmed. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>risk <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>termi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>aggr<span class=\"_ _3\"></span>egati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>assesse<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>risks, <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>aking <span class=\"_ _4\"></span>in<span class=\"_ _3\"></span>to account <span class=\"_ _5\"></span>dive<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>sif<span class=\"_ _3\"></span>ication <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ts <span class=\"_ _5\"></span>betwe<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>risks. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>ults <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>own <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>solve<span class=\"_ _3\"></span>ncy <span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>ment, <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>embedded <span class=\"_ _5\"></span>val<span class=\"_ _3\"></span>ue for <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>ife <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>health <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>esses,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>findings <span class=\"_ _a\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _a\"></span>S&amp;P <span class=\"_ _a\"></span>capit<span class=\"_ _3\"></span>al <span class=\"_ _a\"></span>model <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>valu<span class=\"_ _3\"></span>e-at-risk <span class=\"_ _a\"></span>calc<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>the investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>are<span class=\"_ _3\"></span>a are <span class=\"_ _3\"></span>also tak<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nto accou<span class=\"_ _3\"></span>nt in the <span class=\"_ _3\"></span>risk asses<span class=\"_ _3\"></span>sment. RISK CONT<span class=\"_ _3\"></span>ROL The <span class=\"_ _c\"></span>risk <span class=\"_ _4\"></span>strategy<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>planning, <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>einsurance <span class=\"_ _a\"></span>pr<span class=\"_ _3\"></span>ogramme <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>risk-be<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>apacit<span class=\"_ _3\"></span>y <span class=\"_ _c\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>mo<span class=\"_ _3\"></span>st <span class=\"_ _c\"></span>im<span class=\"_ _3\"></span>portant <span class=\"_ _a\"></span>elemen<span class=\"_ _3\"></span>ts <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>risk contro<span class=\"_ _3\"></span>l. <span class=\"_ _3\"></span>The M<span class=\"_ _5\"></span>anaging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>views <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>risk<span class=\"_ _3\"></span> str<span class=\"_ _3\"></span>ategy <span class=\"_ _3\"></span>eac<span class=\"_ _3\"></span>h <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>and m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>kes<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>ny m<span class=\"_ _3\"></span>odifica<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>need<span class=\"_ _3\"></span>ed. T<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>Enterpris<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>Risk Managem<span class=\"_ _3\"></span>ent depa<span class=\"_ _3\"></span>rtment assi<span class=\"_ _3\"></span>sts the M<span class=\"_ _3\"></span>anaging <span class=\"_ _3\"></span>Board <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith t<span class=\"_ _3\"></span>his. The Planni<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>and Contr<span class=\"_ _3\"></span>olli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g depa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent is <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>for perfo<span class=\"_ _3\"></span>rmance of <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>nu<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>pla<span class=\"_ _3\"></span>nn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ocess and subs<span class=\"_ _3\"></span>equentl<span class=\"_ _3\"></span>y for monitori<span class=\"_ _3\"></span>ng day<span class=\"_ _3\"></span>-to-day busi<span class=\"_ _3\"></span>ness de<span class=\"_ _3\"></span>velopmen<span class=\"_ _3\"></span>t of the ins<span class=\"_ _3\"></span>urance comp<span class=\"_ _3\"></span>anies o<span class=\"_ _3\"></span>f VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup. R<span class=\"_ _3\"></span>egular r<span class=\"_ _3\"></span>eports a<span class=\"_ _3\"></span>re used <span class=\"_ _3\"></span>for <span class=\"_ _5\"></span>this <span class=\"_ _3\"></span>purpose, <span class=\"_ _5\"></span>including<span class=\"_ _3\"></span> v<span class=\"_ _3\"></span>ariance<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>yses <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>for<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>cast <span class=\"_ _5\"></span>accounts<span class=\"_ _3\"></span> f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>the f<span class=\"_ _3\"></span>ina<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cial <span class=\"_ _5\"></span>year<span class=\"_ _d\"></span>. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>plan<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>horizon<span class=\"_ _3\"></span> is<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>hree<span class=\"_ _3\"></span> years. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>pla<span class=\"_ _3\"></span>nning <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ta <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>in <span class=\"_ _1\"></span>Own <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Solvency<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Assessment <span class=\"_ _1\"></span>(ORSA<span class=\"_ _3\"></span>) <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ms a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>arting <span class=\"_ _1\"></span>basis <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>calc<span class=\"_ _3\"></span>ulating future <span class=\"_ _3\"></span>expect<span class=\"_ _3\"></span>ed solvency<span class=\"_ _11\"></span>. The <span class=\"_ _b\"> </span>Reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt <span class=\"_ _b\"> </span>coordin<span class=\"_ _3\"></span>ates <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>-wide<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _b\"> </span>prog<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>amm<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _b\"> </span>man<span class=\"_ _3\"></span>ages <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>annual <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>enewal process<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>natural catastro<span class=\"_ _3\"></span>phe coverage. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>E<span class=\"_ _3\"></span>nterprise<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>R<span class=\"_ _3\"></span>isk <span class=\"_ _1\"></span>Managem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>departm<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>assis<span class=\"_ _3\"></span>ts <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> Re<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance depart-<span class=\"_ _379\"> </span>ment in <span class=\"_ _1\"></span>validating the e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ternal <span class=\"_ _1\"></span>nat<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ral catastro<span class=\"_ _3\"></span>phe models used and <span class=\"_ _1\"></span>evaluating the ef<span class=\"_ _3\"></span>fectiveness of reinsuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> cover<span class=\"_ _3\"></span>age using th<span class=\"_ _3\"></span>e internal non-li<span class=\"_ _3\"></span>fe mod<span class=\"_ _3\"></span>el. RISK MONI<span class=\"_ _3\"></span>TORING The <span class=\"_ _1\"></span>solv<span class=\"_ _3\"></span>ency corrido<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> defined at the G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>up <span class=\"_ _1\"></span>level and the Group-<span class=\"_ _3\"></span>wide <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>system for risk-b<span class=\"_ _3\"></span>earing capacit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> form the basis for contin<span class=\"_ _3\"></span>uous monito<span class=\"_ _3\"></span>ring of t<span class=\"_ _3\"></span>he sol<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>en<span class=\"_ _3\"></span>cy situati<span class=\"_ _3\"></span>on of the <span class=\"_ _3\"></span>Group a<span class=\"_ _3\"></span>nd subsi<span class=\"_ _3\"></span>diaries. Compl<span class=\"_ _3\"></span>iance <span class=\"_ _c\"> </span>with <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>sec<span class=\"_ _3\"></span>urities <span class=\"_ _c\"> </span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>key <span class=\"_ _b\"> </span>fig<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is <span class=\"_ _c\"> </span>also <span class=\"_ _c\"> </span>continuo<span class=\"_ _3\"></span>usly <span class=\"_ _c\"> </span>checked <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>monitor<span class=\"_ _5\"></span>ed. <span class=\"_ _b\"> </span>Mo<span class=\"_ _3\"></span>nitoring<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is performed <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>periodi<span class=\"_ _3\"></span>c <span class=\"_ _4\"></span>fair <span class=\"_ _1\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>value-at-<span class=\"_ _3\"></span>risk <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>culations <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>detaile<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>siti<span class=\"_ _3\"></span>vity <span class=\"_ _1\"></span>analyses and stress t<span class=\"_ _3\"></span>ests a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>determi<span class=\"_ _3\"></span>nin<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>the solve<span class=\"_ _3\"></span>ncy capi<span class=\"_ _3\"></span>tal re<span class=\"_ _3\"></span>qu<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt during t<span class=\"_ _3\"></span>he year<span class=\"_ _d\"></span>.  Liquidity <span class=\"_ _4\"></span>risk <span class=\"_ _1\"></span>is <span class=\"_ _4\"></span>managed <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>monito<span class=\"_ _5\"></span>red <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>matchi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>portfolio<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>insurance <span class=\"_ _4\"></span>oblig<span class=\"_ _3\"></span>ations. <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>per<span class=\"_ _3\"></span>ational <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>nd strategic <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>which <span class=\"_ _3\"></span>might <span class=\"_ _3\"></span>be c<span class=\"_ _3\"></span>aused b<span class=\"_ _3\"></span>y defi<span class=\"_ _3\"></span>ciencies o<span class=\"_ _3\"></span>r err<span class=\"_ _3\"></span>ors <span class=\"_ _3\"></span>in busi<span class=\"_ _3\"></span>ness <span class=\"_ _3\"></span>process<span class=\"_ _3\"></span>es, co<span class=\"_ _3\"></span>ntrols <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>proje<span class=\"_ _3\"></span>cts, <span class=\"_ _3\"></span>or c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>anges <span class=\"_ _5\"></span>in the b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>siness <span class=\"_ _3\"></span>enviro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ment, <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e also co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>usly monitor<span class=\"_ _5\"></span>ed by the i<span class=\"_ _3\"></span>nternal co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l system.<span class=\"_ _3\"></span> Periodic <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>monitoring <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>docume<span class=\"_ _3\"></span>nted, <span class=\"_ _3\"></span>for exampl<span class=\"_ _3\"></span>e, in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>quarterl<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eports <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ided <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d fo<span class=\"_ _3\"></span>llowing <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e meeti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>gs o<span class=\"_ _3\"></span>f the Risk Com<span class=\"_ _5\"></span>mittee and fo<span class=\"_ _3\"></span>rms the s<span class=\"_ _3\"></span>tarting poi<span class=\"_ _5\"></span>nt for any f<span class=\"_ _3\"></span>urther a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>yses or cor<span class=\"_ _3\"></span>rectiv<span class=\"_ _3\"></span>e control<span class=\"_ _3\"></span> meas<span class=\"_ _3\"></span>ures. Risk categor<span class=\"_ _3\"></span>ies Because of<span class=\"_ _3\"></span> its <span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>vities, VIG <span class=\"_ _3\"></span>Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>up is expos<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span> to<span class=\"_ _3\"></span> a large <span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber of <span class=\"_ _3\"></span>financial<span class=\"_ _3\"></span> and non<span class=\"_ _3\"></span>-financial ris<span class=\"_ _3\"></span>ks. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>verall<span class=\"_ _3\"></span> risk of <span class=\"_ _3\"></span>VIG Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e Gro<span class=\"_ _3\"></span>up can be <span class=\"_ _3\"></span>divided i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>the fol<span class=\"_ _3\"></span>lowing ris<span class=\"_ _3\"></span>k catego<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ies: <span class=\"_ _5\"></span> MARKET RIS<span class=\"_ _3\"></span>K Market risk is th<span class=\"_ _1\"></span>e risk of losses due <span class=\"_ _1\"></span>to c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>anges i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>market prices. Cha<span class=\"_ _3\"></span>nges in v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> occ<span class=\"_ _3\"></span>ur<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>for example, du<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in yield cu<span class=\"_ _3\"></span>rves, shar<span class=\"_ _3\"></span>e prices,<span class=\"_ _3\"></span> excha<span class=\"_ _3\"></span>nge rates a<span class=\"_ _3\"></span>nd the <span class=\"_ _3\"></span>value of land <span class=\"_ _3\"></span>and buil<span class=\"_ _3\"></span>dings and <span class=\"_ _3\"></span>particip<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>ions.<span class=\"_ _379\"> </span>CREDIT RIS<span class=\"_ _3\"></span>K Credit <span class=\"_ _3\"></span>risk q<span class=\"_ _3\"></span>uantifies t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> po<span class=\"_ _3\"></span>tential lo<span class=\"_ _3\"></span>ss due to <span class=\"_ _3\"></span>a deterio<span class=\"_ _3\"></span>ration o<span class=\"_ _3\"></span>f the situati<span class=\"_ _3\"></span>on of a cou<span class=\"_ _3\"></span>nterpart<span class=\"_ _3\"></span>y against <span class=\"_ _3\"></span>which claims<span class=\"_ _3\"></span> exist<span class=\"_ _3\"></span>.<span class=\"_ _379\"> </span>UNDERWRITIN<span class=\"_ _3\"></span>G RISKS VIG <span class=\"_ _6\"> </span>Insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s <span class=\"_ _6\"> </span>core <span class=\"_ _b\"> </span>busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _b\"> </span>consists <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>tra<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sfer <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>risk <span class=\"_ _6\"> </span>fro<span class=\"_ _3\"></span>m <span class=\"_ _6\"> </span>polic<span class=\"_ _3\"></span>yh<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>ers <span class=\"_ _6\"> </span>to <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nsurance <span class=\"_ _6\"> </span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>. Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>risks<span class=\"_ _3\"></span> in t<span class=\"_ _1\"></span>he ar<span class=\"_ _3\"></span>eas of <span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance, healt<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nsurance a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d no<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>-lif<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce are prim<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ang<span class=\"_ _3\"></span>es in ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce-specif<span class=\"_ _3\"></span>ic param<span class=\"_ _3\"></span>eters, suc<span class=\"_ _3\"></span>h a<span class=\"_ _1\"></span>s l<span class=\"_ _3\"></span>oss fr<span class=\"_ _3\"></span>equency<span class=\"_ _11\"></span>, los<span class=\"_ _3\"></span>s amount o<span class=\"_ _3\"></span>r mortality<span class=\"_ _d\"></span>, as <span class=\"_ _3\"></span>well as <span class=\"_ _3\"></span>lapse rates a<span class=\"_ _3\"></span>nd lapse <span class=\"_ _3\"></span>cost<span class=\"_ _3\"></span>s. OPERA<span class=\"_ _5\"></span>TIONAL <span class=\"_ _3\"></span>RISKS Operatio<span class=\"_ _3\"></span>nal r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>may r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lt from<span class=\"_ _3\"></span> deficiencies or erro<span class=\"_ _3\"></span>rs in <span class=\"_ _1\"></span>busin<span class=\"_ _3\"></span>ess <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>cesses, co<span class=\"_ _3\"></span>ntrols or projec<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>caus<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by tech<span class=\"_ _3\"></span>nology<span class=\"_ _d\"></span>, staf<span class=\"_ _3\"></span>f, organisatio<span class=\"_ _3\"></span>n or ex<span class=\"_ _3\"></span>terna<span class=\"_ _1\"></span>l f<span class=\"_ _3\"></span>actors. REPUT<span class=\"_ _5\"></span>A<span class=\"_ _3\"></span>TION<span class=\"_ _3\"></span> R<span class=\"_ _1\"></span>IS<span class=\"_ _3\"></span>K Reputatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> risk is <span class=\"_ _3\"></span>the risk o<span class=\"_ _3\"></span>f negative c<span class=\"_ _3\"></span>hanges i<span class=\"_ _3\"></span>n busi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss d<span class=\"_ _3\"></span>ue to dam<span class=\"_ _3\"></span>age to a com<span class=\"_ _5\"></span>pany\u2019<span class=\"_ _d\"></span>s r<span class=\"_ _3\"></span>eputati<span class=\"_ _3\"></span>on. LIQUIDITY<span class=\"_ _3\"></span> RISK This c<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>ry in<span class=\"_ _3\"></span>cludes the<span class=\"_ _3\"></span> risk of <span class=\"_ _3\"></span>VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>up not <span class=\"_ _3\"></span>having s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>ficient assets<span class=\"_ _3\"></span> that <span class=\"_ _3\"></span>can be<span class=\"_ _3\"></span> liquidated<span class=\"_ _3\"></span> at sho<span class=\"_ _3\"></span>rt noti<span class=\"_ _3\"></span>ce to satisfy its <span class=\"_ _3\"></span>paymen<span class=\"_ _3\"></span>t obligations.<span class=\"_ _379\"> </span>STRA<span class=\"_ _5\"></span>TEGIC RIS<span class=\"_ _3\"></span>KS Strategic <span class=\"_ _3\"></span>risks can <span class=\"_ _3\"></span>arise du<span class=\"_ _3\"></span>e to cha<span class=\"_ _3\"></span>nges in the e<span class=\"_ _3\"></span>conomi<span class=\"_ _3\"></span>c envir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>, c<span class=\"_ _3\"></span>ase law<span class=\"_ _5\"></span>, or t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e r<span class=\"_ _3\"></span>eg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>enviro<span class=\"_ _3\"></span>nment. Manag<span class=\"_ _3\"></span>i<span class=\"_ _1\"></span>ng si<span class=\"_ _3\"></span>gnificant<span class=\"_ _3\"></span> risks In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>risks in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>real estate <span class=\"_ _1\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>modell<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>using <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>parti<span class=\"_ _3\"></span>al internal mod<span class=\"_ _3\"></span>el, the fol<span class=\"_ _3\"></span>lowing ris<span class=\"_ _3\"></span>ks must be <span class=\"_ _3\"></span>noted d<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to thei<span class=\"_ _3\"></span>r great i<span class=\"_ _3\"></span>mporta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce f<span class=\"_ _3\"></span>or VIG I<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up: \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>erest r<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>risk po<span class=\"_ _3\"></span>rtion of mark<span class=\"_ _3\"></span>et risk, <span class=\"_ _3\"></span>which prim<span class=\"_ _3\"></span>arily r<span class=\"_ _3\"></span>esu<span class=\"_ _1\"></span>lts f<span class=\"_ _3\"></span>rom s<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>les of<span class=\"_ _3\"></span> long-term g<span class=\"_ _3\"></span>uaran<span class=\"_ _3\"></span>tee prod<span class=\"_ _3\"></span>ucts,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e asse<span class=\"_ _3\"></span>t cr<span class=\"_ _3\"></span>edit qu<span class=\"_ _3\"></span>ality and defa<span class=\"_ _3\"></span>ult risk i<span class=\"_ _3\"></span>nheren<span class=\"_ _3\"></span>t in investm<span class=\"_ _3\"></span>ents, w<span class=\"_ _3\"></span>hich can <span class=\"_ _3\"></span>be assig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d to credi<span class=\"_ _3\"></span>t risk a<span class=\"_ _3\"></span>nd indir<span class=\"_ _3\"></span>ectly to market <span class=\"_ _3\"></span>risk,  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e sh<span class=\"_ _3\"></span>are pric<span class=\"_ _3\"></span>e risk po<span class=\"_ _3\"></span>rtion of <span class=\"_ _3\"></span>market risk,<span class=\"_ _3\"></span> which r<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>ults from<span class=\"_ _3\"></span> direct o<span class=\"_ _3\"></span>r indire<span class=\"_ _3\"></span>ct holdi<span class=\"_ _3\"></span>ngs (e.g. in i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ent funds<span class=\"_ _3\"></span>) of equities a<span class=\"_ _3\"></span>nd no<span class=\"_ _3\"></span>n-<span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>nsolidated p<span class=\"_ _3\"></span>articipa<span class=\"_ _3\"></span>tions, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e c<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> risk po<span class=\"_ _3\"></span>rtio<span class=\"_ _3\"></span>n of market <span class=\"_ _3\"></span>risk, whic<span class=\"_ _3\"></span>h res<span class=\"_ _3\"></span>ults in p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r from <span class=\"_ _3\"></span>the hig<span class=\"_ _3\"></span>h degr<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span> of <span class=\"_ _3\"></span>invol<span class=\"_ _3\"></span>vement in t<span class=\"_ _3\"></span>he CEE regio<span class=\"_ _3\"></span>n, and<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>life insurance l<span class=\"_ _3\"></span>apse risk,<span class=\"_ _3\"></span> which c<span class=\"_ _3\"></span>an occur d<span class=\"_ _3\"></span>ue to a<span class=\"_ _3\"></span>n incre<span class=\"_ _3\"></span>ase in can<span class=\"_ _3\"></span>cellatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> rates.<span class=\"_ _3\"></span> MARKET RIS<span class=\"_ _3\"></span>K VIG <span class=\"_ _d\"></span>Insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _5\"></span>is <span class=\"_ _d\"></span>expose<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>to <span class=\"_ _d\"></span>marke<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>risk,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>is,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>risk <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>suf<span class=\"_ _3\"></span>ferin<span class=\"_ _3\"></span>g <span class=\"_ _5\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _d\"></span>as <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>res<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>chang<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>m<span class=\"_ _3\"></span>arket <span class=\"_ _d\"></span>param<span class=\"_ _3\"></span>eter<span class=\"_ _3\"></span>s. Int<span class=\"_ _3\"></span>erest<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>at<span class=\"_ _3\"></span>es,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>spr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ads<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pri<span class=\"_ _3\"></span>ces are<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>most rel<span class=\"_ _3\"></span>evan<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>par<span class=\"_ _3\"></span>amet<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rket<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>risk<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>Ig<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ring <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nves<span class=\"_ _3\"></span>tmen<span class=\"_ _3\"></span>ts held<span class=\"_ _3\"></span> for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>acco<span class=\"_ _3\"></span>unt <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>at <span class=\"_ _5\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>sk <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _3\"></span>holde<span class=\"_ _3\"></span>rs, <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nvestm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>ranc<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>busi<span class=\"_ _3\"></span>ness <span class=\"_ _11\"></span>consis<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span>rgely <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>fix<span class=\"_ _3\"></span>ed-i<span class=\"_ _3\"></span>ncom<span class=\"_ _3\"></span>e <span class=\"_ _d\"></span>secu<span class=\"_ _3\"></span>rities.<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>majo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>se<span class=\"_ _3\"></span>curi<span class=\"_ _3\"></span>ties <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>de<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>omi<span class=\"_ _5\"></span>nated<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>eur<span class=\"_ _3\"></span>o <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>C<span class=\"_ _3\"></span>zech <span class=\"_ _4\"></span>ko<span class=\"_ _3\"></span>runa. <span class=\"_ _4\"></span>Co<span class=\"_ _3\"></span>nse<span class=\"_ _3\"></span>quen<span class=\"_ _3\"></span>tly<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>int<span class=\"_ _3\"></span>eres<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>rate <span class=\"_ _4\"></span>flu<span class=\"_ _3\"></span>ct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>and exch<span class=\"_ _3\"></span>ange <span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>e c<span class=\"_ _3\"></span>hanges i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>hese<span class=\"_ _3\"></span> curr<span class=\"_ _5\"></span>encie<span class=\"_ _3\"></span>s prim<span class=\"_ _5\"></span>ar<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span>y h<span class=\"_ _3\"></span>ave a<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>effe<span class=\"_ _3\"></span>ct on<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e valu<span class=\"_ _3\"></span>e of<span class=\"_ _3\"></span> thes<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> fi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>cial as<span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>ts.<span class=\"_ _379\"> </span>The <span class=\"_ _c\"></span>m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>investme<span class=\"_ _3\"></span>nts <span class=\"_ _c\"> </span>is<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>aimed <span class=\"_ _4\"></span>at <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>rovidi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>coverag<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>for <span class=\"_ _a\"></span>insur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _a\"></span>risks <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>appro<span class=\"_ _3\"></span>priate <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce business a<span class=\"_ _3\"></span>nd the ma<span class=\"_ _3\"></span>turities of<span class=\"_ _3\"></span> liabil<span class=\"_ _3\"></span>ities. De<span class=\"_ _3\"></span>pe<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>pu<span class=\"_ _3\"></span>rpos<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>app<span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>VIG<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Ho<span class=\"_ _3\"></span>ldi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>perfo<span class=\"_ _5\"></span>rms<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span>-at<span class=\"_ _3\"></span>-ri<span class=\"_ _3\"></span>sk calc<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>su<span class=\"_ _3\"></span>b-<span class=\"_ _3\"></span>por<span class=\"_ _3\"></span>tfol<span class=\"_ _3\"></span>ios<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>or VI<span class=\"_ _3\"></span>G I<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>Gro<span class=\"_ _3\"></span>up.<span class=\"_ _3\"></span> Co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>e le<span class=\"_ _3\"></span>vel<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>y b<span class=\"_ _3\"></span>etw<span class=\"_ _3\"></span>ee<span class=\"_ _3\"></span>n 95<span class=\"_ _3\"></span>.0<span class=\"_ _3\"></span>% a<span class=\"_ _3\"></span>nd 9<span class=\"_ _5\"></span>9.5%<span class=\"_ _3\"></span>, a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>hold<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng p<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>od <span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>ries<span class=\"_ _3\"></span> fr<span class=\"_ _5\"></span>om 2<span class=\"_ _5\"></span>0 to<span class=\"_ _3\"></span> 2<span class=\"_ _3\"></span>50 d<span class=\"_ _3\"></span>ays<span class=\"_ _3\"></span>.<span class=\"_ _3\"></span> Due to the nat<span class=\"_ _3\"></span>ure of<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e portf<span class=\"_ _3\"></span>olio, i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>erest <span class=\"_ _3\"></span>rate and spre<span class=\"_ _3\"></span>ad com<span class=\"_ _3\"></span>ponents make t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> la<span class=\"_ _3\"></span>rgest contrib<span class=\"_ _3\"></span>utions to valu<span class=\"_ _3\"></span>e-at-risk. <span class=\"_ _3\"></span>As<span class=\"_ _379\"> </span>a plausibili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>check of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lc<span class=\"_ _3\"></span>ulations, t<span class=\"_ _3\"></span>he value-a<span class=\"_ _379\"> </span>t-risk f<span class=\"_ _3\"></span>or the most im<span class=\"_ _3\"></span>portant s<span class=\"_ _3\"></span>ub-portf<span class=\"_ _3\"></span>olios <span class=\"_ _3\"></span>is determined <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sing bot<span class=\"_ _3\"></span>h the parame<span class=\"_ _3\"></span>tr<span class=\"_ _1\"></span>ic m<span class=\"_ _3\"></span>ethod d<span class=\"_ _3\"></span>escribed <span class=\"_ _3\"></span>above an<span class=\"_ _3\"></span>d the histori<span class=\"_ _3\"></span>cal cal<span class=\"_ _3\"></span>cul<span class=\"_ _3\"></span>ation method.<span class=\"_ _3\"></span> The <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _1\"></span>tabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>shows the <span class=\"_ _1\"></span>value<span class=\"_ _3\"></span>-a<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>-r<span class=\"_ _1\"></span>isk (at a <span class=\"_ _1\"></span>99% <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>dence <span class=\"_ _1\"></span>level) for <span class=\"_ _1\"></span>finan<span class=\"_ _3\"></span>cial a<span class=\"_ _1\"></span>ssets that <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>asured as <span class=\"_ _1\"></span>avai<span class=\"_ _3\"></span>lable for sale or <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>cognised at f<span class=\"_ _3\"></span>air valu<span class=\"_ _3\"></span>e thro<span class=\"_ _3\"></span>ugh prof<span class=\"_ _3\"></span>it or loss (i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>cl.<span class=\"_ _3\"></span> he<span class=\"_ _1\"></span>ld fo<span class=\"_ _3\"></span>r trading<span class=\"_ _3\"></span>). Value-at-<span class=\"_ _1\"></span>Risk <span class=\"_ _1de\"> </span><span class=\"fsc\">31.12.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R millions<span class=\"_ _379\"> </span>10-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _ba\"> </span>875.0<span class=\"_ _379\"> </span>389.9<span class=\"_ _379\"> </span>20-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _1df\"> </span>1,237.5<span class=\"_ _379\"> </span>551.5<span class=\"_ _379\"> </span>60-<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>y h<span class=\"_ _1\"></span>oldi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>eri<span class=\"_ _1\"></span>od<span class=\"_ _1df\"> </span>2,143.3<span class=\"_ _379\"> </span>955.2<span class=\"_ _379\"> </span>The incr<span class=\"_ _3\"></span>ease i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue-at-risk r<span class=\"_ _5\"></span>eflects the c<span class=\"_ _3\"></span>urre<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> i<span class=\"_ _3\"></span>nterest <span class=\"_ _3\"></span>rate <span class=\"_ _3\"></span>trend.<span class=\"_ _3\"></span> Market <span class=\"_ _4\"></span>risk <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>divided <span class=\"_ _4\"></span>into <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>nterest <span class=\"_ _4\"></span>rate, <span class=\"_ _4\"></span>spr<span class=\"_ _3\"></span>ead, <span class=\"_ _4\"></span>share <span class=\"_ _4\"></span>price, <span class=\"_ _4\"></span>curr<span class=\"_ _3\"></span>ency<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>eal <span class=\"_ _a\"></span>estat<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>con<span class=\"_ _3\"></span>centratio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>risk. <span class=\"_ _a\"></span>Int<span class=\"_ _3\"></span>erest <span class=\"_ _4\"></span>rat<span class=\"_ _3\"></span>es, sprea<span class=\"_ _3\"></span>ds and s<span class=\"_ _3\"></span>hare p<span class=\"_ _3\"></span>rices ar<span class=\"_ _3\"></span>e the mos<span class=\"_ _3\"></span>t rel<span class=\"_ _3\"></span>evant pa<span class=\"_ _3\"></span>rameters f<span class=\"_ _5\"></span>or market risk. <span class=\"_ _5\"></span> Interest rate<span class=\"_ _3\"></span> risk The <span class=\"_ _a\"></span>mai<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>dr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>vers <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>interes<span class=\"_ _3\"></span>t <span class=\"_ _a\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>sizeabl<span class=\"_ _379\"> </span>e <span class=\"_ _a\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>policies <span class=\"_ _a\"></span>with <span class=\"_ _a\"></span>guarante<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>minimum <span class=\"_ _4\"></span>inte<span class=\"_ _3\"></span>rest <span class=\"_ _a\"></span>rat<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>which includes <span class=\"_ _6\"> </span>p<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>sio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>endo<span class=\"_ _3\"></span>wment <span class=\"_ _6\"> </span>insura<span class=\"_ _3\"></span>nce, <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>sulting <span class=\"_ _6\"> </span>inves<span class=\"_ _3\"></span>tments. <span class=\"_ _b\"> </span>F<span class=\"_ _1\"></span>or <span class=\"_ _b\"> </span>existing <span class=\"_ _6\"> </span>life <span class=\"_ _b\"> </span>in<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>policies, <span class=\"_ _b\"> </span>VIG Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up guarante<span class=\"_ _3\"></span>es a minimum inter<span class=\"_ _5\"></span>est r<span class=\"_ _1\"></span>ate a<span class=\"_ _3\"></span>veraging ar<span class=\"_ _3\"></span>ound 1.83<span class=\"_ _3\"></span>% p.a. (1.80<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> p.a.<span class=\"_ _3\"></span>). If interest r<span class=\"_ _3\"></span>ates fall below<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>guara<span class=\"_ _3\"></span>nteed <span class=\"_ _5\"></span>average <span class=\"_ _5\"></span>minimum <span class=\"_ _5\"></span>rat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>longer <span class=\"_ _3\"></span>dur<span class=\"_ _3\"></span>ation <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>time, <span class=\"_ _5\"></span>VIG <span class=\"_ _3\"></span>Insur<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>find <span class=\"_ _5\"></span>itself <span class=\"_ _5\"></span>force<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>future<span class=\"_ _3\"></span> to <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>se <span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>subsidise <span class=\"_ _3\"></span>reser<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>these pr<span class=\"_ _3\"></span>odu<span class=\"_ _3\"></span>cts a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>con<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>quently <span class=\"_ _3\"></span>incre<span class=\"_ _3\"></span>ase t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>m <span class=\"_ _3\"></span>thro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h prof<span class=\"_ _3\"></span>it o<span class=\"_ _3\"></span>r loss<span class=\"_ _3\"></span> as <span class=\"_ _3\"></span>a r<span class=\"_ _3\"></span>esult of the ade<span class=\"_ _3\"></span>quacy t<span class=\"_ _3\"></span>est. The embed<span class=\"_ _3\"></span>ded val<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e in lif<span class=\"_ _3\"></span>e and health insu<span class=\"_ _3\"></span>rance consis<span class=\"_ _3\"></span>ts of the adjust<span class=\"_ _3\"></span>ed net assets at ma<span class=\"_ _3\"></span>rket valu<span class=\"_ _3\"></span>e (ANA<span class=\"_ _5\"></span>V) and the val<span class=\"_ _3\"></span>ue of the i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e portfoli<span class=\"_ _3\"></span>o (VI<span class=\"_ _3\"></span>F<span class=\"_ _1\"></span>). <span class=\"_ _3\"></span>VIF is <span class=\"_ _3\"></span>the pr<span class=\"_ _3\"></span>esent <span class=\"_ _3\"></span>value<span class=\"_ _3\"></span> of future<span class=\"_ _3\"></span> prof<span class=\"_ _3\"></span>its <span class=\"_ _3\"></span>(SPVFP), r<span class=\"_ _5\"></span>educed <span class=\"_ _3\"></span>by a ris<span class=\"_ _3\"></span>k margi<span class=\"_ _3\"></span>n. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>SPVFP<span class=\"_ _3\"></span> was<span class=\"_ _3\"></span> EUR 4,149,<span class=\"_ _3\"></span>904,000 <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er 202<span class=\"_ _3\"></span>2. A<span class=\"_ _3\"></span> 100<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>basis <span class=\"_ _5\"></span>point d<span class=\"_ _3\"></span>rop <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>yield c<span class=\"_ _3\"></span>urve <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ould <span class=\"_ _3\"></span>mea<span class=\"_ _3\"></span>n t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>PVFP <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>ed to E<span class=\"_ _1\"></span>UR 3,7<span class=\"_ _3\"></span>09,152,0<span class=\"_ _3\"></span>00, which <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>eans the IFRS <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eserves ar<span class=\"_ _3\"></span>e also adequate <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>this scen<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>io. Also<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>see the e<span class=\"_ _1\"></span>mb<span class=\"_ _3\"></span>edded value<span class=\"_ _3\"></span> sensitivit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>analysis on <span class=\"_ _3\"></span>page 90<span class=\"_ _3\"></span>. Spread ris<span class=\"_ _3\"></span>k Spre<span class=\"_ _3\"></span>ad <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>arises <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>all <span class=\"_ _4\"></span>assets <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>abilities <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>h<span class=\"_ _379\"> </span>os<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>values <span class=\"_ _1\"></span>depend <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>siz<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>credit <span class=\"_ _1\"></span>sprea<span class=\"_ _3\"></span>ds <span class=\"_ _4\"></span>over <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> riskless <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _3\"></span>curve. <span class=\"_ _3\"></span>Duratio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>and th<span class=\"_ _3\"></span>e cr<span class=\"_ _3\"></span>editwort<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ness of<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>debtor ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ain fac<span class=\"_ _3\"></span>tors d<span class=\"_ _3\"></span>etermini<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>amou<span class=\"_ _3\"></span>nt of <span class=\"_ _3\"></span>spre<span class=\"_ _3\"></span>ad risk. Diversif<span class=\"_ _3\"></span>ication and <span class=\"_ _1\"></span>a uniform lim<span class=\"_ _3\"></span>it <span class=\"_ _1\"></span>system for <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>fix<span class=\"_ _3\"></span>ed-inter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>strum<span class=\"_ _3\"></span>ents are used to <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>this risk at the portfolio<span class=\"_ _3\"></span> level. Share price <span class=\"_ _3\"></span>risk Among <span class=\"_ _1\"></span>othe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>things,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sh<span class=\"_ _3\"></span>are <span class=\"_ _1\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>participa<span class=\"_ _3\"></span>tions <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>a n<span class=\"_ _1\"></span>umbe<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>of Au<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>rian<span class=\"_ _1\"></span> companies and <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity positions<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in other com<span class=\"_ _3\"></span>panies <span class=\"_ _3\"></span>whose s<span class=\"_ _3\"></span>hares <span class=\"_ _3\"></span>trade prim<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rily o<span class=\"_ _3\"></span>n the Vie<span class=\"_ _3\"></span>nna Stoc<span class=\"_ _3\"></span>k Ex<span class=\"_ _3\"></span>change o<span class=\"_ _3\"></span>r stock <span class=\"_ _3\"></span>exchanges<span class=\"_ _3\"></span> in th<span class=\"_ _3\"></span>e Euro<span class=\"_ _3\"></span>zone or C<span class=\"_ _3\"></span>EE regio<span class=\"_ _3\"></span>n. A det<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ior<span class=\"_ _3\"></span>ation of<span class=\"_ _3\"></span> the curr<span class=\"_ _3\"></span>ent eco<span class=\"_ _3\"></span>nomic sit<span class=\"_ _3\"></span>uation cou<span class=\"_ _3\"></span>ld result i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> the s<span class=\"_ _3\"></span>hare po<span class=\"_ _3\"></span>rtfolio<span class=\"_ _3\"></span> losing v<span class=\"_ _3\"></span>alue<span class=\"_ _1\"></span>.<span class=\"_ _379\"> </span>Shares <span class=\"_ _5\"></span>serve <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>incr<span class=\"_ _3\"></span>ease <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>arnings <span class=\"_ _3\"></span>ove<span class=\"_ _3\"></span>r t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>term, <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ovide <span class=\"_ _3\"></span>diversif<span class=\"_ _3\"></span>ication <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>ensat<span class=\"_ _3\"></span>e for <span class=\"_ _3\"></span>long<span class=\"_ _3\"></span>-term <span class=\"_ _3\"></span>eros<span class=\"_ _3\"></span>ion i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>value<span class=\"_ _3\"></span> due <span class=\"_ _3\"></span>to i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>ation. <span class=\"_ _3\"></span>VIG Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>assess<span class=\"_ _3\"></span>es shar<span class=\"_ _3\"></span>e p<span class=\"_ _3\"></span>rice <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>by co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>side<span class=\"_ _3\"></span>ring di<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ersif<span class=\"_ _3\"></span>ication <span class=\"_ _3\"></span>within <span class=\"_ _3\"></span>the o<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>erall <span class=\"_ _3\"></span>portfoli<span class=\"_ _3\"></span>o a<span class=\"_ _3\"></span>nd corr<span class=\"_ _3\"></span>elation <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>other <span class=\"_ _1\"></span>securities <span class=\"_ _1\"></span>expos<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>price <span class=\"_ _1\"></span>risk. <span class=\"_ _1\"></span>Risk diversification with<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>rtfolio <span class=\"_ _1\"></span>is mainly<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>achieved by<span class=\"_ _1\"></span> geographi<span class=\"_ _3\"></span>c <span class=\"_ _6\"> </span>diversifi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _6\"> </span>pr<span class=\"_ _1\"></span>im<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rily <span class=\"_ _6\"> </span>in <span class=\"_ _b\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _6\"> </span>hom<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>markets <span class=\"_ _b\"> </span>of <span class=\"_ _6\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>the <span class=\"_ _6\"> </span>Eur<span class=\"_ _3\"></span>ozone. <span class=\"_ _b\"> </span>Shar<span class=\"_ _3\"></span>e <span class=\"_ _2\"> </span>in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _3\"></span>ents <span class=\"_ _6\"> </span>ar<span class=\"_ _3\"></span>e predomi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>antl<span class=\"_ _3\"></span>y made b<span class=\"_ _3\"></span>y the Aust<span class=\"_ _3\"></span>rian com<span class=\"_ _3\"></span>panies.<span class=\"_ _3\"></span> Currenc<span class=\"_ _3\"></span>y risk<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>diversify<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>its <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>rtfolio, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>investm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>ea <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lso<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>makes <span class=\"_ _1\"></span>use <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>inte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>natio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>markets <span class=\"_ _1\"></span>and, <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ver<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>small<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>extent, for<span class=\"_ _3\"></span>eign <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>encies. The high <span class=\"_ _1\"></span>degr<span class=\"_ _3\"></span>ee of inv<span class=\"_ _1\"></span>ol<span class=\"_ _3\"></span>vement in <span class=\"_ _1\"></span>the CEE <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>egion results in curre<span class=\"_ _3\"></span>ncy risks a<span class=\"_ _1\"></span>t the VIG<span class=\"_ _1\"></span> Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up level in s<span class=\"_ _3\"></span>pite of ma<span class=\"_ _3\"></span>tching loc<span class=\"_ _3\"></span>al curr<span class=\"_ _3\"></span>ency in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments m<span class=\"_ _3\"></span>ade a<span class=\"_ _3\"></span>t the local le<span class=\"_ _3\"></span>vel. Concentratio<span class=\"_ _3\"></span>n r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k Internal <span class=\"_ _4\"></span>guidelines <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>limit <span class=\"_ _4\"></span>system <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>keep <span class=\"_ _4\"></span>concentratio<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>within <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>desir<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>safe<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>margi<span class=\"_ _3\"></span>n. <span class=\"_ _a\"></span>Consulta<span class=\"_ _3\"></span>tion across b<span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>ss l<span class=\"_ _3\"></span>ines pr<span class=\"_ _3\"></span>ovides fo<span class=\"_ _3\"></span>r a com<span class=\"_ _3\"></span>prehe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>siv<span class=\"_ _3\"></span>e view of <span class=\"_ _3\"></span>all si<span class=\"_ _3\"></span>gnificant risks.<span class=\"_ _5\"></span> CAPIT<span class=\"_ _5\"></span>AL MARKE<span class=\"_ _3\"></span>T SCENARIO<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>ANAL<span class=\"_ _11\"></span>YSIS This analysis<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>is carried out<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for all ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ce c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies in VI<span class=\"_ _3\"></span>G <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ord<span class=\"_ _3\"></span>er to check the risk-be<span class=\"_ _3\"></span>aring capac<span class=\"_ _3\"></span>ity of the i<span class=\"_ _3\"></span>nvestments<span class=\"_ _3\"></span>. The <span class=\"_ _1\"></span>sensi<span class=\"_ _3\"></span>tivity sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>cks <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al asset classes sh<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>w th<span class=\"_ _1\"></span>e ranges of <span class=\"_ _1\"></span>market value red<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>cti<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>most importa<span class=\"_ _3\"></span>nt risk <span class=\"_ _3\"></span>factors <span class=\"_ _3\"></span>(cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, i<span class=\"_ _3\"></span>nter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>rate ris<span class=\"_ _3\"></span>k, li<span class=\"_ _3\"></span>quidity <span class=\"_ _5\"></span>risk) <span class=\"_ _3\"></span>and t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>resulti<span class=\"_ _3\"></span>ng ef<span class=\"_ _3\"></span>fects <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>net<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>fai<span class=\"_ _3\"></span>r valu<span class=\"_ _3\"></span>e of <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>sse<span class=\"_ _3\"></span>ts m<span class=\"_ _3\"></span>inus <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties. The sce<span class=\"_ _3\"></span>narios combi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>e th<span class=\"_ _3\"></span>ese individ<span class=\"_ _3\"></span>ual shocks <span class=\"_ _3\"></span>to ill<span class=\"_ _3\"></span>ustrate dif<span class=\"_ _3\"></span>ferent <span class=\"_ _3\"></span>capital ma<span class=\"_ _3\"></span>rket possi<span class=\"_ _3\"></span>bilities. Scenario<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>1 a<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>2 stro<span class=\"_ _3\"></span>ngly re<span class=\"_ _3\"></span>duce the fair valu<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of sh<span class=\"_ _3\"></span>ares, bo<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> and pro<span class=\"_ _3\"></span>perty at <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ame time. They<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>wo <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent combin<span class=\"_ _3\"></span>ations of m<span class=\"_ _3\"></span>arket val<span class=\"_ _3\"></span>ue red<span class=\"_ _3\"></span>uctions o<span class=\"_ _3\"></span>ver the m<span class=\"_ _3\"></span>ain asse<span class=\"_ _3\"></span>t classes.<span class=\"_ _3\"></span> Scenario<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _4\"></span>shows <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>cr<span class=\"_ _3\"></span>edit <span class=\"_ _1\"></span>shock <span class=\"_ _1\"></span>aff<span class=\"_ _3\"></span>ectin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>sto<span class=\"_ _3\"></span>ck <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>bo<span class=\"_ _3\"></span>nd <span class=\"_ _1\"></span>markets, <span class=\"_ _1\"></span>scenario 4 <span class=\"_ _4\"></span>is ba<span class=\"_ _1\"></span>sed <span class=\"_ _1\"></span>on <span class=\"_ _4\"></span>a <span class=\"_ _1\"></span>shock <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>equit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>sec<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>riti<span class=\"_ _3\"></span>es (including<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>operty<span class=\"_ _3\"></span>), a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>scenario <span class=\"_ _3\"></span>5 <span class=\"_ _3\"></span>shows<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>n in<span class=\"_ _3\"></span>terest <span class=\"_ _5\"></span>rate s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ock <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>has <span class=\"_ _3\"></span>a la<span class=\"_ _3\"></span>rge <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>value o<span class=\"_ _3\"></span>f bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _5\"></span>and pr<span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rty<span class=\"_ _5\"></span>. All <span class=\"_ _3\"></span>of the scenario c<span class=\"_ _3\"></span>alculatio<span class=\"_ _3\"></span>ns were <span class=\"_ _3\"></span>performe<span class=\"_ _3\"></span>d usi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a <span class=\"_ _3\"></span>ceter<span class=\"_ _3\"></span>is parib<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s ap<span class=\"_ _3\"></span>proa<span class=\"_ _3\"></span>ch. The <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing table sho<span class=\"_ _3\"></span>ws <span class=\"_ _1\"></span>the str<span class=\"_ _3\"></span>ess param<span class=\"_ _3\"></span>eters and the effects on IFRS capit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>of eac<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>sce<span class=\"_ _3\"></span>nario on the <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>especti<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> dates<span class=\"_ _3\"></span> (not incl<span class=\"_ _3\"></span>uding defe<span class=\"_ _3\"></span>rred t<span class=\"_ _3\"></span>axes, defe<span class=\"_ _3\"></span>rred pr<span class=\"_ _3\"></span>ofit p<span class=\"_ _3\"></span>articipatio<span class=\"_ _3\"></span>n or defer<span class=\"_ _3\"></span>red m<span class=\"_ _3\"></span>athematic<span class=\"_ _3\"></span>al res<span class=\"_ _3\"></span>erve).<span class=\"_ _3\"></span> Reduction i<span class=\"_ _1\"></span>n marke<span class=\"_ _1\"></span>t value <span class=\"_ _47\"> </span><span class=\"fs15\">Scenar<span class=\"_ _1\"></span>io 0<span class=\"_ _379\"> </span></span>Scenar<span class=\"_ _1\"></span>io 1<span class=\"_ _379\"> </span>Scenar<span class=\"_ _1\"></span>io 2<span class=\"_ _379\"> </span>Scenar<span class=\"_ _1\"></span>io 3<span class=\"_ _379\"> </span>Scenar<span class=\"_ _1\"></span>io 4<span class=\"_ _379\"> </span>Scenar<span class=\"_ _1\"></span>io 5<span class=\"_ _379\"> </span>of <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ares<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>0%<span class=\"_ _379\"> </span>-20%<span class=\"_ _379\"> </span>-10%<span class=\"_ _379\"> </span>-20%<span class=\"_ _379\"> </span>-20%<span class=\"_ _379\"> </span>0%<span class=\"_ _379\"> </span>of <span class=\"_ _1\"></span>bon<span class=\"_ _1\"></span>ds<span class=\"_ _1\"></span> <span class=\"_ _cf\"> </span>0%<span class=\"_ _379\"> </span>-5%<span class=\"_ _379\"> </span>-3%<span class=\"_ _379\"> </span>-5%<span class=\"_ _379\"> </span>0%<span class=\"_ _379\"> </span>-5%<span class=\"_ _379\"> </span>of <span class=\"_ _1\"></span>rea<span class=\"_ _1\"></span>l es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _193\"> </span>0%<span class=\"_ _379\"> </span>-5%<span class=\"_ _379\"> </span>-10%<span class=\"_ _379\"> </span>0%<span class=\"_ _379\"> </span>-10%<span class=\"_ _379\"> </span>-10%<span class=\"_ _379\"> </span>Marke<span class=\"_ _1\"></span>t value of<span class=\"_ _1\"></span> assets less liabili<span class=\"_ _1\"></span>ties (in EUR mill<span class=\"_ _1\"></span>ions) <span class=\"_ _1e0\"> </span>6,052.1<span class=\"_ _379\"> </span>4,079.2<span class=\"_ _379\"> </span>4,540.3<span class=\"_ _379\"> </span>4,343.4<span class=\"_ _379\"> </span>5,107.3<span class=\"_ _379\"> </span>4,231.7<span class=\"_ _379\"> </span>In ever<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> sc<span class=\"_ _3\"></span>enario, th<span class=\"_ _3\"></span>e fair val<span class=\"_ _3\"></span>ue of the <span class=\"_ _3\"></span>assets is sig<span class=\"_ _3\"></span>nificantl<span class=\"_ _3\"></span>y higher t<span class=\"_ _3\"></span>han the <span class=\"_ _3\"></span>value of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> li<span class=\"_ _3\"></span>abilities aft<span class=\"_ _3\"></span>er str<span class=\"_ _3\"></span>ess.<span class=\"_ _379\"> </span>CREDIT RIS<span class=\"_ _3\"></span>K FROM<span class=\"_ _3\"></span> INVESTM<span class=\"_ _3\"></span>ENT<span class=\"_ _1\"></span>S<span class=\"_ _3\"></span> Whe<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>nagi<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>el<span class=\"_ _3\"></span>ated<span class=\"_ _3\"></span> t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>redi<span class=\"_ _5\"></span>t <span class=\"_ _1\"></span>qua<span class=\"_ _3\"></span>lit<span class=\"_ _3\"></span>y<span class=\"_ _11\"></span>, <span class=\"_ _1\"></span>a dis<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>ctio<span class=\"_ _3\"></span>n mu<span class=\"_ _3\"></span>st be<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>de be<span class=\"_ _3\"></span>twe<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>liqu<span class=\"_ _3\"></span>id an<span class=\"_ _3\"></span>d trad<span class=\"_ _3\"></span>abl<span class=\"_ _5\"></span>e r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(e.<span class=\"_ _3\"></span>g.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>exc<span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>e-<span class=\"_ _379\"> </span>list<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>nds<span class=\"_ _3\"></span>) <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>bil<span class=\"_ _3\"></span>ater<span class=\"_ _3\"></span>al <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>ks<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uch<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>as, <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>ex<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>pl<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>tim<span class=\"_ _5\"></span>e <span class=\"_ _3\"></span>de<span class=\"_ _3\"></span>posi<span class=\"_ _3\"></span>ts,<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>O<span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>C <span class=\"_ _3\"></span>d<span class=\"_ _3\"></span>eri<span class=\"_ _3\"></span>vati<span class=\"_ _3\"></span>ves<span class=\"_ _3\"></span>, <span class=\"_ _5\"></span>loa<span class=\"_ _3\"></span>ns, <span class=\"_ _5\"></span>pri<span class=\"_ _3\"></span>va<span class=\"_ _3\"></span>te <span class=\"_ _5\"></span>pla<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>se<span class=\"_ _3\"></span>curi<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es ac<span class=\"_ _3\"></span>cou<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span>/de<span class=\"_ _3\"></span>pos<span class=\"_ _3\"></span>ito<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he ris<span class=\"_ _5\"></span>k is <span class=\"_ _3\"></span>mo<span class=\"_ _3\"></span>nit<span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>by m<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>ns o<span class=\"_ _3\"></span>f <span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _5\"></span>and<span class=\"_ _3\"></span> limi<span class=\"_ _5\"></span>ted <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>div<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n lim<span class=\"_ _3\"></span>its<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span>t t<span class=\"_ _3\"></span>he p<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rtfol<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span> le<span class=\"_ _3\"></span>vel.<span class=\"_ _3\"></span> Conside<span class=\"_ _3\"></span>ration i<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>nly<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>given <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>hose is<span class=\"_ _3\"></span>suers o<span class=\"_ _3\"></span>r co<span class=\"_ _3\"></span>ntracting p<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rties <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>hos<span class=\"_ _3\"></span>e cr<span class=\"_ _3\"></span>edit qu<span class=\"_ _3\"></span>ality or <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eliabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>can be <span class=\"_ _3\"></span>ass<span class=\"_ _3\"></span>essed <span class=\"_ _3\"></span>by V<span class=\"_ _3\"></span>IG Insurance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p, whethe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> on <span class=\"_ _1\"></span>the basis of analyses perform<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by the <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>oup, credit assessm<span class=\"_ _3\"></span>ents/r<span class=\"_ _3\"></span>atings <span class=\"_ _1\"></span>fro<span class=\"_ _3\"></span>m recog<span class=\"_ _3\"></span>nised sourc<span class=\"_ _3\"></span>es, pro<span class=\"_ _3\"></span>vision of s<span class=\"_ _3\"></span>ecurity (e.g. m<span class=\"_ _3\"></span>ortgages) or<span class=\"_ _d\"></span>, to <span class=\"_ _3\"></span>a certain ext<span class=\"_ _3\"></span>ent, the possi<span class=\"_ _3\"></span>bility of r<span class=\"_ _3\"></span>ecourse to r<span class=\"_ _3\"></span>eliabl<span class=\"_ _3\"></span>e mechanisms<span class=\"_ _3\"></span> for safeguar<span class=\"_ _3\"></span>ding i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> Und<span class=\"_ _3\"></span>er <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>uid<span class=\"_ _3\"></span>eli<span class=\"_ _3\"></span>nes, <span class=\"_ _d\"></span>bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _d\"></span>inv<span class=\"_ _3\"></span>estm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts <span class=\"_ _d\"></span>(w<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ch <span class=\"_ _d\"></span>rep<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>nt <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>la<span class=\"_ _3\"></span>rges<span class=\"_ _3\"></span>t <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>inv<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>tm<span class=\"_ _3\"></span>ents<span class=\"_ _3\"></span>) <span class=\"_ _5\"></span>ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>ma<span class=\"_ _3\"></span>de <span class=\"_ _d\"></span>alm<span class=\"_ _3\"></span>ost <span class=\"_ _d\"></span>enti<span class=\"_ _5\"></span>re<span class=\"_ _3\"></span>ly in th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nv<span class=\"_ _3\"></span>est<span class=\"_ _3\"></span>me<span class=\"_ _3\"></span>nt grad<span class=\"_ _3\"></span>e rang<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>goa<span class=\"_ _3\"></span>l <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ach<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>ve the gr<span class=\"_ _3\"></span>ea<span class=\"_ _3\"></span>tes<span class=\"_ _3\"></span>t <span class=\"_ _1\"></span>pos<span class=\"_ _3\"></span>si<span class=\"_ _3\"></span>ble div<span class=\"_ _3\"></span>ersi<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>cati<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>amo<span class=\"_ _5\"></span>ng <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>divi<span class=\"_ _3\"></span>du<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>uers<span class=\"_ _3\"></span>, to avoi<span class=\"_ _3\"></span>d ac<span class=\"_ _3\"></span>cum<span class=\"_ _3\"></span>ula<span class=\"_ _3\"></span>tio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> ris<span class=\"_ _3\"></span>ks, to<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>ens<span class=\"_ _5\"></span>ur<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>od a<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>rage c<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>edit<span class=\"_ _3\"></span>wo<span class=\"_ _3\"></span>rthi<span class=\"_ _5\"></span>ness<span class=\"_ _5\"></span>, <span class=\"_ _1\"></span>to co<span class=\"_ _5\"></span>ntro<span class=\"_ _3\"></span>l fo<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eig<span class=\"_ _3\"></span>n cu<span class=\"_ _3\"></span>rre<span class=\"_ _3\"></span>ncy<span class=\"_ _3\"></span> eff<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ts a<span class=\"_ _3\"></span>nd to ma<span class=\"_ _3\"></span>ke t<span class=\"_ _3\"></span>he m<span class=\"_ _3\"></span>ajo<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y of inv<span class=\"_ _3\"></span>est<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ents i<span class=\"_ _5\"></span>n m<span class=\"_ _3\"></span>id t<span class=\"_ _3\"></span>o l<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ng-<span class=\"_ _3\"></span>term <span class=\"_ _5\"></span>matu<span class=\"_ _3\"></span>riti<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>rde<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>ref<span class=\"_ _3\"></span>le<span class=\"_ _3\"></span>ct <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>atur<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>y pr<span class=\"_ _5\"></span>ofil<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>li<span class=\"_ _3\"></span>abil<span class=\"_ _3\"></span>iti<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>as <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fi<span class=\"_ _3\"></span>ci<span class=\"_ _3\"></span>entl<span class=\"_ _3\"></span>y as<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>oss<span class=\"_ _3\"></span>ibl<span class=\"_ _3\"></span>e. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>ok v<span class=\"_ _3\"></span>alu<span class=\"_ _3\"></span>es of<span class=\"_ _3\"></span> the i<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>stm<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>ts as o<span class=\"_ _3\"></span>f <span class=\"_ _1\"></span>3<span class=\"_ _3\"></span>1 De<span class=\"_ _3\"></span>cem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r 202<span class=\"_ _5\"></span>2 are<span class=\"_ _3\"></span> show<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span> pag<span class=\"_ _3\"></span>e 72.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>In<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>n the se<span class=\"_ _3\"></span>curi<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>hei<span class=\"_ _3\"></span>r ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>vid<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>in<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>No<span class=\"_ _5\"></span>te <span class=\"_ _5\"></span>2.4 <span class=\"_ _d\"></span>Ot<span class=\"_ _3\"></span>her <span class=\"_ _d\"></span>fi<span class=\"_ _3\"></span>nan<span class=\"_ _3\"></span>cial <span class=\"_ _d\"></span>ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>tar<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>pag<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>104<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>note<span class=\"_ _3\"></span>s <span class=\"_ _d\"></span>to <span class=\"_ _5\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>oli<span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>fi<span class=\"_ _5\"></span>nanci<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _5\"></span>s<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ents.<span class=\"_ _3\"></span> Use of rati<span class=\"_ _3\"></span>ng<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> The \u201cseco<span class=\"_ _3\"></span>nd be<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t rating\u201d method sp<span class=\"_ _3\"></span>ecified u<span class=\"_ _3\"></span>nder Solv<span class=\"_ _379\"> </span>ency II is<span class=\"_ _3\"></span> used a<span class=\"_ _1\"></span>s a rati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g met<span class=\"_ _3\"></span>hod. The latest (iss<span class=\"_ _3\"></span>ue or issuer<span class=\"_ _3\"></span>) r<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ng fro<span class=\"_ _3\"></span>m each of t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>thre<span class=\"_ _3\"></span>e major ra<span class=\"_ _3\"></span>ting age<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ies i<span class=\"_ _3\"></span>s used <span class=\"_ _3\"></span>to dete<span class=\"_ _3\"></span>rmine the se<span class=\"_ _3\"></span>cond b<span class=\"_ _3\"></span>est rating.<span class=\"_ _3\"></span> If <span class=\"_ _3\"></span>the l<span class=\"_ _3\"></span>atest <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>issuer <span class=\"_ _5\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng, a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>this <span class=\"_ _3\"></span>rating <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>nn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>e dir<span class=\"_ _3\"></span>ectly <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ed d<span class=\"_ _3\"></span>ue to <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>ference <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>qual<span class=\"_ _3\"></span>ity of <span class=\"_ _5\"></span>the s<span class=\"_ _3\"></span>ecurity <span class=\"_ _5\"></span>(<span class=\"_ _1\"></span>e.<span class=\"_ _3\"></span>g. senior un<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ecur<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>debt rating <span class=\"_ _1\"></span>and a <span class=\"_ _4\"></span>lo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>2 <span class=\"_ _1\"></span>bond), the <span class=\"_ _1\"></span>rating<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>adjust<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>downwar<span class=\"_ _5\"></span>d<span class=\"_ _1\"></span>s appro<span class=\"_ _3\"></span>priately<span class=\"_ _d\"></span>. <span class=\"_ _1\"></span>The adjustme<span class=\"_ _3\"></span>nt is one not<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>down for lo<span class=\"_ _3\"></span>wer tie<span class=\"_ _3\"></span>r 2 bonds a<span class=\"_ _3\"></span>nd two not<span class=\"_ _3\"></span>ches do<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> fo<span class=\"_ _3\"></span>r uppe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> tie<span class=\"_ _3\"></span>r 2 or tier 1 <span class=\"_ _3\"></span>bonds.<span class=\"_ _5\"></span> T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>is res<span class=\"_ _3\"></span>ults<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>up <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ee <span class=\"_ _1\"></span>vali<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>e<span class=\"_ _3\"></span>ach <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>nd. <span class=\"_ _1\"></span>Th<span class=\"_ _3\"></span>ese <span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>en <span class=\"_ _1\"></span>ran<span class=\"_ _3\"></span>ke<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>ac<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>asi<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>oba<span class=\"_ _3\"></span>bili<span class=\"_ _5\"></span>ty <span class=\"_ _1\"></span>of def<span class=\"_ _5\"></span>ault <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d the<span class=\"_ _3\"></span> ra<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g wi<span class=\"_ _5\"></span>th t<span class=\"_ _3\"></span>he s<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>d-lo<span class=\"_ _3\"></span>wes<span class=\"_ _3\"></span>t p<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>babil<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>def<span class=\"_ _5\"></span>ault <span class=\"_ _3\"></span>tak<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e \u201cs<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>bes<span class=\"_ _3\"></span>t r<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ng\u201d<span class=\"_ _3\"></span>. If <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>atin<span class=\"_ _3\"></span>gs <span class=\"_ _3\"></span>in fi<span class=\"_ _5\"></span>rst a<span class=\"_ _3\"></span>nd<span class=\"_ _3\"></span> sec<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>pla<span class=\"_ _3\"></span>ce <span class=\"_ _5\"></span>hav<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ame <span class=\"_ _5\"></span>pr<span class=\"_ _3\"></span>oba<span class=\"_ _3\"></span>bili<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> d<span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>aul<span class=\"_ _3\"></span>t, <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>se <span class=\"_ _5\"></span>two <span class=\"_ _5\"></span>ra<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>\u201cs<span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>st <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g\u201d. <span class=\"_ _5\"></span>In <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>ses <span class=\"_ _5\"></span>wh<span class=\"_ _3\"></span>ere <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ting <span class=\"_ _5\"></span>has o<span class=\"_ _3\"></span>nly b<span class=\"_ _5\"></span>een <span class=\"_ _3\"></span>assig<span class=\"_ _5\"></span>ned<span class=\"_ _3\"></span> by<span class=\"_ _3\"></span> on<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>age<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>due <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> a l<span class=\"_ _3\"></span>ack<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r in<span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>rma<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n, t<span class=\"_ _3\"></span>his<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>ng is<span class=\"_ _5\"></span> us<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>as <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e \u201cs<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>ond<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span>st <span class=\"_ _3\"></span>rat<span class=\"_ _3\"></span>ing\u201d.<span class=\"_ _3\"></span> CREDIT RIS<span class=\"_ _3\"></span>K FROM<span class=\"_ _3\"></span> REINSURANC<span class=\"_ _3\"></span>E VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Group cedes a<span class=\"_ _1\"></span> portion of a<span class=\"_ _1\"></span>ssum<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>risks to <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>einsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. Th<span class=\"_ _1\"></span>is transf<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> of r<span class=\"_ _1\"></span>isk to <span class=\"_ _1\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers does not, ho<span class=\"_ _3\"></span>wever<span class=\"_ _d\"></span>, r<span class=\"_ _3\"></span>elieve <span class=\"_ _3\"></span>VIG I<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up of its<span class=\"_ _5\"></span> obligations<span class=\"_ _3\"></span> to po<span class=\"_ _3\"></span>licyholde<span class=\"_ _3\"></span>rs. VI<span class=\"_ _3\"></span>G Insur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>Group is<span class=\"_ _3\"></span> expose<span class=\"_ _3\"></span>d to<span class=\"_ _3\"></span> the ris<span class=\"_ _3\"></span>k of reins<span class=\"_ _3\"></span>urer <span class=\"_ _c\"> </span>insolve<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>y<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding <span class=\"_ _c\"> </span>ther<span class=\"_ _3\"></span>efore <span class=\"_ _c\"> </span>designs <span class=\"_ _c\"> </span>its <span class=\"_ _c\"> </span>reinsuran<span class=\"_ _3\"></span>ce <span class=\"_ _b\"> </span>prog<span class=\"_ _3\"></span>ramme <span class=\"_ _c\"> </span>caref<span class=\"_ _3\"></span>ully <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>monito<span class=\"_ _3\"></span>rs <span class=\"_ _b\"> </span>reins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>er <span class=\"_ _c\"> </span>rat<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng changes f<span class=\"_ _3\"></span>or VIG Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up.<span class=\"_ _379\"> </span>UNDERWRITIN<span class=\"_ _3\"></span>G RISKS Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng risks are di<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>ed into life i<span class=\"_ _3\"></span>nsurance, non-li<span class=\"_ _3\"></span>fe insuran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>health insu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce (in<span class=\"_ _3\"></span>cl. accide<span class=\"_ _3\"></span>nt insurance<span class=\"_ _3\"></span>) a<span class=\"_ _1\"></span>nd a<span class=\"_ _3\"></span>re managed by the Actuarial dep<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>tm<span class=\"_ _3\"></span>ent. I<span class=\"_ _1\"></span>t subjects all insura<span class=\"_ _3\"></span>nce solutions to <span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>-depth actuarial<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>analysis cove<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g all<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>lines<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of insuranc<span class=\"_ _3\"></span>e business<span class=\"_ _3\"></span> (life, healt<span class=\"_ _3\"></span>h as w<span class=\"_ _3\"></span>ell as pro<span class=\"_ _3\"></span>perty <span class=\"_ _3\"></span>and casual<span class=\"_ _3\"></span>ty).<span class=\"_ _379\"> </span>The Actuarial f<span class=\"_ _3\"></span>unction in the Act<span class=\"_ _3\"></span>uarial departm<span class=\"_ _3\"></span>ent coordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ates the Gro<span class=\"_ _3\"></span>up-wide<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>dete<span class=\"_ _3\"></span>rmination<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of unde<span class=\"_ _3\"></span>rwriting<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions<span class=\"_ _3\"></span> to prep<span class=\"_ _3\"></span>are th<span class=\"_ _3\"></span>e econom<span class=\"_ _3\"></span>ic balance s<span class=\"_ _3\"></span>heet i<span class=\"_ _3\"></span>n accor<span class=\"_ _3\"></span>dance wit<span class=\"_ _3\"></span>h Sol<span class=\"_ _3\"></span>vency II.  Life underwrit<span class=\"_ _3\"></span>ing risk<span class=\"_ _3\"></span> and health<span class=\"_ _3\"></span> underwritin<span class=\"_ _3\"></span>g risk simi<span class=\"_ _3\"></span>lar to life Life <span class=\"_ _1\"></span>underwriting<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>risk <span class=\"_ _1\"></span>includes <span class=\"_ _1\"></span>lapse <span class=\"_ _1\"></span>risk, <span class=\"_ _1\"></span>cost <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>disa<span class=\"_ _3\"></span>bility<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>risk, <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>rbidit<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>long<span class=\"_ _3\"></span>evity <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>rtality <span class=\"_ _1\"></span>risk, <span class=\"_ _4\"></span>disas<span class=\"_ _3\"></span>ter <span class=\"_ _1\"></span>risk and <span class=\"_ _1\"></span>audit r<span class=\"_ _1\"></span>isk. The <span class=\"_ _1\"></span>main r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>in th<span class=\"_ _1\"></span>is are<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>lapse r<span class=\"_ _1\"></span>isk and <span class=\"_ _1\"></span>cost r<span class=\"_ _1\"></span>isk, <span class=\"_ _1\"></span>as we<span class=\"_ _1\"></span>ll a<span class=\"_ _1\"></span>s biomet<span class=\"_ _3\"></span>ric <span class=\"_ _1\"></span>risks, <span class=\"_ _1\"></span>such <span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>life <span class=\"_ _1\"></span>ex<span class=\"_ _3\"></span>pectanc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>, occupati<span class=\"_ _3\"></span>onal dis<span class=\"_ _3\"></span>ability<span class=\"_ _d\"></span>, illness a<span class=\"_ _3\"></span>nd the n<span class=\"_ _3\"></span>eed for <span class=\"_ _3\"></span>nursing ca<span class=\"_ _3\"></span>re. T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>account <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>these <span class=\"_ _1\"></span>under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>risks, <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>formed <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>visions <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>pa<span class=\"_ _3\"></span>yments. <span class=\"_ _1\"></span>VIG Insurance <span class=\"_ _b\"> </span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _6\"> </span>calcula<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>s <span class=\"_ _6\"> </span>its <span class=\"_ _c\"> </span>und<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rwriting <span class=\"_ _6\"> </span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _6\"> </span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ing <span class=\"_ _6\"> </span>recognis<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>act<span class=\"_ _3\"></span>uarial <span class=\"_ _6\"> </span>methods <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mp<span class=\"_ _3\"></span>tions. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>se assumpti<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>estima<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>long-term <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>rate <span class=\"_ _1\"></span>trend, <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eturns <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>allocatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>of in<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts between <span class=\"_ _4\"></span>equities, <span class=\"_ _a\"></span>inter<span class=\"_ _3\"></span>est-be<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>in<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ruments <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>other <span class=\"_ _a\"></span>categories, <span class=\"_ _4\"></span>net <span class=\"_ _c\"> </span>i<span class=\"_ _3\"></span>ncome <span class=\"_ _a\"></span>particip<span class=\"_ _3\"></span>ations, <span class=\"_ _4\"></span>mortality <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _a\"></span>mor<span class=\"_ _3\"></span>bidity rates, <span class=\"_ _4\"></span>lapse <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ates <span class=\"_ _1\"></span>and <span class=\"_ _a\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>costs. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _4\"></span>monito<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>act<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>erience <span class=\"_ _4\"></span>rel<span class=\"_ _3\"></span>ating <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>these<span class=\"_ _3\"></span> assumpti<span class=\"_ _3\"></span>ons and adj<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>st th<span class=\"_ _3\"></span>eir long-te<span class=\"_ _3\"></span>rm assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>where <span class=\"_ _3\"></span>changes o<span class=\"_ _3\"></span>f a long<span class=\"_ _3\"></span>-term na<span class=\"_ _3\"></span>ture o<span class=\"_ _3\"></span>ccur<span class=\"_ _d\"></span>. T<span class=\"_ _11\"></span>o <span class=\"_ _1\"></span>minimi<span class=\"_ _3\"></span>se <span class=\"_ _1\"></span>laps<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>risk, VIG Insuran<span class=\"_ _3\"></span>ce Group uses a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> effec<span class=\"_ _3\"></span>tive complai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t managem<span class=\"_ _3\"></span>ent departm<span class=\"_ _3\"></span>ent, qualified advisors a<span class=\"_ _3\"></span>nd customer<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>loyalty <span class=\"_ _10\"> </span>pro<span class=\"_ _3\"></span>grammes  to <span class=\"_ _10\"> </span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _10\"> </span>custom<span class=\"_ _3\"></span>er <span class=\"_ _10\"> </span>satisf<span class=\"_ _3\"></span>ac<span class=\"_ _1\"></span>tion  and <span class=\"_ _10\"> </span>avoid  cancellations.  Poli<span class=\"_ _3\"></span>cyholder <span class=\"_ _10\"> </span>ca<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>ella<span class=\"_ _3\"></span>tion behavio<span class=\"_ _3\"></span>ur is conti<span class=\"_ _3\"></span>nuously mo<span class=\"_ _3\"></span>nitore<span class=\"_ _3\"></span>d so t<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>targeted m<span class=\"_ _3\"></span>easu<span class=\"_ _3\"></span>res can <span class=\"_ _3\"></span>be taken if<span class=\"_ _3\"></span> unfavo<span class=\"_ _3\"></span>urable cha<span class=\"_ _3\"></span>nges occ<span class=\"_ _3\"></span>ur<span class=\"_ _379\"> </span><span class=\"_ _5\"></span>. The <span class=\"_ _3\"></span>companies <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>VIG <span class=\"_ _5\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>use <span class=\"_ _3\"></span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>r a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>yses, <span class=\"_ _3\"></span>targeted <span class=\"_ _3\"></span>prod<span class=\"_ _3\"></span>uct <span class=\"_ _3\"></span>desig<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and de<span class=\"_ _3\"></span>tailed <span class=\"_ _3\"></span>under<span class=\"_ _3\"></span>writing g<span class=\"_ _3\"></span>uideli<span class=\"_ _3\"></span>nes to ad<span class=\"_ _1\"></span>dr<span class=\"_ _3\"></span>ess these risks. A variety of reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s als<span class=\"_ _3\"></span>o <span class=\"_ _1\"></span>exist that help <span class=\"_ _1\"></span>to red<span class=\"_ _3\"></span>uce <span class=\"_ _1\"></span>the gener<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>level of risk. A <span class=\"_ _1\"></span>broa<span class=\"_ _3\"></span>dly diversif<span class=\"_ _3\"></span>ied <span class=\"_ _3\"></span>prod<span class=\"_ _3\"></span>uct <span class=\"_ _3\"></span>portfol<span class=\"_ _3\"></span>io <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>all <span class=\"_ _5\"></span>life <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _3\"></span>composi<span class=\"_ _3\"></span>te <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>well-mi<span class=\"_ _3\"></span>xed <span class=\"_ _3\"></span>custome<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>base <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>CE<span class=\"_ _3\"></span>E <span class=\"_ _3\"></span>regio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>minimi<span class=\"_ _3\"></span>se risk co<span class=\"_ _3\"></span>ncentrations.<span class=\"_ _3\"></span> Non-life u<span class=\"_ _3\"></span>nderwriting<span class=\"_ _3\"></span> risk and <span class=\"_ _3\"></span>hea<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>h underw<span class=\"_ _3\"></span>riting risk simil<span class=\"_ _3\"></span>ar to <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>on-<span class=\"_ _3\"></span>life Risk in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e n<span class=\"_ _1\"></span>on-l<span class=\"_ _3\"></span>ife sec<span class=\"_ _1\"></span>to<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>is divided into pr<span class=\"_ _3\"></span>emium risk, rese<span class=\"_ _3\"></span>rve risk, lapse risk and catastr<span class=\"_ _3\"></span>ophe risk. Pr<span class=\"_ _3\"></span>operty and casu<span class=\"_ _3\"></span>alty underwriti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>risks ar<span class=\"_ _3\"></span>e prim<span class=\"_ _3\"></span>arily ma<span class=\"_ _3\"></span>naged <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>sing <span class=\"_ _3\"></span>actuarial m<span class=\"_ _3\"></span>odels <span class=\"_ _3\"></span>for setting <span class=\"_ _3\"></span>rates and mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ito<span class=\"_ _3\"></span>ring the pr<span class=\"_ _3\"></span>ogr<span class=\"_ _3\"></span>ess of <span class=\"_ _3\"></span>claims, <span class=\"_ _3\"></span>as well as r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>ements <span class=\"_ _3\"></span>for the ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ption of i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suran<span class=\"_ _3\"></span>ce risks. Health unde<span class=\"_ _3\"></span>rwriting risk is primaril<span class=\"_ _3\"></span>y concentrated<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>in the Aus<span class=\"_ _3\"></span>trian <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>panies. In<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the CEE mark<span class=\"_ _3\"></span>ets, <span class=\"_ _1\"></span>moto<span class=\"_ _3\"></span>r third<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>party liabil<span class=\"_ _5\"></span>ity<span class=\"_ _1\"></span> has <span class=\"_ _1\"></span>a high volume compar<span class=\"_ _3\"></span>ed to <span class=\"_ _1\"></span>the other lines <span class=\"_ _1\"></span>of bu<span class=\"_ _1\"></span>si<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>This risk <span class=\"_ _1\"></span>conce<span class=\"_ _3\"></span>ntration was c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsciously accepte<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>or<span class=\"_ _3\"></span>der to enter these <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>arkets. The <span class=\"_ _1\"></span>stro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g market position and above<span class=\"_ _3\"></span>-average <span class=\"_ _1\"></span>gro<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> pro<span class=\"_ _3\"></span>spects in <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>CEE regio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>will help <span class=\"_ _1\"></span>gro<span class=\"_ _5\"></span>wth in the ot<span class=\"_ _3\"></span>her lines o<span class=\"_ _3\"></span>f business, t<span class=\"_ _3\"></span>hereb<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>educing t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>concent<span class=\"_ _3\"></span>ration i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> moto<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>thir<span class=\"_ _3\"></span>d party liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>. The <span class=\"_ _c\"></span>e<span class=\"_ _3\"></span>nvironm<span class=\"_ _3\"></span>ental <span class=\"_ _a\"></span>catastr<span class=\"_ _3\"></span>ophes <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>have <span class=\"_ _c\"></span>be<span class=\"_ _3\"></span>en <span class=\"_ _a\"></span>b<span class=\"_ _1\"></span>ecomi<span class=\"_ _3\"></span>ng <span class=\"_ _a\"></span>incre<span class=\"_ _3\"></span>asingly <span class=\"_ _c\"></span>comm<span class=\"_ _3\"></span>on <span class=\"_ _a\"></span>in <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>ecent <span class=\"_ _a\"></span>years, <span class=\"_ _a\"></span>such <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>flo<span class=\"_ _3\"></span>ods, <span class=\"_ _a\"></span>(<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>il) storms, m<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>dslides<span class=\"_ _3\"></span> and la<span class=\"_ _3\"></span>ndsl<span class=\"_ _3\"></span>ides may <span class=\"_ _3\"></span>have b<span class=\"_ _3\"></span>een br<span class=\"_ _3\"></span>ough<span class=\"_ _3\"></span>t about b<span class=\"_ _3\"></span>y gen<span class=\"_ _3\"></span>eral climat<span class=\"_ _3\"></span>e chang<span class=\"_ _3\"></span>e. The<span class=\"_ _3\"></span> number<span class=\"_ _3\"></span> of claims<span class=\"_ _3\"></span> caus<span class=\"_ _3\"></span>ed in this <span class=\"_ _3\"></span>way may <span class=\"_ _3\"></span>continue to <span class=\"_ _3\"></span>rise in t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> f<span class=\"_ _3\"></span>uture.<span class=\"_ _3\"></span> VIG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance Group forms pro<span class=\"_ _3\"></span>visions for claims and <span class=\"_ _1\"></span>claim<span class=\"_ _3\"></span>s settlement expens<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>and regula<span class=\"_ _3\"></span>rly <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>in order<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to ef<span class=\"_ _3\"></span>fectively <span class=\"_ _5\"></span>cove<span class=\"_ _3\"></span>r <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _d\"></span>risk <span class=\"_ _5\"></span>associa<span class=\"_ _3\"></span>ted <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>insurance <span class=\"_ _d\"></span>business<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>This <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>also <span class=\"_ _5\"></span>significantly <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>educed <span class=\"_ _d\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>cedi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _d\"></span>reinsu<span class=\"_ _3\"></span>rance.<span class=\"_ _379\"> </span>LIQUIDITY<span class=\"_ _3\"></span> RISK E<span class=\"_ _379\"> </span>f<span class=\"_ _3\"></span>ficient <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>et <span class=\"_ _1\"></span>liability <span class=\"_ _1\"></span>manag<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>can <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>used <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>preve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidity <span class=\"_ _4\"></span>sho<span class=\"_ _3\"></span>rtages. <span class=\"_ _1\"></span>Investm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>obligations are <span class=\"_ _1\"></span>analys<span class=\"_ _3\"></span>ed regul<span class=\"_ _3\"></span>arly <span class=\"_ _c\"> </span>to <span class=\"_ _c\"> </span>iden<span class=\"_ _3\"></span>tify <span class=\"_ _c\"> </span>liquidity <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>eeds. <span class=\"_ _a\"></span>These <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>nalys<span class=\"_ _3\"></span>es, <span class=\"_ _c\"> </span>toget<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _c\"></span>wit<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>clear <span class=\"_ _c\"> </span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements <span class=\"_ _a\"></span>(<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>it <span class=\"_ _c\"> </span>systems<span class=\"_ _3\"></span>) <span class=\"_ _c\"> </span>and <span class=\"_ _c\"></span>a conser<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>ve <span class=\"_ _a\"></span>inves<span class=\"_ _3\"></span>tment <span class=\"_ _4\"></span>poli<span class=\"_ _3\"></span>cy<span class=\"_ _5\"></span>, <span class=\"_ _4\"></span>help <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>ely <span class=\"_ _4\"></span>manage <span class=\"_ _4\"></span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>risk. <span class=\"_ _4\"></span>The <span class=\"_ _4\"></span>T<span class=\"_ _d\"></span>re<span class=\"_ _3\"></span>asury <span class=\"_ _4\"></span>departm<span class=\"_ _3\"></span>ent, <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>ncl. <span class=\"_ _a\"></span>Ass<span class=\"_ _3\"></span>et <span class=\"_ _4\"></span>L<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ability<span class=\"_ _3\"></span> Managem<span class=\"_ _3\"></span>ent, is r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sibl<span class=\"_ _3\"></span>e for the o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>going mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>itori<span class=\"_ _3\"></span>ng of c<span class=\"_ _3\"></span>ash flows <span class=\"_ _3\"></span>and reg<span class=\"_ _3\"></span>ular r<span class=\"_ _3\"></span>eporting o<span class=\"_ _3\"></span>n liquidit<span class=\"_ _3\"></span>y changes.<span class=\"_ _3\"></span>  T<span class=\"_ _11\"></span>o <span class=\"_ _4\"></span>ensure <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>ev<span class=\"_ _3\"></span>ery <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>pany <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>in<span class=\"_ _3\"></span>ues <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>adeq<span class=\"_ _3\"></span>uate <span class=\"_ _1\"></span>liquidity <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>f<span class=\"_ _3\"></span>uture, <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>guid<span class=\"_ _3\"></span>elines <span class=\"_ _4\"></span>specif<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidi<span class=\"_ _3\"></span>ty managem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>st<span class=\"_ _3\"></span>andar<span class=\"_ _3\"></span>ds <span class=\"_ _c\"> </span>that <span class=\"_ _c\"></span>m<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>be <span class=\"_ _c\"></span>obs<span class=\"_ _3\"></span>erved <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>up-wide <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>every <span class=\"_ _c\"></span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>. <span class=\"_ _a\"></span>Among <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>ther <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ings, <span class=\"_ _a\"></span>these <span class=\"_ _c\"> </span>s<span class=\"_ _3\"></span>tandar<span class=\"_ _5\"></span>ds req<span class=\"_ _3\"></span>uire a r<span class=\"_ _3\"></span>egula<span class=\"_ _3\"></span>r examina<span class=\"_ _3\"></span>tion of cu<span class=\"_ _3\"></span>rrent <span class=\"_ _3\"></span>and futur<span class=\"_ _3\"></span>e cas<span class=\"_ _3\"></span>h inflo<span class=\"_ _3\"></span>ws and outflo<span class=\"_ _3\"></span>ws. Underwritin<span class=\"_ _3\"></span>g liquidity<span class=\"_ _3\"></span> analysis<span class=\"_ _3\"></span> A <span class=\"_ _5\"></span>comparison <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>expected <span class=\"_ _5\"></span>pa<span class=\"_ _3\"></span>yments <span class=\"_ _3\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _3\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _379\"> </span>ance <span class=\"_ _5\"></span>business <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>one <span class=\"_ _5\"></span>year <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>fre<span class=\"_ _3\"></span>ely <span class=\"_ _3\"></span>dispos<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ble <span class=\"_ _5\"></span>investm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts <span class=\"_ _5\"></span>shows<span class=\"_ _3\"></span> that unde<span class=\"_ _3\"></span>rwriting do<span class=\"_ _3\"></span>es not c<span class=\"_ _3\"></span>reate <span class=\"_ _3\"></span>any liq<span class=\"_ _3\"></span>uidity risk.  The <span class=\"_ _4\"></span>expe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>paym<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>were <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>erived <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>maturities of <span class=\"_ _4\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>athem<span class=\"_ _3\"></span>atical <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eserve <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>vision <span class=\"_ _4\"></span>for <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>utstanding<span class=\"_ _3\"></span> claims. <span class=\"_ _1\"></span>Cash <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>iv<span class=\"_ _3\"></span>alents <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>fi<span class=\"_ _3\"></span>nancial <span class=\"_ _1\"></span>assets <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>no <span class=\"_ _4\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>or<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>matu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ities <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>up <span class=\"_ _4\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>one <span class=\"_ _1\"></span>year <span class=\"_ _4\"></span>wer<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>defined a<span class=\"_ _1\"></span>s freely <span class=\"_ _3\"></span>disposable i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vestm<span class=\"_ _3\"></span>ents.<span class=\"_ _379\"> </span>OTHER <span class=\"_ _3\"></span>RISKS Business <span class=\"_ _4\"></span>activities <span class=\"_ _4\"></span>res<span class=\"_ _3\"></span>ult <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>ot<span class=\"_ _3\"></span>her <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _4\"></span>that <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>ssess<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>managed<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>as <span class=\"_ _4\"></span>part <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _a\"></span>m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>hese <span class=\"_ _a\"></span>inclu<span class=\"_ _3\"></span>de, <span class=\"_ _a\"></span>in particul<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>, opera<span class=\"_ _3\"></span>tional ris<span class=\"_ _3\"></span>ks, as well<span class=\"_ _3\"></span> as r<span class=\"_ _3\"></span>eputation <span class=\"_ _3\"></span>risks a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d s<span class=\"_ _3\"></span>trategic <span class=\"_ _3\"></span>risks. <span class=\"_ _3\"></span> In a<span class=\"_ _3\"></span>ddition, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>compr<span class=\"_ _3\"></span>ehensiv<span class=\"_ _3\"></span>e int<span class=\"_ _3\"></span>ernal co<span class=\"_ _3\"></span>ntrol <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stem <span class=\"_ _5\"></span>(ICS) <span class=\"_ _3\"></span>ensures <span class=\"_ _d\"></span>t<span class=\"_ _1\"></span>hat <span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span>quate <span class=\"_ _3\"></span>risk <span class=\"_ _3\"></span>control <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>rastruct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>as b<span class=\"_ _3\"></span>een <span class=\"_ _3\"></span>set <span class=\"_ _5\"></span>up for <span class=\"_ _c\"> </span>ope<span class=\"_ _3\"></span>rat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>nal <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>reg<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>larly <span class=\"_ _a\"></span>checked <span class=\"_ _c\"></span>fo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>appr<span class=\"_ _3\"></span>opri<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>teness <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>ef<span class=\"_ _3\"></span>fectiv<span class=\"_ _3\"></span>eness. <span class=\"_ _c\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _c\"> </span>ICS <span class=\"_ _c\"></span>its<span class=\"_ _3\"></span>elf <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>rised <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>all meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>res and contr<span class=\"_ _3\"></span>ol ac<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>vities <span class=\"_ _1\"></span>used to minimise risks \u2013 <span class=\"_ _1\"></span>particularly for <span class=\"_ _1\"></span>the are<span class=\"_ _3\"></span>as <span class=\"_ _1\"></span>of accounting and <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>pliance, but <span class=\"_ _1\"></span>als<span class=\"_ _3\"></span>o for <span class=\"_ _4\"></span>other <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>eratio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span>. <span class=\"_ _4\"></span>It <span class=\"_ _4\"></span>exte<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _4\"></span>sp<span class=\"_ _3\"></span>eciall<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>established <span class=\"_ _1\"></span>proc<span class=\"_ _3\"></span>esses, <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>units <span class=\"_ _4\"></span>suc<span class=\"_ _3\"></span>h <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>accounti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>and<span class=\"_ _3\"></span> contro<span class=\"_ _3\"></span>lling, all<span class=\"_ _3\"></span> the w<span class=\"_ _3\"></span>ay to<span class=\"_ _3\"></span> guideli<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>es,<span class=\"_ _3\"></span> reg<span class=\"_ _3\"></span>ulations <span class=\"_ _3\"></span>and in<span class=\"_ _3\"></span>dividu<span class=\"_ _3\"></span>al control<span class=\"_ _3\"></span>s wit<span class=\"_ _3\"></span>hin pr<span class=\"_ _3\"></span>ocesses, s<span class=\"_ _5\"></span>uch as a<span class=\"_ _3\"></span>utomated<span class=\"_ _3\"></span> audits o<span class=\"_ _3\"></span>r u<span class=\"_ _3\"></span>se of the \u201cf<span class=\"_ _3\"></span>our<span class=\"_ _3\"></span>-eyes\u201d p<span class=\"_ _3\"></span>rincipl<span class=\"_ _3\"></span>e.  Aspects of t<span class=\"_ _3\"></span>he legal t<span class=\"_ _3\"></span>ax framewor<span class=\"_ _3\"></span>k affectin<span class=\"_ _3\"></span>g earning<span class=\"_ _379\"> </span>s<span class=\"_ _3\"></span> Chang<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>law <span class=\"_ _4\"></span>ma<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>negatively <span class=\"_ _4\"></span>af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attracti<span class=\"_ _3\"></span>veness <span class=\"_ _1\"></span>of <span class=\"_ _4\"></span>certain <span class=\"_ _1\"></span>produ<span class=\"_ _3\"></span>cts <span class=\"_ _4\"></span>that <span class=\"_ _1\"></span>curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tly<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>enjoy <span class=\"_ _4\"></span>tax <span class=\"_ _1\"></span>adva<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>For example,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>intro<span class=\"_ _3\"></span>ductio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>ws <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>red<span class=\"_ _3\"></span>uce <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tax advant<span class=\"_ _3\"></span>ages <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _11\"></span>s <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>tir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> benefit products<span class=\"_ _3\"></span> or othe<span class=\"_ _3\"></span>r life insura<span class=\"_ _3\"></span>nce pro<span class=\"_ _3\"></span>ducts <span class=\"_ _3\"></span>cou<span class=\"_ _1\"></span>ld <span class=\"_ _3\"></span>consi<span class=\"_ _3\"></span>derably dim<span class=\"_ _3\"></span>inish thei<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> attr<span class=\"_ _3\"></span>activeness.<span class=\"_ _3\"></span> Regulatory enviro<span class=\"_ _3\"></span>nment VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up is <span class=\"_ _5\"></span>subject <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>domesti<span class=\"_ _3\"></span>c a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>foreig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(insurance<span class=\"_ _3\"></span>) supe<span class=\"_ _3\"></span>rv<span class=\"_ _1\"></span>iso<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>y r<span class=\"_ _5\"></span>egu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ations. <span class=\"_ _3\"></span>Thes<span class=\"_ _3\"></span>e reg<span class=\"_ _3\"></span>ulatio<span class=\"_ _3\"></span>ns gov<span class=\"_ _3\"></span>ern<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ch matters as:<span class=\"_ _3\"></span> \u2022<span class=\"_ _f\"> </span>Capital r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements o<span class=\"_ _3\"></span>f insuran<span class=\"_ _3\"></span>ce compa<span class=\"_ _3\"></span>nies and i<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span> gro<span class=\"_ _3\"></span>ups<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Admissi<span class=\"_ _3\"></span>bility of i<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>tments as s<span class=\"_ _3\"></span>ecurity for <span class=\"_ _3\"></span>underwriti<span class=\"_ _3\"></span>ng pro<span class=\"_ _3\"></span>vis<span class=\"_ _3\"></span>ions<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Licences of <span class=\"_ _3\"></span>the dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ent insuran<span class=\"_ _3\"></span>ce comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>ies o<span class=\"_ _3\"></span>f VI<span class=\"_ _3\"></span>G Insuranc<span class=\"_ _3\"></span>e Grou<span class=\"_ _3\"></span>p<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Marketing <span class=\"_ _3\"></span>activities a<span class=\"_ _3\"></span>nd the sal<span class=\"_ _3\"></span>e of insu<span class=\"_ _3\"></span>rance polici<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _379\"> </span>\u2022<span class=\"_ _f\"> </span>Cancellatio<span class=\"_ _3\"></span>n rights of <span class=\"_ _3\"></span>polic<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>hold<span class=\"_ _3\"></span>ers.<span class=\"_ _379\"> </span>Chang<span class=\"_ _3\"></span>es to the s<span class=\"_ _3\"></span>tatutory fram<span class=\"_ _3\"></span>ework m<span class=\"_ _3\"></span>ay make <span class=\"_ _3\"></span>restr<span class=\"_ _3\"></span>ucturing<span class=\"_ _3\"></span> necessary<span class=\"_ _d\"></span>, th<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>s r<span class=\"_ _5\"></span>esulting in i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>ed costs.<span class=\"_ _379\"> </span>Developm<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>ts i<span class=\"_ _3\"></span>n Centr<span class=\"_ _3\"></span>al and East<span class=\"_ _3\"></span>ern Europe<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>expansio<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>developme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _5\"></span>opera<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>cou<span class=\"_ _3\"></span>ntr<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>Cen<span class=\"_ _3\"></span>tral <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>Ea<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ern <span class=\"_ _3\"></span>Euro<span class=\"_ _3\"></span>pe <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>a <span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>compo<span class=\"_ _3\"></span>nent of <span class=\"_ _4\"></span>VIG <span class=\"_ _a\"></span>Holding\u2019<span class=\"_ _11\"></span>s <span class=\"_ _a\"></span>strategy<span class=\"_ _11\"></span>. <span class=\"_ _a\"></span>It <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>ery <span class=\"_ _4\"></span>stro<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>esence <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>th<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>countries <span class=\"_ _4\"></span>thro<span class=\"_ _3\"></span>ugh <span class=\"_ _a\"></span>its <span class=\"_ _a\"></span>subsi<span class=\"_ _3\"></span>diaries. <span class=\"_ _4\"></span>The <span class=\"_ _a\"></span>pr<span class=\"_ _3\"></span>escribed <span class=\"_ _4\"></span>risk guidelin<span class=\"_ _3\"></span>es ensur<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nsistent risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent in all<span class=\"_ _3\"></span> CEE co<span class=\"_ _3\"></span>untries in V<span class=\"_ _3\"></span>IG Insura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _3\"></span>oup.<span class=\"_ _3\"></span> Concentratio<span class=\"_ _3\"></span>n r<span class=\"_ _1\"></span>is<span class=\"_ _3\"></span>k Conce<span class=\"_ _3\"></span>ntration risk i<span class=\"_ _3\"></span>s due to th<span class=\"_ _1\"></span>e strat<span class=\"_ _3\"></span>egic partne<span class=\"_ _3\"></span>rship with Erste Gr<span class=\"_ _3\"></span>oup and VI<span class=\"_ _3\"></span>G In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p consciousl<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> accep<span class=\"_ _3\"></span>ts this risk. Expos<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>e is reg<span class=\"_ _3\"></span>ularly ass<span class=\"_ _3\"></span>essed an<span class=\"_ _3\"></span>d monitor<span class=\"_ _3\"></span>ed by <span class=\"_ _3\"></span>the risk <span class=\"_ _3\"></span>managem<span class=\"_ _3\"></span>ent pro<span class=\"_ _3\"></span>cesses t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>have b<span class=\"_ _3\"></span>een establi<span class=\"_ _3\"></span>shed. Risks due t<span class=\"_ _3\"></span>o mergers<span class=\"_ _3\"></span> and ac<span class=\"_ _3\"></span>qu<span class=\"_ _1\"></span>isitio<span class=\"_ _3\"></span>ns In the pas<span class=\"_ _3\"></span>t, VIG <span class=\"_ _3\"></span>Holding <span class=\"_ _3\"></span>acquire<span class=\"_ _3\"></span>d dir<span class=\"_ _3\"></span>ectly a<span class=\"_ _3\"></span>nd indir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ctl<span class=\"_ _3\"></span>y a<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>number of <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>omp<span class=\"_ _3\"></span>anies i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> C<span class=\"_ _3\"></span>entral a<span class=\"_ _3\"></span>nd Easte<span class=\"_ _3\"></span>rn Europ<span class=\"_ _3\"></span>e or a<span class=\"_ _3\"></span>cquir<span class=\"_ _3\"></span>ed participatio<span class=\"_ _3\"></span>ns in<span class=\"_ _1\"></span> these companies. Merge<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>of subsidiari<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>are conside<span class=\"_ _3\"></span>red <span class=\"_ _1\"></span>if the synergies that <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>achie<span class=\"_ _3\"></span>ved <span class=\"_ _1\"></span>outw<span class=\"_ _3\"></span>eigh the benefits <span class=\"_ _3\"></span>of m<span class=\"_ _3\"></span>ultiple ma<span class=\"_ _3\"></span>rket pr<span class=\"_ _3\"></span>esences. <span class=\"_ _3\"></span> Acquisi<span class=\"_ _3\"></span>tions <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>merge<span class=\"_ _3\"></span>rs <span class=\"_ _3\"></span>often <span class=\"_ _5\"></span>bring <span class=\"_ _d\"></span>challenges <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>terms <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>corporat<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ag<span class=\"_ _3\"></span>ement, <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rganisatio<span class=\"_ _3\"></span>n, <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>financi<span class=\"_ _3\"></span>ng, such as:<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e n<span class=\"_ _3\"></span>eed<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to integr<span class=\"_ _3\"></span>ate the i<span class=\"_ _3\"></span>nfrastructu<span class=\"_ _3\"></span>re of t<span class=\"_ _3\"></span>he acquir<span class=\"_ _5\"></span>ed<span class=\"_ _1\"></span> or m<span class=\"_ _3\"></span>erged com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>, inclu<span class=\"_ _3\"></span>ding m<span class=\"_ _3\"></span>anagemen<span class=\"_ _3\"></span>t informatio<span class=\"_ _3\"></span>n systems, <span class=\"_ _3\"></span>and risk m<span class=\"_ _3\"></span>anagem<span class=\"_ _3\"></span>ent and <span class=\"_ _3\"></span>controll<span class=\"_ _3\"></span>ing s<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>stems,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>h<span class=\"_ _1\"></span>andling <span class=\"_ _3\"></span>unse<span class=\"_ _3\"></span>ttled matters of<span class=\"_ _3\"></span> a legal<span class=\"_ _3\"></span> or r<span class=\"_ _3\"></span>egulato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> n<span class=\"_ _3\"></span>ature <span class=\"_ _3\"></span>and associa<span class=\"_ _3\"></span>ted legal a<span class=\"_ _3\"></span>nd compl<span class=\"_ _3\"></span>iance risks<span class=\"_ _3\"></span> res<span class=\"_ _3\"></span>ulting from <span class=\"_ _5\"></span>the merger o<span class=\"_ _3\"></span>r acquisitio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>int<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n of ma<span class=\"_ _3\"></span>rketing, custom<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r s<span class=\"_ _3\"></span>upport a<span class=\"_ _3\"></span>nd pro<span class=\"_ _3\"></span>duct ran<span class=\"_ _3\"></span>ges, \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>int<span class=\"_ _1\"></span>eg<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n of dif<span class=\"_ _5\"></span>ferent corpo<span class=\"_ _3\"></span>rate and <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>ement cult<span class=\"_ _3\"></span>ures, <span class=\"_ _3\"></span>and \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>th<span class=\"_ _1\"></span>e ali<span class=\"_ _3\"></span>gnment of<span class=\"_ _3\"></span> business <span class=\"_ _3\"></span>and re<span class=\"_ _3\"></span>porting pr<span class=\"_ _3\"></span>ocess<span class=\"_ _3\"></span>es and <span class=\"_ _3\"></span>considera<span class=\"_ _3\"></span>tion of <span class=\"_ _3\"></span>Group r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements.<span class=\"_ _3\"></span> Sustai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>abilit<span class=\"_ _3\"></span>y risks Events <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>changes <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>conditio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>en<span class=\"_ _3\"></span>vironm<span class=\"_ _3\"></span>ental <span class=\"_ _4\"></span>or <span class=\"_ _1\"></span>social <span class=\"_ _4\"></span>are<span class=\"_ _3\"></span>as <span class=\"_ _4\"></span>could <span class=\"_ _4\"></span>pot<span class=\"_ _3\"></span>entially <span class=\"_ _1\"></span>have <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>nega<span class=\"_ _3\"></span>tive <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fect <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIG<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up\u2019<span class=\"_ _d\"></span>s n<span class=\"_ _3\"></span>et a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>ets, fin<span class=\"_ _3\"></span>ancial posi<span class=\"_ _3\"></span>tion and r<span class=\"_ _3\"></span>esults of<span class=\"_ _3\"></span> opera<span class=\"_ _3\"></span>tions, as well<span class=\"_ _3\"></span> as its r<span class=\"_ _3\"></span>eputati<span class=\"_ _3\"></span>on. Thes<span class=\"_ _3\"></span>e include, amo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g ot<span class=\"_ _3\"></span>hers,  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>c<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>mate change, <span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>potentially strict<span class=\"_ _3\"></span>er req<span class=\"_ _3\"></span>uir<span class=\"_ _3\"></span>ements for s<span class=\"_ _3\"></span>ustain<span class=\"_ _3\"></span>ability in th<span class=\"_ _3\"></span>e area <span class=\"_ _3\"></span>of envir<span class=\"_ _3\"></span>onme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tal pro<span class=\"_ _5\"></span>tection,  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>political meas<span class=\"_ _3\"></span>ures to <span class=\"_ _3\"></span>promo<span class=\"_ _3\"></span>te sust<span class=\"_ _3\"></span>ainable in<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tment, <span class=\"_ _3\"></span>and  \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>str<span class=\"_ _1\"></span>ict<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts for a sus<span class=\"_ _3\"></span>tainable so<span class=\"_ _3\"></span>cial e<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>iro<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ent (labou<span class=\"_ _3\"></span>r law sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>ards, o<span class=\"_ _3\"></span>ccupation<span class=\"_ _3\"></span>al safety a<span class=\"_ _3\"></span>nd wo<span class=\"_ _3\"></span>rkin<span class=\"_ _1\"></span>g conditio<span class=\"_ _3\"></span>ns, compe<span class=\"_ _3\"></span>nsation, e<span class=\"_ _3\"></span>tc.). <span class=\"_ _3\"></span> VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup im<span class=\"_ _3\"></span>plicitly in<span class=\"_ _3\"></span>cludes s<span class=\"_ _3\"></span>ustainability <span class=\"_ _3\"></span>risks in <span class=\"_ _3\"></span>its regul<span class=\"_ _3\"></span>ar risk ma<span class=\"_ _3\"></span>nageme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>esses (e.g. O<span class=\"_ _3\"></span>RSA).<span class=\"_ _3\"></span> An expl<span class=\"_ _3\"></span>icit ass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ssm<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>risks <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>carried <span class=\"_ _3\"></span>out r<span class=\"_ _5\"></span>egularly <span class=\"_ _3\"></span>in VI<span class=\"_ _3\"></span>G I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>Austria<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>Financi<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> Market <span class=\"_ _a\"></span>Aut<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rity <span class=\"_ _a\"></span>Guide <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>or <span class=\"_ _a\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _c\"></span>S<span class=\"_ _3\"></span>ustain<span class=\"_ _3\"></span>ability <span class=\"_ _4\"></span>R<span class=\"_ _1\"></span>isks.<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>By<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>doing <span class=\"_ _a\"></span>so, <span class=\"_ _a\"></span>key <span class=\"_ _a\"></span>steps <span class=\"_ _4\"></span>are <span class=\"_ _a\"></span>take<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>to<span class=\"_ _3\"></span>wards <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>integratio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of<span class=\"_ _1\"></span> sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>isks <span class=\"_ _d\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>existi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>risk <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>cesses. <span class=\"_ _5\"></span>Attenti<span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>as <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>paid <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>su<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>tainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> in internal (risk m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nagem<span class=\"_ _3\"></span>ent) g<span class=\"_ _3\"></span>uidelines.<span class=\"_ _3\"></span> A <span class=\"_ _a\"></span>Group<span class=\"_ _3\"></span>-wide <span class=\"_ _a\"></span>list <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>explicitly <span class=\"_ _a\"></span>sust<span class=\"_ _3\"></span>ainability-r<span class=\"_ _3\"></span>elated <span class=\"_ _4\"></span>risks <span class=\"_ _4\"></span>was <span class=\"_ _a\"></span>prepa<span class=\"_ _3\"></span>red <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>order <span class=\"_ _4\"></span>to <span class=\"_ _c\"></span>e<span class=\"_ _3\"></span>nsur<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>structure<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>ppro<span class=\"_ _3\"></span>ach <span class=\"_ _4\"></span>to <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he identifica<span class=\"_ _3\"></span>tion <span class=\"_ _6\"> </span>and <span class=\"_ _6\"> </span>a<span class=\"_ _1\"></span>ss<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>su<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>risks <span class=\"_ _6\"> </span>in <span class=\"_ _6\"> </span>VIG <span class=\"_ _6\"> </span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _6\"> </span>Group. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>his <span class=\"_ _6\"> </span>list <span class=\"_ _6\"> </span>of <span class=\"_ _6\"> </span>risks <span class=\"_ _6\"> </span>is <span class=\"_ _6\"> </span>being <span class=\"_ _6\"> </span>revie<span class=\"_ _3\"></span>w<span class=\"_ _1\"></span>ed <span class=\"_ _6\"> </span>f<span class=\"_ _3\"></span>or complet<span class=\"_ _3\"></span>eness <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>uppleme<span class=\"_ _3\"></span>nted <span class=\"_ _1\"></span>as <span class=\"_ _4\"></span>necessa<span class=\"_ _3\"></span>ry <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _4\"></span>com<span class=\"_ _3\"></span>panies <span class=\"_ _4\"></span>as <span class=\"_ _1\"></span>part <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>tandar<span class=\"_ _3\"></span>dised, <span class=\"_ _1\"></span>Group<span class=\"_ _3\"></span>-wide<span class=\"_ _3\"></span> risk managem<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt pr<span class=\"_ _3\"></span>ocess. T<span class=\"_ _3\"></span>he list thus also f<span class=\"_ _3\"></span>orms the basis<span class=\"_ _3\"></span> for conside<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n in existing risk ma<span class=\"_ _3\"></span>nagem<span class=\"_ _3\"></span>ent proc<span class=\"_ _3\"></span>esses t<span class=\"_ _3\"></span>hat deal with <span class=\"_ _3\"></span>assessing, <span class=\"_ _3\"></span>analysi<span class=\"_ _3\"></span>ng and m<span class=\"_ _3\"></span>anaging ris<span class=\"_ _3\"></span>ks faced <span class=\"_ _3\"></span>by the Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p.<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>analysis <span class=\"_ _1\"></span>of su<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ainability <span class=\"_ _1\"></span>risk carr<span class=\"_ _1\"></span>ied <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _379\"> </span>e <span class=\"_ _1\"></span>repo<span class=\"_ _3\"></span>rting <span class=\"_ _1\"></span>period <span class=\"_ _1\"></span>show<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>hat <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>sustaina<span class=\"_ _3\"></span>bility <span class=\"_ _1\"></span>risks<span class=\"_ _3\"></span> are <span class=\"_ _5\"></span>curre<span class=\"_ _3\"></span>ntly <span class=\"_ _5\"></span>mainly <span class=\"_ _5\"></span>low <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>medi<span class=\"_ _3\"></span>um-level <span class=\"_ _5\"></span>risks. <span class=\"_ _5\"></span>These <span class=\"_ _5\"></span>risks <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>neverth<span class=\"_ _3\"></span>eless <span class=\"_ _3\"></span>exp<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>become <span class=\"_ _5\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _5\"></span>relev<span class=\"_ _3\"></span>ant <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>futur<span class=\"_ _3\"></span>e, due in p<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>to the i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>easi<span class=\"_ _3\"></span>ng importa<span class=\"_ _3\"></span>nce of this to<span class=\"_ _3\"></span>pic.<span class=\"_ _3\"></span> Climate risks<span class=\"_ _3\"></span> Clim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>change <span class=\"_ _5\"></span>and <span class=\"_ _11\"></span>a<span class=\"_ _1\"></span>ssoci<span class=\"_ _3\"></span>ated <span class=\"_ _5\"></span>risks <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>urr<span class=\"_ _3\"></span>ent <span class=\"_ _d\"></span>su<span class=\"_ _1\"></span>stai<span class=\"_ _3\"></span>nabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>issues. <span class=\"_ _5\"></span>Alt<span class=\"_ _3\"></span>hou<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>h <span class=\"_ _5\"></span>insura<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>companies <span class=\"_ _11\"></span>have <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ways<span class=\"_ _3\"></span> been <span class=\"_ _3\"></span>conce<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>potenti<span class=\"_ _3\"></span>al l<span class=\"_ _3\"></span>osses <span class=\"_ _3\"></span>due to <span class=\"_ _5\"></span>natural <span class=\"_ _3\"></span>risks, <span class=\"_ _3\"></span>global <span class=\"_ _3\"></span>warming <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>undersco<span class=\"_ _3\"></span>ring t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>rge<span class=\"_ _3\"></span>ncy o<span class=\"_ _3\"></span>f this <span class=\"_ _3\"></span>pro<span class=\"_ _3\"></span>blem. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he main <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>ew <span class=\"_ _a\"></span>risks <span class=\"_ _a\"></span>are, <span class=\"_ _a\"></span>in <span class=\"_ _a\"></span>particul<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>, <span class=\"_ _a\"></span>a <span class=\"_ _c\"> </span>pot<span class=\"_ _3\"></span>ential <span class=\"_ _a\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _c\"></span>f<span class=\"_ _3\"></span>requenc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>size <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>losses <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>poss<span class=\"_ _3\"></span>ibility <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>strict<span class=\"_ _3\"></span>er req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents and poli<span class=\"_ _3\"></span>tical m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ures r<span class=\"_ _3\"></span>elate<span class=\"_ _3\"></span>d to climat<span class=\"_ _3\"></span>e chang<span class=\"_ _3\"></span>e (e<span class=\"_ _1\"></span>.g. <span class=\"_ _3\"></span>expan<span class=\"_ _3\"></span>ded repo<span class=\"_ _3\"></span>rting, i<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nt restric<span class=\"_ _3\"></span>tions).<span class=\"_ _3\"></span> T<span class=\"_ _11\"></span>o <span class=\"_ _a\"></span>meet<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>these <span class=\"_ _4\"></span>ch<span class=\"_ _3\"></span>allenges, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Insu<span class=\"_ _3\"></span>rance <span class=\"_ _4\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>mate<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>trategy <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>oved <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>2019 <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _a\"></span>sligh<span class=\"_ _3\"></span>tly <span class=\"_ _4\"></span>modified again <span class=\"_ _1\"></span>in financial year <span class=\"_ _1\"></span>2021<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>In additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> to <span class=\"_ _1\"></span>general principl<span class=\"_ _3\"></span>es for <span class=\"_ _1\"></span>dealing w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>climate change, the c<span class=\"_ _1\"></span>lim<span class=\"_ _3\"></span>ate c<span class=\"_ _1\"></span>ha<span class=\"_ _3\"></span>nge <span class=\"_ _1\"></span>strate<span class=\"_ _3\"></span>gy also <span class=\"_ _5\"></span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _3\"></span>g<span class=\"_ _3\"></span>uidelines <span class=\"_ _5\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ents <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _3\"></span>ope<span class=\"_ _3\"></span>rating <span class=\"_ _5\"></span>business<span class=\"_ _3\"></span>. <span class=\"_ _5\"></span>For <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ample, <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>Ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>Group <span class=\"_ _5\"></span>is <span class=\"_ _5\"></span>com<span class=\"_ _3\"></span>plete<span class=\"_ _3\"></span>ly elimi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>vestme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>coal <span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>ctor<span class=\"_ _1\"></span> and <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>significa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tly <span class=\"_ _1\"></span>limi<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>coverage <span class=\"_ _1\"></span>for n<span class=\"_ _1\"></span>ew <span class=\"_ _1\"></span>coal mining <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>al-<span class=\"_ _379\"> </span>fir<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>pow<span class=\"_ _3\"></span>er <span class=\"_ _a\"></span>plant <span class=\"_ _a\"></span>projects. <span class=\"_ _4\"></span>The <span class=\"_ _a\"></span>comple<span class=\"_ _3\"></span>te <span class=\"_ _a\"></span>climate <span class=\"_ _a\"></span>change <span class=\"_ _4\"></span>strategy <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>available <span class=\"_ _a\"></span>on <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>websi<span class=\"_ _3\"></span>te<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>at <span class=\"_ _a\"></span>www<span class=\"_ _3\"></span>.vig.com<span class=\"_ _3\"></span>/clima<span class=\"_ _3\"></span>te-<span class=\"_ _379\"> </span>change-st<span class=\"_ _3\"></span>rategy<span class=\"_ _3\"></span> VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p gre<span class=\"_ _3\"></span>atly incre<span class=\"_ _3\"></span>ased its underw<span class=\"_ _3\"></span>riting kno<span class=\"_ _3\"></span>w-how in previo<span class=\"_ _3\"></span>us years. Speci<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>sc<span class=\"_ _3\"></span>enario analyses ha<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>be<span class=\"_ _3\"></span>en performed <span class=\"_ _a\"></span>si<span class=\"_ _3\"></span>nce<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>2019 <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>estimat<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>ho<span class=\"_ _3\"></span>w <span class=\"_ _c\"> </span>clim<span class=\"_ _3\"></span>ate <span class=\"_ _a\"></span>change <span class=\"_ _a\"></span>wil<span class=\"_ _3\"></span>l <span class=\"_ _a\"></span>affect <span class=\"_ _a\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _a\"></span>fr<span class=\"_ _3\"></span>equency <span class=\"_ _a\"></span>and <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>ize <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>losses <span class=\"_ _a\"></span>and, <span class=\"_ _a\"></span>therefo<span class=\"_ _3\"></span>re, <span class=\"_ _a\"></span>the insuranc<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>business <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>dif<span class=\"_ _3\"></span>ferent <span class=\"_ _5\"></span>sectors. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>medium <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>ng-term <span class=\"_ _5\"></span>ef<span class=\"_ _3\"></span>fects <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>climate <span class=\"_ _5\"></span>change <span class=\"_ _d\"></span>are <span class=\"_ _3\"></span>also <span class=\"_ _5\"></span>exami<span class=\"_ _3\"></span>ned <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>\u201cOwn Risk <span class=\"_ _b\"> </span>and <span class=\"_ _b\"> </span>Solve<span class=\"_ _3\"></span>ncy <span class=\"_ _6\"> </span>Ass<span class=\"_ _3\"></span>essme<span class=\"_ _3\"></span>nt\u201d <span class=\"_ _b\"> </span>(ORSA). <span class=\"_ _b\"> </span>The <span class=\"_ _c\"> </span>main <span class=\"_ _b\"> </span>focus<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>on<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>pote<span class=\"_ _3\"></span>ntial <span class=\"_ _6\"> </span>ex<span class=\"_ _3\"></span>trem<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>weather <span class=\"_ _b\"> </span>even<span class=\"_ _3\"></span>ts, <span class=\"_ _b\"> </span>such <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>flo<span class=\"_ _3\"></span>odin<span class=\"_ _3\"></span>g, earthq<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>sto<span class=\"_ _3\"></span>rms <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>sever<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>weather<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>with <span class=\"_ _4\"></span>hail<span class=\"_ _3\"></span>. <span class=\"_ _a\"></span>Curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>scientific <span class=\"_ _4\"></span>studies<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>used <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>anal<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>se <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>poss<span class=\"_ _3\"></span>ible <span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of global <span class=\"_ _3\"></span>warming o<span class=\"_ _3\"></span>f 1.5\u00b0C, 2<span class=\"_ _3\"></span>.0\u00b0C <span class=\"_ _3\"></span>and 3.0\u00b0<span class=\"_ _3\"></span>C abov<span class=\"_ _3\"></span>e pre-i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>dust<span class=\"_ _3\"></span>rial levels.<span class=\"_ _3\"></span> Natural dis<span class=\"_ _5\"></span>asters and <span class=\"_ _3\"></span>their ef<span class=\"_ _3\"></span>fects <span class=\"_ _3\"></span>are mo<span class=\"_ _3\"></span>delled <span class=\"_ _3\"></span>with the <span class=\"_ _3\"></span>help <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>externa<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>perts. T<span class=\"_ _3\"></span>he ris<span class=\"_ _3\"></span>k mo<span class=\"_ _3\"></span>dels <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nstantly <span class=\"_ _3\"></span>impro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ed <span class=\"_ _3\"></span>based <span class=\"_ _5\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ew <span class=\"_ _3\"></span>dat<span class=\"_ _3\"></span>a a<span class=\"_ _3\"></span>nd findi<span class=\"_ _3\"></span>ngs, <span class=\"_ _3\"></span>such <span class=\"_ _3\"></span>as n<span class=\"_ _3\"></span>ewly<span class=\"_ _3\"></span> built flo<span class=\"_ _3\"></span>od prot<span class=\"_ _3\"></span>ection me<span class=\"_ _3\"></span>asures. <span class=\"_ _5\"></span> The sce<span class=\"_ _3\"></span>nario anal<span class=\"_ _3\"></span>yses sho<span class=\"_ _3\"></span>w that, a<span class=\"_ _3\"></span>bove all<span class=\"_ _3\"></span>, floodi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g pos<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>a signifi<span class=\"_ _3\"></span>cant cli<span class=\"_ _3\"></span>mate cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>-relate<span class=\"_ _3\"></span>d risk for<span class=\"_ _3\"></span> the acti<span class=\"_ _3\"></span>vities of <span class=\"_ _3\"></span>VIG Insurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up. In additio<span class=\"_ _3\"></span>n to increas<span class=\"_ _3\"></span>ed losses du<span class=\"_ _3\"></span>e to floodi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g, dam<span class=\"_ _3\"></span>age caus<span class=\"_ _3\"></span>ed by sever<span class=\"_ _3\"></span>e hail <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d sum<span class=\"_ _3\"></span>mer storms as<span class=\"_ _3\"></span> a result of climate c<span class=\"_ _3\"></span>hange are also to <span class=\"_ _1\"></span>be expe<span class=\"_ _3\"></span>cted. While sev<span class=\"_ _3\"></span>ere damage from<span class=\"_ _3\"></span> ha<span class=\"_ _1\"></span>il<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ns the motor own dam<span class=\"_ _3\"></span>age <span class=\"_ _1\"></span>line<span class=\"_ _3\"></span> of<span class=\"_ _1\"></span> business i<span class=\"_ _3\"></span>n partic<span class=\"_ _3\"></span>ular<span class=\"_ _d\"></span>, damag<span class=\"_ _3\"></span>e from <span class=\"_ _3\"></span>flooding wil<span class=\"_ _3\"></span>l occu<span class=\"_ _3\"></span>r primarily in <span class=\"_ _3\"></span>the othe<span class=\"_ _3\"></span>r prope<span class=\"_ _3\"></span>rty and <span class=\"_ _3\"></span>casualty li<span class=\"_ _3\"></span>ne of busi<span class=\"_ _3\"></span>ness.<span class=\"_ _379\"> </span>VIG Insu<span class=\"_ _3\"></span>rance Gr<span class=\"_ _3\"></span>oup is<span class=\"_ _3\"></span> using its i<span class=\"_ _3\"></span>ncreas<span class=\"_ _3\"></span>ed unde<span class=\"_ _3\"></span>rwriting kno<span class=\"_ _3\"></span>wledge to p<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>chase r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce f<span class=\"_ _3\"></span>or the risks<span class=\"_ _3\"></span> it ass<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>mes. <span class=\"_ _3\"></span> The in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>d pr<span class=\"_ _3\"></span>obabi<span class=\"_ _3\"></span>lity of<span class=\"_ _3\"></span> extr<span class=\"_ _3\"></span>eme <span class=\"_ _3\"></span>weath<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>events <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ill<span class=\"_ _3\"></span> als<span class=\"_ _3\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>have an <span class=\"_ _3\"></span>impact <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>upport <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span>fered to <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>rporate <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>large<span class=\"_ _3\"></span> customers.<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>The <span class=\"_ _c\"></span>s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ppo<span class=\"_ _3\"></span>rt <span class=\"_ _a\"></span>process <span class=\"_ _4\"></span>begi<span class=\"_ _3\"></span>ns <span class=\"_ _a\"></span>with <span class=\"_ _a\"></span>a <span class=\"_ _a\"></span>careful <span class=\"_ _4\"></span>analysi<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>of <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>risk <span class=\"_ _a\"></span>situatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>and <span class=\"_ _a\"></span>prot<span class=\"_ _3\"></span>ective <span class=\"_ _a\"></span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>es <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>have alrea<span class=\"_ _3\"></span>dy <span class=\"_ _1\"></span>been impleme<span class=\"_ _3\"></span>nted. Here, not <span class=\"_ _1\"></span>only is th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nat<span class=\"_ _3\"></span>ural <span class=\"_ _1\"></span>disaste<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>model consider<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d, but <span class=\"_ _1\"></span>also the <span class=\"_ _1\"></span>cir<span class=\"_ _3\"></span>cumstan<span class=\"_ _3\"></span>ces <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>a local level. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>experts <span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>RiskConsult <span class=\"_ _1\"></span>use <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>analysis <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>develo<span class=\"_ _3\"></span>p <span class=\"_ _4\"></span>individ<span class=\"_ _3\"></span>ually <span class=\"_ _4\"></span>tailo<span class=\"_ _3\"></span>red <span class=\"_ _1\"></span>recomm<span class=\"_ _5\"></span>endations <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>further <span class=\"_ _1\"></span>impro<span class=\"_ _3\"></span>ving the risk si<span class=\"_ _3\"></span>tuation a<span class=\"_ _3\"></span>nd pr<span class=\"_ _3\"></span>eventing l<span class=\"_ _3\"></span>osses. T<span class=\"_ _3\"></span>he poli<span class=\"_ _3\"></span>cy<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>terms a<span class=\"_ _3\"></span>re bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>his risk sit<span class=\"_ _3\"></span>uation <span class=\"_ _3\"></span>and in som<span class=\"_ _3\"></span>e cases i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>suranc<span class=\"_ _3\"></span>e can only <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>purc<span class=\"_ _3\"></span>hased <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>propos<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>meas<span class=\"_ _3\"></span>ures <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>implemented.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>Due <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>global <span class=\"_ _1\"></span>warming,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pr<span class=\"_ _3\"></span>eve<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ting<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>losses <span class=\"_ _1\"></span>due <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>o natural <span class=\"_ _1\"></span>disast<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>playi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>increasi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>gly <span class=\"_ _1\"></span>importa<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>ole <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>rwriting <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ss. As <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>this <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ss, <span class=\"_ _1\"></span>mor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>than 2,000<span class=\"_ _3\"></span> lo<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>tions <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>operation <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>evaluate<span class=\"_ _3\"></span>d ever<span class=\"_ _3\"></span>y year<span class=\"_ _d\"></span>, <span class=\"_ _3\"></span>which <span class=\"_ _5\"></span>makes a <span class=\"_ _3\"></span>signifi<span class=\"_ _3\"></span>cant co<span class=\"_ _3\"></span>ntribution <span class=\"_ _3\"></span>to m<span class=\"_ _3\"></span>aking t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomy mor<span class=\"_ _5\"></span>e resil<span class=\"_ _3\"></span>ient agai<span class=\"_ _3\"></span>nst natural di<span class=\"_ _3\"></span>sasters.<span class=\"_ _3\"></span> All <span class=\"_ _5\"></span>kn<span class=\"_ _1\"></span>own <span class=\"_ _3\"></span>climat<span class=\"_ _3\"></span>e risks <span class=\"_ _3\"></span>wer<span class=\"_ _5\"></span>e incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ded <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>valua<span class=\"_ _3\"></span>tion of<span class=\"_ _3\"></span> the <span class=\"_ _5\"></span>assets a<span class=\"_ _3\"></span>nd li<span class=\"_ _3\"></span>abilities <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>these <span class=\"_ _3\"></span>consol<span class=\"_ _3\"></span>idated <span class=\"_ _3\"></span>financi<span class=\"_ _3\"></span>al stat<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span>. For mor<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n, please<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>efer to <span class=\"_ _3\"></span>the sto<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> sever<span class=\"_ _3\"></span>e we<span class=\"_ _3\"></span>ather losses <span class=\"_ _5\"></span>that oc<span class=\"_ _3\"></span>curred <span class=\"_ _3\"></span>during<span class=\"_ _3\"></span> the f<span class=\"_ _3\"></span>inancial y<span class=\"_ _3\"></span>ear an<span class=\"_ _3\"></span>d w<span class=\"_ _3\"></span>ere included i<span class=\"_ _3\"></span>n the bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>et a<span class=\"_ _3\"></span>nd incom<span class=\"_ _3\"></span>e statem<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> Macroeco<span class=\"_ _3\"></span>nomic risks<span class=\"_ _3\"></span> As a p<span class=\"_ _3\"></span>art<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>cipant i<span class=\"_ _3\"></span>n the ma<span class=\"_ _3\"></span>rket, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>business <span class=\"_ _3\"></span>activities o<span class=\"_ _3\"></span>f VI<span class=\"_ _3\"></span>G are i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>fluen<span class=\"_ _3\"></span>ced b<span class=\"_ _3\"></span>y the de<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>elopm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nt of<span class=\"_ _3\"></span> macro<span class=\"_ _5\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nomic fa<span class=\"_ _3\"></span>ctors<span class=\"_ _3\"></span>,<span class=\"_ _1\"></span> such as <span class=\"_ _3\"></span>the rate of<span class=\"_ _3\"></span> unempl<span class=\"_ _3\"></span>oyment, GDP<span class=\"_ _3\"></span> and i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>fl<span class=\"_ _3\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span> 2022 saw <span class=\"_ _1\"></span>a significant rise <span class=\"_ _1\"></span>in inflation <span class=\"_ _1\"></span>in a<span class=\"_ _1\"></span>lmo<span class=\"_ _3\"></span>st <span class=\"_ _1\"></span>all markets in <span class=\"_ _1\"></span>which the <span class=\"_ _1\"></span>VIG In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p operates. Global<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>econom<span class=\"_ _3\"></span>ic gro<span class=\"_ _3\"></span>wth <span class=\"_ _3\"></span>was <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>su<span class=\"_ _1\"></span>bd<span class=\"_ _3\"></span>ued <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>ongoing <span class=\"_ _5\"></span>COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _5\"></span>pandem<span class=\"_ _3\"></span>ic <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Russia\u2013U<span class=\"_ _3\"></span>kraine <span class=\"_ _5\"></span>conflict. <span class=\"_ _5\"></span>Inflation <span class=\"_ _5\"></span>tre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>indi<span class=\"_ _3\"></span>vidual countries <span class=\"_ _c\"> </span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _b\"> </span>clos<span class=\"_ _3\"></span>ely <span class=\"_ _6\"> </span>monitor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>VIG <span class=\"_ _6\"> </span>and <span class=\"_ _b\"> </span>potent<span class=\"_ _3\"></span>ial <span class=\"_ _b\"> </span>impacts <span class=\"_ _6\"> </span>are <span class=\"_ _b\"> </span>anal<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _6\"> </span>using <span class=\"_ _b\"> </span>sce<span class=\"_ _3\"></span>nario <span class=\"_ _b\"> </span>an<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span>ses, <span class=\"_ _b\"> </span>enabl<span class=\"_ _3\"></span>ing appro<span class=\"_ _3\"></span>priate r<span class=\"_ _3\"></span>espo<span class=\"_ _3\"></span>nses to a c<span class=\"_ _3\"></span>hanging e<span class=\"_ _3\"></span>nv<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>onm<span class=\"_ _3\"></span>ent to b<span class=\"_ _3\"></span>e taken.<span class=\"_ _379\"> </span>Risks relate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> the Russia<span class=\"_ _3\"></span>\u2013Ukraine<span class=\"_ _3\"></span> conflict<span class=\"_ _3\"></span> The war bet<span class=\"_ _3\"></span>ween the Russia<span class=\"_ _3\"></span>n Federation a<span class=\"_ _3\"></span>nd Ukraine be<span class=\"_ _379\"> </span>gan on 24 Fe<span class=\"_ _3\"></span>bruary 2022 w<span class=\"_ _3\"></span>hen Russia<span class=\"_ _3\"></span>n forces in<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>aded U<span class=\"_ _3\"></span>kraine.<span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>furth<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>evelopm<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>confli<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>po<span class=\"_ _3\"></span>tential <span class=\"_ _4\"></span>fu<span class=\"_ _3\"></span>rther <span class=\"_ _4\"></span>escalatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>res<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>lting <span class=\"_ _4\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _1\"></span>this <span class=\"_ _4\"></span>\u2013 <span class=\"_ _4\"></span>i.e. <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>anctio<span class=\"_ _3\"></span>ns <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>cou<span class=\"_ _3\"></span>nter<span class=\"_ _5\"></span>-<span class=\"_ _379\"> </span>meas<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>\u2013 cou<span class=\"_ _1\"></span>ld <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>urther <span class=\"_ _1\"></span>exace<span class=\"_ _3\"></span>rbate <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>impl<span class=\"_ _3\"></span>ications <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>financial <span class=\"_ _1\"></span>mark<span class=\"_ _3\"></span>ets <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>econom<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>ge<span class=\"_ _3\"></span>neral. A <span class=\"_ _4\"></span>numbe<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>of risks <span class=\"_ _a\"></span>may <span class=\"_ _c\"></span>ma<span class=\"_ _3\"></span>teriali<span class=\"_ _3\"></span>se <span class=\"_ _c\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>the <span class=\"_ _a\"></span>VIG <span class=\"_ _a\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _a\"></span>Group <span class=\"_ _4\"></span>as <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>re<span class=\"_ _3\"></span>sult; <span class=\"_ _c\"></span>these <span class=\"_ _a\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>eing <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span>dress<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>h<span class=\"_ _1\"></span>andle<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _a\"></span>part <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>ou<span class=\"_ _1\"></span>r sustaina<span class=\"_ _3\"></span>ble risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt. Dangers associ<span class=\"_ _3\"></span>ated <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>welfar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>of employees and the <span class=\"_ _1\"></span>operating business activiti<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>(e.g. <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>fice infrastructu<span class=\"_ _3\"></span>re, energ<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>, commu<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ation, IT s<span class=\"_ _3\"></span>ecurity) pose <span class=\"_ _3\"></span>material,<span class=\"_ _3\"></span> dir<span class=\"_ _3\"></span>ect risks f<span class=\"_ _3\"></span>or VIG\u2019<span class=\"_ _11\"></span>s Uk<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nian ins<span class=\"_ _3\"></span>urance compa<span class=\"_ _3\"></span>nies. In addition, <span class=\"_ _3\"></span>at the VI<span class=\"_ _3\"></span>G In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup <span class=\"_ _3\"></span>level, the vola<span class=\"_ _3\"></span>tility on<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al market f<span class=\"_ _3\"></span>uelled by t<span class=\"_ _3\"></span>he confl<span class=\"_ _3\"></span>ict and the possi<span class=\"_ _3\"></span>bility <span class=\"_ _3\"></span>of further s<span class=\"_ _3\"></span>anctio<span class=\"_ _3\"></span>ns and thei<span class=\"_ _3\"></span>r c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nseq<span class=\"_ _3\"></span>uences for <span class=\"_ _3\"></span>the eco<span class=\"_ _3\"></span>nomy in p<span class=\"_ _3\"></span>articular r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent sig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ifi<span class=\"_ _3\"></span>cant risks <span class=\"_ _3\"></span>and may <span class=\"_ _3\"></span>have a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> im<span class=\"_ _3\"></span>pact on opera<span class=\"_ _3\"></span>ting perfo<span class=\"_ _3\"></span>rmance a<span class=\"_ _3\"></span>nd busi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ess <span class=\"_ _3\"></span>activities.<span class=\"_ _5\"></span> Business ope<span class=\"_ _3\"></span>rations in Uk<span class=\"_ _3\"></span>raine<span class=\"_ _3\"></span> V<span class=\"_ _379\"> </span>IG <span class=\"_ _5\"></span>Insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _d\"></span>Gro<span class=\"_ _3\"></span>up <span class=\"_ _3\"></span>is <span class=\"_ _5\"></span>repr<span class=\"_ _3\"></span>ese<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ted <span class=\"_ _5\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Ukraini<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>market <span class=\"_ _d\"></span>by <span class=\"_ _3\"></span>thr<span class=\"_ _3\"></span>ee <span class=\"_ _3\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _5\"></span>companies <span class=\"_ _d\"></span>that <span class=\"_ _5\"></span>held <span class=\"_ _5\"></span>aro<span class=\"_ _3\"></span>und <span class=\"_ _5\"></span>EUR 140 <span class=\"_ _5\"></span>milli<span class=\"_ _3\"></span>on in assets<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> 2022<span class=\"_ _3\"></span>. In t<span class=\"_ _3\"></span>he event of a <span class=\"_ _3\"></span>comple<span class=\"_ _3\"></span>te loss of<span class=\"_ _3\"></span> the Ukrai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ia<span class=\"_ _3\"></span>n operatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s, <span class=\"_ _3\"></span>the VIG r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ult befor<span class=\"_ _3\"></span>e taxes<span class=\"_ _3\"></span> would <span class=\"_ _1\"></span>be de<span class=\"_ _1\"></span>cr<span class=\"_ _3\"></span>eased by<span class=\"_ _1\"></span> the <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>asset <span class=\"_ _1\"></span>valu<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>aft<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> adju<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ting <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>curr<span class=\"_ _3\"></span>ency <span class=\"_ _1\"></span>eff<span class=\"_ _3\"></span>ects, wh<span class=\"_ _1\"></span>ich amounts t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>appr<span class=\"_ _3\"></span>oxima<span class=\"_ _3\"></span>tely <span class=\"_ _1\"></span>EUR 56<span class=\"_ _3\"></span> mil<span class=\"_ _3\"></span>lion as of the<span class=\"_ _1\"></span> bala<span class=\"_ _3\"></span>nce sheet date of <span class=\"_ _3\"></span>31 December 202<span class=\"_ _3\"></span>2. The Ukrain<span class=\"_ _3\"></span>e CGU does not hold a<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> int<span class=\"_ _3\"></span>angible assets t<span class=\"_ _3\"></span>hat ar<span class=\"_ _3\"></span>e subject to <span class=\"_ _3\"></span>an imp<span class=\"_ _3\"></span>airment tes<span class=\"_ _3\"></span>t in acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce with IAS <span class=\"_ _3\"></span>36. The <span class=\"_ _1\"></span>VIG <span class=\"_ _4\"></span>ins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>comp<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Ukrai<span class=\"_ _3\"></span>ne <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>mainly <span class=\"_ _1\"></span>active <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>western <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egions <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>co<span class=\"_ _3\"></span>untry<span class=\"_ _d\"></span>, <span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _1\"></span>operatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s have <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>us fa<span class=\"_ _3\"></span>r o<span class=\"_ _3\"></span>nly <span class=\"_ _3\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>directl<span class=\"_ _3\"></span>y i<span class=\"_ _3\"></span>mpacted<span class=\"_ _3\"></span> to<span class=\"_ _3\"></span> a<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>limited <span class=\"_ _5\"></span>extent. <span class=\"_ _5\"></span>The <span class=\"_ _3\"></span>sancti<span class=\"_ _3\"></span>ons <span class=\"_ _3\"></span>against<span class=\"_ _3\"></span> R<span class=\"_ _3\"></span>ussia <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>lso <span class=\"_ _5\"></span>show <span class=\"_ _5\"></span>no <span class=\"_ _3\"></span>noticeabl<span class=\"_ _3\"></span>e i<span class=\"_ _3\"></span>mpac<span class=\"_ _3\"></span>ts on the op<span class=\"_ _3\"></span>erations of t<span class=\"_ _3\"></span>he Ukrai<span class=\"_ _3\"></span>nian<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>companies. A<span class=\"_ _3\"></span>n incre<span class=\"_ _3\"></span>ase i<span class=\"_ _3\"></span>n the numbe<span class=\"_ _3\"></span>r of gree<span class=\"_ _3\"></span>n card i<span class=\"_ _3\"></span>nsuran<span class=\"_ _3\"></span>ce policies t<span class=\"_ _3\"></span>hat were t<span class=\"_ _3\"></span>aken out has b<span class=\"_ _3\"></span>een obs<span class=\"_ _3\"></span>erved. T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>aso<span class=\"_ _3\"></span>n for this i<span class=\"_ _3\"></span>ncrease i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>movement of<span class=\"_ _3\"></span> ref<span class=\"_ _3\"></span>ugees to <span class=\"_ _3\"></span>neighbouring <span class=\"_ _3\"></span>Europ<span class=\"_ _3\"></span>ean co<span class=\"_ _3\"></span>untries.<span class=\"_ _3\"></span> As <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>editorial <span class=\"_ _3\"></span>deadli<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span>, <span class=\"_ _5\"></span>the U<span class=\"_ _3\"></span>krainian <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce com<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es h<span class=\"_ _3\"></span>ave be<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>able <span class=\"_ _3\"></span>to m<span class=\"_ _3\"></span>aintai<span class=\"_ _3\"></span>n lim<span class=\"_ _3\"></span>ited op<span class=\"_ _3\"></span>erations <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>spite <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the curre<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t <span class=\"_ _c\"> </span>conditions. <span class=\"_ _b\"> </span>D<span class=\"_ _3\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _b\"> </span>to <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _c\"> </span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _6\"> </span>dif<span class=\"_ _3\"></span>ficult <span class=\"_ _b\"> </span>situation <span class=\"_ _b\"> </span>in<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>Ukraine, <span class=\"_ _c\"> </span>V<span class=\"_ _1\"></span>IG <span class=\"_ _b\"> </span>is <span class=\"_ _b\"> </span>reg<span class=\"_ _3\"></span>ularly <span class=\"_ _b\"> </span>examining <span class=\"_ _c\"> </span>whether <span class=\"_ _b\"> </span>the <span class=\"_ _6\"> </span>Uk<span class=\"_ _3\"></span>rainia<span class=\"_ _3\"></span>n companies <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>onti<span class=\"_ _3\"></span>nue to satisf<span class=\"_ _3\"></span>y the re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ements <span class=\"_ _3\"></span>as a goi<span class=\"_ _3\"></span>ng concern. Russian bo<span class=\"_ _3\"></span>nds V<span class=\"_ _379\"> </span>IG Insura<span class=\"_ _3\"></span>nce Group<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>holds<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>EU<span class=\"_ _3\"></span>R 165.6 mill<span class=\"_ _3\"></span>ion <span class=\"_ _1\"></span>in Russi<span class=\"_ _3\"></span>an <span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>vernment and corpor<span class=\"_ _3\"></span>ate bonds for whi<span class=\"_ _3\"></span>ch <span class=\"_ _1\"></span>ther<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>is <span class=\"_ _3\"></span>curren<span class=\"_ _3\"></span>tly n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> active <span class=\"_ _3\"></span>mark<span class=\"_ _3\"></span>et. D<span class=\"_ _3\"></span>ue <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>cessatio<span class=\"_ _3\"></span>n of<span class=\"_ _3\"></span> t<span class=\"_ _3\"></span>rading <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>thes<span class=\"_ _3\"></span>e fin<span class=\"_ _3\"></span>anci<span class=\"_ _3\"></span>al i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>strume<span class=\"_ _3\"></span>nts <span class=\"_ _3\"></span>in l<span class=\"_ _3\"></span>ine <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>gr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>ed <span class=\"_ _5\"></span>sanctions, <span class=\"_ _3\"></span>imp<span class=\"_ _3\"></span>airments<span class=\"_ _3\"></span> w<span class=\"_ _3\"></span>ere recog<span class=\"_ _3\"></span>nised i<span class=\"_ _3\"></span>n co<span class=\"_ _3\"></span>nnectio<span class=\"_ _3\"></span>n wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the expos<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>re <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>to R<span class=\"_ _3\"></span>ussian <span class=\"_ _3\"></span>governmen<span class=\"_ _3\"></span>t and <span class=\"_ _3\"></span>corpor<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>bonds <span class=\"_ _3\"></span>total<span class=\"_ _3\"></span>ling EU<span class=\"_ _3\"></span>R 84.1 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on. Ukraine hr<span class=\"_ _3\"></span>yvnia (UAH<span class=\"_ _3\"></span>) On <span class=\"_ _4\"></span>24 Februar<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>202<span class=\"_ _3\"></span>2, <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>Na<span class=\"_ _3\"></span>tional <span class=\"_ _1\"></span>Bank <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Ukrain<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>N<span class=\"_ _3\"></span>BU) <span class=\"_ _1\"></span>published Re<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>ution <span class=\"_ _1\"></span>No. 18, which <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>intend<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>ens<span class=\"_ _3\"></span>ure <span class=\"_ _1\"></span>the contin<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>op<span class=\"_ _3\"></span>eration of <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stable<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ystem under <span class=\"_ _1\"></span>appli<span class=\"_ _3\"></span>cable <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ial <span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>aw<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>As part <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>his <span class=\"_ _1\"></span>reso<span class=\"_ _3\"></span>lution <span class=\"_ _1\"></span>the exchange<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>rate was pegge<span class=\"_ _3\"></span>d to t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e U.S. <span class=\"_ _5\"></span>dollar<span class=\"_ _d\"></span>. In vie<span class=\"_ _3\"></span>w of the <span class=\"_ _3\"></span>change i<span class=\"_ _3\"></span>n the fu<span class=\"_ _3\"></span>ndament<span class=\"_ _3\"></span>al chara<span class=\"_ _3\"></span>ct<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ristics of t<span class=\"_ _3\"></span>he Ukrai<span class=\"_ _3\"></span>nian eco<span class=\"_ _3\"></span>nomy d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng the wa<span class=\"_ _3\"></span>r and t<span class=\"_ _3\"></span>he str<span class=\"_ _3\"></span>engtheni<span class=\"_ _3\"></span>ng of<span class=\"_ _3\"></span> the <span class=\"_ _4\"></span>U.S. dollar <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gai<span class=\"_ _3\"></span>nst <span class=\"_ _4\"></span>oth<span class=\"_ _3\"></span>er <span class=\"_ _4\"></span>curr<span class=\"_ _3\"></span>encies,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>NBU <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>evalued<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>country\u2019<span class=\"_ _11\"></span>s <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>urrenc<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>by <span class=\"_ _1\"></span>25% <span class=\"_ _4\"></span>ag<span class=\"_ _3\"></span>ainst <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>U.S. <span class=\"_ _4\"></span>dol<span class=\"_ _3\"></span>lar <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>21 July 2022.<span class=\"_ _379\"> </span>Risks relate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> the COVID-19<span class=\"_ _3\"></span> pand<span class=\"_ _3\"></span>emic In <span class=\"_ _a\"></span>Janua<span class=\"_ _3\"></span>ry <span class=\"_ _a\"></span>2023, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>World <span class=\"_ _4\"></span>Healt<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>Orga<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>iz<span class=\"_ _3\"></span>ation <span class=\"_ _4\"></span>(<span class=\"_ _1\"></span>WH<span class=\"_ _3\"></span>O) <span class=\"_ _a\"></span>announ<span class=\"_ _3\"></span>ced <span class=\"_ _4\"></span>that <span class=\"_ _a\"></span>it <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>anticipa<span class=\"_ _3\"></span>ting <span class=\"_ _a\"></span>that <span class=\"_ _4\"></span>COVID-19 <span class=\"_ _1\"></span>will <span class=\"_ _4\"></span>stop <span class=\"_ _a\"></span>being classif<span class=\"_ _3\"></span>ied <span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a pandemi<span class=\"_ _3\"></span>c <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>2023. Sho<span class=\"_ _3\"></span>uld <span class=\"_ _1\"></span>\u2013<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ry <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>expec<span class=\"_ _3\"></span>tat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns \u2013 the COVID<span class=\"_ _3\"></span>-19 <span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>andemic worse<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>on<span class=\"_ _3\"></span>ce mor<span class=\"_ _3\"></span>e, the potential impac<span class=\"_ _3\"></span>ts <span class=\"_ _1\"></span>this could have on capital markets<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>the in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance business ca<span class=\"_ _3\"></span>nnot <span class=\"_ _1\"></span>be esti<span class=\"_ _3\"></span>mated, but <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>ey<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>uld have a <span class=\"_ _3\"></span>negati<span class=\"_ _3\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>t o<span class=\"_ _3\"></span>n the <span class=\"_ _3\"></span>net ass<span class=\"_ _3\"></span>ets, fina<span class=\"_ _3\"></span>ncial pos<span class=\"_ _3\"></span>ition a<span class=\"_ _3\"></span>nd r<span class=\"_ _3\"></span>esults of<span class=\"_ _3\"></span> oper<span class=\"_ _3\"></span>ations of <span class=\"_ _3\"></span>VIG Ins<span class=\"_ _3\"></span>urance G<span class=\"_ _3\"></span>roup. <span class=\"_ _3\"></span>This i<span class=\"_ _3\"></span>ncludes, in particular<span class=\"_ _d\"></span>, risks related to possibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>fluct<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns on<span class=\"_ _1\"></span> bond and capit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>markets that wer<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>also obs<span class=\"_ _3\"></span>erved in <span class=\"_ _1\"></span>the early pha<span class=\"_ _3\"></span>se of the C<span class=\"_ _3\"></span>OVID-19 p<span class=\"_ _3\"></span>andemic.<span class=\"_ _3\"></span> In the area of<span class=\"_ _3\"></span> reserv<span class=\"_ _3\"></span>es for incurr<span class=\"_ _3\"></span>ed but not repo<span class=\"_ _3\"></span>rted (IBN<span class=\"_ _3\"></span>R) claim<span class=\"_ _3\"></span>s, additional<span class=\"_ _3\"></span> reserves <span class=\"_ _3\"></span>were in<span class=\"_ _3\"></span>cluded due to a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span> in<span class=\"_ _1\"></span> expecte<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>lat<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>claim<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>notifica<span class=\"_ _3\"></span>tions <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>u<span class=\"_ _1\"></span>nce<span class=\"_ _3\"></span>rtainty <span class=\"_ _a\"></span>abo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _a\"></span>futur<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>developm<span class=\"_ _3\"></span>ents. <span class=\"_ _4\"></span>O<span class=\"_ _1\"></span>f <span class=\"_ _a\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>res<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>rv<span class=\"_ _3\"></span>es, <span class=\"_ _a\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 30.1 <span class=\"_ _a\"></span>mill<span class=\"_ _3\"></span>ion <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span>e revers<span class=\"_ _3\"></span>ed <span class=\"_ _c\"></span>i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>financial <span class=\"_ _4\"></span>year <span class=\"_ _a\"></span>2022 <span class=\"_ _4\"></span>due <span class=\"_ _c\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>tabilisatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _c\"> </span>sit<span class=\"_ _3\"></span>uation. <span class=\"_ _a\"></span>Th<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>dequac<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>of <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>underw<span class=\"_ _3\"></span>riting <span class=\"_ _a\"></span>provisi<span class=\"_ _3\"></span>ons <span class=\"_ _4\"></span>is checked <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>detail <span class=\"_ _a\"></span>as <span class=\"_ _4\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>lia<span class=\"_ _3\"></span>bility <span class=\"_ _a\"></span>adequ<span class=\"_ _3\"></span>acy <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>est <span class=\"_ _a\"></span>duri<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>p<span class=\"_ _3\"></span>rep<span class=\"_ _3\"></span>aration <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>consolida<span class=\"_ _3\"></span>ted <span class=\"_ _a\"></span>financi<span class=\"_ _3\"></span>al <span class=\"_ _c\"></span>st<span class=\"_ _3\"></span>ateme<span class=\"_ _3\"></span>nts. <span class=\"_ _c\"></span>T<span class=\"_ _3\"></span>he comparis<span class=\"_ _3\"></span>on of the b<span class=\"_ _3\"></span>est estim<span class=\"_ _3\"></span>ate (afte<span class=\"_ _3\"></span>r reinsu<span class=\"_ _3\"></span>rance) cal<span class=\"_ _3\"></span>cu<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>ted bas<span class=\"_ _3\"></span>ed on t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> Sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>ency II <span class=\"_ _3\"></span>principles <span class=\"_ _3\"></span>with the I<span class=\"_ _3\"></span>FRS pro<span class=\"_ _3\"></span>visio<span class=\"_ _3\"></span>ns (after <span class=\"_ _4\"></span>reinsura<span class=\"_ _3\"></span>nce) <span class=\"_ _a\"></span>show<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>si<span class=\"_ _3\"></span>gnifi<span class=\"_ _3\"></span>cant <span class=\"_ _c\"></span>s<span class=\"_ _3\"></span>urplus.<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>As<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>efore,<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>IFRS <span class=\"_ _4\"></span>provisi<span class=\"_ _3\"></span>ons <span class=\"_ _a\"></span>can <span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>her<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>be <span class=\"_ _a\"></span>consider<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>ad<span class=\"_ _3\"></span>equat<span class=\"_ _3\"></span>e. Detailed i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on is availabl<span class=\"_ _3\"></span>e on pag<span class=\"_ _3\"></span>e 80 in t<span class=\"_ _3\"></span>he risk r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>port<span class=\"_ _3\"></span>. Por<span class=\"_ _3\"></span>tfolio chan<span class=\"_ _3\"></span>ges in th<span class=\"_ _3\"></span>e life line of<span class=\"_ _3\"></span> business<span class=\"_ _3\"></span> Portfolio cha<span class=\"_ _1\"></span>nges<span class=\"_ _1\"></span> in the life <span class=\"_ _1\"></span>line of business Endowment i<span class=\"_ _1\"></span>nsurance excl. ri<span class=\"_ _1\"></span>sk insurance Risk insurance<span class=\"_ _1\"></span> <span class=\"_ _1e1\"> </span>Annuity in<span class=\"_ _1\"></span>surance   <span class=\"_ _1e2\"> </span><span class=\"fs15\">No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span></span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.20<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _1e3\"> </span>1,893,96<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>20,598,9<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span>2,239,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>156,721,<span class=\"_ _1\"></span>713<span class=\"_ _379\"> </span>506,858<span class=\"_ _379\"> </span>12,137,1<span class=\"_ _1\"></span>42<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _40\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _130\"> </span>13,8<span class=\"_ _1\"></span>63  <span class=\"_ _1a9\"> </span>-52,440  <span class=\"_ _1e4\"> </span>-540<span class=\"_ _379\"> </span>As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>1,893<span class=\"_ _1\"></span>,964<span class=\"_ _379\"> </span>20,612,8<span class=\"_ _1\"></span>34<span class=\"_ _379\"> </span>2,239,73<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>156,669,<span class=\"_ _1\"></span>273<span class=\"_ _379\"> </span>506,858<span class=\"_ _379\"> </span>12,136,6<span class=\"_ _1\"></span>02<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1e5\"> </span>  <span class=\"_ _114\"> </span>888,90<span class=\"_ _1\"></span>8  <span class=\"_ _1e6\"> </span>5,238,03<span class=\"_ _1\"></span>3  <span class=\"_ _1e7\"> </span>0<span class=\"_ _379\"> </span>Ad<span class=\"_ _1\"></span>ditio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1e8\"> </span>111,264<span class=\"_ _379\"> </span>1,441,85<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>682,304<span class=\"_ _379\"> </span>16,673,2<span class=\"_ _1\"></span>88<span class=\"_ _379\"> </span>21,921<span class=\"_ _379\"> </span>1,648,93<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>New <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1e9\"> </span>111,264<span class=\"_ _379\"> </span>1,254,34<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>682,304<span class=\"_ _379\"> </span>15,985,2<span class=\"_ _1\"></span>93<span class=\"_ _379\"> </span>21,921<span class=\"_ _379\"> </span>1,370,89<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ases<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>  <span class=\"_ _114\"> </span>187,5<span class=\"_ _1\"></span>16  <span class=\"_ _121\"> </span>687,995  <span class=\"_ _1a9\"> </span>27<span class=\"_ _1\"></span>8,038<span class=\"_ _379\"> </span>Cha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _13b\"> </span>-5,097<span class=\"_ _379\"> </span>221,837<span class=\"_ _379\"> </span>-20,61<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>2,954,27<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>879<span class=\"_ _379\"> </span>-51,72<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _126\"> </span>15,3<span class=\"_ _1\"></span>88<span class=\"_ _379\"> </span>846,594<span class=\"_ _379\"> </span>15,628<span class=\"_ _379\"> </span>8,600,07<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>7,097<span class=\"_ _379\"> </span>339,171<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>osals<span class=\"_ _1\"></span> <span class=\"_ _4b\"> </span>-20,485<span class=\"_ _379\"> </span>-624,757<span class=\"_ _379\"> </span>-36,244<span class=\"_ _379\"> </span>-5,645,80<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>-6,218<span class=\"_ _379\"> </span>-390,892<span class=\"_ _379\"> </span>Dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>due t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _1ea\"> </span>-92,75<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>-1,283<span class=\"_ _1\"></span>,918<span class=\"_ _379\"> </span>-151,5<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span>-8,281<span class=\"_ _1\"></span>,305<span class=\"_ _379\"> </span>-18,60<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>-882,5<span class=\"_ _1\"></span>60<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-67,408<span class=\"_ _379\"> </span>-1,137,65<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>-144,430<span class=\"_ _379\"> </span>-8,167,28<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>-17,366<span class=\"_ _379\"> </span>-855,084<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>eath<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>-25,346<span class=\"_ _379\"> </span>-146,266<span class=\"_ _379\"> </span>-7,157<span class=\"_ _379\"> </span>-114,025<span class=\"_ _379\"> </span>-1,242<span class=\"_ _379\"> </span>-27,476<span class=\"_ _379\"> </span>Prem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _ea\"> </span>-8<span class=\"_ _1\"></span>9,753<span class=\"_ _379\"> </span>-1,440<span class=\"_ _1\"></span>,366<span class=\"_ _379\"> </span>-395,0<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>-4,787<span class=\"_ _1\"></span>,908<span class=\"_ _379\"> </span>-21,18<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>-554,1<span class=\"_ _1\"></span>39<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-red<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1ec\"> </span>-3,314<span class=\"_ _379\"> </span>-39,398<span class=\"_ _379\"> </span>-31,630<span class=\"_ _379\"> </span>-221,777<span class=\"_ _379\"> </span>-518<span class=\"_ _379\"> </span>-20,754<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o lap<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _1ed\"> </span>-9,183<span class=\"_ _379\"> </span>-146,964<span class=\"_ _379\"> </span>-223,164<span class=\"_ _379\"> </span>-2,607,34<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>-1,859<span class=\"_ _379\"> </span>-89,027<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>urr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-76,9<span class=\"_ _1\"></span>43<span class=\"_ _379\"> </span>-1,194,77<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>-135,145<span class=\"_ _379\"> </span>-1,726,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>-18,803<span class=\"_ _379\"> </span>-351,674<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o w<span class=\"_ _1\"></span>aiv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span> <span class=\"_ _1ee\"> </span>-313<span class=\"_ _379\"> </span>-59,234<span class=\"_ _379\"> </span>-5,150<span class=\"_ _379\"> </span>-231,808<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>-92,684<span class=\"_ _379\"> </span>As of <span class=\"_ _1\"></span>31.12.2022<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>1,817,62<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>20,441,1<span class=\"_ _1\"></span>54<span class=\"_ _379\"> </span>2,354,74<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>168,465,<span class=\"_ _1\"></span>653<span class=\"_ _379\"> </span>489,870<span class=\"_ _379\"> </span>12,297,1<span class=\"_ _1\"></span>17<span class=\"_ _379\"> </span>Portfolio cha<span class=\"_ _1\"></span>nges<span class=\"_ _1\"></span> in the life <span class=\"_ _1\"></span>line of b<span class=\"_ _379\"> </span>usiness<span class=\"_ _1\"></span> Unit- a<span class=\"_ _1\"></span>nd index-linke<span class=\"_ _1\"></span>d insurance<span class=\"_ _1\"></span> <span class=\"_ _166\"> </span>Governme<span class=\"_ _1\"></span>nt sponsored pe<span class=\"_ _1\"></span>nsion pla<span class=\"_ _1\"></span>ns <span class=\"_ _75\"> </span>Tot<span class=\"_ _1\"></span>al No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>No. of po<span class=\"_ _1\"></span>licies<span class=\"_ _379\"> </span>Amt<span class=\"_ _1\"></span>. insured<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Quantity<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.20<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> <span class=\"_ _1e3\"> </span>1,773,36<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>18,238,4<span class=\"_ _1\"></span>40<span class=\"_ _379\"> </span>479,328<span class=\"_ _379\"> </span>10,143,4<span class=\"_ _1\"></span>39<span class=\"_ _379\"> </span>6,893,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>217,839,<span class=\"_ _1\"></span>705<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _129\"> </span>216,068<span class=\"_ _379\"> </span>-20,170<span class=\"_ _39\"> </span>156,781<span class=\"_ _379\"> </span>As <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>022<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>1,773<span class=\"_ _1\"></span>,361<span class=\"_ _379\"> </span>18,454,5<span class=\"_ _1\"></span>08<span class=\"_ _379\"> </span>479,328<span class=\"_ _379\"> </span>10,123,2<span class=\"_ _1\"></span>69<span class=\"_ _379\"> </span>6,893,24<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>217,996,<span class=\"_ _1\"></span>486<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>255,485<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>6,382,42<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Ad<span class=\"_ _1\"></span>ditio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1e8\"> </span>156,330<span class=\"_ _379\"> </span>2,550,88<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>21,337<span class=\"_ _379\"> </span>439,038<span class=\"_ _379\"> </span>993,156<span class=\"_ _379\"> </span>22,754,0<span class=\"_ _1\"></span>06<span class=\"_ _379\"> </span>New <span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span> <span class=\"_ _1e9\"> </span>156,330<span class=\"_ _379\"> </span>2,424,34<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>21,337<span class=\"_ _379\"> </span>214,764<span class=\"_ _379\"> </span>993,156<span class=\"_ _379\"> </span>21,249,6<span class=\"_ _1\"></span>45<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ases<span class=\"_ _1\"></span> <span class=\"_ _1ef\"> </span>126,538<span class=\"_ _379\"> </span>224,274<span class=\"_ _379\"> </span>1,504,36<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Cha<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _1e2\"> </span>2<span class=\"_ _1\"></span>,644<span class=\"_ _379\"> </span>-912,9<span class=\"_ _1\"></span>46<span class=\"_ _1f0\"> </span>-2,167<span class=\"_ _167\"> </span>4<span class=\"_ _1\"></span>,281<span class=\"_ _379\"> </span>-24,35<span class=\"_ _1\"></span>7<span class=\"_ _7c\"> </span>2,215,723<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> ad<span class=\"_ _1\"></span>dit<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _1f1\"> </span>9,024<span class=\"_ _379\"> </span>721,050<span class=\"_ _379\"> </span>496<span class=\"_ _379\"> </span>138,733<span class=\"_ _379\"> </span>47,633<span class=\"_ _379\"> </span>10,645,6<span class=\"_ _1\"></span>26<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>osals<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>-6,380<span class=\"_ _115\"> </span>-1,633,99<span class=\"_ _1\"></span>6<span class=\"_ _1f0\"> </span>-2,<span class=\"_ _1\"></span>663<span class=\"_ _1a0\"> </span>-134,452<span class=\"_ _165\"> </span>-71,99<span class=\"_ _1\"></span>0<span class=\"_ _1f2\"> </span>-8,429,90<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Dis<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>due t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> ma<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>urit<span class=\"_ _1\"></span>y <span class=\"_ _1ea\"> </span>-45,63<span class=\"_ _1\"></span>3<span class=\"_ _a0\"> </span>-5<span class=\"_ _1\"></span>78,924<span class=\"_ _1f0\"> </span>-3<span class=\"_ _1\"></span>,597<span class=\"_ _165\"> </span>-58,433<span class=\"_ _1f3\"> </span>-312,1<span class=\"_ _1\"></span>79<span class=\"_ _1f4\"> </span>-11,08<span class=\"_ _1\"></span>5,140<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o ex<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-38,084<span class=\"_ _1a0\"> </span>-517,579<span class=\"_ _1f5\"> </span>-2,459<span class=\"_ _165\"> </span>-4<span class=\"_ _1\"></span>7,147<span class=\"_ _1f3\"> </span>-269<span class=\"_ _1\"></span>,747<span class=\"_ _2d\"> </span>-10,724,742<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>eath<span class=\"_ _1\"></span> <span class=\"_ _1f6\"> </span>-7,549<span class=\"_ _165\"> </span>-6<span class=\"_ _1\"></span>1,345<span class=\"_ _1f5\"> </span>-1,138<span class=\"_ _165\"> </span>-11,2<span class=\"_ _1\"></span>86<span class=\"_ _165\"> </span>-42,432<span class=\"_ _163\"> </span>-360,398<span class=\"_ _379\"> </span>Prem<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ure<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>sal<span class=\"_ _1\"></span>s <span class=\"_ _f3\"> </span>-18<span class=\"_ _1\"></span>3,882<span class=\"_ _1f7\"> </span>-2,171<span class=\"_ _1\"></span>,432<span class=\"_ _165\"> </span>-18,116<span class=\"_ _1f3\"> </span>-477,5<span class=\"_ _1\"></span>21<span class=\"_ _a0\"> </span>-<span class=\"_ _1\"></span>708,020<span class=\"_ _1f2\"> </span>-9,431,3<span class=\"_ _1\"></span>66<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o n<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>-red<span class=\"_ _1\"></span>emp<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _23\"> </span>-4<span class=\"_ _1\"></span>2,074<span class=\"_ _1f3\"> </span>-186<span class=\"_ _1\"></span>,200<span class=\"_ _4f\"> </span>-332<span class=\"_ _1f5\"> </span>-6,474<span class=\"_ _165\"> </span>-77,868<span class=\"_ _163\"> </span>-474,603<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o lap<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span> w<span class=\"_ _1\"></span>ith<span class=\"_ _1\"></span>out<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ay<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> <span class=\"_ _1f8\"> </span>-56,800<span class=\"_ _1a0\"> </span>-754,394<span class=\"_ _4f\"> </span>-785<span class=\"_ _165\"> </span>-1<span class=\"_ _1\"></span>9,851<span class=\"_ _1f3\"> </span>-291<span class=\"_ _1\"></span>,791<span class=\"_ _1f2\"> </span>-3,617<span class=\"_ _1\"></span>,582<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o s<span class=\"_ _1\"></span>urr<span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>-82,2<span class=\"_ _1\"></span>93<span class=\"_ _1f7\"> </span>-1,09<span class=\"_ _1\"></span>3,623<span class=\"_ _165\"> </span>-16<span class=\"_ _1\"></span>,999<span class=\"_ _1f3\"> </span>-329,<span class=\"_ _1\"></span>543<span class=\"_ _1f3\"> </span>-330,1<span class=\"_ _1\"></span>83<span class=\"_ _1f2\"> </span>-4,696,5<span class=\"_ _1\"></span>87<span class=\"_ _379\"> </span>Due<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>o w<span class=\"_ _1\"></span>aiv<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> of p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ium<span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>-2,715<span class=\"_ _1f3\"> </span>-137,2<span class=\"_ _1\"></span>15<span class=\"_ _1f9\"> </span>0<span class=\"_ _379\"> </span>-121,653<span class=\"_ _1f5\"> </span>-8,178<span class=\"_ _163\"> </span>-642,594<span class=\"_ _379\"> </span>As of <span class=\"_ _1\"></span>31.12.2022<span class=\"_ _1\"></span> <span class=\"_ _1ae\"> </span>1,702,82<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>17,597,5<span class=\"_ _1\"></span>77<span class=\"_ _379\"> </span>476,785<span class=\"_ _379\"> </span>10,030,6<span class=\"_ _1\"></span>34<span class=\"_ _379\"> </span>6,841,84<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>228,832,<span class=\"_ _1\"></span>135<span class=\"_ _379\"> </span>EMBEDD<span class=\"_ _3\"></span>ED <span class=\"_ _5\"></span>VALU<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span> SENSI<span class=\"_ _3\"></span>TIVITY<span class=\"_ _3\"></span> ANAL<span class=\"_ _11\"></span>YSES FOR<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>THE LIFE <span class=\"_ _5\"></span>AND HEAL<span class=\"_ _11\"></span>TH INSURANC<span class=\"_ _3\"></span>E BUSINES<span class=\"_ _3\"></span>SES The fo<span class=\"_ _3\"></span>llowing <span class=\"_ _5\"></span>ta<span class=\"_ _1\"></span>bl<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>show <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ensiti<span class=\"_ _3\"></span>vities f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>changes <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>assump<span class=\"_ _3\"></span>tions <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to c<span class=\"_ _3\"></span>alculat<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>embedded <span class=\"_ _3\"></span>valu<span class=\"_ _3\"></span>e fo<span class=\"_ _3\"></span>r th<span class=\"_ _3\"></span>e li<span class=\"_ _3\"></span>fe and healt<span class=\"_ _3\"></span>h insura<span class=\"_ _3\"></span>nce busin<span class=\"_ _3\"></span>esses and <span class=\"_ _3\"></span>value of <span class=\"_ _3\"></span>new busin<span class=\"_ _3\"></span>ess as o<span class=\"_ _3\"></span>f 31 Decem<span class=\"_ _3\"></span>ber 2022<span class=\"_ _3\"></span>: Embedded <span class=\"_ _1\"></span>value fo<span class=\"_ _1\"></span>r the life and<span class=\"_ _1\"></span> healt<span class=\"_ _1\"></span>h insurance <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>Austria<span class=\"_ _1\"></span>/ Germa<span class=\"_ _1\"></span>ny<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>CEE<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Ba<span class=\"_ _1\"></span>se v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _11c\"> </span>2,8<span class=\"_ _1\"></span>60,401<span class=\"_ _379\"> </span>1,918,06<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>4,778,46<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve 0<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _156\"> </span>253,96<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>8.9<span class=\"_ _379\"> </span>856<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>254,825<span class=\"_ _379\"> </span>5.3<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>0.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _148\"> </span>-405<span class=\"_ _1\"></span>,847<span class=\"_ _1fa\"> </span>-14.2<span class=\"_ _1f7\"> </span>-12,526<span class=\"_ _1fb\"> </span>-0.7<span class=\"_ _c3\"> </span>-418,3<span class=\"_ _1\"></span>72<span class=\"_ _a6\"> </span>-8.8<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>e an<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> est<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span>5% <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e rep<span class=\"_ _1\"></span>ort<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> da<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e <span class=\"_ _140\"> </span>-117,129<span class=\"_ _1fb\"> </span>-4.1<span class=\"_ _25\"> </span>-19,70<span class=\"_ _1\"></span>1<span class=\"_ _8a\"> </span>-1.<span class=\"_ _1\"></span>0<span class=\"_ _df\"> </span>-1<span class=\"_ _1\"></span>36,830<span class=\"_ _a6\"> </span>-2.9<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>0%<span class=\"_ _1\"></span> <span class=\"_ _1fc\"> </span>82,817<span class=\"_ _379\"> </span>2.9<span class=\"_ _379\"> </span>50,214<span class=\"_ _379\"> </span>2.6<span class=\"_ _379\"> </span>133,031<span class=\"_ _379\"> </span>2.8<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>aps<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _1fd\"> </span>20,910<span class=\"_ _379\"> </span>0.7<span class=\"_ _379\"> </span>28,497<span class=\"_ _379\"> </span>1.5<span class=\"_ _379\"> </span>49,407<span class=\"_ _379\"> </span>1.0<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>owm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>11,9<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span>0.4<span class=\"_ _379\"> </span>37,681<span class=\"_ _379\"> </span>2.0<span class=\"_ _379\"> </span>49,652<span class=\"_ _379\"> </span>1.0<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>annu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _1e4\"> </span>-12,048<span class=\"_ _1fb\"> </span>-0.4<span class=\"_ _165\"> </span>-770<span class=\"_ _1f5\"> </span>0.0<span class=\"_ _379\"> </span>-12,818<span class=\"_ _a6\"> </span>-0.3<span class=\"_ _379\"> </span>No <span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>adju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>-142,421<span class=\"_ _1fb\"> </span>-5.0<span class=\"_ _1f7\"> </span>-11,490<span class=\"_ _1fb\"> </span>-0.6<span class=\"_ _c3\"> </span>-153,91<span class=\"_ _1\"></span>1<span class=\"_ _a6\"> </span>-3.2<span class=\"_ _379\"> </span>Value of ne<span class=\"_ _1\"></span>w busine<span class=\"_ _1\"></span>ss <span class=\"_ _1ff\"> </span><span class=\"fs15\">Austria<span class=\"_ _1\"></span>/ </span>Germa<span class=\"_ _1\"></span>ny<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>CEE<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>Change<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>Ba<span class=\"_ _1\"></span>se v<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _ab\"> </span>33,702  <span class=\"_ _2a\"> </span>56,860  <span class=\"_ _2a\"> </span>90,562<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve 0<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _200\"> </span>-988<span class=\"_ _379\"> </span>-2.9<span class=\"_ _379\"> </span>3,128<span class=\"_ _379\"> </span>5.5<span class=\"_ _379\"> </span>2,140<span class=\"_ _379\"> </span>2.4<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ield <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>0.5<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _168\"> </span>-3,32<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>-9.9<span class=\"_ _379\"> </span>-2,971<span class=\"_ _379\"> </span>-5.2<span class=\"_ _379\"> </span>-6,293<span class=\"_ _379\"> </span>-6.9<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> exp<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>0%<span class=\"_ _1\"></span> <span class=\"_ _201\"> </span>1,915<span class=\"_ _379\"> </span>5.7<span class=\"_ _379\"> </span>6,912<span class=\"_ _379\"> </span>12.2<span class=\"_ _379\"> </span>8,827<span class=\"_ _379\"> </span>9.7<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>aps<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _202\"> </span>1,915<span class=\"_ _379\"> </span>5.7<span class=\"_ _379\"> </span>1,334<span class=\"_ _379\"> </span>2.3<span class=\"_ _379\"> </span>3,248<span class=\"_ _379\"> </span>3.6<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>end<span class=\"_ _1\"></span>owm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k in<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> <span class=\"_ _1f0\"> </span>1,396<span class=\"_ _379\"> </span>4.1<span class=\"_ _379\"> </span>9,529<span class=\"_ _379\"> </span>16.8<span class=\"_ _379\"> </span>10,925<span class=\"_ _379\"> </span>12.1<span class=\"_ _379\"> </span>De<span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>ase <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ali<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> 5%<span class=\"_ _1\"></span> fo<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>annu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>es <span class=\"_ _f4\"> </span>-55<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>-1.6<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>0.0<span class=\"_ _379\"> </span>-553<span class=\"_ _379\"> </span>-0.6<span class=\"_ _379\"> </span>No <span class=\"_ _1\"></span>vol<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ilit<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>adju<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> <span class=\"_ _5c\"> </span>446<span class=\"_ _379\"> </span>1.3<span class=\"_ _379\"> </span>-1,287<span class=\"_ _379\"> </span>-2.3<span class=\"_ _379\"> </span>-841<span class=\"_ _379\"> </span>-0.9<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>sensi<span class=\"_ _3\"></span>tivities are based on <span class=\"_ _1\"></span>the same manag<span class=\"_ _3\"></span>ement ru<span class=\"_ _1\"></span>les and policy<span class=\"_ _3\"></span>holder behaviour as <span class=\"_ _1\"></span>the base <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>ase. Each <span class=\"_ _1\"></span>sensitivi<span class=\"_ _3\"></span>ty is calcu<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ated separately<span class=\"_ _d\"></span>. If two events occur simultaneo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>sly<span class=\"_ _d\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the e<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>fect <span class=\"_ _1\"></span>is not necessa<span class=\"_ _3\"></span>rily <span class=\"_ _1\"></span>equ<span class=\"_ _3\"></span>al t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>vidual sensitiviti<span class=\"_ _3\"></span>es. Provisions i<span class=\"_ _3\"></span>n the prop<span class=\"_ _3\"></span>erty and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>sualty line of<span class=\"_ _3\"></span> business<span class=\"_ _3\"></span> GENERAL<span class=\"_ _3\"></span> INFORMA<span class=\"_ _d\"></span>T<span class=\"_ _1\"></span>ION<span class=\"_ _5\"></span> If claims<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>asse<span class=\"_ _3\"></span>rted by<span class=\"_ _3\"></span> or agai<span class=\"_ _3\"></span>nst pol<span class=\"_ _3\"></span>icyholders, <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _3\"></span> amount<span class=\"_ _3\"></span>s that <span class=\"_ _3\"></span>a compa<span class=\"_ _3\"></span>ny i<span class=\"_ _3\"></span>n the pro<span class=\"_ _5\"></span>perty and<span class=\"_ _3\"></span> casualt<span class=\"_ _3\"></span>y line o<span class=\"_ _3\"></span>f busin<span class=\"_ _3\"></span>ess pays <span class=\"_ _a\"></span>or <span class=\"_ _4\"></span>expects <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>have <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>pay <span class=\"_ _4\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>claim<span class=\"_ _3\"></span>ant <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>re <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>losses, <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>inv<span class=\"_ _1\"></span>estig<span class=\"_ _3\"></span>ating, <span class=\"_ _4\"></span>adjusti<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>and processi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>these <span class=\"_ _d\"></span>claims <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _3\"></span>claims <span class=\"_ _5\"></span>settl<span class=\"_ _3\"></span>ement <span class=\"_ _d\"></span>expenses. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>VIG <span class=\"_ _d\"></span>Insurance <span class=\"_ _d\"></span>Group <span class=\"_ _d\"></span>have <span class=\"_ _5\"></span>formed<span class=\"_ _3\"></span> provisi<span class=\"_ _3\"></span>ons <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>lines of <span class=\"_ _1\"></span>business<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>ex<span class=\"_ _3\"></span>tent <span class=\"_ _1\"></span>of c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ver <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>year <span class=\"_ _1\"></span>to pay <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>losses<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>claims settlem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>expenses<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>to claims under pro<span class=\"_ _5\"></span>perty and c<span class=\"_ _3\"></span>asualty ins<span class=\"_ _3\"></span>urance pol<span class=\"_ _3\"></span>icies.<span class=\"_ _3\"></span> Losses <span class=\"_ _3\"></span>and cl<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ims<span class=\"_ _3\"></span> settleme<span class=\"_ _3\"></span>nt <span class=\"_ _3\"></span>expenses <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>an <span class=\"_ _3\"></span>be divid<span class=\"_ _3\"></span>ed i<span class=\"_ _3\"></span>nto <span class=\"_ _3\"></span>two c<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>go<span class=\"_ _3\"></span>ries: <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>erves for <span class=\"_ _3\"></span>kno<span class=\"_ _3\"></span>wn b<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _3\"></span>still <span class=\"_ _3\"></span>outstan<span class=\"_ _3\"></span>ding clai<span class=\"_ _3\"></span>ms (RMNS), <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eserves <span class=\"_ _1\"></span>for claims <span class=\"_ _1\"></span>that h<span class=\"_ _1\"></span>ave been <span class=\"_ _4\"></span>i<span class=\"_ _3\"></span>ncurred but <span class=\"_ _1\"></span>have <span class=\"_ _1\"></span>not y<span class=\"_ _1\"></span>et <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>rted, <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>corr<span class=\"_ _3\"></span>ect <span class=\"_ _1\"></span>amo<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>not been <span class=\"_ _d\"></span>reported <span class=\"_ _d\"></span>(IBNR, <span class=\"_ _d\"></span>IBNER). <span class=\"_ _d\"></span>Provis<span class=\"_ _3\"></span>ions <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>anding <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>lai<span class=\"_ _3\"></span>ms <span class=\"_ _5\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>base<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>estimates <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>futur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>payme<span class=\"_ _3\"></span>nts, <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uding <span class=\"_ _5\"></span>claim<span class=\"_ _3\"></span>s settlem<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>expenses,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>thes<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>claims. These <span class=\"_ _1\"></span>esti<span class=\"_ _3\"></span>mates <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>made <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>case-b<span class=\"_ _3\"></span>y-case <span class=\"_ _1\"></span>basi<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>dance with <span class=\"_ _1\"></span>facts<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and circ<span class=\"_ _3\"></span>umstances as<span class=\"_ _3\"></span>certai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ble at t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e tim<span class=\"_ _3\"></span>e the p<span class=\"_ _3\"></span>rovision is<span class=\"_ _3\"></span> form<span class=\"_ _3\"></span>ed. The <span class=\"_ _4\"></span>estim<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>tes <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eflect <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>well-f<span class=\"_ _3\"></span>ounded <span class=\"_ _1\"></span>judgeme<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>of t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>mpanies <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>nsu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _1\"></span>adjuste<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>gener<span class=\"_ _3\"></span>al practic<span class=\"_ _3\"></span>es fo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>forming <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>a kno<span class=\"_ _3\"></span>wledge <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>natur<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>ue of <span class=\"_ _3\"></span>eac<span class=\"_ _3\"></span>h type <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>claim. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>ovisio<span class=\"_ _3\"></span>ns are <span class=\"_ _1\"></span>adjusted <span class=\"_ _1\"></span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>la<span class=\"_ _3\"></span>rly <span class=\"_ _4\"></span>during <span class=\"_ _1\"></span>normal <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>ssi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>esent<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpe<span class=\"_ _3\"></span>cted <span class=\"_ _4\"></span>ev<span class=\"_ _3\"></span>entual <span class=\"_ _4\"></span>costs <span class=\"_ _1\"></span>necess<span class=\"_ _3\"></span>ary <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>finally <span class=\"_ _4\"></span>settle<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>all<span class=\"_ _1\"></span> pending <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>claims, <span class=\"_ _3\"></span>taki<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> ac<span class=\"_ _3\"></span>count <span class=\"_ _3\"></span>infla<span class=\"_ _3\"></span>tion, i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>rates <span class=\"_ _5\"></span>and o<span class=\"_ _3\"></span>ther <span class=\"_ _3\"></span>social <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic f<span class=\"_ _3\"></span>actors <span class=\"_ _5\"></span>that <span class=\"_ _3\"></span>could <span class=\"_ _5\"></span>affect<span class=\"_ _3\"></span> the amo<span class=\"_ _3\"></span>unt of pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons that ar<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>ed. Historical <span class=\"_ _3\"></span>developm<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>nts i<span class=\"_ _3\"></span>n distrib<span class=\"_ _3\"></span>ution <span class=\"_ _3\"></span>patterns a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> claims <span class=\"_ _3\"></span>paym<span class=\"_ _3\"></span>ents, t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>level of <span class=\"_ _5\"></span>report<span class=\"_ _3\"></span>ed and stil<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>utstanding <span class=\"_ _3\"></span>claims a<span class=\"_ _3\"></span>nd the <span class=\"_ _3\"></span>nature <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>e ext<span class=\"_ _3\"></span>ent of<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>ver ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>take<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>into <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unt. <span class=\"_ _3\"></span>In a<span class=\"_ _3\"></span>ddition, <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>decisions <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>eco<span class=\"_ _3\"></span>nomic <span class=\"_ _3\"></span>conditio<span class=\"_ _3\"></span>ns c<span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>also af<span class=\"_ _3\"></span>fect the estima<span class=\"_ _3\"></span>te of pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons and th<span class=\"_ _3\"></span>e eventu<span class=\"_ _3\"></span>al size of cl<span class=\"_ _3\"></span>aims. IBNR a<span class=\"_ _3\"></span>nd IBNE<span class=\"_ _3\"></span>R pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons are<span class=\"_ _3\"></span> form<span class=\"_ _3\"></span>ed to o<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>set t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>expecte<span class=\"_ _3\"></span>d costs<span class=\"_ _3\"></span> of lo<span class=\"_ _3\"></span>sses t<span class=\"_ _3\"></span>hat <span class=\"_ _3\"></span>have bee<span class=\"_ _3\"></span>n inc<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>ut not <span class=\"_ _3\"></span>yet r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>porte<span class=\"_ _3\"></span>d or h<span class=\"_ _1\"></span>ave not <span class=\"_ _1\"></span>yet <span class=\"_ _1\"></span>bee<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>report<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>suff<span class=\"_ _3\"></span>iciently<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o the <span class=\"_ _1\"></span>individ<span class=\"_ _3\"></span>ual <span class=\"_ _1\"></span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>compa<span class=\"_ _3\"></span>nies. <span class=\"_ _1\"></span>These pro<span class=\"_ _3\"></span>visions, <span class=\"_ _1\"></span>j<span class=\"_ _3\"></span>ust <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>ke <span class=\"_ _1\"></span>the p<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons for <span class=\"_ _3\"></span>reported <span class=\"_ _5\"></span>claims, <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>formed <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>pay t<span class=\"_ _3\"></span>he ex<span class=\"_ _3\"></span>pected <span class=\"_ _3\"></span>costs, <span class=\"_ _3\"></span>including <span class=\"_ _3\"></span>clai<span class=\"_ _3\"></span>ms <span class=\"_ _3\"></span>settlement <span class=\"_ _3\"></span>expens<span class=\"_ _3\"></span>es, ne<span class=\"_ _3\"></span>cessary <span class=\"_ _3\"></span>to f<span class=\"_ _3\"></span>inally se<span class=\"_ _3\"></span>ttle these <span class=\"_ _a\"></span>claims. <span class=\"_ _c\"></span>B<span class=\"_ _3\"></span>ecause, <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>definiti<span class=\"_ _3\"></span>on, <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>extent <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>these <span class=\"_ _c\"></span>l<span class=\"_ _3\"></span>osses <span class=\"_ _c\"> </span>is <span class=\"_ _a\"></span>still <span class=\"_ _c\"></span>unkno<span class=\"_ _3\"></span>wn <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>he<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons <span class=\"_ _c\"> </span>are <span class=\"_ _a\"></span>formed, <span class=\"_ _a\"></span>VIG Insurance<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _a\"></span>calc<span class=\"_ _3\"></span>ulates <span class=\"_ _a\"></span>its <span class=\"_ _a\"></span>IBNR <span class=\"_ _a\"></span>and <span class=\"_ _4\"></span>IBNER <span class=\"_ _a\"></span>pro<span class=\"_ _3\"></span>vision<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>ba<span class=\"_ _1\"></span>se<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>historical <span class=\"_ _4\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _a\"></span>experie<span class=\"_ _3\"></span>nce, <span class=\"_ _a\"></span>adjusted <span class=\"_ _a\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>c<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>en<span class=\"_ _1\"></span>t<span class=\"_ _379\"> </span>developme<span class=\"_ _3\"></span>nts <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>clai<span class=\"_ _3\"></span>ms-rel<span class=\"_ _3\"></span>ated <span class=\"_ _c\"> </span>facto<span class=\"_ _3\"></span>rs. <span class=\"_ _c\"> </span>These <span class=\"_ _c\"> </span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>is<span class=\"_ _379\"> </span>ions <span class=\"_ _c\"></span>are <span class=\"_ _c\"></span>b<span class=\"_ _3\"></span>ased <span class=\"_ _c\"> </span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>estim<span class=\"_ _3\"></span>ates <span class=\"_ _c\"> </span>mad<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>u<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>actuarial <span class=\"_ _a\"></span>and <span class=\"_ _c\"> </span>statistical<span class=\"_ _3\"></span> for<span class=\"_ _3\"></span>eca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>xp<span class=\"_ _3\"></span>ected <span class=\"_ _3\"></span>cos<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>finally <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ettle <span class=\"_ _5\"></span>these <span class=\"_ _3\"></span>clai<span class=\"_ _3\"></span>ms. <span class=\"_ _5\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>nalys<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>bas<span class=\"_ _3\"></span>ed <span class=\"_ _3\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>facts <span class=\"_ _5\"></span>and <span class=\"_ _5\"></span>circums<span class=\"_ _3\"></span>tances <span class=\"_ _d\"></span>known at <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>time<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>on expec<span class=\"_ _3\"></span>tations r<span class=\"_ _3\"></span>egardi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ang<span class=\"_ _3\"></span>es in legal and/or econom<span class=\"_ _3\"></span>ic <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>actors that determi<span class=\"_ _3\"></span>ne the level of loss, su<span class=\"_ _3\"></span>ch as <span class=\"_ _c\"> </span>c<span class=\"_ _1\"></span>as<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>law<span class=\"_ _5\"></span>, <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>inflatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>rate <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>la<span class=\"_ _3\"></span>bour <span class=\"_ _b\"> </span>cos<span class=\"_ _3\"></span>ts. <span class=\"_ _c\"> </span>These <span class=\"_ _b\"> </span>pr<span class=\"_ _3\"></span>ovisions <span class=\"_ _c\"> </span>are <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>egularl<span class=\"_ _3\"></span>y <span class=\"_ _b\"> </span>revie<span class=\"_ _3\"></span>wed <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>evised <span class=\"_ _c\"> </span>once <span class=\"_ _c\"> </span>additio<span class=\"_ _3\"></span>nal informatio<span class=\"_ _3\"></span>n <span class=\"_ _a\"></span>is <span class=\"_ _4\"></span>kn<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>actually <span class=\"_ _4\"></span>repo<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed. <span class=\"_ _a\"></span>The<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>time <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>eede<span class=\"_ _3\"></span>d <span class=\"_ _a\"></span>to <span class=\"_ _a\"></span>learn <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>these <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>settle <span class=\"_ _4\"></span>them <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>an importa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t f<span class=\"_ _3\"></span>actor tha<span class=\"_ _3\"></span>t must be <span class=\"_ _3\"></span>taken into <span class=\"_ _3\"></span>account <span class=\"_ _3\"></span>when form<span class=\"_ _3\"></span>ing pro<span class=\"_ _3\"></span>visions.<span class=\"_ _3\"></span> Claims<span class=\"_ _3\"></span> which <span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>e eas<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to s<span class=\"_ _3\"></span>ettle, <span class=\"_ _3\"></span>such as <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>opert<span class=\"_ _3\"></span>y dam<span class=\"_ _3\"></span>age under <span class=\"_ _3\"></span>moto<span class=\"_ _3\"></span>r insu<span class=\"_ _3\"></span>rance, <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>repo<span class=\"_ _3\"></span>rted wit<span class=\"_ _3\"></span>hin <span class=\"_ _3\"></span>a f<span class=\"_ _3\"></span>ew<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>days <span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>weeks<span class=\"_ _3\"></span> and ar<span class=\"_ _3\"></span>e normally s<span class=\"_ _3\"></span>ettled <span class=\"_ _3\"></span>within a <span class=\"_ _3\"></span>year<span class=\"_ _d\"></span>. Mor<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>c<span class=\"_ _1\"></span>om<span class=\"_ _3\"></span>plicat<span class=\"_ _3\"></span>ed <span class=\"_ _6\"> </span>claims, <span class=\"_ _b\"> </span>such <span class=\"_ _6\"> </span>as <span class=\"_ _b\"> </span>personal <span class=\"_ _b\"> </span>injury <span class=\"_ _b\"> </span>u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>r <span class=\"_ _6\"> </span>motor <span class=\"_ _6\"> </span>o<span class=\"_ _3\"></span>r <span class=\"_ _2\"> </span>ge<span class=\"_ _3\"></span>neral <span class=\"_ _b\"> </span>liability <span class=\"_ _6\"> </span>ins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ra<span class=\"_ _3\"></span>nce, <span class=\"_ _6\"> </span>typic<span class=\"_ _3\"></span>ally <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>equire <span class=\"_ _6\"> </span>lo<span class=\"_ _3\"></span>nger settlem<span class=\"_ _3\"></span>ent <span class=\"_ _c\"> </span>times <span class=\"_ _c\"></span>(o<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>average <span class=\"_ _c\"> </span>four <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>six <span class=\"_ _c\"> </span>years, <span class=\"_ _c\"> </span>in <span class=\"_ _c\"> </span>som<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>cases <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>nsiderabl<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _c\"></span>lo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>r)<span class=\"_ _1\"></span>. <span class=\"_ _c\"></span>Di<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>icult <span class=\"_ _c\"> </span>claims, <span class=\"_ _c\"></span>w<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>settlem<span class=\"_ _3\"></span>ent regul<span class=\"_ _3\"></span>arly de<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span>ends on <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e results of often pro<span class=\"_ _3\"></span>tracted liti<span class=\"_ _3\"></span>gation, <span class=\"_ _1\"></span>also lead to <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ubstantiall<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>longer settlem<span class=\"_ _3\"></span>ent times, especiall<span class=\"_ _3\"></span>y in the liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>, casual<span class=\"_ _3\"></span>ty<span class=\"_ _5\"></span>, buil<span class=\"_ _3\"></span>ding and <span class=\"_ _3\"></span>professi<span class=\"_ _3\"></span>onal li<span class=\"_ _3\"></span>ability lines<span class=\"_ _3\"></span> of business<span class=\"_ _3\"></span>. The fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l <span class=\"_ _3\"></span>costs <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>claim<span class=\"_ _3\"></span>s and <span class=\"_ _3\"></span>claims <span class=\"_ _3\"></span>settleme<span class=\"_ _3\"></span>nt exp<span class=\"_ _3\"></span>enses<span class=\"_ _3\"></span> depend <span class=\"_ _3\"></span>on a <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>um<span class=\"_ _3\"></span>ber o<span class=\"_ _3\"></span>f variabl<span class=\"_ _3\"></span>e cir<span class=\"_ _3\"></span>cumstan<span class=\"_ _3\"></span>ces. B<span class=\"_ _3\"></span>etween t<span class=\"_ _3\"></span>he time a claim <span class=\"_ _3\"></span>is repor<span class=\"_ _3\"></span>ted and fi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>l settl<span class=\"_ _3\"></span>ement, c<span class=\"_ _3\"></span>hanging cir<span class=\"_ _3\"></span>cum<span class=\"_ _3\"></span>stances m<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span> r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>e that the pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons that we<span class=\"_ _3\"></span>re forme<span class=\"_ _3\"></span>d be revise<span class=\"_ _3\"></span>d upwar<span class=\"_ _3\"></span>ds or dow<span class=\"_ _3\"></span>nwar<span class=\"_ _3\"></span>ds. For exampl<span class=\"_ _3\"></span>e, cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ges in t<span class=\"_ _3\"></span>he law<span class=\"_ _3\"></span>, t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>utcome of l<span class=\"_ _3\"></span>itigation a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d c<span class=\"_ _3\"></span>hanges in medi<span class=\"_ _3\"></span>cal cost<span class=\"_ _3\"></span>s, costs for m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>terials<span class=\"_ _3\"></span> for ca<span class=\"_ _3\"></span>r and ho<span class=\"_ _3\"></span>use rep<span class=\"_ _3\"></span>air an<span class=\"_ _3\"></span>d h<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>urly wag<span class=\"_ _3\"></span>e rates,<span class=\"_ _3\"></span> loss fr<span class=\"_ _3\"></span>equ<span class=\"_ _3\"></span>ency and los<span class=\"_ _3\"></span>s amo<span class=\"_ _3\"></span>unt can <span class=\"_ _3\"></span>have a s<span class=\"_ _3\"></span>ubstantial ef<span class=\"_ _3\"></span>fect <span class=\"_ _a\"></span>on<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>costs<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>of <span class=\"_ _4\"></span>claim<span class=\"_ _3\"></span>s. <span class=\"_ _a\"></span>These<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>factors <span class=\"_ _4\"></span>may <span class=\"_ _1\"></span>result <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>actual<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>developm<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ing <span class=\"_ _4\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>expecta<span class=\"_ _3\"></span>tions <span class=\"_ _4\"></span>\u2013 <span class=\"_ _4\"></span>sometim<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s substanti<span class=\"_ _3\"></span>ally<span class=\"_ _d\"></span>. Loss <span class=\"_ _5\"></span>rese<span class=\"_ _3\"></span>rve estim<span class=\"_ _3\"></span>ates <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>egularl<span class=\"_ _3\"></span>y r<span class=\"_ _3\"></span>eviewed <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>updated, <span class=\"_ _3\"></span>usi<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>most <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ecent <span class=\"_ _3\"></span>information <span class=\"_ _5\"></span>available <span class=\"_ _3\"></span>to t<span class=\"_ _3\"></span>he Managing <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d.  Any changes to <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ovision estimat<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>refl<span class=\"_ _3\"></span>ected in <span class=\"_ _1\"></span>the ope<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ult. <span class=\"_ _1\"></span>The conse<span class=\"_ _3\"></span>rvative policy towar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>pro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>isio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>of VIG Insurance<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Gr<span class=\"_ _3\"></span>oup is sho<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for exam<span class=\"_ _3\"></span>ple, by the fact that liq<span class=\"_ _3\"></span>uidation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of loss res<span class=\"_ _3\"></span>erves has<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ge<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>erall<span class=\"_ _3\"></span>y led to a <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>ofit. Base<span class=\"_ _3\"></span>d on VIG Insuran<span class=\"_ _3\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s internal p<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>edur<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s and the inform<span class=\"_ _3\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> curre<span class=\"_ _3\"></span>ntly availabl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>to it, manageme<span class=\"_ _3\"></span>nt believes that the VI<span class=\"_ _3\"></span>G Insurance <span class=\"_ _c\"></span>Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>isi<span class=\"_ _3\"></span>ons <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _c\"> </span>and <span class=\"_ _b\"> </span>cas<span class=\"_ _3\"></span>ualty <span class=\"_ _c\"> </span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _c\"> </span>area <span class=\"_ _c\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>adequa<span class=\"_ _3\"></span>te. <span class=\"_ _c\"> </span>F<span class=\"_ _1\"></span>ormi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>loss <span class=\"_ _c\"> </span>reserves <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>an uncertai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>roc<span class=\"_ _3\"></span>ess and the<span class=\"_ _3\"></span>refor<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> no g<span class=\"_ _3\"></span>uarante<span class=\"_ _3\"></span>e can be gi<span class=\"_ _3\"></span>ven that in t<span class=\"_ _3\"></span>he end loss<span class=\"_ _3\"></span>es will<span class=\"_ _3\"></span> not dif<span class=\"_ _3\"></span>fer from i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>itial<span class=\"_ _3\"></span> estimates.<span class=\"_ _3\"></span> CHANGES<span class=\"_ _3\"></span> IN CLAIMS<span class=\"_ _3\"></span> P<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>YMEN<span class=\"_ _3\"></span>TS AND<span class=\"_ _5\"></span> GROSS LOSS <span class=\"_ _3\"></span>RESERVE<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>follo<span class=\"_ _3\"></span>wing <span class=\"_ _5\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _5\"></span>payments <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>indi<span class=\"_ _3\"></span>vidual <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>occu<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ence <span class=\"_ _d\"></span>and <span class=\"_ _5\"></span>VIG <span class=\"_ _d\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _d\"></span>d<span class=\"_ _1\"></span>ir<span class=\"_ _3\"></span>ect <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>reserves at <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>end<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of each y<span class=\"_ _3\"></span>ear <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>cated. The pro<span class=\"_ _3\"></span>visions r<span class=\"_ _3\"></span>eflect the amount<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of expec<span class=\"_ _3\"></span>ted losses, base<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>laim<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>at occ<span class=\"_ _3\"></span>urred in<span class=\"_ _3\"></span> the cu<span class=\"_ _3\"></span>rrent <span class=\"_ _3\"></span>and all<span class=\"_ _3\"></span> pr<span class=\"_ _3\"></span>evious los<span class=\"_ _3\"></span>s y<span class=\"_ _3\"></span>ears and<span class=\"_ _3\"></span> had <span class=\"_ _3\"></span>not ye<span class=\"_ _3\"></span>t been<span class=\"_ _3\"></span> paid <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>s of<span class=\"_ _3\"></span> the b<span class=\"_ _3\"></span>alanc<span class=\"_ _3\"></span>e sheet <span class=\"_ _3\"></span>date, i<span class=\"_ _3\"></span>ncluding<span class=\"_ _3\"></span> IBNR a<span class=\"_ _3\"></span>nd IB<span class=\"_ _3\"></span>NER. Interpr<span class=\"_ _3\"></span>eting <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>information <span class=\"_ _11\"></span>contained <span class=\"_ _d\"></span>in <span class=\"_ _5\"></span>this <span class=\"_ _d\"></span>ta<span class=\"_ _1\"></span>ble <span class=\"_ _d\"></span>requir<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>caution, <span class=\"_ _5\"></span>bec<span class=\"_ _3\"></span>au<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>each <span class=\"_ _d\"></span>amount <span class=\"_ _5\"></span>contai<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ects <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>all <span class=\"_ _d\"></span>ch<span class=\"_ _1\"></span>anges<span class=\"_ _3\"></span> fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>evious periods. The <span class=\"_ _1\"></span>cir<span class=\"_ _3\"></span>cumsta<span class=\"_ _3\"></span>nces <span class=\"_ _1\"></span>and trends that aff<span class=\"_ _3\"></span>ec<span class=\"_ _1\"></span>ted liabil<span class=\"_ _3\"></span>ity <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>past may not <span class=\"_ _1\"></span>rec<span class=\"_ _3\"></span>ur <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the future and therefor<span class=\"_ _5\"></span>e no co<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>lusio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s can <span class=\"_ _3\"></span>be draw<span class=\"_ _3\"></span>n from t<span class=\"_ _3\"></span>he inform<span class=\"_ _3\"></span>ation g<span class=\"_ _3\"></span>iven in this ta<span class=\"_ _3\"></span>ble as <span class=\"_ _3\"></span>to futur<span class=\"_ _3\"></span>e results.<span class=\"_ _379\"> </span>Claim paym<span class=\"_ _3\"></span>ents for <span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>h year of occ<span class=\"_ _3\"></span>urrence o<span class=\"_ _3\"></span>n the applic<span class=\"_ _3\"></span>ab<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>e balance sheet<span class=\"_ _3\"></span> da<span class=\"_ _1\"></span>te<span class=\"_ _3\"></span> (gross)<span class=\"_ _3\"></span> Year of occu<span class=\"_ _1\"></span>rrence<span class=\"_ _379\"> </span>Calendar yea<span class=\"_ _1\"></span>r   <span class=\"_ _9f\"> </span><span class=\"fs15\">\u22642013<span class=\"_ _379\"> </span></span>2014<span class=\"_ _379\"> </span>2015<span class=\"_ _379\"> </span>2016<span class=\"_ _379\"> </span>2017<span class=\"_ _379\"> </span>2018<span class=\"_ _379\"> </span>2019<span class=\"_ _379\"> </span>2020<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>2,<span class=\"_ _1\"></span>895,695<span class=\"_ _379\"> </span>1,146,14<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>438,215<span class=\"_ _379\"> </span>358,335<span class=\"_ _379\"> </span>211,309<span class=\"_ _379\"> </span>160,352<span class=\"_ _379\"> </span>116,037<span class=\"_ _379\"> </span>96,183<span class=\"_ _379\"> </span>65,442<span class=\"_ _379\"> </span>49,178<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _28\"> </span>1,545,5<span class=\"_ _1\"></span>09<span class=\"_ _379\"> </span>773,664<span class=\"_ _379\"> </span>192,081<span class=\"_ _379\"> </span>101,832<span class=\"_ _379\"> </span>54,209<span class=\"_ _379\"> </span>66,232<span class=\"_ _379\"> </span>24,281<span class=\"_ _379\"> </span>14,714<span class=\"_ _379\"> </span>13,097<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,<span class=\"_ _1\"></span>565,072<span class=\"_ _379\"> </span>734,971<span class=\"_ _379\"> </span>212,354<span class=\"_ _379\"> </span>91,806<span class=\"_ _379\"> </span>60,484<span class=\"_ _379\"> </span>33,766<span class=\"_ _379\"> </span>22,621<span class=\"_ _379\"> </span>18,341<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,61<span class=\"_ _1\"></span>9,590<span class=\"_ _379\"> </span>806,055<span class=\"_ _379\"> </span>204,162<span class=\"_ _379\"> </span>108,102<span class=\"_ _379\"> </span>79,211<span class=\"_ _379\"> </span>35,983<span class=\"_ _379\"> </span>24,482<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _cd\"> </span>1,827,020<span class=\"_ _379\"> </span>885,844<span class=\"_ _379\"> </span>237,052<span class=\"_ _379\"> </span>111,119<span class=\"_ _379\"> </span>82,846<span class=\"_ _379\"> </span>33,089<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _27\"> </span>1,81<span class=\"_ _1\"></span>6,053<span class=\"_ _379\"> </span>877,898<span class=\"_ _379\"> </span>237,846<span class=\"_ _379\"> </span>117,315<span class=\"_ _379\"> </span>62,060<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _cd\"> </span>2,069,673<span class=\"_ _379\"> </span>870,191<span class=\"_ _379\"> </span>210,713<span class=\"_ _379\"> </span>97,199<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _28\"> </span>1,925,<span class=\"_ _1\"></span>211<span class=\"_ _379\"> </span>887,732<span class=\"_ _379\"> </span>222,906<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>2,232,08<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>1,177,24<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _56\"> </span>2,5<span class=\"_ _1\"></span>25,002<span class=\"_ _379\"> </span>Total <span class=\"_ _61\"> </span>2,895,695<span class=\"_ _379\"> </span>2,691,65<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>2,776,95<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>2,904,97<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>3,158,57<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>3,212,42<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>3,535,47<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>3,377,80<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>3,669,44<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>4,222,59<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Loss rese<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ve for<span class=\"_ _3\"></span> each year <span class=\"_ _3\"></span>of occurrenc<span class=\"_ _3\"></span>e on the ap<span class=\"_ _3\"></span>plicable bala<span class=\"_ _3\"></span>nce s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>et d<span class=\"_ _1\"></span>at<span class=\"_ _3\"></span>e (gross) Year of occu<span class=\"_ _1\"></span>rrence<span class=\"_ _379\"> </span>Calendar yea<span class=\"_ _1\"></span>r   <span class=\"_ _9f\"> </span><span class=\"fs15\">\u22642013<span class=\"_ _379\"> </span></span>2014<span class=\"_ _379\"> </span>2015<span class=\"_ _379\"> </span>2016<span class=\"_ _379\"> </span>2017<span class=\"_ _379\"> </span>2018<span class=\"_ _379\"> </span>2019<span class=\"_ _379\"> </span>2020<span class=\"_ _379\"> </span>2021<span class=\"_ _379\"> </span>2022<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> be<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>3,<span class=\"_ _1\"></span>940,731<span class=\"_ _379\"> </span>2,412,16<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>1,727,02<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>1,328,77<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>1,117,70<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>947,160<span class=\"_ _379\"> </span>846,405<span class=\"_ _379\"> </span>795,782<span class=\"_ _379\"> </span>721,633<span class=\"_ _379\"> </span>693,898<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _28\"> </span>1,749,2<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span>813,249<span class=\"_ _379\"> </span>468,519<span class=\"_ _379\"> </span>313,557<span class=\"_ _379\"> </span>234,036<span class=\"_ _379\"> </span>158,058<span class=\"_ _379\"> </span>131,716<span class=\"_ _379\"> </span>116,568<span class=\"_ _379\"> </span>103,944<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,<span class=\"_ _1\"></span>687,291<span class=\"_ _379\"> </span>787,903<span class=\"_ _379\"> </span>467,615<span class=\"_ _379\"> </span>299,946<span class=\"_ _379\"> </span>216,863<span class=\"_ _379\"> </span>173,143<span class=\"_ _379\"> </span>145,309<span class=\"_ _379\"> </span>125,503<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>1,75<span class=\"_ _1\"></span>7,426<span class=\"_ _379\"> </span>803,864<span class=\"_ _379\"> </span>497,502<span class=\"_ _379\"> </span>329,162<span class=\"_ _379\"> </span>262,292<span class=\"_ _379\"> </span>221,401<span class=\"_ _379\"> </span>161,359<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _cd\"> </span>1,903,463<span class=\"_ _379\"> </span>863,161<span class=\"_ _379\"> </span>512,025<span class=\"_ _379\"> </span>345,528<span class=\"_ _379\"> </span>220,739<span class=\"_ _379\"> </span>178,961<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _27\"> </span>1,99<span class=\"_ _1\"></span>9,997<span class=\"_ _379\"> </span>957,118<span class=\"_ _379\"> </span>571,423<span class=\"_ _379\"> </span>354,520<span class=\"_ _379\"> </span>249,032<span class=\"_ _379\"> </span>201<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _cd\"> </span>2,156,013<span class=\"_ _379\"> </span>949,167<span class=\"_ _379\"> </span>571,859<span class=\"_ _379\"> </span>366,910<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _28\"> </span>2,387,<span class=\"_ _1\"></span>581<span class=\"_ _379\"> </span>1,075,43<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>593,788<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _28\"> </span>2,855,35<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>1,255,61<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>202<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _50\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span> <span class=\"_ _1\"></span> <span class=\"_ _1fb\"> </span>  <span class=\"_ _91\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _1c3\"> </span>  <span class=\"_ _56\"> </span>3,3<span class=\"_ _1\"></span>55,696<span class=\"_ _379\"> </span>Total <span class=\"_ _61\"> </span>3,940,731<span class=\"_ _379\"> </span>4,161,41<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>4,227,56<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>4,342,62<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>4,606,20<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>4,841,80<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>5,175,64<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>5,616,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>6,282,81<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>7,084,70<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>Reinsuran<span class=\"_ _3\"></span>ce VIG Insu<span class=\"_ _3\"></span>rance Gro<span class=\"_ _3\"></span>up limits<span class=\"_ _3\"></span> its potenti<span class=\"_ _3\"></span>al liabi<span class=\"_ _3\"></span>lity arising fro<span class=\"_ _3\"></span>m the i<span class=\"_ _3\"></span>nsurance b<span class=\"_ _3\"></span>usiness by <span class=\"_ _3\"></span>passing o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, to t<span class=\"_ _3\"></span>he exten<span class=\"_ _3\"></span>t necessa<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, a <span class=\"_ _a\"></span>portion <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>assumed <span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>isks<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>to <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>internatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _a\"></span>r<span class=\"_ _3\"></span>einsurance <span class=\"_ _a\"></span>mark<span class=\"_ _3\"></span>et. <span class=\"_ _c\"></span>Som<span class=\"_ _5\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>risks <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce <span class=\"_ _a\"></span>comp<span class=\"_ _3\"></span>anies <span class=\"_ _4\"></span>are reins<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>within VIG I<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up and t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e risks <span class=\"_ _3\"></span>are i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>turn ceded to ex<span class=\"_ _3\"></span>ternal rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>rs at t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Group le<span class=\"_ _3\"></span>vel. REINSURAN<span class=\"_ _3\"></span>CE GUID<span class=\"_ _3\"></span>EL<span class=\"_ _1\"></span>IN<span class=\"_ _3\"></span>ES The r<span class=\"_ _3\"></span>einsurance g<span class=\"_ _3\"></span>uidelines ar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> jo<span class=\"_ _3\"></span>intly determin<span class=\"_ _3\"></span>ed each year by t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> co<span class=\"_ _3\"></span>rporate R<span class=\"_ _3\"></span>einsurance d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt and the mem<span class=\"_ _3\"></span>ber of the <span class=\"_ _1\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>res<span class=\"_ _3\"></span>ponsibl<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>for reinsuran<span class=\"_ _3\"></span>ce <span class=\"_ _1\"></span>during the de<span class=\"_ _1\"></span>velo<span class=\"_ _3\"></span>pment <span class=\"_ _1\"></span>of the reinsu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>strateg<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>next financial year<span class=\"_ _d\"></span>. <span class=\"_ _b\"> </span>They <span class=\"_ _6\"> </span>re<span class=\"_ _3\"></span>quire <span class=\"_ _b\"> </span>eac<span class=\"_ _3\"></span>h <span class=\"_ _6\"> </span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _6\"> </span>comp<span class=\"_ _3\"></span>any <span class=\"_ _6\"> </span>to <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>ide, <span class=\"_ _b\"> </span>in <span class=\"_ _b\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>nsu<span class=\"_ _1\"></span>lt<span class=\"_ _3\"></span>ation <span class=\"_ _b\"> </span>with <span class=\"_ _6\"> </span>the <span class=\"_ _b\"> </span>corpo<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>Reins<span class=\"_ _3\"></span>urance <span class=\"_ _6\"> </span>d<span class=\"_ _3\"></span>epartme<span class=\"_ _3\"></span>nt, reins<span class=\"_ _3\"></span>urance co<span class=\"_ _3\"></span>verage t<span class=\"_ _3\"></span>hat<span class=\"_ _1\"></span> is<span class=\"_ _3\"></span> appro<span class=\"_ _5\"></span>pr<span class=\"_ _1\"></span>iate f<span class=\"_ _3\"></span>or its loc<span class=\"_ _3\"></span>al comp<span class=\"_ _3\"></span>any<span class=\"_ _d\"></span>. Thes<span class=\"_ _3\"></span>e guidelines go<span class=\"_ _5\"></span>ver<span class=\"_ _1\"></span>n th<span class=\"_ _3\"></span>e follo<span class=\"_ _3\"></span>win<span class=\"_ _1\"></span>g poi<span class=\"_ _3\"></span>nts.<span class=\"_ _379\"> </span>Reinsuran<span class=\"_ _3\"></span>ce is a prer<span class=\"_ _3\"></span>equisite for<span class=\"_ _3\"></span> the acce<span class=\"_ _3\"></span>ptance of i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance covera<span class=\"_ _3\"></span>ge Under<span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>iti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>depa<span class=\"_ _3\"></span>rtments <span class=\"_ _d\"></span>may <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nly<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>make<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>a <span class=\"_ _5\"></span>binding <span class=\"_ _5\"></span>commit<span class=\"_ _3\"></span>ment <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>nsure <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>risk <span class=\"_ _5\"></span>above <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>certain <span class=\"_ _5\"></span>limit <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>suffi<span class=\"_ _3\"></span>cien<span class=\"_ _1\"></span>t <span class=\"_ _d\"></span>reinsu<span class=\"_ _3\"></span>rance coverage <span class=\"_ _3\"></span>has alr<span class=\"_ _3\"></span>eady be<span class=\"_ _3\"></span>en ass<span class=\"_ _3\"></span>ured.<span class=\"_ _3\"></span> Retentio<span class=\"_ _3\"></span>n It is Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p-wid<span class=\"_ _3\"></span>e polic<span class=\"_ _3\"></span>y that <span class=\"_ _3\"></span>no mor<span class=\"_ _3\"></span>e tha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>EUR 70.0 mi<span class=\"_ _3\"></span>llion f<span class=\"_ _3\"></span>or the fi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>t natu<span class=\"_ _3\"></span>ral disaster<span class=\"_ _3\"></span> event <span class=\"_ _3\"></span>and EUR 50<span class=\"_ _3\"></span>.0 mil<span class=\"_ _3\"></span>lion for <span class=\"_ _3\"></span>each additional<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>event can be placed at <span class=\"_ _1\"></span>risk on a <span class=\"_ _1\"></span>PM<span class=\"_ _3\"></span>L <span class=\"_ _1\"></span>(proba<span class=\"_ _3\"></span>ble maxim<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>loss) basis<span class=\"_ _3\"></span>. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>aximum Gro<span class=\"_ _3\"></span>up-wid<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ret<span class=\"_ _3\"></span>ention per individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al lo<span class=\"_ _3\"></span>ss is l<span class=\"_ _3\"></span>ess than EUR 25.<span class=\"_ _3\"></span>0 mill<span class=\"_ _3\"></span>ion. Selection <span class=\"_ _3\"></span>of reinsurers <span class=\"_ _3\"></span>\u2013 diversificati<span class=\"_ _3\"></span>on VIG  Holding  and  its  subsidi<span class=\"_ _3\"></span>aries  divide  thei<span class=\"_ _3\"></span>r <span class=\"_ _10\"> </span>rei<span class=\"_ _3\"></span>nsurance<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>cover<span class=\"_ _3\"></span>age  among  man<span class=\"_ _3\"></span>y <span class=\"_ _10\"> </span>dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t  internatio<span class=\"_ _3\"></span>nal  reinsu<span class=\"_ _3\"></span>rance companies <span class=\"_ _1\"></span>that <span class=\"_ _4\"></span>VIG <span class=\"_ _4\"></span>Holding <span class=\"_ _1\"></span>feels <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>ave <span class=\"_ _4\"></span>appr<span class=\"_ _3\"></span>opriat<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>credi<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>qu<span class=\"_ _1\"></span>ality<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>so <span class=\"_ _4\"></span>as <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>minim<span class=\"_ _3\"></span>ise <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>risk <span class=\"_ _4\"></span>arising <span class=\"_ _1\"></span>from <span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>rei<span class=\"_ _3\"></span>nsure<span class=\"_ _3\"></span>r\u2019<span class=\"_ _d\"></span>s inability to <span class=\"_ _3\"></span>pay (cr<span class=\"_ _3\"></span>edit risk<span class=\"_ _3\"></span>). The mo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>etary li<span class=\"_ _3\"></span>mit per r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>er is s<span class=\"_ _3\"></span>et individuall<span class=\"_ _3\"></span>y for ea<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>ubsidiary<span class=\"_ _d\"></span>.<span class=\"_ _3\"></span> Selection <span class=\"_ _3\"></span>of reinsurers <span class=\"_ _3\"></span>\u2013 ratings For <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>nes <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>wher<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>claim<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>sett<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ement <span class=\"_ _1\"></span>takes <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>long <span class=\"_ _1\"></span>time, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>particular <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>motor <span class=\"_ _1\"></span>third party <span class=\"_ _1\"></span>liability<span class=\"_ _11\"></span>, <span class=\"_ _4\"></span>gener<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>liability and <span class=\"_ _c\"> </span>a<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>iation, <span class=\"_ _a\"></span>VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _c\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>ses <span class=\"_ _a\"></span>reins<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ers <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"> </span>outstan<span class=\"_ _3\"></span>ding <span class=\"_ _c\"></span>rati<span class=\"_ _3\"></span>ngs <span class=\"_ _c\"> </span>(at <span class=\"_ _c\"> </span>le<span class=\"_ _3\"></span>ast <span class=\"_ _c\"> </span>a <span class=\"_ _c\"> </span>Sta<span class=\"_ _3\"></span>ndard <span class=\"_ _c\"></span>&amp; <span class=\"_ _a\"></span>Poor\u2019<span class=\"_ _11\"></span>s <span class=\"_ _a\"></span>r<span class=\"_ _1\"></span>ating <span class=\"_ _a\"></span>of <span class=\"_ _c\"> </span>A, prefe<span class=\"_ _3\"></span>rably <span class=\"_ _3\"></span>a rating of<span class=\"_ _5\"></span> AA o<span class=\"_ _3\"></span>r hig<span class=\"_ _3\"></span>her), whic<span class=\"_ _3\"></span>h in <span class=\"_ _3\"></span>all li<span class=\"_ _3\"></span>kelihood wi<span class=\"_ _3\"></span>ll <span class=\"_ _3\"></span>also co<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nue to exi<span class=\"_ _3\"></span>st o<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>er t<span class=\"_ _3\"></span>he long<span class=\"_ _3\"></span> term.<span class=\"_ _3\"></span> For li<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>es o<span class=\"_ _3\"></span>f busi<span class=\"_ _3\"></span>ness with <span class=\"_ _a\"></span>claims <span class=\"_ _a\"></span>that <span class=\"_ _a\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _a\"></span>settled <span class=\"_ _a\"></span>quickly <span class=\"_ _a\"></span>(for <span class=\"_ _a\"></span>e<span class=\"_ _1\"></span>x<span class=\"_ _3\"></span>ample, <span class=\"_ _4\"></span>n<span class=\"_ _1\"></span>atu<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l <span class=\"_ _a\"></span>catast<span class=\"_ _3\"></span>rop<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span>s, <span class=\"_ _a\"></span>fir<span class=\"_ _3\"></span>e, <span class=\"_ _c\"></span>t<span class=\"_ _3\"></span>echnology<span class=\"_ _d\"></span>, <span class=\"_ _a\"></span>transpo<span class=\"_ _3\"></span>rtation, <span class=\"_ _a\"></span>storm, <span class=\"_ _a\"></span>burgla<span class=\"_ _3\"></span>ry<span class=\"_ _5\"></span>, house<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>old,<span class=\"_ _3\"></span> water pip<span class=\"_ _3\"></span>es, motor o<span class=\"_ _3\"></span>wn dam<span class=\"_ _3\"></span>age), wher<span class=\"_ _3\"></span>e the n<span class=\"_ _3\"></span>umber of r<span class=\"_ _5\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers is<span class=\"_ _3\"></span> gre<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>r<span class=\"_ _d\"></span>, th<span class=\"_ _3\"></span>e pref<span class=\"_ _3\"></span>erre<span class=\"_ _3\"></span>d rating is Sta<span class=\"_ _3\"></span>ndar<span class=\"_ _3\"></span>d &amp; Poor\u2019<span class=\"_ _11\"></span>s A o<span class=\"_ _3\"></span>r h<span class=\"_ _1\"></span>ig<span class=\"_ _3\"></span>her<span class=\"_ _5\"></span>. O<span class=\"_ _3\"></span>nly in a fe<span class=\"_ _3\"></span>w cases \u2013 <span class=\"_ _3\"></span>and for li<span class=\"_ _3\"></span>mited pe<span class=\"_ _3\"></span>riods of <span class=\"_ _3\"></span>time \u2013 ar<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>ein<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urers <span class=\"_ _3\"></span>with lo<span class=\"_ _3\"></span>wer ratings <span class=\"_ _3\"></span>accepted.<span class=\"_ _3\"></span> Reinsurers\u2019<span class=\"_ _3\"></span> share of<span class=\"_ _3\"></span> underwriti<span class=\"_ _3\"></span>ng provisio<span class=\"_ _3\"></span>ns <span class=\"_ _1\"></span>\u2013<span class=\"_ _3\"></span> r<span class=\"_ _1\"></span>ati<span class=\"_ _3\"></span>n<span class=\"_ _379\"> </span>gs The <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>llowing <span class=\"_ _1\"></span>table <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hows <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>urers\u2019 <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e <span class=\"_ _4\"></span>in u<span class=\"_ _1\"></span>nde<span class=\"_ _3\"></span>rwriting <span class=\"_ _1\"></span>provis<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>perty <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>casualty <span class=\"_ _1\"></span>insu<span class=\"_ _3\"></span>rance <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>diff<span class=\"_ _3\"></span>erent ratings a<span class=\"_ _3\"></span>nd bala<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e sheet da<span class=\"_ _3\"></span>tes: 31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>AAA<span class=\"_ _1\"></span> <span class=\"_ _14f\"> </span>2<span class=\"_ _1\"></span>0.44<span class=\"_ _379\"> </span>9.14<span class=\"_ _379\"> </span>AA <span class=\"_ _203\"> </span>27.42<span class=\"_ _379\"> </span>35.57<span class=\"_ _379\"> </span>A <span class=\"_ _204\"> </span>47.76<span class=\"_ _379\"> </span>50.70<span class=\"_ _379\"> </span>BBB<span class=\"_ _1\"></span> <span class=\"_ _205\"> </span>1.89<span class=\"_ _379\"> </span>2.76<span class=\"_ _379\"> </span>BB <span class=\"_ _1\"></span>and<span class=\"_ _1\"></span> low<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _206\"> </span>0.67<span class=\"_ _379\"> </span>0.85<span class=\"_ _379\"> </span>No <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> <span class=\"_ _207\"> </span>1.82<span class=\"_ _379\"> </span>0.98<span class=\"_ _379\"> </span>As <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>result <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _3\"></span>goo<span class=\"_ _3\"></span>d <span class=\"_ _d\"></span>c<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>dit <span class=\"_ _5\"></span>quali<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>VIG <span class=\"_ _d\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group<span class=\"_ _3\"></span>\u2019<span class=\"_ _d\"></span>s <span class=\"_ _d\"></span>reinsur<span class=\"_ _3\"></span>ers, <span class=\"_ _d\"></span>no <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>uat<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>n <span class=\"_ _5\"></span>allowan<span class=\"_ _3\"></span>ces <span class=\"_ _5\"></span>were<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>nee<span class=\"_ _3\"></span>ded <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>su<span class=\"_ _3\"></span>rers\u2019 shar<span class=\"_ _3\"></span>es as of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e 31 D<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>ember 2022 <span class=\"_ _3\"></span>and 31 <span class=\"_ _3\"></span>Decemb<span class=\"_ _3\"></span>er 2021<span class=\"_ _3\"></span> balance sh<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>dates.<span class=\"_ _3\"></span> Design <span class=\"_ _3\"></span>of r<span class=\"_ _1\"></span>ei<span class=\"_ _3\"></span>nsurance <span class=\"_ _3\"></span>programmes<span class=\"_ _3\"></span> If it ca<span class=\"_ _3\"></span>n be<span class=\"_ _1\"></span> j<span class=\"_ _3\"></span>ustified e<span class=\"_ _3\"></span>conomi<span class=\"_ _3\"></span>ca<span class=\"_ _1\"></span>lly<span class=\"_ _11\"></span>, any s<span class=\"_ _3\"></span>ubsidia<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> can p<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>se rei<span class=\"_ _3\"></span>nsurance co<span class=\"_ _3\"></span>verage in<span class=\"_ _3\"></span>dividually fr<span class=\"_ _3\"></span>om <span class=\"_ _3\"></span>external r<span class=\"_ _3\"></span>einsur<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>. If individ<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>al <span class=\"_ _3\"></span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>policies <span class=\"_ _3\"></span>can o<span class=\"_ _3\"></span>nly be<span class=\"_ _3\"></span> purc<span class=\"_ _3\"></span>hased b<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span> a s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bsidia<span class=\"_ _3\"></span>ry at <span class=\"_ _3\"></span>uneconomi<span class=\"_ _3\"></span>cal t<span class=\"_ _3\"></span>erms, VI<span class=\"_ _3\"></span>G Ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _3\"></span> striv<span class=\"_ _3\"></span>es, as <span class=\"_ _5\"></span>far<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>as <span class=\"_ _3\"></span>possibl<span class=\"_ _3\"></span>e, <span class=\"_ _3\"></span>to <span class=\"_ _5\"></span>jointly <span class=\"_ _3\"></span>place <span class=\"_ _5\"></span>rei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _5\"></span>contrac<span class=\"_ _3\"></span>ts <span class=\"_ _3\"></span>cove<span class=\"_ _3\"></span>rin<span class=\"_ _1\"></span>g <span class=\"_ _5\"></span>risks <span class=\"_ _5\"></span>from <span class=\"_ _5\"></span>natur<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>catastro<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>hes, <span class=\"_ _d\"></span>p<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>perty <span class=\"_ _5\"></span>lines <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>busines<span class=\"_ _3\"></span>s, casualty<span class=\"_ _d\"></span>, tr<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>port, a<span class=\"_ _3\"></span>viation a<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span> mo<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>or liabi<span class=\"_ _3\"></span>lity<span class=\"_ _d\"></span>. If <span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ecess<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ry<span class=\"_ _d\"></span>, int<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>-Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>assumptio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s of r<span class=\"_ _3\"></span>ei<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce are <span class=\"_ _3\"></span>also pass<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d o<span class=\"_ _3\"></span>n as<span class=\"_ _379\"> </span>retro<span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>essio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the reinsura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>ma<span class=\"_ _3\"></span>rket <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>safety<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>reasons.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>The gu<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>elines <span class=\"_ _1\"></span>for W<span class=\"_ _1\"></span>iener<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>St\u00e4dtisch<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>urance <span class=\"_ _1\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e prese<span class=\"_ _3\"></span>nted belo<span class=\"_ _3\"></span>w.<span class=\"_ _3\"></span> R<span class=\"_ _3\"></span>etentions fo<span class=\"_ _3\"></span>r all othe<span class=\"_ _3\"></span>r insura<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>e compa<span class=\"_ _3\"></span>nies are belo<span class=\"_ _5\"></span>w<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ose of<span class=\"_ _3\"></span> W<span class=\"_ _1\"></span>ie<span class=\"_ _3\"></span>ner St\u00e4dtisc<span class=\"_ _3\"></span>he.<span class=\"_ _3\"></span> REINSURAN<span class=\"_ _3\"></span>CE COV<span class=\"_ _3\"></span>E<span class=\"_ _1\"></span>R<span class=\"_ _3\"></span>AGE USIN<span class=\"_ _3\"></span>G TH<span class=\"_ _3\"></span>E EXAMPLE<span class=\"_ _3\"></span> OF <span class=\"_ _3\"></span>WIENER<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>\u00c4DTIS<span class=\"_ _3\"></span>CHE Natural catastro<span class=\"_ _3\"></span>phes Wiener <span class=\"_ _6\"> </span>St<span class=\"_ _3\"></span>\u00e4dt<span class=\"_ _1\"></span>isc<span class=\"_ _3\"></span>he <span class=\"_ _b\"> </span>pro<span class=\"_ _3\"></span>vides <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>nsurance <span class=\"_ _b\"> </span>for <span class=\"_ _b\"> </span>damag<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>caus<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>by <span class=\"_ _b\"> </span>natural <span class=\"_ _b\"> </span>catastr<span class=\"_ _3\"></span>ophes <span class=\"_ _c\"> </span>such <span class=\"_ _b\"> </span>as <span class=\"_ _6\"> </span>stor<span class=\"_ _3\"></span>ms, <span class=\"_ _b\"> </span>hail, <span class=\"_ _b\"> </span>floo<span class=\"_ _3\"></span>ding <span class=\"_ _6\"> </span>or earthq<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>es. Wiener <span class=\"_ _3\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ses <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>einsura<span class=\"_ _3\"></span>nce cov<span class=\"_ _3\"></span>erage <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>limi<span class=\"_ _3\"></span>t its r<span class=\"_ _3\"></span>etention f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ural di<span class=\"_ _3\"></span>sasters <span class=\"_ _3\"></span>to EU<span class=\"_ _3\"></span>R 1<span class=\"_ _3\"></span>8.0 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on for the first l<span class=\"_ _3\"></span>oss eve<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>EUR 9.5 mil<span class=\"_ _3\"></span>lion for <span class=\"_ _3\"></span>each additi<span class=\"_ _3\"></span>onal e<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t.<span class=\"_ _3\"></span> Private cust<span class=\"_ _3\"></span>omer busin<span class=\"_ _3\"></span>ess The  pri<span class=\"_ _3\"></span>vate  c<span class=\"_ _3\"></span>ustomer <span class=\"_ _6\"> </span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness  co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>sists <span class=\"_ _2\"> </span>of <span class=\"_ _2\"> </span>ess<span class=\"_ _3\"></span>entially  s<span class=\"_ _3\"></span>tabl<span class=\"_ _3\"></span>e  insura<span class=\"_ _3\"></span>nce  po<span class=\"_ _3\"></span>rtfoli<span class=\"_ _3\"></span>os  having<span class=\"_ _3\"></span>  calc<span class=\"_ _3\"></span>ulable  r<span class=\"_ _3\"></span>esults  t<span class=\"_ _3\"></span>hat  a<span class=\"_ _3\"></span>re characteris<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _4\"></span>abo<span class=\"_ _3\"></span>ve <span class=\"_ _4\"></span>all <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>st<span class=\"_ _3\"></span>able <span class=\"_ _4\"></span>claims<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>freq<span class=\"_ _3\"></span>uency<span class=\"_ _d\"></span>. <span class=\"_ _4\"></span>Thus,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>such <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>curre<span class=\"_ _3\"></span>nt <span class=\"_ _4\"></span>claims <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ly <span class=\"_ _4\"></span>rei<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>expos<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>lines <span class=\"_ _1\"></span>of business, <span class=\"_ _d\"></span>for <span class=\"_ _5\"></span>example <span class=\"_ _5\"></span>storm <span class=\"_ _5\"></span>i<span class=\"_ _3\"></span>nsurance,<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _3\"></span>target<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>use <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>proportio<span class=\"_ _3\"></span>nal <span class=\"_ _5\"></span>reinsu<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nce <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>educe <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>eff<span class=\"_ _3\"></span>ects <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>rete<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>on. The <span class=\"_ _4\"></span>ef<span class=\"_ _3\"></span>fects on<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>rete<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>small <span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>expected <span class=\"_ _1\"></span>major <span class=\"_ _1\"></span>losses <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>cover<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>non-<span class=\"_ _3\"></span>propo<span class=\"_ _3\"></span>rtional <span class=\"_ _1\"></span>reins<span class=\"_ _3\"></span>uran<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span>.<span class=\"_ _3\"></span> Wiener St\u00e4d<span class=\"_ _3\"></span>tische\u2019<span class=\"_ _d\"></span>s<span class=\"_ _3\"></span> maxim<span class=\"_ _3\"></span>um ne<span class=\"_ _3\"></span>t loss is<span class=\"_ _3\"></span> betwee<span class=\"_ _3\"></span>n EUR <span class=\"_ _3\"></span>1.0 <span class=\"_ _3\"></span>milli<span class=\"_ _3\"></span>on an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>EUR 2.0 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on, dep<span class=\"_ _3\"></span>ending o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the lin<span class=\"_ _3\"></span>e of busi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ess<span class=\"_ _3\"></span>. Manag<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>me<span class=\"_ _3\"></span>nt <span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>nd contro<span class=\"_ _3\"></span>l LIQUIDITY<span class=\"_ _3\"></span> MANAG<span class=\"_ _3\"></span>EME<span class=\"_ _1\"></span>N<span class=\"_ _3\"></span>T VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>manag<span class=\"_ _3\"></span>es its<span class=\"_ _3\"></span> li<span class=\"_ _3\"></span>quidity <span class=\"_ _3\"></span>using <span class=\"_ _3\"></span>guideli<span class=\"_ _3\"></span>nes <span class=\"_ _3\"></span>appro<span class=\"_ _3\"></span>ved b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he M<span class=\"_ _3\"></span>anagi<span class=\"_ _3\"></span>ng Bo<span class=\"_ _3\"></span>ard o<span class=\"_ _3\"></span>f <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _3\"></span>Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _3\"></span>As <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>rule, <span class=\"_ _3\"></span>VI<span class=\"_ _3\"></span>G Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _c\"> </span>and <span class=\"_ _c\"> </span>e<span class=\"_ _1\"></span>ac<span class=\"_ _3\"></span>h <span class=\"_ _b\"> </span>subsidi<span class=\"_ _3\"></span>ary <span class=\"_ _b\"> </span>ar<span class=\"_ _3\"></span>e <span class=\"_ _b\"> </span>respo<span class=\"_ _3\"></span>nsible <span class=\"_ _c\"> </span>for <span class=\"_ _b\"> </span>th<span class=\"_ _3\"></span>eir <span class=\"_ _b\"> </span>own <span class=\"_ _b\"> </span>liquidi<span class=\"_ _3\"></span>ty <span class=\"_ _b\"> </span>planni<span class=\"_ _3\"></span>ng. <span class=\"_ _b\"> </span>As <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>par<span class=\"_ _3\"></span>ent <span class=\"_ _b\"> </span>com<span class=\"_ _3\"></span>pany<span class=\"_ _d\"></span>, <span class=\"_ _b\"> </span>VIG <span class=\"_ _c\"> </span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"> </span>is respo<span class=\"_ _3\"></span>nsible for alloca<span class=\"_ _3\"></span>ting capital for VIG Insura<span class=\"_ _3\"></span>nce Gro<span class=\"_ _3\"></span>up as a w<span class=\"_ _1\"></span>hol<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>his <span class=\"_ _1\"></span>allows ca<span class=\"_ _3\"></span>pital to be effi<span class=\"_ _3\"></span>cien<span class=\"_ _1\"></span>tl<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>dist<span class=\"_ _3\"></span>ributed withi<span class=\"_ _3\"></span>n VIG <span class=\"_ _5\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _d\"></span>Group. <span class=\"_ _5\"></span>It <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>allows <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>IG <span class=\"_ _5\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>ens<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _5\"></span>that <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _5\"></span>targ<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>levels <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd <span class=\"_ _5\"></span>capital <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>esourc<span class=\"_ _3\"></span>es <span class=\"_ _5\"></span>are <span class=\"_ _d\"></span>availabl<span class=\"_ _3\"></span>e both at t<span class=\"_ _3\"></span>he VIG I<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance Gro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p le<span class=\"_ _3\"></span>vel and i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>he individu<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>perating u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>its.<span class=\"_ _3\"></span> Most <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>liquidit<span class=\"_ _3\"></span>y for <span class=\"_ _3\"></span>day<span class=\"_ _3\"></span>-to-day <span class=\"_ _3\"></span>oper<span class=\"_ _3\"></span>ations <span class=\"_ _3\"></span>comes <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>pr<span class=\"_ _3\"></span>emiums <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>eceived <span class=\"_ _3\"></span>from<span class=\"_ _3\"></span> p<span class=\"_ _3\"></span>rimary <span class=\"_ _3\"></span>insura<span class=\"_ _3\"></span>nce, r<span class=\"_ _5\"></span>egular i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>e fr<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>m<span class=\"_ _1\"></span> investme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>pro<span class=\"_ _3\"></span>ceeds <span class=\"_ _1\"></span>from<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>sale <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>investments. Th<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>inflo<span class=\"_ _3\"></span>ws <span class=\"_ _4\"></span>are <span class=\"_ _1\"></span>of<span class=\"_ _3\"></span>fset <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>propert<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>casu<span class=\"_ _3\"></span>alty insuranc<span class=\"_ _3\"></span>e claims<span class=\"_ _3\"></span>, <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>benefi<span class=\"_ _3\"></span>t pa<span class=\"_ _3\"></span>yments <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>life <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>eal<span class=\"_ _3\"></span>th i<span class=\"_ _3\"></span>nsurance. <span class=\"_ _3\"></span>Th<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>emaini<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>net<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>liq<span class=\"_ _3\"></span>uidity <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>used <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>cover <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>cquis<span class=\"_ _3\"></span>itio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> and ope<span class=\"_ _3\"></span>rating cos<span class=\"_ _3\"></span>ts. The <span class=\"_ _b\"> </span>matu<span class=\"_ _3\"></span>rity <span class=\"_ _c\"> </span>p<span class=\"_ _1\"></span>atte<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>n <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>the <span class=\"_ _b\"> </span>insuran<span class=\"_ _3\"></span>ce <span class=\"_ _b\"> </span>business<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>provid<span class=\"_ _3\"></span>es <span class=\"_ _b\"> </span>a <span class=\"_ _b\"> </span>natural <span class=\"_ _c\"> </span>liquidit<span class=\"_ _3\"></span>y <span class=\"_ _b\"> </span>buffer<span class=\"_ _d\"></span>. <span class=\"_ _c\"> </span>Unlike <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>premi<span class=\"_ _3\"></span>ums <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>eceived, <span class=\"_ _c\"> </span>VIG<span class=\"_ _3\"></span> Insurance<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>oup <span class=\"_ _5\"></span>guarante<span class=\"_ _3\"></span>es ins<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>erag<span class=\"_ _3\"></span>e f<span class=\"_ _3\"></span>or <span class=\"_ _3\"></span>a <span class=\"_ _3\"></span>certain <span class=\"_ _3\"></span>period <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>time, <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>ca<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>h o<span class=\"_ _3\"></span>utflow <span class=\"_ _3\"></span>occu<span class=\"_ _3\"></span>rs d<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng t<span class=\"_ _3\"></span>his <span class=\"_ _3\"></span>peri<span class=\"_ _3\"></span>od until <span class=\"_ _3\"></span>an ins<span class=\"_ _3\"></span>ured <span class=\"_ _3\"></span>event <span class=\"_ _3\"></span>occurs. <span class=\"_ _5\"></span>The li<span class=\"_ _3\"></span>quidity b<span class=\"_ _3\"></span>uffer <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>invested <span class=\"_ _3\"></span>during <span class=\"_ _3\"></span>this <span class=\"_ _3\"></span>period a<span class=\"_ _3\"></span>nd ge<span class=\"_ _3\"></span>nerates <span class=\"_ _3\"></span>investm<span class=\"_ _3\"></span>ent in<span class=\"_ _3\"></span>come. <span class=\"_ _3\"></span>A por<span class=\"_ _3\"></span>tion is held <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the form of liquid investm<span class=\"_ _3\"></span>ents t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ure that <span class=\"_ _1\"></span>it<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>can<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>kly converted i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>to cas<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>to pay claims.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>In addition, t<span class=\"_ _3\"></span>he bond <span class=\"_ _b\"> </span>po<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>fol<span class=\"_ _3\"></span>io, <span class=\"_ _c\"> </span>in <span class=\"_ _b\"> </span>part<span class=\"_ _1\"></span>ic<span class=\"_ _3\"></span>ular<span class=\"_ _5\"></span>, <span class=\"_ _c\"> </span>is <span class=\"_ _c\"> </span>str<span class=\"_ _1\"></span>uct<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ed <span class=\"_ _c\"> </span>so <span class=\"_ _b\"> </span>that <span class=\"_ _c\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"> </span>pro<span class=\"_ _3\"></span>ceeds <span class=\"_ _c\"> </span>from <span class=\"_ _c\"> </span>maturing <span class=\"_ _c\"> </span>bonds <span class=\"_ _c\"> </span>are <span class=\"_ _c\"> </span>receiv<span class=\"_ _3\"></span>ed <span class=\"_ _b\"> </span>on <span class=\"_ _b\"> </span>the <span class=\"_ _c\"> </span>dates <span class=\"_ _b\"> </span>it <span class=\"_ _c\"> </span>is anticipat<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>will <span class=\"_ _3\"></span>be neede<span class=\"_ _3\"></span>d. Ext<span class=\"_ _3\"></span>ernal <span class=\"_ _3\"></span>influence <span class=\"_ _3\"></span>factors, <span class=\"_ _3\"></span>such as <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>pital m<span class=\"_ _3\"></span>arket d<span class=\"_ _3\"></span>evelopme<span class=\"_ _3\"></span>nts a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>the i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ter<span class=\"_ _3\"></span>est r<span class=\"_ _3\"></span>ate l<span class=\"_ _3\"></span>evel, af<span class=\"_ _3\"></span>fect the liq<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>idi<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> sit<span class=\"_ _3\"></span>uation b<span class=\"_ _3\"></span>y impro<span class=\"_ _3\"></span>ving or r<span class=\"_ _5\"></span>estricting th<span class=\"_ _3\"></span>e ab<span class=\"_ _3\"></span>ility to sell<span class=\"_ _3\"></span> the investm<span class=\"_ _3\"></span>ent portfol<span class=\"_ _3\"></span>io at ma<span class=\"_ _3\"></span>rket value.<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>time, <span class=\"_ _5\"></span>fr<span class=\"_ _3\"></span>equency <span class=\"_ _d\"></span>and <span class=\"_ _3\"></span>size <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>insu<span class=\"_ _3\"></span>red <span class=\"_ _5\"></span>claims <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>also <span class=\"_ _5\"></span>impo<span class=\"_ _3\"></span>rtant <span class=\"_ _5\"></span>for <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>liquidi<span class=\"_ _3\"></span>ty <span class=\"_ _3\"></span>situ<span class=\"_ _3\"></span>ation <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>pro<span class=\"_ _5\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rty <span class=\"_ _3\"></span>and <span class=\"_ _d\"></span>casualty <span class=\"_ _5\"></span>insur<span class=\"_ _3\"></span>ance. The numbe<span class=\"_ _3\"></span>r of poli<span class=\"_ _3\"></span>cy extensio<span class=\"_ _3\"></span>ns also pl<span class=\"_ _3\"></span>ays a r<span class=\"_ _3\"></span>ole. <span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>quidity n<span class=\"_ _1\"></span>eeds for <span class=\"_ _4\"></span>li<span class=\"_ _3\"></span>fe <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>gen<span class=\"_ _3\"></span>erally <span class=\"_ _1\"></span>affec<span class=\"_ _3\"></span>ted <span class=\"_ _1\"></span>by <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dif<span class=\"_ _3\"></span>fer<span class=\"_ _3\"></span>ence <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>etween a<span class=\"_ _1\"></span>c<span class=\"_ _3\"></span>tual <span class=\"_ _1\"></span>mortality <span class=\"_ _1\"></span>expe<span class=\"_ _3\"></span>rience <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>the assumpti<span class=\"_ _3\"></span>ons used to <span class=\"_ _1\"></span>calcul<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span> unde<span class=\"_ _3\"></span>rwriting pro<span class=\"_ _3\"></span>visions. Mar<span class=\"_ _3\"></span>ket <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eturn<span class=\"_ _1\"></span>s or minimum inter<span class=\"_ _3\"></span>est rates <span class=\"_ _1\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>the behavio<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span> of life insuranc<span class=\"_ _3\"></span>e custom<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s, s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>ch <span class=\"_ _3\"></span>as the n<span class=\"_ _3\"></span>umber of pol<span class=\"_ _3\"></span>icies s<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>dered or <span class=\"_ _3\"></span>terminated, <span class=\"_ _3\"></span>also h<span class=\"_ _3\"></span>ave an <span class=\"_ _3\"></span>effect o<span class=\"_ _3\"></span>n liquidit<span class=\"_ _3\"></span>y needs.<span class=\"_ _379\"> </span>CAPIT<span class=\"_ _5\"></span>AL MANA<span class=\"_ _3\"></span>GEMENT<span class=\"_ _3\"></span> In the <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sts of ou<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>eholders<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and ins<span class=\"_ _3\"></span>urance custome<span class=\"_ _3\"></span>rs, our goal is <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ensur<span class=\"_ _3\"></span>e that VIG Holdi<span class=\"_ _3\"></span>ng h<span class=\"_ _1\"></span>as ad<span class=\"_ _3\"></span>equate capital resou<span class=\"_ _3\"></span>rces <span class=\"_ _6\"> </span>at  all<span class=\"_ _3\"></span>  tim<span class=\"_ _3\"></span>es  and <span class=\"_ _6\"> </span>that  all<span class=\"_ _3\"></span>  o<span class=\"_ _3\"></span>perating <span class=\"_ _6\"> </span>insurance <span class=\"_ _6\"> </span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _6\"> </span>fulfil <span class=\"_ _6\"> </span>th<span class=\"_ _1\"></span>eir <span class=\"_ _2\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spe<span class=\"_ _3\"></span>ctive  m<span class=\"_ _3\"></span>inim<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _6\"> </span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>capital req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents. <span class=\"_ _c\"> </span>Due <span class=\"_ _b\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>its <span class=\"_ _c\"> </span>successf<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l <span class=\"_ _a\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _b\"> </span>s<span class=\"_ _3\"></span>trategy<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>has <span class=\"_ _c\"> </span>tradi<span class=\"_ _3\"></span>tionally <span class=\"_ _c\"> </span>had <span class=\"_ _c\"> </span>very <span class=\"_ _c\"> </span>good<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>capital <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eso<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rc<span class=\"_ _3\"></span>es. Maintaini<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>this <span class=\"_ _4\"></span>good <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>also <span class=\"_ _4\"></span>impo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ant <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>us, <span class=\"_ _4\"></span>bot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ow <span class=\"_ _4\"></span>us <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ake <span class=\"_ _4\"></span>adva<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>prof<span class=\"_ _3\"></span>itable gro<span class=\"_ _3\"></span>wth opport<span class=\"_ _3\"></span>unities and <span class=\"_ _3\"></span>to cus<span class=\"_ _3\"></span>hion the ef<span class=\"_ _3\"></span>fects of l<span class=\"_ _3\"></span>arge loss<span class=\"_ _5\"></span> events. Standard<span class=\"_ _3\"></span> &amp; Poor<span class=\"_ _3\"></span>\u2019<span class=\"_ _3\"></span>s rating VIG Hol<span class=\"_ _3\"></span>ding also<span class=\"_ _3\"></span> places gr<span class=\"_ _3\"></span>eat impo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>tan<span class=\"_ _3\"></span>ce on m<span class=\"_ _3\"></span>aintaini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a <span class=\"_ _3\"></span>strong <span class=\"_ _3\"></span>credi<span class=\"_ _3\"></span>t rati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g wit<span class=\"_ _3\"></span>h Sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _3\"></span>d &amp; Poo<span class=\"_ _3\"></span>r\u2019<span class=\"_ _11\"></span>s (S&amp;P) a<span class=\"_ _3\"></span>nd ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e regul<span class=\"_ _3\"></span>arly <span class=\"_ _1\"></span>undergoes ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>own <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>assess<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>relatio<span class=\"_ _3\"></span>nship <span class=\"_ _1\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal req<span class=\"_ _3\"></span>uired <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>esources <span class=\"_ _1\"></span>available <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>it. <span class=\"_ _a\"></span>In <span class=\"_ _a\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>S&amp;P <span class=\"_ _4\"></span>affi<span class=\"_ _3\"></span>rmed <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>A+ <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>a \u201cstable\u201d o<span class=\"_ _3\"></span>utlook. Ca<span class=\"_ _3\"></span>pital reso<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ces exc<span class=\"_ _3\"></span>eed the r<span class=\"_ _5\"></span>equireme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> for the AAA <span class=\"_ _3\"></span>level.<span class=\"_ _3\"></span> The su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _3\"></span>issued <span class=\"_ _3\"></span>in 2<span class=\"_ _3\"></span>013 <span class=\"_ _3\"></span>(EUR 500 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n, tier<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>first call<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>9 Octo<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>023), 2<span class=\"_ _3\"></span>015 <span class=\"_ _3\"></span>(EUR 400 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>tier 2, first call date <span class=\"_ _1\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Mar<span class=\"_ _5\"></span>ch <span class=\"_ _1\"></span>2026),<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>2017<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(EUR<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>200 mil<span class=\"_ _3\"></span>lion, tier 2, first call date <span class=\"_ _1\"></span>13<span class=\"_ _3\"></span> April 2027) and 2022 (EU<span class=\"_ _3\"></span>R <span class=\"_ _1\"></span>500 mil<span class=\"_ _3\"></span>lion, tier 2, <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>call <span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>15 <span class=\"_ _1\"></span>June <span class=\"_ _1\"></span>2032) have <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>rated A-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _4a\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>senio<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>bond that <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>issued <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>2021 (EUR 500 million, bullet <span class=\"_ _1\"></span>bond, <span class=\"_ _1\"></span>15-<span class=\"_ _3\"></span>year <span class=\"_ _1\"></span>term<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>assig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>an A <span class=\"_ _1\"></span>rating by S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>It d<span class=\"_ _1\"></span>oes not <span class=\"_ _1\"></span>satisfy S&amp;P\u2019<span class=\"_ _11\"></span>s <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>inclusio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>as capital. <span class=\"_ _3\"></span> Active capital <span class=\"_ _3\"></span>management<span class=\"_ _3\"></span> VIG <span class=\"_ _1\"></span>Holding<span class=\"_ _3\"></span> u<span class=\"_ _1\"></span>ses the <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>bove <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nitor <span class=\"_ _1\"></span>its ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>posi<span class=\"_ _3\"></span>tions <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>takes<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>approp<span class=\"_ _3\"></span>riate <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easures<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>furt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>impr<span class=\"_ _3\"></span>ov<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>its capital s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e and str<span class=\"_ _3\"></span>engthe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> its c<span class=\"_ _3\"></span>apital and sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cy si<span class=\"_ _3\"></span>tuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>ver the long <span class=\"_ _3\"></span>term. A s<span class=\"_ _3\"></span>olvency ratio<span class=\"_ _3\"></span> of 150% to 20<span class=\"_ _3\"></span>0% <span class=\"_ _3\"></span>at the Solve<span class=\"_ _3\"></span>ncy II Gro<span class=\"_ _3\"></span>up lev<span class=\"_ _3\"></span>el has been sp<span class=\"_ _3\"></span>ecified b<span class=\"_ _3\"></span>y VIG Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g, wh<span class=\"_ _3\"></span>ereby t<span class=\"_ _3\"></span>his VIG <span class=\"_ _3\"></span>Group sol<span class=\"_ _3\"></span>venc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> ratio<span class=\"_ _3\"></span> range is<span class=\"_ _3\"></span> determined<span class=\"_ _3\"></span> without taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g in<span class=\"_ _3\"></span>to acco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt tr<span class=\"_ _3\"></span>ansitionals f<span class=\"_ _3\"></span>or und<span class=\"_ _3\"></span>erwriting pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons used b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> som<span class=\"_ _5\"></span>e individual Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es. Capital <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>focuses <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bor<span class=\"_ _5\"></span>dinated <span class=\"_ _5\"></span>long-te<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m <span class=\"_ _5\"></span>liab<span class=\"_ _3\"></span>ilities <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y-like <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>aracteristics. <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>reas<span class=\"_ _3\"></span>ury <span class=\"_ _3\"></span>depa<span class=\"_ _3\"></span>rtme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t, incl. <span class=\"_ _e\"> </span>Asse<span class=\"_ _3\"></span>t <span class=\"_ _e\"> </span>Liability<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>Manageme<span class=\"_ _3\"></span>nt, <span class=\"_ _e\"> </span>conti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>usly <span class=\"_ _e\"> </span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _10\"> </span>capital <span class=\"_ _e\"> </span>m<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>developm<span class=\"_ _3\"></span>ents, <span class=\"_ _10\"> </span>with <span class=\"_ _10\"> </span>particul<span class=\"_ _3\"></span>ar <span class=\"_ _e\"> </span>attention<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>to developme<span class=\"_ _3\"></span>nts <span class=\"_ _10\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ning  bonds  with <span class=\"_ _10\"> </span>equit<span class=\"_ _3\"></span>y-<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ke <span class=\"_ _10\"> </span>char<span class=\"_ _3\"></span>acteristics<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>from  the  E<span class=\"_ _1\"></span>ur<span class=\"_ _3\"></span>opea<span class=\"_ _3\"></span>n <span class=\"_ _e\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _10\"> </span>secto<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>. <span class=\"_ _10\"> </span>New<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>capital instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _3\"></span>developi<span class=\"_ _3\"></span>ng in th<span class=\"_ _3\"></span>e capital ma<span class=\"_ _3\"></span>rket for i<span class=\"_ _3\"></span>nsurance c<span class=\"_ _3\"></span>ompanies ar<span class=\"_ _5\"></span>e examin<span class=\"_ _3\"></span>ed for appli<span class=\"_ _3\"></span>cabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> to <span class=\"_ _3\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Holding.<span class=\"_ _3\"></span> Capital resou<span class=\"_ _3\"></span>rces As <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _a\"></span>Decembe<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>2022, <span class=\"_ _4\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 132,88<span class=\"_ _3\"></span>7,46<span class=\"_ _3\"></span>8.20 <span class=\"_ _4\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>comme<span class=\"_ _3\"></span>rcial <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>divided <span class=\"_ _4\"></span>into 128,0<span class=\"_ _3\"></span>00,000 <span class=\"_ _5\"></span>no-par <span class=\"_ _5\"></span>value <span class=\"_ _3\"></span>bear<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _5\"></span>ordi<span class=\"_ _3\"></span>nary<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>with <span class=\"_ _d\"></span>voting <span class=\"_ _5\"></span>right<span class=\"_ _1\"></span>s. <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>Holding <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>own <span class=\"_ _3\"></span>shar<span class=\"_ _5\"></span>es <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>31 <span class=\"_ _5\"></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>202<span class=\"_ _3\"></span>2 (2021: <span class=\"_ _1\"></span>non<span class=\"_ _3\"></span>e). <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>an, <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>ding t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>uthorisatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>hold<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _4\"></span>its<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>shar<span class=\"_ _3\"></span>ehold<span class=\"_ _3\"></span>ers\u2019 equity <span class=\"_ _5\"></span>by <span class=\"_ _3\"></span>issui<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>commo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>prefer<span class=\"_ _3\"></span>red <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>individ<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>utho<span class=\"_ _3\"></span>risations <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>listed <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>Note <span class=\"_ _5\"></span>8. <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>eholder<span class=\"_ _3\"></span>s\u2019 equity st<span class=\"_ _3\"></span>arting o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>age 112.<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>up <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span> a<span class=\"_ _5\"></span>udi<span class=\"_ _5\"></span>to<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>-r<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>we<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>olv<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> de<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> 27<span class=\"_ _5\"></span>9.9<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> 31<span class=\"_ _5\"></span> De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 (31 Dec<span class=\"_ _3\"></span>ember 2021: <span class=\"_ _3\"></span>249.5<span class=\"_ _3\"></span>%).<span class=\"_ _379\"> </span>Long-term<span class=\"_ _3\"></span> debt financi<span class=\"_ _3\"></span>ng VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _a\"></span>had <span class=\"_ _c\"></span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated <span class=\"_ _a\"></span>bonds <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>wide <span class=\"_ _a\"></span>range <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities <span class=\"_ _4\"></span>outstandi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>31 <span class=\"_ _a\"></span>December <span class=\"_ _a\"></span>2022. Detailed <span class=\"_ _1\"></span>info<span class=\"_ _3\"></span>rmation <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Group <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d pro<span class=\"_ _3\"></span>gramme <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>provid<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Not<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>9. <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated <span class=\"_ _1\"></span>liabiliti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rting on pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>16. <span class=\"_ _3\"></span>As s<span class=\"_ _3\"></span>hown b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities, <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>IG I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _5\"></span>ou<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s foc<span class=\"_ _3\"></span>us i<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>subor<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _3\"></span>that a<span class=\"_ _3\"></span>re el<span class=\"_ _3\"></span>igible <span class=\"_ _3\"></span>capi<span class=\"_ _3\"></span>tal. General <span class=\"_ _a\"></span>capital <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rket <span class=\"_ _a\"></span>conditions<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>othe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>circ<span class=\"_ _3\"></span>umstance<span class=\"_ _3\"></span>s <span class=\"_ _c\"> </span>that<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>aff<span class=\"_ _3\"></span>ect <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>financi<span class=\"_ _3\"></span>al <span class=\"_ _c\"> </span>servic<span class=\"_ _3\"></span>es <span class=\"_ _c\"> </span>secto<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>as <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>whol<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>or <span class=\"_ _c\"></span>V<span class=\"_ _3\"></span>IG Insurance <span class=\"_ _d\"></span>Group <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lar <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>have <span class=\"_ _5\"></span>an <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>dvers<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>cost <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>availabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>bt <span class=\"_ _5\"></span>financing. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>goal, <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e, is to activ<span class=\"_ _3\"></span>ely ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ge <span class=\"_ _3\"></span>the capit<span class=\"_ _3\"></span>al struc<span class=\"_ _3\"></span>ture to k<span class=\"_ _3\"></span>eep refi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>anci<span class=\"_ _3\"></span>ng risks<span class=\"_ _3\"></span> as low <span class=\"_ _3\"></span>as possible.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-385": {
   "value": "MARKET RISK Market risk is the risk of losses due to changes in market prices. Changes in value occur, for example, due to changes in yield curves, share prices, exchange rates and the value of land and buildings and participations. MARKET RISK VIG Insurance Group is exposed to market risk, that is, the risk of suffering losses as a result of changes to market parameters. Interest rates, issuer spreads and share prices are the most relevant parameters for market risk. Ignoring investments held for the account of and at the risk of policyholders, investments in insurance business consist largely of fixed-income securities. The majority of these securities are denominated in euro and Czech koruna. Consequently, interest rate fluctuations and exchange rate changes in these currencies primarily have an effect on the value of these financial assets. The management of investments  is aimed at providing coverage  for insured risks that is appropriate for the insurance business and the maturities of liabilities. Depending on the purpose of the application, VIG Holding performs value-at-risk calculations for different sub-portfolios for VIG Insurance Group. Confidence levels vary between 95.0% and 99.5%, and the holding period varies from 20 to 250 days. Due to the nature of the portfolio, interest rate and spread components make the largest contributions to value-at-risk. As a plausibility check of the calculations, the value-a t-risk for the most important sub-portfolios is determined using both the parametric method described above and the historical calculation method. The following table shows the value-at-risk (at a 99% confidence level) for financial assets that are measured as available for sale or recognised at fair value through profit or loss (incl. held for trading). Value-at-Risk  31.12.2022 31.12.2021 in EUR millions 10-day holding period 875.0 389.9 20-day holding period 1,237.5 551.5 60-day holding period 2,143.3 955.2 The increase in value-at-risk reflects the current interest rate trend. Market risk is divided into interest rate, spread, share price, currency, real estate and concentration risk. Interest rates, spreads and share prices are the most relevant parameters for market risk.  Interest rate risk The main drivers of interest rate risk is the sizeabl e portfolio of policies with guaranteed minimum interest rates, which includes  pension  and  endowment  insurance,  and  the  resulting  investments.  For  existing  life  insurance  policies,  VIG Insurance Group guarantees a minimum interest rate averaging around 1.83% p.a. (1.80% p.a.). If interest rates fall below the guaranteed average minimum rate for a longer duration of time, VIG Insurance Group could find itself forced in the future to use its capital to subsidise reserves for these products and consequently increase them through profit or loss as a result of the adequacy test. The embedded value in life and health insurance consists of the adjusted net assets at market value (ANAV) and the value of the insurance portfolio (VIF). VIF is the present value of future profits (SPVFP), reduced by a risk margin. The SPVFP was EUR 4,149,904,000 as of 31 December 2022. A 100 basis point drop in the yield curve would mean the SPVFP decreased to EUR 3,709,152,000, which means the IFRS reserves are also adequate in this scenario. Also see the embedded value sensitivity analysis on page 90. Spread risk Spread risk arises from all assets and liabilities wh ose values depend on changes in the size of credit spreads over the riskless yield curve. Duration and the creditworthiness of the debtor are the main factors determining the amount of spread risk. Diversification and a uniform limit system for investments in fixed-interest instruments are used to limit this risk at the portfolio level. Share price risk Among other things, share investments include participations in a number of Austrian companies and equity positions in other companies whose shares trade primarily on the Vienna Stock Exchange or stock exchanges in the Eurozone or CEE region. A deterioration of the current economic situation could result in the share portfolio losing value. Shares serve to increase earnings over the long term, provide diversification and compensate for long-term erosion in value due to inflation. VIG Insurance Group assesses share price risk by considering diversification within the overall portfolio and correlation with other securities exposed to price risk. Risk diversification within the share portfolio is mainly achieved by geographic  diversification  primarily  in  the  home  markets  of  the  Group  and  in  the  Eurozone.  Share  investments  are predominantly made by the Austrian companies. Currency risk To diversify its portfolio, the investment area also makes use of international capital markets and, to a very small extent, foreign currencies. The high degree of involvement in the CEE region results in currency risks at the VIG Insurance Group level in spite of matching local currency investments made at the local level. Concentration risk Internal guidelines and the limit system are used to keep concentrations within the desired safety margin. Consultation across business lines provides for a comprehensive view of all significant risks. CAPITAL MARKET SCENARIO ANALYSIS This analysis is carried out for all insurance companies in VIG Insurance Group in order to check the risk-bearing capacity of the investments. The sensitivity shocks for the individual asset classes show the ranges of market value reductions for the most important risk factors (credit risk, interest rate risk, liquidity risk) and the resulting effects on the net fair value of assets minus liabilities. The scenarios combine these individual shocks to illustrate different capital market possibilities. Scenarios 1 and 2 strongly reduce the fair value of shares, bonds and property at the same time. They show two different combinations of market value reductions over the main asset classes. Scenario 3 shows a credit shock affecting stock and bond markets, scenario 4 is based on a shock to equity securities (including property), and scenario 5 shows an interest rate shock that has a large effect on the value of bonds and property. All of the scenario calculations were performed using a ceteris paribus approach. The following table shows the stress parameters and the effects on IFRS capital of each scenario on the respective dates (not including deferred taxes, deferred profit participation or deferred mathematical reserve). Reduction in market value  Scenario 0 Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 of shares  0% -20% -10% -20% -20% 0% of bonds  0% -5% -3% -5% 0% -5% of real estate  0% -5% -10% 0% -10% -10% Market value of assets less liabilities (in EUR millions)  6,052.1 4,079.2 4,540.3 4,343.4 5,107.3 4,231.7 In every scenario, the fair value of the assets is significantly higher than the value of the liabilities after stress. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-386": {
   "value": "CREDIT RISK Credit risk quantifies the potential loss due to a deterioration of the situation of a counterparty against which claims exist.  CREDIT RISK FROM INVESTMENTS When managing risks related to credit quality, a distinction must be made between liquid and tradable risks (e.g. exchange- listed bonds) and bilateral risks, such as, for example, time deposits, OTC derivatives, loans, private placements and securities accounts/depositories. The risk is monitored by means of ratings and limited by diversification limits at the portfolio level. Consideration is only given to those issuers or contracting parties whose credit quality or reliability can be assessed by VIG Insurance Group, whether on the basis of analyses performed by the Group, credit assessments/ratings from recognised sources, provision of security (e.g. mortgages) or, to a certain extent, the possibility of recourse to reliable mechanisms for safeguarding investments. Under the investment guidelines, bond investments (which represent the largest share of investments) are made almost entirely in the investment grade range. The goal is to achieve the greatest possible diversification among individual issuers, to avoid accumulation risks, to ensure good average creditworthiness, to control foreign currency effects and to make the majority of investments in mid to long-term maturities in order to reflect the maturity profile of the liabilities as efficiently as possible. The book values of the investments as of 31 December 2022 are shown on page 72. Information on the securities and their ratings is provided in Note 2.4 Other financial assets starting on page 104 of the notes to the consolidated financial statements. Use of ratings The \u201csecond best rating\u201d method specified under Solv ency II is used as a rating method. The latest (issue or issuer) rating from each of the three major rating agencies is used to determine the second best rating. If the latest rating is an issuer rating, and this rating cannot be directly used due to a difference in quality of the security (e.g. senior unsecured debt rating and a lower tier 2 bond), the rating is adjusted downwards appropriately. The adjustment is one notch down for lower tier 2 bonds and two notches down for upper tier 2 or tier 1 bonds. This results in up to three valid ratings for each bond. These ratings are then ranked according to increasing probability of default and the rating with the second-lowest probability of default taken as the \u201csecond best rating\u201d. If the ratings in first and second place have the same probability of default, these two ratings are the \u201csecond best rating\u201d. In cases where a rating has only been assigned by one rating agency, due to a lack of other information, this rating is used as the \u201csecond best rating\u201d. CREDIT RISK FROM REINSURANCE VIG Insurance Group cedes a portion of assumed risks to reinsurance companies. This transfer of risk to reinsurers does not, however, relieve VIG Insurance Group of its obligations to policyholders. VIG Insurance Group is exposed to the risk of reinsurer  insolvency.  VIG  Holding  therefore  designs  its  reinsurance  programme  carefully  and  monitors  reinsurer  rating changes for VIG Insurance Group. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-387": {
   "value": "LIQUIDITY RISK This category includes the risk of VIG Insurance Group not having sufficient assets that can be liquidated at short notice to satisfy its payment obligations. LIQUIDITY RISK E fficient asset liability management can be used to prevent liquidity shortages. Investments and obligations are analysed regularly  to  identify  liquidity needs. These analyses,  together with  clear  investment  requirements (limit  systems)  and a conservative investment policy, help to appropriately manage liquidity risk. The Treasury department, incl. Asset Liability Management, is responsible for the ongoing monitoring of cash flows and regular reporting on liquidity changes.  To ensure that every company continues to have adequate liquidity in the future, VIG Holding guidelines specify liquidity management  standards  that must  be observed Group-wide  by  every company. Among  other  things, these  standards require a regular examination of current and future cash inflows and outflows. Underwriting liquidity analysis A comparison of the expected payments from the insur ance business for one year and freely disposable investments shows that underwriting does not create any liquidity risk.  The expected payments were derived from the maturities of the mathematical reserve and the provision for outstanding claims. Cash and cash equivalents and financial assets with no maturity or maturities of up to one year were defined as freely disposable investments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-417": {
   "value": "MARKET RISK VIG Insurance Group is exposed to market risk, that is, the risk of suffering losses as a result of changes to market parameters. Interest rates, issuer spreads and share prices are the most relevant parameters for market risk. Ignoring investments held for the account of and at the risk of policyholders, investments in insurance business consist largely of fixed-income securities. The majority of these securities are denominated in euro and Czech koruna. Consequently, interest rate fluctuations and exchange rate changes in these currencies primarily have an effect on the value of these financial assets. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-388": {
   "value": "To minimise lapse risk, VIG Insurance Group uses an effective complaint management department, qualified advisors and customer  loyalty  programmes  to  increase  customer  satisfaction  and  avoid  cancellations.  Policyholder  cancellation behaviour is continuously monitored so that targeted measures can be taken if unfavourable changes occur ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-389": {
   "value": "CAPIT<span class=\"_ _5\"></span>AL MANA<span class=\"_ _3\"></span>GEMENT<span class=\"_ _3\"></span> In the <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sts of ou<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>eholders<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and ins<span class=\"_ _3\"></span>urance custome<span class=\"_ _3\"></span>rs, our goal is <span class=\"_ _1\"></span>to<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ensur<span class=\"_ _3\"></span>e that VIG Holdi<span class=\"_ _3\"></span>ng h<span class=\"_ _1\"></span>as ad<span class=\"_ _3\"></span>equate capital resou<span class=\"_ _3\"></span>rces <span class=\"_ _6\"> </span>at  all<span class=\"_ _3\"></span>  tim<span class=\"_ _3\"></span>es  and <span class=\"_ _6\"> </span>that  all<span class=\"_ _3\"></span>  o<span class=\"_ _3\"></span>perating <span class=\"_ _6\"> </span>insurance <span class=\"_ _6\"> </span>compa<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ies <span class=\"_ _6\"> </span>fulfil <span class=\"_ _6\"> </span>th<span class=\"_ _1\"></span>eir <span class=\"_ _2\"> </span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>spe<span class=\"_ _3\"></span>ctive  m<span class=\"_ _3\"></span>inim<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>m <span class=\"_ _6\"> </span>reg<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lato<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> <span class=\"_ _6\"> </span>capital req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents. <span class=\"_ _c\"> </span>Due <span class=\"_ _b\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>its <span class=\"_ _c\"> </span>successf<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>l <span class=\"_ _a\"></span>bu<span class=\"_ _1\"></span>si<span class=\"_ _3\"></span>ness <span class=\"_ _b\"> </span>s<span class=\"_ _3\"></span>trategy<span class=\"_ _d\"></span>, <span class=\"_ _c\"> </span>VIG <span class=\"_ _c\"> </span>Holding<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>has <span class=\"_ _c\"> </span>tradi<span class=\"_ _3\"></span>tionally <span class=\"_ _c\"> </span>had <span class=\"_ _c\"> </span>very <span class=\"_ _c\"> </span>good<span class=\"_ _3\"></span> <span class=\"_ _b\"> </span>capital <span class=\"_ _c\"> </span>r<span class=\"_ _3\"></span>eso<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rc<span class=\"_ _3\"></span>es. Maintaini<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>this <span class=\"_ _4\"></span>good <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>base <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>fut<span class=\"_ _3\"></span>ure <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>also <span class=\"_ _4\"></span>impo<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>ant <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>us, <span class=\"_ _4\"></span>bot<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>all<span class=\"_ _3\"></span>ow <span class=\"_ _4\"></span>us <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>ake <span class=\"_ _4\"></span>adva<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>tag<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>prof<span class=\"_ _3\"></span>itable gro<span class=\"_ _3\"></span>wth opport<span class=\"_ _3\"></span>unities and <span class=\"_ _3\"></span>to cus<span class=\"_ _3\"></span>hion the ef<span class=\"_ _3\"></span>fects of l<span class=\"_ _3\"></span>arge loss<span class=\"_ _5\"></span> events. Standard<span class=\"_ _3\"></span> &amp; Poor<span class=\"_ _3\"></span>\u2019<span class=\"_ _3\"></span>s rating VIG Hol<span class=\"_ _3\"></span>ding also<span class=\"_ _3\"></span> places gr<span class=\"_ _3\"></span>eat impo<span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>tan<span class=\"_ _3\"></span>ce on m<span class=\"_ _3\"></span>aintaini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g a <span class=\"_ _3\"></span>strong <span class=\"_ _3\"></span>credi<span class=\"_ _3\"></span>t rati<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g wit<span class=\"_ _3\"></span>h Sta<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>dar<span class=\"_ _3\"></span>d &amp; Poo<span class=\"_ _3\"></span>r\u2019<span class=\"_ _11\"></span>s (S&amp;P) a<span class=\"_ _3\"></span>nd ther<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e regul<span class=\"_ _3\"></span>arly <span class=\"_ _1\"></span>undergoes ra<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>y <span class=\"_ _4\"></span>S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>own <span class=\"_ _1\"></span>capital<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>for <span class=\"_ _4\"></span>assess<span class=\"_ _3\"></span>ing <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>relatio<span class=\"_ _3\"></span>nship <span class=\"_ _1\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal req<span class=\"_ _3\"></span>uired <span class=\"_ _4\"></span>by <span class=\"_ _4\"></span>a <span class=\"_ _a\"></span>compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>and <span class=\"_ _a\"></span>the <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>esources <span class=\"_ _1\"></span>available <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>it. <span class=\"_ _a\"></span>In <span class=\"_ _a\"></span>Dec<span class=\"_ _3\"></span>ember <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>S&amp;P <span class=\"_ _4\"></span>affi<span class=\"_ _3\"></span>rmed <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>A+ <span class=\"_ _4\"></span>rating <span class=\"_ _4\"></span>with <span class=\"_ _4\"></span>a \u201cstable\u201d o<span class=\"_ _3\"></span>utlook. Ca<span class=\"_ _3\"></span>pital reso<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ces exc<span class=\"_ _3\"></span>eed the r<span class=\"_ _5\"></span>equireme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span> for the AAA <span class=\"_ _3\"></span>level.<span class=\"_ _3\"></span> The su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated bo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ds <span class=\"_ _3\"></span>issued <span class=\"_ _3\"></span>in 2<span class=\"_ _3\"></span>013 <span class=\"_ _3\"></span>(EUR 500 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n, tier<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>2, <span class=\"_ _3\"></span>first call<span class=\"_ _3\"></span> date <span class=\"_ _3\"></span>9 Octo<span class=\"_ _3\"></span>ber 2<span class=\"_ _3\"></span>023), 2<span class=\"_ _3\"></span>015 <span class=\"_ _3\"></span>(EUR 400 <span class=\"_ _5\"></span>millio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, <span class=\"_ _3\"></span>tier 2, first call date <span class=\"_ _1\"></span>2<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Mar<span class=\"_ _5\"></span>ch <span class=\"_ _1\"></span>2026),<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>2017<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>(EUR<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>200 mil<span class=\"_ _3\"></span>lion, tier 2, first call date <span class=\"_ _1\"></span>13<span class=\"_ _3\"></span> April 2027) and 2022 (EU<span class=\"_ _3\"></span>R <span class=\"_ _1\"></span>500 mil<span class=\"_ _3\"></span>lion, tier 2, <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>call <span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>15 <span class=\"_ _1\"></span>June <span class=\"_ _1\"></span>2032) have <span class=\"_ _1\"></span>been <span class=\"_ _1\"></span>rated A-<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>S&amp;P<span class=\"_ _4a\"></span>.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>senio<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>sust<span class=\"_ _3\"></span>ainabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>bond that <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>issued <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>2021 (EUR 500 million, bullet <span class=\"_ _1\"></span>bond, <span class=\"_ _1\"></span>15-<span class=\"_ _3\"></span>year <span class=\"_ _1\"></span>term<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>was <span class=\"_ _1\"></span>assig<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>an A <span class=\"_ _1\"></span>rating by S&amp;P<span class=\"_ _4a\"></span>. <span class=\"_ _1\"></span>It d<span class=\"_ _1\"></span>oes not <span class=\"_ _1\"></span>satisfy S&amp;P\u2019<span class=\"_ _11\"></span>s <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>inclusio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>as capital. <span class=\"_ _3\"></span> Active capital <span class=\"_ _3\"></span>management<span class=\"_ _3\"></span> VIG <span class=\"_ _1\"></span>Holding<span class=\"_ _3\"></span> u<span class=\"_ _1\"></span>ses the <span class=\"_ _1\"></span>criteri<span class=\"_ _3\"></span>a <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>bove <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>nitor <span class=\"_ _1\"></span>its ca<span class=\"_ _1\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>posi<span class=\"_ _3\"></span>tions <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>takes<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>approp<span class=\"_ _3\"></span>riate <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>easures<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>furt<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>impr<span class=\"_ _3\"></span>ov<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>its capital s<span class=\"_ _3\"></span>tructur<span class=\"_ _3\"></span>e and str<span class=\"_ _3\"></span>engthe<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> its c<span class=\"_ _3\"></span>apital and sol<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>cy si<span class=\"_ _3\"></span>tuatio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> o<span class=\"_ _3\"></span>ver the long <span class=\"_ _3\"></span>term. A s<span class=\"_ _3\"></span>olvency ratio<span class=\"_ _3\"></span> of 150% to 20<span class=\"_ _3\"></span>0% <span class=\"_ _3\"></span>at the Solve<span class=\"_ _3\"></span>ncy II Gro<span class=\"_ _3\"></span>up lev<span class=\"_ _3\"></span>el has been sp<span class=\"_ _3\"></span>ecified b<span class=\"_ _3\"></span>y VIG Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g, wh<span class=\"_ _3\"></span>ereby t<span class=\"_ _3\"></span>his VIG <span class=\"_ _3\"></span>Group sol<span class=\"_ _3\"></span>venc<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> ratio<span class=\"_ _3\"></span> range is<span class=\"_ _3\"></span> determined<span class=\"_ _3\"></span> without taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g in<span class=\"_ _3\"></span>to acco<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>nt tr<span class=\"_ _3\"></span>ansitionals f<span class=\"_ _3\"></span>or und<span class=\"_ _3\"></span>erwriting pr<span class=\"_ _3\"></span>ovisi<span class=\"_ _3\"></span>ons used b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> som<span class=\"_ _5\"></span>e individual Gr<span class=\"_ _3\"></span>oup <span class=\"_ _3\"></span>compani<span class=\"_ _3\"></span>es. Capital <span class=\"_ _5\"></span>manageme<span class=\"_ _3\"></span>nt <span class=\"_ _5\"></span>focuses <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bor<span class=\"_ _5\"></span>dinated <span class=\"_ _5\"></span>long-te<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>m <span class=\"_ _5\"></span>liab<span class=\"_ _3\"></span>ilities <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>ith <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y-like <span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>aracteristics. <span class=\"_ _5\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>T<span class=\"_ _d\"></span>reas<span class=\"_ _3\"></span>ury <span class=\"_ _3\"></span>depa<span class=\"_ _3\"></span>rtme<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t, incl. <span class=\"_ _e\"> </span>Asse<span class=\"_ _3\"></span>t <span class=\"_ _e\"> </span>Liability<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>Manageme<span class=\"_ _3\"></span>nt, <span class=\"_ _e\"> </span>conti<span class=\"_ _3\"></span>nu<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>usly <span class=\"_ _e\"> </span>mo<span class=\"_ _3\"></span>nitors <span class=\"_ _10\"> </span>capital <span class=\"_ _e\"> </span>m<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>k<span class=\"_ _3\"></span>et<span class=\"_ _1\"></span> <span class=\"_ _10\"> </span>developm<span class=\"_ _3\"></span>ents, <span class=\"_ _10\"> </span>with <span class=\"_ _10\"> </span>particul<span class=\"_ _3\"></span>ar <span class=\"_ _e\"> </span>attention<span class=\"_ _3\"></span> <span class=\"_ _e\"> </span>to developme<span class=\"_ _3\"></span>nts <span class=\"_ _10\"> </span>co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ce<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ning  bonds  with <span class=\"_ _10\"> </span>equit<span class=\"_ _3\"></span>y-<span class=\"_ _1\"></span>li<span class=\"_ _3\"></span>ke <span class=\"_ _10\"> </span>char<span class=\"_ _3\"></span>acteristics<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>from  the  E<span class=\"_ _1\"></span>ur<span class=\"_ _3\"></span>opea<span class=\"_ _3\"></span>n <span class=\"_ _e\"> </span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sura<span class=\"_ _3\"></span>nce <span class=\"_ _10\"> </span>secto<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>. <span class=\"_ _10\"> </span>New<span class=\"_ _3\"></span> <span class=\"_ _10\"> </span>capital instrume<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ts <span class=\"_ _3\"></span>developi<span class=\"_ _3\"></span>ng in th<span class=\"_ _3\"></span>e capital ma<span class=\"_ _3\"></span>rket for i<span class=\"_ _3\"></span>nsurance c<span class=\"_ _3\"></span>ompanies ar<span class=\"_ _5\"></span>e examin<span class=\"_ _3\"></span>ed for appli<span class=\"_ _3\"></span>cabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> to <span class=\"_ _3\"></span>VIG<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Holding.<span class=\"_ _3\"></span> Capital resou<span class=\"_ _3\"></span>rces As <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>31 <span class=\"_ _a\"></span>Decembe<span class=\"_ _3\"></span>r <span class=\"_ _a\"></span>2022, <span class=\"_ _4\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 132,88<span class=\"_ _3\"></span>7,46<span class=\"_ _3\"></span>8.20 <span class=\"_ _4\"></span>wa<span class=\"_ _1\"></span>s <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _3\"></span>ed <span class=\"_ _a\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>comme<span class=\"_ _3\"></span>rcial <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>egister<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>divided <span class=\"_ _4\"></span>into 128,0<span class=\"_ _3\"></span>00,000 <span class=\"_ _5\"></span>no-par <span class=\"_ _5\"></span>value <span class=\"_ _3\"></span>bear<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _5\"></span>ordi<span class=\"_ _3\"></span>nary<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>with <span class=\"_ _d\"></span>voting <span class=\"_ _5\"></span>right<span class=\"_ _1\"></span>s. <span class=\"_ _5\"></span>VIG <span class=\"_ _5\"></span>Holding <span class=\"_ _d\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o <span class=\"_ _5\"></span>own <span class=\"_ _3\"></span>shar<span class=\"_ _5\"></span>es <span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>31 <span class=\"_ _5\"></span>Decemb<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>202<span class=\"_ _3\"></span>2 (2021: <span class=\"_ _1\"></span>non<span class=\"_ _3\"></span>e). <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>additio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>, VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>an, <span class=\"_ _1\"></span>accor<span class=\"_ _3\"></span>ding t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>a<span class=\"_ _3\"></span>uthorisatio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>hold<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>s,<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>incre<span class=\"_ _3\"></span>ase <span class=\"_ _4\"></span>its<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>shar<span class=\"_ _3\"></span>ehold<span class=\"_ _3\"></span>ers\u2019 equity <span class=\"_ _5\"></span>by <span class=\"_ _3\"></span>issui<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>commo<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>prefer<span class=\"_ _3\"></span>red <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _5\"></span>individ<span class=\"_ _3\"></span>ua<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>utho<span class=\"_ _3\"></span>risations <span class=\"_ _5\"></span>are <span class=\"_ _5\"></span>listed <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>Note <span class=\"_ _5\"></span>8. <span class=\"_ _3\"></span>Co<span class=\"_ _3\"></span>nsolidated <span class=\"_ _5\"></span>shar<span class=\"_ _3\"></span>eholder<span class=\"_ _3\"></span>s\u2019 equity st<span class=\"_ _3\"></span>arting o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> p<span class=\"_ _3\"></span>age 112.<span class=\"_ _3\"></span> VI<span class=\"_ _3\"></span>G <span class=\"_ _3\"></span>In<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span> G<span class=\"_ _3\"></span>ro<span class=\"_ _5\"></span>up <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span> a<span class=\"_ _5\"></span>udi<span class=\"_ _5\"></span>to<span class=\"_ _3\"></span>r<span class=\"_ _5\"></span>-r<span class=\"_ _3\"></span>ev<span class=\"_ _3\"></span>ie<span class=\"_ _3\"></span>we<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>olv<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>y <span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>ti<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> de<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>ed<span class=\"_ _3\"></span> b<span class=\"_ _3\"></span>as<span class=\"_ _3\"></span>ed <span class=\"_ _5\"></span>on <span class=\"_ _3\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy <span class=\"_ _3\"></span>I<span class=\"_ _3\"></span>I <span class=\"_ _3\"></span>of<span class=\"_ _3\"></span> 27<span class=\"_ _5\"></span>9.9<span class=\"_ _3\"></span>% <span class=\"_ _3\"></span>as<span class=\"_ _3\"></span> o<span class=\"_ _3\"></span>f<span class=\"_ _3\"></span> 31<span class=\"_ _5\"></span> De<span class=\"_ _3\"></span>ce<span class=\"_ _3\"></span>mb<span class=\"_ _3\"></span>er<span class=\"_ _3\"></span> 20<span class=\"_ _3\"></span>22 (31 Dec<span class=\"_ _3\"></span>ember 2021: <span class=\"_ _3\"></span>249.5<span class=\"_ _3\"></span>%).<span class=\"_ _379\"> </span>Long-term<span class=\"_ _3\"></span> debt financi<span class=\"_ _3\"></span>ng VIG <span class=\"_ _c\"> </span>I<span class=\"_ _3\"></span>nsurance <span class=\"_ _4\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _a\"></span>had <span class=\"_ _c\"></span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated <span class=\"_ _a\"></span>bonds <span class=\"_ _a\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _c\"></span>a <span class=\"_ _a\"></span>wide <span class=\"_ _a\"></span>range <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities <span class=\"_ _4\"></span>outstandi<span class=\"_ _3\"></span>ng <span class=\"_ _c\"></span>as <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>31 <span class=\"_ _a\"></span>December <span class=\"_ _a\"></span>2022. Detailed <span class=\"_ _1\"></span>info<span class=\"_ _3\"></span>rmation <span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Insura<span class=\"_ _3\"></span>nce <span class=\"_ _1\"></span>Group <span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d pro<span class=\"_ _3\"></span>gramme <span class=\"_ _1\"></span>is <span class=\"_ _1\"></span>provid<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>in <span class=\"_ _4\"></span>Not<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>9. <span class=\"_ _4\"></span>Su<span class=\"_ _3\"></span>bordi<span class=\"_ _3\"></span>nated <span class=\"_ _1\"></span>liabiliti<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>sta<span class=\"_ _3\"></span>rting on pag<span class=\"_ _3\"></span>e 1<span class=\"_ _3\"></span>16. <span class=\"_ _3\"></span>As s<span class=\"_ _3\"></span>hown b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>mat<span class=\"_ _3\"></span>ur<span class=\"_ _1\"></span>ities, <span class=\"_ _d\"></span>V<span class=\"_ _1\"></span>IG I<span class=\"_ _3\"></span>nsura<span class=\"_ _3\"></span>nce Gr<span class=\"_ _5\"></span>ou<span class=\"_ _1\"></span>p\u2019<span class=\"_ _11\"></span>s foc<span class=\"_ _3\"></span>us i<span class=\"_ _3\"></span>s o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>subor<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>liabili<span class=\"_ _3\"></span>ties <span class=\"_ _3\"></span>that a<span class=\"_ _3\"></span>re el<span class=\"_ _3\"></span>igible <span class=\"_ _3\"></span>capi<span class=\"_ _3\"></span>tal. General <span class=\"_ _a\"></span>capital <span class=\"_ _c\"></span>m<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>rket <span class=\"_ _a\"></span>conditions<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>and<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>othe<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>circ<span class=\"_ _3\"></span>umstance<span class=\"_ _3\"></span>s <span class=\"_ _c\"> </span>that<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>aff<span class=\"_ _3\"></span>ect <span class=\"_ _c\"> </span>the<span class=\"_ _3\"></span> <span class=\"_ _c\"> </span>financi<span class=\"_ _3\"></span>al <span class=\"_ _c\"> </span>servic<span class=\"_ _3\"></span>es <span class=\"_ _c\"> </span>secto<span class=\"_ _3\"></span>r <span class=\"_ _c\"> </span>as <span class=\"_ _a\"></span>a <span class=\"_ _c\"></span>whol<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>or <span class=\"_ _c\"></span>V<span class=\"_ _3\"></span>IG Insurance <span class=\"_ _d\"></span>Group <span class=\"_ _5\"></span>in <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>lar <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>uld <span class=\"_ _3\"></span>have <span class=\"_ _5\"></span>an <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>dvers<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>on <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>cost <span class=\"_ _3\"></span>and <span class=\"_ _5\"></span>availabili<span class=\"_ _3\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>of <span class=\"_ _5\"></span>de<span class=\"_ _1\"></span>bt <span class=\"_ _5\"></span>financing. <span class=\"_ _5\"></span>The <span class=\"_ _5\"></span>goal, <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>efor<span class=\"_ _3\"></span>e, is to activ<span class=\"_ _3\"></span>ely ma<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ge <span class=\"_ _3\"></span>the capit<span class=\"_ _3\"></span>al struc<span class=\"_ _3\"></span>ture to k<span class=\"_ _3\"></span>eep refi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>anci<span class=\"_ _3\"></span>ng risks<span class=\"_ _3\"></span> as low <span class=\"_ _3\"></span>as possible.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-390": {
   "value": "1. I NTANGIBLE ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Goodwill  1,438,721 1,260,226 Purchased insurance portfolios  59,576 14,607 Other intangible assets  586,448 469,336 Purchased software  446,797 388,413 Other  139,651 80,923 Total  2,084,745 1,744,169 Impairments of intangible assets and reversals of impairments of intangible assets are included as separate items in the income statement between the Group operating result and the result before taxes. 1.1. Goodwill Development  2022 2021 in EUR '000 Acquisition costs  1,886,335 1,865,619 Cumulative impairment as of 31.12. of the previous year  -626,109 -628,303 Book value as of 31.12. of the previous year  1,260,226 1,237,316 Exchange rate differences  -4,026 22,910 Book value as of 1.1.  1,256,200 1,260,226 Additions  208,882 0 Impairments  -26,361 0 Book value as of 31.12.  1,438,721 1,260,226 Cumulative impairment as of 31.12.  651,991 626,109 Acquisition costs  2,090,712 1,886,335 Additions in the financial year mainly result from the purchases of Aegon Hungary (EUR 188,573,000) and the Slovakian pension company 365.life (EUR 19,970,000). The  impairments  in  the  financial  year  predominantly  affected  the  Albania  incl.  Kosovo  (EUR 13,624,000)  and  North Macedonia (EUR 12,553,000) CGU groups.  Goodwill of CGU units (book values)  31.12.2022 31.12.2021 in EUR '000 Austria  301,716 301,716 Czech Republic  468,097 454,041 Poland  140,560 142,970 Albania incl. Kosovo  0 13,416 Baltic States  75,481 75,481 Bulgaria  124,354 124,354 North Macedonia  0 12,551 Slovakia  111,257 111,257 Hungary  186,759 13,915 Group Functions  30,497 10,525 Total  1,438,721 1,260,226 Please see the Impairment section on page 47 for information on the assumptions used for impairment testing. 1.2. Other intangible assets Development purchased software  2022 2021 in EUR '000 Acquisition costs  1,440,574 1,318,689 Cumulative valuation as of 31.12. of the previous year  -1,052,161 -917,226 Book value as of 31.12. of the previous year  388,413 401,463 Exchange rate differences  -151 1,375 Book value as of 1.1.  388,262 402,838 Reclassifications  -5,174 -7,517 Additions  124,435 131,283 Disposals  -5,953 -287 Changes in scope of consolidation  24,423 -126 Scheduled depreciation  -79,196 -137,090 Impairments  0 -688 Book value as of 31.12.  446,797 388,413 Cumulative valuation as of 31.12.  493,069 1,052,161 Acquisition costs  939,866 1,440,574 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-20": {
   "value": "1. I NTANGIBLE ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Goodwill  1,438,721 1,260,226 Purchased insurance portfolios  59,576 14,607 Other intangible assets  586,448 469,336 Purchased software  446,797 388,413 Other  139,651 80,923 Total  2,084,745 1,744,169 Impairments of intangible assets and reversals of impairments of intangible assets are included as separate items in the income statement between the Group operating result and the result before taxes. 1.1. Goodwill Development  2022 2021 in EUR '000 Acquisition costs  1,886,335 1,865,619 Cumulative impairment as of 31.12. of the previous year  -626,109 -628,303 Book value as of 31.12. of the previous year  1,260,226 1,237,316 Exchange rate differences  -4,026 22,910 Book value as of 1.1.  1,256,200 1,260,226 Additions  208,882 0 Impairments  -26,361 0 Book value as of 31.12.  1,438,721 1,260,226 Cumulative impairment as of 31.12.  651,991 626,109 Acquisition costs  2,090,712 1,886,335 Additions in the financial year mainly result from the purchases of Aegon Hungary (EUR 188,573,000) and the Slovakian pension company 365.life (EUR 19,970,000). The  impairments  in  the  financial  year  predominantly  affected  the  Albania  incl.  Kosovo  (EUR 13,624,000)  and  North Macedonia (EUR 12,553,000) CGU groups. Goodwill of CGU units (book values)  31.12.2022 31.12.2021 in EUR '000 Austria  301,716 301,716 Czech Republic  468,097 454,041 Poland  140,560 142,970 Albania incl. Kosovo  0 13,416 Baltic States  75,481 75,481 Bulgaria  124,354 124,354 North Macedonia  0 12,551 Slovakia  111,257 111,257 Hungary  186,759 13,915 Group Functions  30,497 10,525 Total  1,438,721 1,260,226 Please see the Impairment section on page 47 for information on the assumptions used for impairment testing. 1.2. Other intangible assets Development purchased software  2022 2021 in EUR '000 Acquisition costs  1,440,574 1,318,689 Cumulative valuation as of 31.12. of the previous year  -1,052,161 -917,226 Book value as of 31.12. of the previous year  388,413 401,463 Exchange rate differences  -151 1,375 Book value as of 1.1.  388,262 402,838 Reclassifications  -5,174 -7,517 Additions  124,435 131,283 Disposals  -5,953 -287 Changes in scope of consolidation  24,423 -126 Scheduled depreciation  -79,196 -137,090 Impairments  0 -688 Book value as of 31.12.  446,797 388,413 Cumulative valuation as of 31.12.  493,069 1,052,161 Acquisition costs  939,866 1,440,574 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-429": {
   "value": "1.1. Goodwill Development  2022 2021 in EUR '000 Acquisition costs  1,886,335 1,865,619 Cumulative impairment as of 31.12. of the previous year  -626,109 -628,303 Book value as of 31.12. of the previous year  1,260,226 1,237,316 Exchange rate differences  -4,026 22,910 Book value as of 1.1.  1,256,200 1,260,226 Additions  208,882 0 Impairments  -26,361 0 Book value as of 31.12.  1,438,721 1,260,226 Cumulative impairment as of 31.12.  651,991 626,109 Acquisition costs  2,090,712 1,886,335 Additions in the financial year mainly result from the purchases of Aegon Hungary (EUR 188,573,000) and the Slovakian pension company 365.life (EUR 19,970,000). The  impairments  in  the  financial  year  predominantly  affected  the  Albania  incl.  Kosovo  (EUR 13,624,000)  and  North Macedonia (EUR 12,553,000) CGU groups. 1.2. Other intangible assets Development purchased software  2022 2021 in EUR '000 Acquisition costs  1,440,574 1,318,689 Cumulative valuation as of 31.12. of the previous year  -1,052,161 -917,226 Book value as of 31.12. of the previous year  388,413 401,463 Exchange rate differences  -151 1,375 Book value as of 1.1.  388,262 402,838 Reclassifications  -5,174 -7,517 Additions  124,435 131,283 Disposals  -5,953 -287 Changes in scope of consolidation  24,423 -126 Scheduled depreciation  -79,196 -137,090 Impairments  0 -688 Book value as of 31.12.  446,797 388,413 Cumulative valuation as of 31.12.  493,069 1,052,161 Acquisition costs  939,866 1,440,574 2.1. Property Owner-occupied property Development  2022 2021 in EUR '000 Acquisition costs  773,344 758,780 Cumulative valuation as of 31.12. of the previous year  -301,041 -281,311 Book value as of 31.12. of the previous year  472,303 477,469 Exchange rate differences  3,573 5,822 Book value as of 1.1.  475,876 483,291 Reclassifications  -22,065 1,246 Additions  12,478 9,886 Disposals  -1,586 -4,043 Changes in scope of consolidation  36,243 -283 Appreciation  0 52 Scheduled depreciation  -17,560 -16,829 Impairments  -41 -1,017 Book value as of 31.12.  483,345 472,303 Cumulative valuation as of 31.12.  298,407 301,041 Acquisition costs  781,752 773,344 Changes in the scope of consolidation are mainly due to the first-time inclusion of Aegon Hungary (EUR +23,228,000) and Brockmanngasse 32 Immobilienbesitz GmbH (EUR +12,904,000).  Investment property Development  2022 2021 in EUR '000 Acquisition costs  3,260,627 2,857,619 Cumulative valuation as of 31.12. of the previous year  -882,342 -827,675 Book value as of 31.12. of the previous year  2,378,285 2,029,944 Exchange rate differences  -801 1,395 Book value as of 1.1.  2,377,484 2,031,339 Reclassifications  22,646 -2,051 Additions  238,861 286,183 Disposals  -2,984 -6,409 Changes in scope of consolidation  82,365 121,457 Appreciation  275 3,333 Scheduled depreciation  -60,779 -54,896 Impairments  -12,236 -671 Book value as of 31.12.  2,645,632 2,378,285 Cumulative valuation as of 31.12.  971,313 882,342 Acquisition costs  3,616,945 3,260,627 Rental income  171,164 140,360 From investment property  171,164 140,360 Operating expenses for rented investment property  57,054 38,478 Operating expenses for vacant investment property  4,562 7,970 7. OTHER ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Tangible assets* and inventories  139,135 117,455 Other assets  16,294 26,263 Asset-side accruals  243,751 247,175 Total  399,180 390,893 *amount of reported balance sheet value leased: 4.99% (6.42%) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-418": {
   "value": "1.1. Goodwill Development  2022 2021 in EUR '000 Acquisition costs  1,886,335 1,865,619 Cumulative impairment as of 31.12. of the previous year  -626,109 -628,303 Book value as of 31.12. of the previous year  1,260,226 1,237,316 Exchange rate differences  -4,026 22,910 Book value as of 1.1.  1,256,200 1,260,226 Additions  208,882 0 Impairments  -26,361 0 Book value as of 31.12.  1,438,721 1,260,226 Cumulative impairment as of 31.12.  651,991 626,109 Acquisition costs  2,090,712 1,886,335 Additions in the financial year mainly result from the purchases of Aegon Hungary (EUR 188,573,000) and the Slovakian pension company 365.life (EUR 19,970,000). The  impairments  in  the  financial  year  predominantly  affected  the  Albania  incl.  Kosovo  (EUR 13,624,000)  and  North Macedonia (EUR 12,553,000) CGU groups. Goodwill of CGU units (book values)  31.12.2022 31.12.2021 in EUR '000 Austria  301,716 301,716 Czech Republic  468,097 454,041 Poland  140,560 142,970 Albania incl. Kosovo  0 13,416 Baltic States  75,481 75,481 Bulgaria  124,354 124,354 North Macedonia  0 12,551 Slovakia  111,257 111,257 Hungary  186,759 13,915 Group Functions  30,497 10,525 Total  1,438,721 1,260,226 Please see the Impairment section on page 47 for information on the assumptions used for impairment testing.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-419": {
   "value": "1.2. Other intangible assets Development purchased software  2022 2021 in EUR '000 Acquisition costs  1,440,574 1,318,689 Cumulative valuation as of 31.12. of the previous year  -1,052,161 -917,226 Book value as of 31.12. of the previous year  388,413 401,463 Exchange rate differences  -151 1,375 Book value as of 1.1.  388,262 402,838 Reclassifications  -5,174 -7,517 Additions  124,435 131,283 Disposals  -5,953 -287 Changes in scope of consolidation  24,423 -126 Scheduled depreciation  -79,196 -137,090 Impairments  0 -688 Book value as of 31.12.  446,797 388,413 Cumulative valuation as of 31.12.  493,069 1,052,161 Acquisition costs  939,866 1,440,574 2.1. Property Owner-occupied property Development  2022 2021 in EUR '000 Acquisition costs  773,344 758,780 Cumulative valuation as of 31.12. of the previous year  -301,041 -281,311 Book value as of 31.12. of the previous year  472,303 477,469 Exchange rate differences  3,573 5,822 Book value as of 1.1.  475,876 483,291 Reclassifications  -22,065 1,246 Additions  12,478 9,886 Disposals  -1,586 -4,043 Changes in scope of consolidation  36,243 -283 Appreciation  0 52 Scheduled depreciation  -17,560 -16,829 Impairments  -41 -1,017 Book value as of 31.12.  483,345 472,303 Cumulative valuation as of 31.12.  298,407 301,041 Acquisition costs  781,752 773,344 Changes in the scope of consolidation are mainly due to the first-time inclusion of Aegon Hungary (EUR +23,228,000) and Brockmanngasse 32 Immobilienbesitz GmbH (EUR +12,904,000). Investment property Development  2022 2021 in EUR '000 Acquisition costs  3,260,627 2,857,619 Cumulative valuation as of 31.12. of the previous year  -882,342 -827,675 Book value as of 31.12. of the previous year  2,378,285 2,029,944 Exchange rate differences  -801 1,395 Book value as of 1.1.  2,377,484 2,031,339 Reclassifications  22,646 -2,051 Additions  238,861 286,183 Disposals  -2,984 -6,409 Changes in scope of consolidation  82,365 121,457 Appreciation  275 3,333 Scheduled depreciation  -60,779 -54,896 Impairments  -12,236 -671 Book value as of 31.12.  2,645,632 2,378,285 Cumulative valuation as of 31.12.  971,313 882,342 Acquisition costs  3,616,945 3,260,627 Rental income  171,164 140,360 From investment property  171,164 140,360 Operating expenses for rented investment property  57,054 38,478 Operating expenses for vacant investment property  4,562 7,970 7. OTHER ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Tangible assets* and inventories  139,135 117,455 Other assets  16,294 26,263 Asset-side accruals  243,751 247,175 Total  399,180 390,893 *amount of reported balance sheet value leased: 4.99% (6.42%)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-21": {
   "value": "2.<span class=\"_ _10\"> </span>INVESTMENTS<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _208\"> </span><span class=\"fsc\">31.12.2022<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Pro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _20c\"> </span>3,12<span class=\"_ _1\"></span>8,977<span class=\"_ _379\"> </span>2,850,58<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>Own<span class=\"_ _1\"></span>er-<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ccup<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _21c\"> </span>483,345<span class=\"_ _379\"> </span>472,303<span class=\"_ _379\"> </span>In<span class=\"_ _1\"></span>vestm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rty<span class=\"_ _1\"></span> <span class=\"_ _21d\"> </span>2,645,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Sha<span class=\"_ _1\"></span>res <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>287,960<span class=\"_ _379\"> </span>276,913<span class=\"_ _379\"> </span>Fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l a<span class=\"_ _1\"></span>sset<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _21e\"> </span>28,923,4<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>31,682,2<span class=\"_ _1\"></span>89<span class=\"_ _379\"> </span>Loan<span class=\"_ _1\"></span>s a<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> ot<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>3,3<span class=\"_ _1\"></span>68,204<span class=\"_ _379\"> </span>3,028,29<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>Oth<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>nan<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>al as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _21f\"> </span>25,555,2<span class=\"_ _1\"></span>12<span class=\"_ _379\"> </span>28,653,9<span class=\"_ _1\"></span>98<span class=\"_ _379\"> </span>Total <span class=\"_ _215\"> </span>32,340,<span class=\"_ _1\"></span>353<span class=\"_ _379\"> </span>34,809,7<span class=\"_ _1\"></span>90<span class=\"_ _379\"> </span>Investment <span class=\"_ _3\"></span>proper<span class=\"_ _3\"></span>ty Developme<span class=\"_ _1\"></span>nt <span class=\"_ _20c\"> </span><span class=\"fsc\">2022<span class=\"_ _379\"> </span></span>2021<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Acqu<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>osts<span class=\"_ _1\"></span> <span class=\"_ _20d\"> </span>3,260,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>2,857,61<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e pr<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vious<span class=\"_ _1\"></span> y<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ar <span class=\"_ _a8\"> </span>-8<span class=\"_ _1\"></span>82,342<span class=\"_ _1fa\"> </span><span class=\"fce\">-827,67<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 3<span class=\"_ _1\"></span>1.1<span class=\"_ _1\"></span>2. o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vio<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s yea<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1d0\"> </span>2,378,285<span class=\"_ _379\"> </span>2,029,94<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>Ex<span class=\"_ _1\"></span>chang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ate d<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>ren<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _217\"> </span>-8<span class=\"_ _1\"></span>01<span class=\"_ _218\"> </span><span class=\"fce\">1,395<span class=\"_ _379\"> </span></span>Book<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>s of<span class=\"_ _1\"></span> 1<span class=\"_ _1\"></span>.1.<span class=\"_ _1\"></span> <span class=\"_ _209\"> </span>2,<span class=\"_ _1\"></span>377,484<span class=\"_ _379\"> </span>2,031,33<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ions<span class=\"_ _1\"></span> <span class=\"_ _224\"> </span>22,646<span class=\"_ _379\"> </span>-2,051<span class=\"_ _379\"> </span>Add<span class=\"_ _1\"></span>iti<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span> <span class=\"_ _17b\"> </span>238,8<span class=\"_ _1\"></span>61<span class=\"_ _379\"> </span>286,183<span class=\"_ _379\"> </span>Disp<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>als<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>-2<span class=\"_ _1\"></span>,984<span class=\"_ _94\"> </span><span class=\"fce\">-6,409<span class=\"_ _379\"> </span></span>Ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> sc<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>f c<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>olid<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _9e\"> </span>82,365<span class=\"_ _379\"> </span>121,457<span class=\"_ _379\"> </span>App<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span> <span class=\"_ _21a\"> </span>275<span class=\"_ _379\"> </span>3,333<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>edu<span class=\"_ _1\"></span>led<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ciat<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>on <span class=\"_ _1d7\"> </span>-60,779<span class=\"_ _1fb\"> </span><span class=\"fce\">-54,896<span class=\"_ _379\"> </span></span>Imp<span class=\"_ _1\"></span>ai<span class=\"_ _1\"></span>rmen<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _bb\"> </span>-12,236<span class=\"_ _22\"> </span><span class=\"fce\">-6<span class=\"_ _1\"></span>71<span class=\"_ _379\"> </span></span>Book val<span class=\"_ _1\"></span>ue as of 31<span class=\"_ _1\"></span>.12. <span class=\"_ _20f\"> </span>2,645,63<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Cumu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>valu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>as o<span class=\"_ _1\"></span>f <span class=\"_ _1\"></span>31.<span class=\"_ _1\"></span>12<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _e0\"> </span>971,313<span class=\"_ _379\"> </span>882,342<span class=\"_ _379\"> </span>Ac<span class=\"_ _1\"></span>qui<span class=\"_ _1\"></span>sitio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>s <span class=\"_ _210\"> </span>3,616,94<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>3,260,62<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>Re<span class=\"_ _1\"></span>ntal<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>nco<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span> <span class=\"_ _73\"> </span>171,164<span class=\"_ _379\"> </span>140,360<span class=\"_ _379\"> </span>From<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>tme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span> prop<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>y <span class=\"_ _225\"> </span>171,164<span class=\"_ _379\"> </span>140,360<span class=\"_ _379\"> </span>Oper<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r r<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>57,054<span class=\"_ _379\"> </span>38,478<span class=\"_ _379\"> </span>Oper<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ting<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>expen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>r v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cant <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>stm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ty <span class=\"_ _227\"> </span>4,562<span class=\"_ _379\"> </span>7,970<span class=\"_ _379\"> </span>The <span class=\"_ _4\"></span>changes <span class=\"_ _4\"></span>in <span class=\"_ _4\"></span>the <span class=\"_ _a\"></span>scope <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>consoli<span class=\"_ _3\"></span>dation <span class=\"_ _4\"></span>are <span class=\"_ _4\"></span>mainly <span class=\"_ _4\"></span>due <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>first-time <span class=\"_ _a\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _1\"></span>lusio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>of <span class=\"_ _a\"></span>Atzlerg<span class=\"_ _3\"></span>asse <span class=\"_ _a\"></span>13-15 <span class=\"_ _1\"></span>GmbH <span class=\"_ _a\"></span>&amp; <span class=\"_ _4\"></span>Co <span class=\"_ _4\"></span>KG (EUR +11,<span class=\"_ _3\"></span>902,000), <span class=\"_ _3\"></span>M<span class=\"_ _3\"></span>erlot <span class=\"_ _3\"></span>Sp.<span class=\"_ _3\"></span>z.o.o. (<span class=\"_ _3\"></span>EUR +4<span class=\"_ _3\"></span>5,398,000<span class=\"_ _3\"></span>), N<span class=\"_ _3\"></span>ordba<span class=\"_ _3\"></span>hnhof <span class=\"_ _3\"></span>Pro<span class=\"_ _3\"></span>jekt <span class=\"_ _3\"></span>EPW8<span class=\"_ _3\"></span> Gm<span class=\"_ _3\"></span>bH <span class=\"_ _3\"></span>&amp; C<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>KG <span class=\"_ _3\"></span>(EUR +11,<span class=\"_ _3\"></span>560,0<span class=\"_ _3\"></span>00) and Nor<span class=\"_ _3\"></span>dba<span class=\"_ _3\"></span>hnhof Proj<span class=\"_ _3\"></span>ekt T<span class=\"_ _11\"></span>aborstr<span class=\"_ _3\"></span>a\u00dfe 123 <span class=\"_ _3\"></span>GmbH &amp; Co<span class=\"_ _3\"></span> KG <span class=\"_ _3\"></span>(E<span class=\"_ _1\"></span>UR <span class=\"_ _3\"></span>+12,830,<span class=\"_ _3\"></span>000). Use of prop<span class=\"_ _3\"></span>erty<span class=\"_ _3\"></span> Detail proper<span class=\"_ _1\"></span>ty <span class=\"_ _228\"> </span><span class=\"fs15\">31.12.20<span class=\"_ _1\"></span>22<span class=\"_ _379\"> </span></span>31.12.20<span class=\"_ _1\"></span>21<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Ow<span class=\"_ _1\"></span>ner-<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>cu<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>prop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _be\"> </span>483,345<span class=\"_ _379\"> </span>472,303<span class=\"_ _379\"> </span>se<span class=\"_ _1\"></span>lf-u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> <span class=\"_ _208\"> </span>461,882<span class=\"_ _379\"> </span>450,663<span class=\"_ _379\"> </span>ren<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se)<span class=\"_ _1\"></span> <span class=\"_ _229\"> </span>21,463<span class=\"_ _379\"> </span>21,640<span class=\"_ _379\"> </span>Inve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>y <span class=\"_ _7e\"> </span>2,6<span class=\"_ _1\"></span>45,632<span class=\"_ _379\"> </span>2,378,28<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>se<span class=\"_ _1\"></span>lf-u<span class=\"_ _1\"></span>sed<span class=\"_ _1\"></span> <span class=\"_ _22a\"> </span>8,038<span class=\"_ _379\"> </span>3,940<span class=\"_ _379\"> </span>ren<span class=\"_ _1\"></span>ted<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>ope<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>se)<span class=\"_ _1\"></span> <span class=\"_ _22b\"> </span>2,637,59<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>2,374,34<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-22": {
   "value": "2.2. Shares in at equity consolidated companies Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  276,913 291,561 Exchange rate differences  -2 -1 Book value as of 1.1.  276,911 291,560 Additions  0 11,804 Changes in scope of consolidation  0 -46,851 Share of changes in OCI  -654 178 Pro rata result for the period of shares in at equity consolidated companies  20,757 27,209 Dividend payment  -9,054 -6,987 Book value as of 31.12.  287,960 276,913 thereof reportable segment Austria  180,998 170,124 thereof reportable segment Poland  139 141 thereof reportable segment Group Functions  106,823 106,648 Associated companies are measured at equity. Material shares in at equity consolidated companies Development  2022    Beteiligungs- und Wohnungs- anlagen GmbH Gewista-Werbe- gesellschaft m.b.H. \u00d6sterreichisches Verkehrsb\u00fcro AG Erste Heimst\u00e4tte GmbH VBV - Betriebliche Altersvorsorge AG in EUR '000 Book value as of 31.12. of the previous year  35,541 38,544 18,017 48,433 70,857 Book value as of 1.1.  35,541 38,544 18,017 48,433 70,857 Share of changes in OCI  0 0 1,184 0 -1,790 Pro rata result for the period of shares in at equity consolidated companies  4,602 7,945 -4,246 0 11,833 Dividend payment  -2,471 -3,947 0 0 -1,950 Book value as of 31.12.  37,672 42,542 14,955 48,433 78,950 Material shares in at equity consolidated companies  2022 Beteiligungs- und Wohnungs- anlagen GmbH Gewista-Werbe- gesellschaft m.b.H. \u00d6sterreichisches Verkehrsb\u00fcro AG Erste Heimst\u00e4tte GmbH VBV - Betriebliche Altersvorsorge AG in EUR '000 Group interest in %  25.00% 33.00% 36.58% 99.77% 25.32% Income  0 102,110 438,620 92,967 81,526 Expenses  -197 -89,359 -448,247 -44,148 -24,983 Financial result  17,508 14,611 -5,847 -25,264 5,620 Taxes  1,095 -3,287 3,794 -14 -15,430 Result for the period  18,406 24,075 -11,679 23,541 46,733 Parent company minority interest  0 0 73 0 0 Adjustment item due to protective provisions of the Austrian Non-Profit Housing Act (Wohnungsgemeinn\u00fctzigkeitsgesetz \u2013 WGG) 0 0 0 -23,541 0 Result for the period less non-controlling interests  18,406 24,075 -11,606 0 46,733 thereof Non-controlling interests  414 7,602 -263 0 1,051 thereof shares of at equity consolidated companies held by shareholders 17,992 16,473 -11,416 0 45,682 Share of result  4,602 7,945 -4,246 0 11,562 Fixed assets  340,336 147,610 322,049 922,744 375,764 Current assets (incl. other assets)  18,706 863 171,654 23,806 13,768,742 Borrowings  -208,354 -19,558 -440,404 -618,263 -13,832,698 Net assets  150,688 128,915 53,300 328,287 311,808 thereof Non-controlling interests  3,390 40,705 1,199 92,198 7,016 thereof shares of at equity consolidated companies held by shareholders  147,298 88,210 52,101 236,089 304,792 Share of net assets  37,672 42,542 19,495 327,542 78,950 Cumulative impairments  0 0 -4,540 0 0 Adjustment item due to protective provisions of the Austrian Non- Profit Housing Act (Wohnungsgemeinn\u00fctzigkeitsgesetz \u2013 WGG) 0 0 0 -279,109 0 Book value of shares in at equity consolidated companies  37,672 42,542 14,955 48,433 78,950 Materiality is generally determined based on the amount of the at equity book value. Beteiligungs- und Immobilien GmbH and Beteiligungs- und Wohnungsanlagen GmbH were included in the consolidated financial statements with a different balance sheet date (30 September). Company name, registered office  Country of domicile  Interest 2022 1 Interest 2021 1 Equity 2022 2 Equity 2021 2 in % in % in EUR '000 in EUR '000 At equity consolidated companies \"Schwarzatal\" Gemeinn\u00fctzige Wohnungs- und Siedlungsanlagen-GmbH, Vienna Austria 100.00 100.00 171,108 165,442 Alpenl\u00e4ndische Gemeinn\u00fctzige WohnbauGmbH, Innsbruck  Austria  94.84 94.84 246,770 229,840 Beteiligungs- und Immobilien GmbH, Linz  Austria  25.00 25.00 20,405 19,878 Beteiligungs- und Wohnungsanlagen GmbH, Linz  Austria  25.00 25.00 237,778 229,253 CROWN-WSF spol. s.r.o., Prague  Czech Republic  30.00 30.00 7,740 8,882 EGW Erste gemeinn\u00fctzige Wohnungsgesellschaft mbH, Vienna  Austria  99.77 99.77 325,567 309,955 ERSTE d.o.o. - za upravljanje obveznim i dobrovljnim mirovinskim fondovima, Zagreb Croatia 25.30 25.30 16,131 15,481 Gemeinn\u00fctzige Industrie-Wohnungsaktiengesellschaft, Leonding  Austria  55.00 55.00 346,173 332,045 Gemeinn\u00fctzige M\u00fcrz-Ybbs Siedlungsanlagen-GmbH, Kapfenberg  Austria  99.92 99.92 157,424 148,588 Gewista-Werbegesellschaft m.b.H., Vienna  Austria  33.00 33.00 128,915 116,801 NEUE HEIMAT Ober\u00f6sterreich Gemeinn\u00fctzige Wohnungs- und SiedlungsgesmbH, Linz Austria 99.82 99.82 229,323 212,512 Neuland gemeinn\u00fctzige Wohnbau-Gesellschaft m.b.H., Vienna  Austria  61.00 61.00 112,011 109,955 \u00d6sterreichisches Verkehrsb\u00fcro Aktiengesellschaft, Vienna (Consolidated Financial Statements) Austria 36.58 36.58 53,300 61,670 SOZIALBAU gemeinn\u00fctzige Wohnungsaktiengesellschaft, Vienna  Austria  54.17 54.17 352,888 342,450 Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\", Warsaw  Poland  52.16 52.16 49,703 57,690 Urbanbau Gemeinn\u00fctzige Bau-, Wohnungs- und Stadterneuerungsgesellschaft m.b.H., Vienna Austria 51.46 51.46 147,896 142,492 VBV - Betriebliche Altersvorsorge AG, Vienna (Consolidated Financial Statements) Austria 25.32 25.32 311,808 279,847 1  The share in equity equals the share in voting rights before non-controlling interests. 2  The capital value shown corresponds to the latest local annual financial statements available. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-23": {
   "value": "2.3. Loans and other investments Composition of loans and other investments  31.12.2022 31.12.2021 in EUR '000 Loans  1,306,237 1,273,633 Reclassified loans  91,834 106,677 Bonds classified as loans  721,357 775,754 Total loans  2,119,428 2,156,064 Other investments  1,248,776 872,227 thereof bank deposits  1,157,148 783,730 thereof deposits on assumed reinsurance business  91,611 88,480 Total  3,368,204 3,028,291 Composition of total loans  31.12.2022 31.12.2021 in EUR '000 Loans  1,306,237 1,273,633 Loans to non-consolidated affiliated companies  53,449 75,424 Loans to participations  51,517 38,699 Mortgage loan  346,035 375,043 Policy loans and prepayments  26,447 17,027 Other loans  828,789 767,440 to public authorities  245,045 220,158 to financial institutions  139,437 148,581 to other commercial borrowers  302,752 396,332 to others  141,555 2,369 Reclassified loans  91,834 106,677 Bonds classified as loans  721,357 775,754 to public authorities  108,750 109,894 to financial institutions  575,440 628,937 to other commercial borrowers  32,667 32,423 Other  4,500 4,500 Total  2,119,428 2,156,064 Public sector borrowers include national, state and local authorities. The loans included under other loans are generally loans that are not secured by insurance policies. Collateral was provided for around 52.78% of the total loans reported. Development of total loans  2022 2021 in EUR '000 Acquisition costs  2,165,624 2,574,406 Cumulative valuation as of 31.12. of the previous year  -9,560 -7,522 Book value as of 31.12. of the previous year  2,156,064 2,566,884 Exchange rate differences  2,754 8,100 Book value as of 1.1.  2,158,818 2,574,984 Additions  3,032,855 5,107,968 Disposals  -3,072,450 -5,523,003 Changes in scope of consolidation  12,950 -500 Appreciation  69 115 Impairments  -12,814 -3,500 Book value as of 31.12.  2,119,428 2,156,064 Cumulative valuation as of 31.12.  6,122 9,560 Acquisition costs  2,125,550 2,165,624 Maturity structure of loans  31.12.2022 31.12.2021 in EUR '000 Loans  1,306,237 1,273,633 up to one year  153,700 130,590 more than one year up to five years  318,282 294,558 more than five years up to ten years  193,523 198,515 more than ten years  640,732 649,970 Bonds classified as loans  721,357 775,754 up to one year  177,576 75,220 more than one year up to five years  250,968 403,088 more than five years up to ten years  165,648 151,921 more than ten years  127,165 145,525 2.4. Other financial assets Composition  2022 2021 in EUR '000 Held to maturity (incl. reclassified)  2,434,790 2,557,720 Available for sale  22,915,672 25,849,069 Recognised at fair value through profit and loss *  204,750 247,209 Total  25,555,212 28,653,998 *Including held for trading Development  Held to maturity (incl. reclassified)  Available for sale 2022 2021 2022 2021 in EUR '000 Acquisition costs  2,559,890 2,457,839 Cumulative valuation as of 31.12. of the previous year  -2,170 -1,401 Book value as of 31.12. of the previous year  2,557,720 2,456,438 25,849,069 25,983,431 Exchange rate differences  40,452 85,757 101,320 31,295 Book value as of 1.1.  2,598,172 2,542,195 25,950,389 26,014,726 Reclassifications  0 0 0 15 Additions  217,793 157,435 4,809,358 3,458,437 Disposals/repayments  -380,776 -141,910 -4,208,145 -2,826,541 Changes in scope of consolidation  0 0 592,228 -32,037 Changes recognised directly in equity  0 0 -4,101,681 -745,708 Impairments  -399 0 -126,477 -19,823 Book value as of 31.12.  2,434,790 2,557,720 22,915,672 25,849,069 Cumulative valuation as of 31.12.  1,501 2,170 Acquisition costs  2,436,291 2,559,890 The changes recognised directly in equity for the \u201cFinancial assets available for sale\u201d category were mainly due to the yield curve. Composition government bonds* (book value)  Held to maturity (incl. reclassified)  Available for sale    31.12.2022 31.12.2021 31.12.2022 31.12.2021 in % Austria  0.42 0.35 9.64 12.01 Germany  0.13 0.13 1.77 1.53 Czech Republic  60.49 65.44 7.05 7.51 Slovakia  3.76 3.42 5.41 6.52 Poland  18.49 16.45 12.92 12.05 Romania  0.00 0.00 6.38 5.41 Other countries  16.70 14.21 56.83 54.97 * Government bonds also include bonds issued by supranational organisations, government agencies, federal or constituent states and municipal bonds. Financial assets held to maturity Composition  Amortised cost  Fair value Financial assets held to maturity  31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Financial assets held to maturity  2,278,932 2,255,318 2,044,093 2,318,212 Government bonds  2,024,342 1,994,157 1,793,182 2,018,289 Covered bonds  208,469 216,499 208,017 254,259 Corporate bonds  35,366 33,616 32,903 34,371 Bonds from banks  8,700 9,032 8,030 9,291 Subordinated bonds  2,055 2,014 1,961 2,002 Maturity structure  Amortised cost  Fair value Financial assets held to maturity  31.12.2022 31.12.2021 31.12.2022 31.12.2021 in EUR '000 Financial assets held to maturity  2,278,932 2,255,318 2,044,093 2,318,212 up to one year  135,308 222,304 134,083 223,871 more than one year up to five years  803,327 737,539 776,578 762,651 more than five years up to ten years  796,961 798,380 676,748 778,985 more than ten years  543,336 497,095 456,684 552,705 Rating categories  Amortised cost Financial assets held to maturity (incl. reclassified)  31.12.2022 31.12.2021 in EUR '000 AAA  82,774 82,507 AA  1,548,839 1,717,610 A  534,018 491,148 BBB  71,606 87,403 BB and lower  174,646 159,485 No rating  22,907 19,567 Total  2,434,790 2,557,720 Financial assets available for sale Composition  Fair value Financial assets available for sale  31.12.2022 31.12.2021 in EUR '000 Bonds  20,413,191 22,305,212 Government bonds  9,994,478 10,839,772 Covered bonds  1,189,626 1,258,552 Corporate bonds  4,990,050 6,017,938 Bonds from banks  3,317,431 3,187,044 Subordinated bonds  921,606 1,001,906 Shares and other participations*  613,136 770,933 Investment funds  1,889,345 2,772,924 Equity funds  758,939 1,321,781 Pension funds  715,984 1,035,579 Alternative funds  88,123 47,786 Real estate funds  118,459 129,008 Balanced funds  207,840 238,770 Total  22,915,672 25,849,069 * includes shares in non-consolidated subsidiaries and other participations of EUR 254,714,000 (EUR 279,516,000) Unrealised gains and losses  31.12.2022  31.12.2021 Financial assets available for sale  Fair value Unrealised gains Unrealised losses Fair value Unrealised gains Unrealised losses in EUR '000 Bonds  20,413,191 180,975 -2,328,842 22,305,212 1,924,731 -246,918 Shares and other participations  613,136 106,799 -23,080 770,933 217,417 -12,761 Investment funds  1,889,345 151,517 -177,817 2,772,924 443,825 -31,320 Total  22,915,672 439,291 -2,529,739 25,849,069 2,585,973 -290,999 In the case of the \u201cFinancial assets available for sale\u201d category, the balance sheet value equals fair value. Unrealised gains and losses represent the difference between amortised cost and fair value. Impairments  31.12.2022  31.12.2021 Financial assets available for sale  Gross book value Impairment Net book value Gross book value Impairment Net book value in EUR '000 Bonds  20,522,884 109,693 20,413,191 22,318,180 12,968 22,305,212 not adjusted  20,289,942 0 20,289,942 22,305,212 0 22,305,212 adjusted  232,942 109,693 123,249 12,968 12,968 0 Shares*  413,492 55,070 358,422 556,289 64,872 491,417 not adjusted  283,214 0 283,214 342,859 0 342,859 adjusted  130,278 55,070 75,208 213,430 64,872 148,558 Investment funds  1,955,913 66,568 1,889,345 2,827,338 54,414 2,772,924 not adjusted  1,809,233 0 1,809,233 2,707,047 0 2,707,047 adjusted  146,680 66,568 80,112 120,291 54,414 65,877 Total  22,892,289 231,331 22,660,958 25,701,807 132,254 25,569,553 *Not including impairment of shares in affiliated companies and other participations Maturity structure  Fair value Financial assets available for sale  31.12.2022 31.12.2021 in EUR '000 no maturity  2,483,989 3,497,026 up to one year  1,539,677 1,837,784 more than one year up to five years  7,676,855 7,194,473 more than five years up to ten years  6,515,349 7,319,359 more than ten years  4,699,802 6,000,427 Total  22,915,672 25,849,069 Rating categories  Fair value Fixed-interest financial assets available for sale  31.12.2022 31.12.2021 in EUR '000 AAA  2,214,519 2,167,471 AA  4,720,287 5,704,589 A  6,717,167 7,876,611 BBB  5,282,597 5,401,515 BB and lower  1,336,476 898,178 No rating  142,145 256,848 Total  20,413,191 22,305,212 3. FINANCIAL INSTRUMENTS FOR UNIT- AND INDEX-LINKED LIFE INSURANCE Composition  31.12.2022  31.12.2021   Unit-linked Index-linked Total Total in EUR '000 Investment funds  6,601,708 0 6,601,708 7,404,978 Bonds  0 422,634 422,634 929,771 Shares  0 813 813 940 Bank deposits  131,702 2,857 134,559 179,053 Deposit receivables  10,171 0 10,171 10,948 Net of receivables and liabilities  -5,756 0 -5,756 -359 Total  6,737,825 426,304 7,164,129 8,525,331 Maturity structure  31.12.2022 31.12.2021 in EUR '000 no maturity  6,737,080 7,584,971 up to one year  31,100 449,380 more than one year up to five years  268,415 220,851 more than five years up to ten years  111,116 254,039 more than ten years  16,418 16,090 Total  7,164,129 8,525,331 24. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT HIERARCHY Fair values and book values of financial instruments and investments  31.12.2022    Book value Level 1 Level 2 Level 3 Fair value in EUR '000 Property  3,128,977 0 83,589 5,041,467 5,125,056 Owner-occupied property  483,345 0 39,007 820,867 859,874 Investment property  2,645,632 0 44,582 4,220,600 4,265,182 Shares in at equity consolidated companies  287,960 Loans  2,119,428 188,803 1,750,389 46,392 1,985,584 Loans  1,306,237 140,612 994,247 28,485 1,163,344 Reclassified loans  91,834 29,262 69,354 0 98,616 Bonds classified as loans  721,357 18,929 686,788 17,907 723,624 Other financial assets  25,555,212 20,665,567 3,776,220 874,407 25,316,194 Financial assets held to maturity  2,278,932 1,566,204 466,374 11,515 2,044,093 Financial assets reclassified as held to maturity  155,858 141,504 10,175 0 151,679 Financial assets available for sale  22,915,672 18,847,253 3,264,597 803,822 22,915,672 Financial assets recognised at fair value through profit and loss 1  204,750 110,606 35,074 59,070 204,750 Other investments  1,248,776         1,248,776 Financial investments for unit- and index-linked life insurance  7,164,129 7,164,129      7,164,129 Subordinated liabilities  1,746,366 0 1,628,759 21,369 1,650,128 Liabilities to financial institutions  343,898         343,898 Financing liabilities 2  592,898 0 320,939 101,154 422,093 1  including held for trading 2  Not including derivative liabilities Fair values and book values of financial instruments and investments  31.12.2021    Book value Level 1 Level 2 Level 3 Fair value in EUR '000 Property  2,850,588 0 64,483 4,617,616 4,682,099 Owner-occupied property  472,303 0 26,866 788,603 815,469 Investment property  2,378,285 0 37,617 3,829,013 3,866,630 Shares in at equity consolidated companies  276,913 Loans  2,156,064 58,403 2,280,842 40,412 2,379,657 Loans  1,273,633 0 1,322,849 26,155 1,349,004 Reclassified loans  106,677 33,681 92,792 0 126,473 Bonds classified as loans  775,754 24,722 865,201 14,257 904,180 Other financial assets  28,653,998 23,486,989 4,427,171 838,085 28,752,245 Financial assets held to maturity  2,255,318 1,767,514 541,052 9,646 2,318,212 Financial assets reclassified as held to maturity  302,402 327,417 10,338 0 337,755 Financial assets available for sale  25,849,069 21,260,626 3,829,911 758,532 25,849,069 Financial assets recognised at fair value through profit and loss 1  247,209 131,432 45,870 69,907 247,209 Other investments  872,227         872,227 Financial investments for unit- and index-linked life insurance  8,525,331 8,525,331      8,525,331 Subordinated liabilities  1,461,286 0 1,586,047 21,199 1,607,246 Liabilities to financial institutions  351,087         351,087 Financing liabilities 2  594,614 0 487,493 102,870 590,363 1  including held for trading 2  Not including derivative liabilities Information on the nature and extent of risks arising from financial instruments is provided in the Financial instruments and risk management section on page 71. Property (fair values)  31.12.2022 31.12.2021 in EUR '000 Owner-occupied property  859,874 815,469 evaluated by an independent expert  394,979 348,034 evaluated by an internal expert  464,895 467,435 Investment property  4,265,182 3,866,630 evaluated by an independent expert*  1,017,714 916,684 evaluated by an internal expert  3,247,468 2,949,946 *This corresponds to 23.86% (23.71%) of the fair value of investment property. Measurement process The measurement process aims to determine the fair value  of financial assets using price  quotations that are publicly available in active markets or valuations based on recognised economic models using observable inputs. If public price quotations and observable market data are not available for an investment, the investment is generally measured using valuation  reports  prepared  by  appraisers  (e.g.  expert  reports).  The  organisational  units  responsible  for  appraisal  of investments are independent of the units that assume the risk exposure of the investments, thereby ensuring separation of functions and responsibilities. As a rule, the aim is to use the same price within VIG Insurance Group to value a particular security on each valuation date. In practice, however, situations occur when the cost of process compliance would be inappropriate. For example, the local provisions in some countries in which VIG Insurance Group operates require the insurance companies there to use prices on the local stock exchange to value certain investments. In this case, if the same security is held by other companies in VIG Insurance Group, these companies might use another price source for valuation. Institutional funds are another example where uniform valuation can only be achieved at an inordinately high cost. The Austrian companies hold varying amounts of institutional funds that are required under the IFRS to be included in the consolidated financial statements. However, the valuation logic of an institutional fund requires the fund value (NAV) on a particular date to be calculated using the (in general, closing) prices on the previous day. In this case, a security that is both held in an institutional fund and directly held will be valued using different prices. The following items are measured at fair value: \u2022 Financial assets available for sale, \u2022 Financial assets recognised at fair value through profit and loss (incl. held for trading), \u2022 Derivative financial instruments (assets/liabilities), and \u2022 Financial instruments for unit- and index-linked life insurance. Balance sheet items that are not reported at fair value are subject to a non-recurring measurement at fair value. These items are measured at fair value when events occur that indicate that the book value might no longer be recoverable (impairment). The following items are not reported at fair value: \u2022 Financial assets held to maturity, \u2022 Shares in at equity consolidated companies, \u2022 Property (owner-occupied and investment property), \u2022 Loans, and \u2022 Receivables. REAL ESTATE VALUATION The capitalised earnings method and discounted cash flow method are the main valuation methods used in VIG Insurance Group to calculate the fair value of properties. Each time valuation is performed, the methods are verified which allow the fair value of a property to be calculated. VIG Insurance Group mainly uses the capitalised earnings method. In rare cases, a discounted cash flow method is also used, provided it can be used to determine the highest and best use value for the property type. Capitalised earnings method In this method, the value of a property is determined by using an appropriate interest rate to capitalise expected or received future gross profits over the expected useful life. The net operating income is calculated by deducting actual operating, maintenance and administrative expenses (management expenses). An allowance for lost rental income and any liquidation proceeds and costs are also taken into account. The rate used to calculate capitalised earnings is based on the achievable return on investment. Net operating income minus the return on the land is capitalised at this rate over the remaining useful life to calculate the capitalised earnings value of the structural facility. This is added to the land value to calculate the total capitalised earnings value of the property. Discounted cash flow method The discounted cash flow method is a valuation method that discounts cash flows during the forecast phase (phase I) back to the valuation date. Discounting is performed using a rate for a comparable risky investment with property- and market- specific  premiums.  The  gross  profit  for  the  year  plus  vacancy  rental  (at  current  market  rent)  minus  non-allocable management costs equals the net operating income for the year. The method allows precise analysis of the individual years of the initial forecast phase so that investments and vacancies can be assigned to individual years and accounted for in advance. In phase II, the proceeds from a fictitious disposal at the end of the forecast phase (max. 10 years) are calculated by capitalising future cash flows. The rate used for this calculation is the rate for a comparably risky investment plus market- and property-specific premiums, less the expected increase in value. OTHER DISCLOSURES ABOUT THE VALUATION PROCESS The use of different pricing models and assumptions can lead to differing results for fair value. Changes in the estimates and assumptions used to determine the fair value of assets in cases where no market price quotations are available may necessitate a write-up or write-down of the book value of the assets in question and the recognition of the corresponding income or expense in the income statement.  Certain investments whose fair value is normally not repeatedly measured are measured once at fair value when events or changes in circumstances indicate that the book value might no longer be recoverable. If financial assets are measured at fair value when impairment is recognised or fair value minus selling costs is used as a measurement basis in accordance with IFRS 5, a disclosure to this effect is included in Note 16. Financial result excl. result from shares in at equity consolidated companies starting on page 126 or Note 18. Other income and expenses on page Measurement hierarchy \u2013 Financial instruments recognised at fair value Measurement hierarchy  31.12.2022  31.12.2021 Financial instruments recognised at fair value  Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 in EUR '000 Financial assets                   Financial assets available for sale  18,847,253 3,264,597 803,822 21,260,626 3,829,911 758,532 Bonds  16,932,167 3,212,277 268,747 18,334,752 3,721,353 249,107 Shares and other participations  292,941 7,779 312,416 425,500 4,427 341,006 Investment funds  1,622,145 44,541 222,659 2,500,374 104,131 168,419 Financial investments for unit- and index-linked life insurance  7,164,129      8,525,331 The unrealised effect on the result (net profit or loss) from level 3 financial instruments that are still in the portfolio and whose fair value is recognised in profit or loss was EUR -345,000 during the reporting year (EUR -578,000). Reclassification of financial instruments The companies in VIG Insurance Group regularly review the validity of the last fair value classification performed on each valuation date. For example, a reclassification is performed, if needed inputs are no longer directly observable in the market. Reclassifications between Level 1 and 2 primarily occur if liquidity, trading frequency or trading activity of the particular financial instrument once again, or no longer allows one to conclude that an active market exists. For example, the market maker for a security frequently changes, with corresponding changes on the liquidity. A similar example is when shares are included in (or removed from) an index that acts as a benchmark for many funds. In this case, the classification can also change. As a result of the decentralised structure of VIG Insurance Group, the classifications are generally reviewed by the local companies at the end of the period. Any reclassifications are presented as if they had taken place at the end of the period. Reclassification financial instruments  2022    Between Level 1 and Level 2 Level 3 to Level 1 Level 1 to Level 3 Level 3 to Level 2 Level 2 to Level 3 Number Financial assets available for sale  33 1 31 1 11 The reclassifications between Level 1 and Level 2 are due to changes in liquidity, trading frequency and trading activity. The reclassification from Level 3 to Level 1 is based on improvements in trading activity. The reclassifications from Level 1 to Level 3 are primarily based on a worsening of the credit quality or liquidity or on a change in liquidity as part of the sanctions against Russia. The reclassifications from Level 2 to Level 3 are primarily related to a worsening of credit quality or liquidity. Reclassification financial instruments  2021    Between Level 1 and Level 2 Level 3 to Level 1 Level 1 to Level 3 Level 3 to Level 2 Level 2 to Level 3 Number Financial assets available for sale  65 3 1 4 20 Unobservable input factors Asset class  Measurement methods Unob-servable input factors  Range  2022  2021   from to from to Property Capitalised earnings value Capitalisation rate  in %  0.30 7.47 1.00 7.50      Rental income in EUR '000 7 3,999 3 3,765      Land price in EUR '000 0 12 0 11   Discounted Cash flow  Capitalisation rate  in %  3.56 8.26 3.56 8.03      Rental income in EUR '000 102 5,699 96.56 6,913 Building rights \u2013 capitalised earnings value Capitalisation rate  in %  2.5 4 2.5 4      Rental income in EUR '000 83 4,378 76.75 4,377      Land prices in EUR '000 0.3 0.73 0.25 0.73 Construction interest actually paid in %  0.9 5.7 0.2 5.7 Financial assets available  for sale Present value method  Spreads  in %  -0.52 11.00 -0.13 4.13 Sensitivities With respect to the value of the share measured using a Level 3 method (multiples approach), VIG Insurance Group assumes that alternative inputs and alternative methods do not lead to significant changes in value. The spread assumption is the critical factor for the changes in value of Level 3 measured bonds in the \u201cFinancial instruments available for sale\u201d category and as a result, the sensitivity to this factor is of particular interest. The most important bonds measured using a Level 3 method in the \u201cFinancial instruments available for sale\u201d category are held by the Austrian and Polish Group companies and show the following sensitivities: Financial assets available for sale \u2013 bonds  Fair Value in EUR '000 Fair value at 31.12.2022  268,747 Spread +50bp  -3,234 Effect on the statement of comprehensive income  -3,234 The following sensitivities result for a part of the portfolio from calculations using the Solvency II partial internal model: Property  Fair Value in EUR '000 Fair value at 31.12.2022  4,450,470 Rental income -5%  4,282,453 Rental income +5%  4,626,321 Capitalisation rate -50bp  4,758,678 Capitalisation rate +50bp  4,197,701 Land prices -5%  4,420,314 Land prices +5%  4,487,852 Since property is measured at cost, negative sensitivities would only affect profit or loss if property value fell below book value. Other comprehensive income is therefore unaffected. Financial instruments reconciliation Development  2022  2021 Financial assets available for sale  Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 in EUR '000 Fair value at 31.12 of the previous year  21,260,626 3,829,911 758,532 21,517,902 3,806,396 659,133 Exchange rate differences  99,058 2,118 144 23,856 7,257 182 Fair value at 1.1.  21,359,684 3,832,029 758,676 21,541,758 3,813,653 659,315 Reclassification between securities categories  0 0 0 0 0 15 Reclassification to Level  40,253 21,802 196,599 9,421 65,879 50,951 Reclassification from Level  -207,587 -47,205 -3,862 -93,988 -20,560 -11,703 Additions  4,032,490 640,775 136,093 2,640,362 625,106 192,969 Disposals  -3,576,183 -550,474 -81,488 -2,199,866 -530,097 -96,578 Changes in scope of consolidation  645,218 18,243 -71,233 0 0 -32,037 Changes in value recognised in profit and loss  0 0 0 0 0 0 Changes recognised directly in equity  -3,411,639 -649,444 -40,598 -637,023 -123,926 15,241 Impairments  -34,983 -1,129 -90,365 -38 -144 -19,641 Fair value at 31.12.  18,847,253 3,264,597 803,822 21,260,626 3,829,911 758,532 For information on the effects of changes in value recognised in profit or loss, please refer to Note 16. Financial result excl. result from shares in at equity consolidated companies on page",
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  "fact-391": {
   "value": "2.4. Other financial assets Composition  2022 2021 in EUR '000 Held to maturity (incl. reclassified)  2,434,790 2,557,720 Available for sale  22,915,672 25,849,069 Recognised at fair value through profit and loss *  204,750 247,209 Total  25,555,212 28,653,998 *Including held for trading Development  Held to maturity (incl. reclassified)  Available for sale 2022 2021 2022 2021 in EUR '000 Acquisition costs  2,559,890 2,457,839 Cumulative valuation as of 31.12. of the previous year  -2,170 -1,401 Book value as of 31.12. of the previous year  2,557,720 2,456,438 25,849,069 25,983,431 Exchange rate differences  40,452 85,757 101,320 31,295 Book value as of 1.1.  2,598,172 2,542,195 25,950,389 26,014,726 Reclassifications  0 0 0 15 Additions  217,793 157,435 4,809,358 3,458,437 Disposals/repayments  -380,776 -141,910 -4,208,145 -2,826,541 Changes in scope of consolidation  0 0 592,228 -32,037 Changes recognised directly in equity  0 0 -4,101,681 -745,708 Impairments  -399 0 -126,477 -19,823 Book value as of 31.12.  2,434,790 2,557,720 22,915,672 25,849,069 Cumulative valuation as of 31.12.  1,501 2,170 Acquisition costs  2,436,291 2,559,890 The changes recognised directly in equity for the \u201cFinancial assets available for sale\u201d category were mainly due to the yield curve.  Composition government bonds* (book value)  Held to maturity (incl. reclassified)  Available for sale    31.12.2022 31.12.2021 31.12.2022 31.12.2021 in % Austria  0.42 0.35 9.64 12.01 Germany  0.13 0.13 1.77 1.53 Czech Republic  60.49 65.44 7.05 7.51 Slovakia  3.76 3.42 5.41 6.52 Poland  18.49 16.45 12.92 12.05 Romania  0.00 0.00 6.38 5.41 Other countries  16.70 14.21 56.83 54.97 * Government bonds also include bonds issued by supranational organisations, government agencies, federal or constituent states and municipal bonds. ",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-392": {
   "value": "3. FINANCIAL INSTRUMENTS FOR UNIT- AND INDEX-LINKED LIFE INSURANCE Composition  31.12.2022  31.12.2021   Unit-linked Index-linked Total Total in EUR '000 Investment funds  6,601,708 0 6,601,708 7,404,978 Bonds  0 422,634 422,634 929,771 Shares  0 813 813 940 Bank deposits  131,702 2,857 134,559 179,053 Deposit receivables  10,171 0 10,171 10,948 Net of receivables and liabilities  -5,756 0 -5,756 -359 Total  6,737,825 426,304 7,164,129 8,525,331 Maturity structure  31.12.2022 31.12.2021 in EUR '000 no maturity  6,737,080 7,584,971 up to one year  31,100 449,380 more than one year up to five years  268,415 220,851 more than five years up to ten years  111,116 254,039 more than ten years  16,418 16,090 Total  7,164,129 8,525,331 4. R EINSURERS\u2019 SHARE IN UNDERWRITING PROVISIONS Development  Book value as of 1.1. Exchange rate differences Additions Amount used/released Changes in scope of consolidation Book value as of 31.12.2022 in EUR '000 Provision for unearned premiums  172,273 -19,550 196,581 -85,760 632 264,176 Mathematical reserve  10,725 -206 13,162 -13,722 2,321 12,280 Provision for outstanding claims  1,363,859 -6,698 965,692 -657,737 2,009 1,667,125 Provision for profit-unrelated premium refunds  14,616 189 16,533 -14,679 0 16,659 Other underwriting provisions  3,132 -62 2,340 -3,039 16 2,387 Total  1,564,605 -26,327 1,194,308 -774,937 4,978 1,962,627 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  952,689 780,551 more than one year up to five years  540,531 396,372 more than five years up to ten years  237,417 204,841 more than ten years  231,990 182,841 Total  1,962,627 1,564,605 5. RECEIVABLES Composition  31.12.2022 31.12.2021 in EUR '000 Underwriting  1,592,074 1,377,531 Receivables from direct insurance business  1,109,974 906,961 from policyholders  800,394 680,569 from insurance intermediaries  168,866 122,391 from insurance companies  140,714 104,001 Receivables from reinsurance business  482,100 470,570 Non-underwriting  749,601 689,657 Other receivables  749,601 689,657 Total  2,341,675 2,067,188 10. UNDERWRITING PROVISIONS Composition  31.12.2022 31.12.2021 in EUR '000 Provision for unearned premiums  2,232,406 1,863,198 Mathematical reserve  21,484,398 21,937,030 Guaranteed policy benefits  20,947,713 20,616,136 Allocated and committed profit shares  536,685 647,359 Deferred mathematical reserve  0 673,535 Provision for outstanding claims  7,984,212 7,082,488 Provision for premium refunds  224,450 1,599,710 Profit-related premium refunds  414,143 305,586 Profit-unrelated premium-refunds  89,824 87,560 Deferred profit participation recognised through profit and loss 1  396,541 438,495 Deferred profit participation recognised directly in equity 1 or 2  -676,058 768,069 Other underwriting provisions  62,404 63,801 Total  31,987,870 32,546,227 1 The deferred profit participation is solely due to the profit-related premium refunds. 2 Due to the missing coverage in the undisclosed profit commissions in the profit participation pursuant to the Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz \u2013 VAG), EUR 302,492,000 were not recognised.   11 8 10.1. Provision for unearned premiums Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  1,863,198 1,711,489 Exchange rate differences  -36,691 -29,592 Book value as of 1.1.  1,826,507 1,681,897 Additions  1,965,769 1,673,061 Amount used/released  -1,603,411 -1,491,760 Changes in scope of consolidation  43,541 0 Book value as of 31.12.  2,232,406 1,863,198 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  1,901,764 1,620,528 more than one year up to five years  262,446 209,487 more than five years up to ten years  49,320 25,581 more than ten years  18,876 7,602 Total  2,232,406 1,863,198 10.2. Mathematical reserve Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  21,937,030 22,243,792 Exchange rate differences  -38,458 81,088 Book value as of 1.1.  21,898,572 22,324,880 Additions  2,357,415 2,149,024 Amount used/released  -3,350,998 -2,678,671 Transfer from provisions for premium refunds  295 141,797 Changes in scope of consolidation  579,114 0 Book value as of 31.12.  21,484,398 21,937,030 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  1,531,178 1,541,997 more than one year up to five years  4,837,750 5,299,718 more than five years up to ten years  3,889,059 3,850,476 more than ten years  11,226,411 11,244,839 Total  21,484,398 21,937,030 10.3. Provision for outstanding claims Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  7,082,488 6,345,913 Exchange rate differences  -18,712 12,595 Book value as of 1.1.  7,063,776 6,358,508 Changes in scope of consolidation  74,468 0 Additions of provision for outstanding claims  5,931,877 5,217,594 for claims paid occurred in the reporting period  5,234,520 4,493,352 for claims paid occurred in previous periods  697,357 724,242 Use/release of provision  -5,085,909 -4,493,529 for claims paid occurred in the reporting period  -2,960,354 -2,505,507 for claims paid occurred in previous periods  -2,125,555 -1,988,022 Other changes  0 -85 Book value as of 31.12.  7,984,212 7,082,488 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  3,544,453 3,178,391 more than one year up to five years  2,547,999 2,208,485 more than five years up to ten years  1,027,287 925,165 more than ten years  864,473 770,447 Total  7,984,212 7,082,488 EUR 127,097,000 (EUR 126,769,000) in recourse claims were deducted from the provision for outstanding claims. A detailed presentation of the change in gross loss reserve for the property and casualty line of business is provided on page 93. 1 10.4. Provision for premium refunds Development  2022 2021 in EUR '000 Provision for premium refunds       Book value as of 31.12. of the previous year  393,146 393,873 Exchange rate differences  2,636 3,248 Book value as of 1.1.  395,782 397,121 Additions  1,591,353 427,892 Amount used/released  -1,483,091 -290,070 Changes in scope of consolidation  218 0 Transfer to mathematical reserve  -295 -141,797 Book value as of 31.12.  503,967 393,146 Deferred profit participation       Book value as of 31.12. of the previous year  1,206,564 1,477,543 Exchange rate differences  2,447 0 Book value as of 1.1.  1,209,011 1,477,543 Changes in scope of consolidation  -50,495 0 Unrealised gains and losses on financial assets available for sale  -1,501,104 -323,279 Actuarial gains and losses from provisions for employee benefits  56,977 14,515 Revaluations recognised through profit and loss  6,094 37,785 Book value as of 31.12.  -279,517 1,206,564 Provision for premium refunds incl. deferred profit participation  224,450 1,599,710 10.5. Other underwriting provisions Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  63,801 57,445 Exchange rate differences  -716 -42 Book value as of 1.1.  63,085 57,403 Additions  16,148 25,252 Amount used/released  -18,303 -18,854 Changes in scope of consolidation  1,474 0 Book value as of 31.12.  62,404 63,801 Other underwriting provisions are primarily a provision for guaranteed interest for  the PAC Doverie in Bulgaria  and the provision for cancellations. Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  22,700 20,666 more than one year up to five years  9,492 11,268 more than five years up to ten years  1,668 1,381 more than ten years  28,544 30,486 Total  62,404 63,801 11. UNDERWRITING PROVISIONS FOR UNIT- AND INDEX-LINKED LIFE INSURANCE Composition  31.12.2022 31.12.2021 in EUR '000 Unit-linked life insurance  6,499,930 7,302,876 Index-linked life insurance  402,780 885,917 Total  6,902,710 8,188,793 Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  8,188,793 7,617,216 Exchange rate differences  -15,184 42,741 Book value as of 1.1.  8,173,609 7,659,957 Additions  950,206 1,624,302 Amount used/released  -2,401,732 -1,095,466 Changes in scope of consolidation  180,627 0 Book value as of 31.12.  6,902,710 8,188,793 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  269,432 728,456 more than one year up to five years  1,243,196 1,202,133 more than five years up to ten years  979,990 1,183,717 more than ten years  4,410,092 5,074,487 Total  6,902,710 8,188,793 ADDITIONAL DISCLOSURES IN ACCORDANCE WITH THE AUSTRIAN INSURANCE SUPERVISION ACT (VAG) CHANGE TO THE PEPP IMPLEMENTATION ACT On 10 June 2022, changes to the PEPP Implementation Act were published in the Austrian Federal Law Gazette. This also includes changes to the Austrian Insurance Supervision Act 2016 (VAG). Insurance companies that publish consolidated financial statements in accordance with the IFRS are, as of the effective date, no longer required to include the disclosures in accordance with \u00a7 138 (8) VAG in the IFRS consolidated financial statements. Entry into force is set as 1 January 2023, meaning that the initial application is expected for financial years beginning after 31 December 2022. PROFIT PARTICIPATION IN AUSTRIA Life insurance U nder the FMA regulation of 6 October 2015 on profit participation in the life insurance sector (LV-GBV), the expenses for profit-related premium refunds and policyholder profit participation plus any  direct credits must be at least 85%  of the measurement basis.  Measurement basis within the meaning of \u00a7 4 (1) LV-GBV  2022 2021 in EUR '000 Net earned premiums \u2013 retention  742,151 750,055 Income and expenses from investments and interest expenses  271,580 295,145 Expenses for claims and insurance benefits \u2013 retention  -844,469 -900,283 Acquisition and administrative expenses  -123,845 -121,544 Other underwriting and non-underwriting income and expenses  3,554 2,347 Taxes on income  2,204 -1,367 Total  51,175 24,353 Health insurance According to \u00a7 1 of the FMA regulation on profit participation in the health insurance sector (KV-GBV) of 15 October 2015, the regulation is applicable to policies whose actuarial bases were submitted after 30 June 2007 and whose terms provide for profit participation. The expenses for profit-related premium refunds plus any direct credits have to be at least 85% of the measurement basis for the health insurance policies concerned.  Measurement basis within the meaning of \u00a7 3 (1) KV-GBV  2022 2021 in EUR '000 Net earned premiums \u2013 retention  8,255 8,536 Income and expenses from investments and interest expenses  834 1,037 Expenses for claims and insurance benefits \u2013 retention  -7,453 -7,440 Acquisition and administrative expenses  -1,153 -1,211 Other underwriting and non-underwriting income and expenses  14 5 Taxes on income  -125 -196 Total  372 731 KEY FIGURES PER BALANCE SHEET UNIT    2022  2021 Property/ Casualty Life Health Total Property/ Casualty Life Health Total in % Cost ratio  33.37 24.01 15.92 29.15 32.67 20.49 16.74 27.37 Claims ratio  61.55         61.48 Combined ratio  94.92         94.15 PREMIUMS PER BALANCE SHEET UNIT (INCL. CONSOLIDATION EFFECTS) Property and Casualty insurance Premiums written \u2013 gross  2022 2021 in EUR '000 Direct business  7,626,525 6,458,724 Casualty insurance  434,810 422,750 Health insurance  162,067 130,077 Motor own-damage insurance (Casco)  1,627,362 1,402,153 Rail vehicle own-damage  4,293 4,202 Aircraft own-damage insurance  6,065 5,904 Sea, lake and river shipping own-damage insurance  15,907 13,587 Transport insurance  85,715 65,311 Fire and natural hazards insurance  1,557,659 1,240,890 Other property  751,435 650,121 Third party liability insurance for self-propelled land vehicles  1,936,231 1,612,266 Carrier insurance  28,506 26,631 Aircraft liability insurance  4,345 6,370 Sea, lake and river shipping liability insurance  6,771 5,082 General liability insurance  639,742 560,306 Credit insurance  9,958 7,820 Guarantee insurance  60,967 44,959 Insurance for miscellaneous financial losses  121,400 114,500 Legal expenses insurance  63,557 62,231 Assistance insurance, travel health insurance  109,735 83,564 Indirect business  476,707 424,815 Marine, aviation and transport insurance  28,570 21,136 Other insurance  413,029 375,278 Health insurance  35,108 28,401 Total  8,103,232 6,883,539 No net earned premiums from indirect property and casualty insurance business were deferred one year before being recognised in the income statement. Life insurance Premiums written \u2013 gross  2022 2021 in EUR '000 Regular premium - direct business  2,930,786 2,643,571 Single-premium - direct business  858,401 865,034 Direct business  3,789,187 3,508,605 thereof policies with profit participation  1,481,647 1,415,337 thereof policies without profit participation  734,897 576,352 thereof unit-linked life insurance portfolio  1,565,867 1,514,933 thereof index-linked life insurance portfolio  6,776 1,983 Indirect business  29,649 26,003 Total  3,818,836 3,534,608 Financial instruments for unit- and index-linked life insurance are shown in the respective separate financial statements. Of the EUR 87,000 (EUR 460,000) in net earned premiums from indirect life insurance business, EUR 53,000 (EUR 424,000) was deferred for one year before being shown in the income statement. Health insurance Premiums written \u2013 gross  2022 2021 in EUR '000 Direct business  637,174 584,419 ",
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  "fact-24": {
   "value": "5. RECEIVABLES Composition  31.12.2022 31.12.2021 in EUR '000 Underwriting  1,592,074 1,377,531 Receivables from direct insurance business  1,109,974 906,961 from policyholders  800,394 680,569 from insurance intermediaries  168,866 122,391 from insurance companies  140,714 104,001 Receivables from reinsurance business  482,100 470,570 Non-underwriting  749,601 689,657 Other receivables  749,601 689,657 Total  2,341,675 2,067,188 Composition of Other receivables  31.12.2022 31.12.2021 in EUR '000 Receivables from finance lease  55,918 47,951 Receivables from recourse claims  34,053 34,050 Pro rata and outstanding interest and rent  364,621 350,825 Receivables from tax authority (excl. income tax) and from fees of all kinds  44,113 47,838 Receivables from sales of investments  17,793 10,722 Receivables from property management  23,606 17,914 Receivables from third party claims settlement  25,359 18,486 Receivables from green card deposits and surety  54,776 66,242 Receivables from pre-payments  19,266 16,022 Other receivables  110,096 79,607 thereof receivables from charges for services  29,311 28,647 thereof receivables from charges for pensions  12,646 12,786 Total  749,601 689,657 Maturity structure  31.12.2022  31.12.2021   Premium receivables due Non-underwriting Total Total in EUR '000 up to one year  310,242 643,750 953,992 834,731 more than one year up to five years  18,643 43,312 61,955 65,289 more than five years up to ten years  0 11,264 11,264 17,207 more than ten years  0 51,275 51,275 52,651 Subtotal  328,885 749,601 1,078,486 969,878 Premium receivables not yet due        582,667 469,816 Receivables from reinsurance business        482,100 470,570 Other underwriting receivables        198,422 156,924 Total        2,341,675 2,067,188 The gross receivables are offset by impairments (directly reducing the asset item) of EUR 82,235,000 (EUR 88,909,000) and provisions for cancellations of EUR 16,128,000 (EUR 18,502,000). Ageing analysis  31.12.2022 Overdue receivables  1\u201360 days overdue 61\u201390 days overdue 91\u2013120 days overdue more than 120 days overdue Total in EUR '000 Premium receivables  209,450 54,209 22,261 78,660 364,580 not adjusted  72,815 31,977 14,014 42,230 161,036 adjusted  136,635 22,232 8,247 36,430 203,544 Non-underwriting receivables  18,533 1,634 2,462 25,258 47,887 not adjusted  15,001 1,168 1,947 5,902 24,018 adjusted  3,532 466 515 19,356 23,869 Ageing analysis  31.12.2021 Overdue receivables  1\u201360 days overdue 61\u201390 days overdue 91\u2013120 days overdue more than 120 days overdue Total in EUR '000 Premium receivables  178,491 46,031 25,387 60,484 310,393 not adjusted  59,390 28,517 17,897 32,750 138,554 adjusted  119,101 17,514 7,490 27,734 171,839 Non-underwriting receivables  16,953 1,295 1,966 23,441 43,655 not adjusted  12,933 751 1,205 8,097 22,986 adjusted  4,020 544 761 15,344 20,669 ",
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  "fact-25": {
   "value": "6. DEFERRED TAXES The deferred tax assets (DTA) and liabilities reported relate to temporary differences in the balance sheet items listed in the table below. (The differences were measured using the applicable tax rates.) It should be noted that deferred taxes, as far as permissible, are offset at the taxpayer level, and, accordingly, the different balances are shown either as assets or liabilities on the balance sheet. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that the deferred tax assets can be used. Deferred tax assets are examined each balance sheet date and reduced to the extent that it is no longer probable that the associated tax benefits can be realised. Composition  31.12.2022  31.12.2021 Assets Liabilities Assets Liabilities in EUR '000 Intangible assets  8,011 39,352 19,478 16,386 Right-of-Use Assets  0 39,013 0 56,688 Investments 1  290,608 106,318 111,944 312,141 Receivables and other assets 2  55,840 70,321 39,840 57,213 Accumulated losses carried forward  31,551 0 33,081 0 Tax-exempt reserves  0 9,450 0 10,647 Underwriting provisions 3  461,187 169,799 369,923 154,936 Non-underwriting provisions  52,799 7,272 96,180 4,084 Liabilities and other liabilities 4  94,084 23,264 91,811 26,829 Sum before valuation allowance  994,080 464,789 762,257 638,924 Valuation allowance for DTA  -36,820 -30,770 Total before netting  957,260 464,789 731,487 638,924 Netting  -387,371 -387,371 -420,040 -420,040 Net balance  569,889 77,418 311,447 218,884 1  including financial investments for unit- and index-linked life insurance 2  including cash and cash equivalents 3  including reinsurers' share in underwriting provisi ons as well as underwriting provisions for unit- and index-linked life insurance 4  including subordinated liabilities Deferred tax assets from seven-year amortisation of participations to going concern value were recognised in the amount of EUR 15,041,000 (EUR 17,570,000). Deferred tax liabilities and deferred tax assets of consolidated taxable entities in the tax group collected by the same tax authority were netted, resulting in a deferred tax asset of EUR 112,470,000 (deferred tax liabilities: EUR 136,875,000). In accordance with IAS 12.39, deferred tax liabilities were not reported for temporary differ- ences from shares in subsidiaries and associated companies since they would not be reversed in the foreseeable future. The  difference  between  the  book  value  for  tax  purposes  and  the  IFRS  shareholders'  equity  is  EUR   1,425,483,000 (EUR 2,018,859,000). Deferred taxes for undistributed subsidiary profits of EUR 15,666,000 (EUR 16,767,000) were not reported because a decision to distribute the profits had not yet been made. EUR 26,138,000 (EUR 25,017,000) in deferred taxes on loss carry-forwards were not recognised. 21. TAXES Composition  2022 2021 in EUR '000 Actual taxes  88,538 270,566 from the current period  78,616 263,908 from previous periods  9,922 6,658 Deferred taxes  9,593 -147,227 Change of deferred taxes in the current year  10,621 -131,532 Deferred taxes due to temporary differences relating to other periods  206 -12,467 Deferred taxes due to loss carry forwards relating to other periods  -1,234 -3,228 Total  98,131 123,339 Reconciliation  2022 2021 in EUR '000 Expected tax rate in %  25.0% 25.0% Result before taxes  562,422 511,333 Expected tax expenses  140,606 127,833 Adjusted for tax effects due to:       Different local tax rate  -28,412 -41,668 Change of tax rates  -2,788 476 Non-deductible expenses  95,793 110,625 Income not subject to tax  -97,196 -93,774 Taxes from previous years  8,894 -9,037 Non-recognition/reduction of deferred tax assets due to temporary differences  5,675 1,936 Non-recognition/reduction of deferred tax assets due to loss carry forwards  5,160 3,355 Effects due to group taxation/profit transfers  458 3,859 Tax effects due to deferred profit participation  -44,208 9,421 Others  14,149 10,313 Effective tax expenses  98,131 123,339 Effective tax rate in %  17.4% 24.1% The income tax rate of the parent company is used as the group tax rate. The non-deductible expenses consist primarily of depreciation and the income not subject to tax is mainly the result of appreciation, dividends and interest received.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-393": {
   "value": "7. OTHER ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Tangible assets* and inventories  139,135 117,455 Other assets  16,294 26,263 Asset-side accruals  243,751 247,175 Total  399,180 390,893 *amount of reported balance sheet value leased: 4.99% (6.42%)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-26": {
   "value": "7. OTHER ASSETS Composition  31.12.2022 31.12.2021 in EUR '000 Tangible assets* and inventories  139,135 117,455 Other assets  16,294 26,263 Asset-side accruals  243,751 247,175 Total  399,180 390,893 *amount of reported balance sheet value leased: 4.99% (6.42%)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-394": {
   "value": "8.<span class=\"_ _10\"> </span>CONSOLIDA<span class=\"_ _5\"></span>TE<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> SHAREH<span class=\"_ _3\"></span>OLDERS\u2019 EQUITY<span class=\"_ _379\"> </span>The <span class=\"_ _3\"></span>items<span class=\"_ _3\"></span> shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd other <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>apit<span class=\"_ _3\"></span>al r<span class=\"_ _3\"></span>eserves <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>ude <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntributions <span class=\"_ _5\"></span>to s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ade <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>rs. Other <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>erves r<span class=\"_ _5\"></span>eport th<span class=\"_ _3\"></span>e sh<span class=\"_ _3\"></span>are of<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>ntributio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>paid <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>in excess <span class=\"_ _5\"></span>of th<span class=\"_ _3\"></span>e shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital. <span class=\"_ _3\"></span>The r<span class=\"_ _5\"></span>eserves <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced by exte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>al cos<span class=\"_ _3\"></span>ts dire<span class=\"_ _3\"></span>ctly r<span class=\"_ _3\"></span>elated to <span class=\"_ _3\"></span>corporate <span class=\"_ _3\"></span>actions af<span class=\"_ _3\"></span>fecti<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g equit<span class=\"_ _3\"></span>y after taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g tax <span class=\"_ _3\"></span>effects i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>to acco<span class=\"_ _3\"></span>unt.<span class=\"_ _379\"> </span>Retained <span class=\"_ _3\"></span>earnings<span class=\"_ _379\"> </span>ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>that s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es ha<span class=\"_ _3\"></span>ve ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed s<span class=\"_ _3\"></span>ince j<span class=\"_ _3\"></span>oini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up. T<span class=\"_ _3\"></span>hese <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced <span class=\"_ _3\"></span>by the <span class=\"_ _c\"> </span>divide<span class=\"_ _3\"></span>nds <span class=\"_ _c\"> </span>distrib<span class=\"_ _3\"></span>uted <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>VIG <span class=\"_ _c\"> </span>Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _c\"></span>Amo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nts <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _c\"></span>c<span class=\"_ _3\"></span>hanges <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>scop<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>consoli<span class=\"_ _3\"></span>dation <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _c\"> </span>al<span class=\"_ _3\"></span>so recog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>here.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>If c<span class=\"_ _3\"></span>hanges <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>ade <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _3\"></span>polici<span class=\"_ _3\"></span>es, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>adjustm<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>earlier <span class=\"_ _5\"></span>periods <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>ncluded<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the financial <span class=\"_ _5\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ecognised<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>ope<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bal<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>sheet <span class=\"_ _d\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etained <span class=\"_ _d\"></span>earn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>earliest <span class=\"_ _5\"></span>period <span class=\"_ _d\"></span>pres<span class=\"_ _3\"></span>ented. Other rese<span class=\"_ _3\"></span>rves co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sis<span class=\"_ _3\"></span>t of unre<span class=\"_ _3\"></span>alised gai<span class=\"_ _3\"></span>ns and loss<span class=\"_ _3\"></span>es from<span class=\"_ _3\"></span> the m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt of availabl<span class=\"_ _3\"></span>e for sale f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>instrume<span class=\"_ _3\"></span>nts and actuarial gai<span class=\"_ _3\"></span>ns and <span class=\"_ _1\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at are recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised in compr<span class=\"_ _3\"></span>ehe<span class=\"_ _3\"></span>nsive income in acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> wit<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>IAS 19. U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>alised gains a<span class=\"_ _3\"></span>nd loss<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _b\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>at <span class=\"_ _b\"> </span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity <span class=\"_ _b\"> </span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>associa<span class=\"_ _3\"></span>ted <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>tra<span class=\"_ _3\"></span>nslation <span class=\"_ _b\"> </span>dif<span class=\"_ _3\"></span>ferences <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ency translatio<span class=\"_ _3\"></span>n for for<span class=\"_ _3\"></span>eign s<span class=\"_ _3\"></span>ubsidiaries <span class=\"_ _3\"></span>are also<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eported i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> ot<span class=\"_ _3\"></span>her r<span class=\"_ _3\"></span>eserves. <span class=\"_ _3\"></span> Non-contr<span class=\"_ _3\"></span>olling <span class=\"_ _3\"></span>interes<span class=\"_ _3\"></span>ts<span class=\"_ _379\"> </span>are <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>show<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>as pa<span class=\"_ _3\"></span>rt of <span class=\"_ _5\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholders\u2019 <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>consist <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>shares <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>d parties <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the equity of co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed subsidi<span class=\"_ _3\"></span>aries t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t are <span class=\"_ _3\"></span>not dire<span class=\"_ _3\"></span>ctly or i<span class=\"_ _3\"></span>ndir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y entir<span class=\"_ _3\"></span>ely own<span class=\"_ _3\"></span>ed by VI<span class=\"_ _3\"></span>G Holding.<span class=\"_ _3\"></span> Detailed i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on on capital m<span class=\"_ _5\"></span>anageme<span class=\"_ _3\"></span>nt is pro<span class=\"_ _3\"></span>vided on <span class=\"_ _3\"></span>page 96.<span class=\"_ _379\"> </span><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs1045\">8.2.<span class=\"ff4b\"> </span>Capital reserves \u2013 hybrid<span class=\"_ _3\"></span> capital </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1046\">Issue date<span class=\"_ _1\"></span> <span class=\"_ _263\"> </span><span class=\"fs15\">Outsta<span class=\"_ _1\"></span>nding vol<span class=\"_ _1\"></span>ume </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1047\">Maturit<span class=\"_ _1\"></span>y<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1048\">Intere<span class=\"_ _1\"></span>st </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1049\">Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs104a\"><div class=\"t m1 x6 h35 y775 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w33 h24 gs104b\"><div class=\"t m1 x6 h35 y775 ff4c fs15 fcf sc0 ls6 ws0\">in years<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs104c\"><div class=\"t m1 x6 h35 y775 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs104d\"><div class=\"t m1 x6 h35 y775 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs104e\">10.<span class=\"_ _1\"></span>6.2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>300,000<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs104f\">unlimited<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1050\">First 10 yea<span class=\"_ _1\"></span>rs: 3.2125% p<span class=\"_ _1\"></span>.a.; </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1051\">thereafter variable<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1052\">193,830<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1053\">On <span class=\"_ _5\"></span>15 <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch <span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>1, <span class=\"_ _5\"></span>VI<span class=\"_ _3\"></span>G<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>d a <span class=\"_ _5\"></span>hyb<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pital <span class=\"_ _d\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>wit<span class=\"_ _3\"></span>h i<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>ehold<span class=\"_ _3\"></span>er<span class=\"_ _11\"></span>, <span class=\"_ _3\"></span>Wie<span class=\"_ _3\"></span>ner <span class=\"_ _3\"></span>St<span class=\"_ _3\"></span>\u00e4dti<span class=\"_ _5\"></span>sche<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>V<span class=\"_ _5\"></span>ersi<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>eru<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span></div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1054\">ve<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ein,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dur<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>priv<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>hy<span class=\"_ _3\"></span>brid<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sa<span class=\"_ _3\"></span>tisfi<span class=\"_ _5\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>capi<span class=\"_ _5\"></span>tal <span class=\"_ _1\"></span>cri<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>ria <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>IAS<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>32.1<span class=\"_ _5\"></span>6C <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>.16<span class=\"_ _5\"></span>D, <span class=\"_ _4\"></span>since <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1055\">iss<span class=\"_ _3\"></span>uer <span class=\"_ _3\"></span>can fr<span class=\"_ _5\"></span>eel<span class=\"_ _3\"></span>y deci<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ab<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>t pay<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>nd th<span class=\"_ _3\"></span>e bon<span class=\"_ _3\"></span>d doe<span class=\"_ _3\"></span>s not<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span>ve a fix<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>te<span class=\"_ _3\"></span>rm. I<span class=\"_ _3\"></span>t als<span class=\"_ _3\"></span>o sa<span class=\"_ _3\"></span>tisf<span class=\"_ _3\"></span>ies t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy II </div><div class=\"t m1 h2a ff4a fs14 fc3 sc0 ls6 ws0 gs1056\">req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents for r<span class=\"_ _3\"></span>estricte<span class=\"_ _3\"></span>d tier 1 i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents and <span class=\"_ _3\"></span>qualifi<span class=\"_ _3\"></span>es as capit<span class=\"_ _3\"></span>al based o<span class=\"_ _3\"></span>n the r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> of the S&amp;P<span class=\"_ _3\"></span> rating <span class=\"_ _3\"></span>agenc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>.  </div><div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs1057\">8.3.<span class=\"ff4b\"> </span>Other res<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ves </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1058\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _1\"></span> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1059\">  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105a\">and losses<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105b\">Cash flow he<span class=\"_ _1\"></span>dge </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105c\">reserve<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105d\">Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105e\">and losses f<span class=\"_ _1\"></span>rom </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs105f\">provision<span class=\"_ _1\"></span>s for </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1060\">employee<span class=\"_ _1\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1061\">benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1062\">Share<span class=\"_ _1\"></span> of other </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1063\">reserves of<span class=\"_ _1\"></span> at </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1064\">equity </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1065\">consolidate<span class=\"_ _1\"></span>d </div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1066\">companies<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1067\">Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1068\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs1069\"><div class=\"t m1 x6 h35 y78f ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106a\">Gr<span class=\"_ _1\"></span>oss <span class=\"_ _107\"> </span>-2,090,44<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106b\">-4<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106c\">-143,215<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106d\">-528<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106e\">-227,492<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs106f\">-2,461,68<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1070\">+/- </div><div class=\"c w34 h16 gs1071\"><div class=\"t m1 x6 h35 y8b8 ff4c fs15 fc3 sc0 ls6 ws0\">E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>  </div></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1072\"> <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1073\">8,861</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1074\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28b\"> </span>8,861<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1075\">+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>617,194<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1076\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1077\">58,864</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1078\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>67<span class=\"_ _1\"></span>6,058<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1079\">+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _b7\"> </span>2<span class=\"_ _1\"></span>96,456<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107a\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107b\">18,883</div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107c\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>31<span class=\"_ _1\"></span>5,339<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107d\">+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _28c\"> </span>27,303<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107e\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs107f\">1,411<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1080\">32<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1081\">20,482<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1082\">49,230<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1083\">Net <span class=\"_ _1ff\"> </span>-1,140,63<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1084\">-2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1085\">-64,05<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1086\">-496<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1087\">-207,0<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1088\">-1,412<span class=\"_ _1\"></span>,199<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs108a\">Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2021<span class=\"_ _1\"></span> </span></div><div class=\"t m1 h34 ff45 fs18 fc11 sc0 ls6 ws0 gs108b\">  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs108c\">and losses<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs108d\">Cash flow he<span class=\"_ _1\"></span>dge </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs108e\">reserve<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs108f\">Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1090\">and losses f<span class=\"_ _1\"></span>rom </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1091\">provision<span class=\"_ _1\"></span>s for </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1092\">employee<span class=\"_ _1\"></span> </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1093\">benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1094\">Share<span class=\"_ _1\"></span> of other </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1095\">reserves of<span class=\"_ _1\"></span> at </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1096\">equity </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1097\">consolidate<span class=\"_ _1\"></span>d </div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1098\">companies<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1099\">Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs109a\">Total<span class=\"_ _379\"> </span></div><div class=\"c w1f h24 gs109b\"><div class=\"t m1 x6 h35 y671 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs109c\">Gr<span class=\"_ _1\"></span>oss <span class=\"_ _18f\"> </span>2,294,974<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs109d\">-38<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs109e\">-367,775<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs109f\">126<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a0\">-197,696<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a1\">1,729,59<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a2\">+/- <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs10a3\"> <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span><span class=\"fc11\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le <span class=\"_ _28d\"> </span>10,235</span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a4\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28e\"> </span>10,235<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a5\">+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cal <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _40\"> </span>-673,5<span class=\"_ _1\"></span>35</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a6\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28f\"> </span>-673,535<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a7\">+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>-883,910<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a8\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10a9\">115,841</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10aa\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-7<span class=\"_ _1\"></span>68,069<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10ab\">+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _291\"> </span>-179,646<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10ac\">0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10ad\">61,852</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10ae\">  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-1<span class=\"_ _1\"></span>17,794<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10af\">+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>-9,835<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10b0\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10b1\">3,158<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10b2\">23<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10b3\">1,877<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs10b4\">-4,776<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10b5\">Net <span class=\"_ _19c\"> </span>558,2<span class=\"_ _1\"></span>83<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10b6\">-37<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10b7\">-186,9<span class=\"_ _1\"></span>24<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10b8\">149<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10b9\">-195,8<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs10ba\">175,652<span class=\"_ _379\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-27": {
   "value": "8.<span class=\"_ _10\"> </span>CONSOLIDA<span class=\"_ _5\"></span>TE<span class=\"_ _3\"></span>D<span class=\"_ _1\"></span> SHAREH<span class=\"_ _3\"></span>OLDERS\u2019 EQUITY<span class=\"_ _379\"> </span>The <span class=\"_ _3\"></span>items<span class=\"_ _3\"></span> shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>nd other <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>apit<span class=\"_ _3\"></span>al r<span class=\"_ _3\"></span>eserves <span class=\"_ _3\"></span>incl<span class=\"_ _3\"></span>ude <span class=\"_ _5\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ntributions <span class=\"_ _5\"></span>to s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ade <span class=\"_ _3\"></span>by <span class=\"_ _5\"></span>V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>rs. Other <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>erves r<span class=\"_ _5\"></span>eport th<span class=\"_ _3\"></span>e sh<span class=\"_ _3\"></span>are of<span class=\"_ _3\"></span> co<span class=\"_ _3\"></span>ntributio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s <span class=\"_ _3\"></span>paid <span class=\"_ _5\"></span>th<span class=\"_ _1\"></span>at <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>in excess <span class=\"_ _5\"></span>of th<span class=\"_ _3\"></span>e shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital. <span class=\"_ _3\"></span>The r<span class=\"_ _5\"></span>eserves <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced by exte<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>al cos<span class=\"_ _3\"></span>ts dire<span class=\"_ _3\"></span>ctly r<span class=\"_ _3\"></span>elated to <span class=\"_ _3\"></span>corporate <span class=\"_ _3\"></span>actions af<span class=\"_ _3\"></span>fecti<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g equit<span class=\"_ _3\"></span>y after taki<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g tax <span class=\"_ _3\"></span>effects i<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>to acco<span class=\"_ _3\"></span>unt.<span class=\"_ _379\"> </span>Retained <span class=\"_ _3\"></span>earnings<span class=\"_ _379\"> </span>ar<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>earnings <span class=\"_ _3\"></span>that s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bsidi<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>es ha<span class=\"_ _3\"></span>ve ea<span class=\"_ _3\"></span>rn<span class=\"_ _1\"></span>ed s<span class=\"_ _3\"></span>ince j<span class=\"_ _3\"></span>oini<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _3\"></span>VIG <span class=\"_ _3\"></span>In<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>Gro<span class=\"_ _3\"></span>up. T<span class=\"_ _3\"></span>hese <span class=\"_ _3\"></span>are <span class=\"_ _3\"></span>red<span class=\"_ _3\"></span>uced <span class=\"_ _3\"></span>by the <span class=\"_ _c\"> </span>divide<span class=\"_ _3\"></span>nds <span class=\"_ _c\"> </span>distrib<span class=\"_ _3\"></span>uted <span class=\"_ _c\"> </span>b<span class=\"_ _3\"></span>y <span class=\"_ _c\"> </span>the <span class=\"_ _c\"></span>VIG <span class=\"_ _c\"> </span>Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g. <span class=\"_ _c\"></span>Amo<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>nts <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _c\"></span>fr<span class=\"_ _3\"></span>om <span class=\"_ _c\"></span>c<span class=\"_ _3\"></span>hanges <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n <span class=\"_ _c\"> </span>the <span class=\"_ _c\"> </span>scop<span class=\"_ _3\"></span>e <span class=\"_ _c\"> </span>of <span class=\"_ _c\"></span>consoli<span class=\"_ _3\"></span>dation <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>re <span class=\"_ _c\"> </span>al<span class=\"_ _3\"></span>so recog<span class=\"_ _3\"></span>nised <span class=\"_ _3\"></span>here.<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>If c<span class=\"_ _3\"></span>hanges <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e m<span class=\"_ _3\"></span>ade <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>acco<span class=\"_ _3\"></span>unting <span class=\"_ _3\"></span>polici<span class=\"_ _3\"></span>es, <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>adjustm<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>for <span class=\"_ _3\"></span>earlier <span class=\"_ _5\"></span>periods <span class=\"_ _3\"></span>that <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>not i<span class=\"_ _3\"></span>ncluded<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>the financial <span class=\"_ _5\"></span>stat<span class=\"_ _3\"></span>ements <span class=\"_ _d\"></span>are <span class=\"_ _5\"></span>r<span class=\"_ _3\"></span>ecognised<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>ope<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ing<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>bal<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>sheet <span class=\"_ _d\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue <span class=\"_ _5\"></span>of <span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>etained <span class=\"_ _d\"></span>earn<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs <span class=\"_ _3\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _3\"></span>the <span class=\"_ _d\"></span>earliest <span class=\"_ _5\"></span>period <span class=\"_ _d\"></span>pres<span class=\"_ _3\"></span>ented. Other rese<span class=\"_ _3\"></span>rves co<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>sis<span class=\"_ _3\"></span>t of unre<span class=\"_ _3\"></span>alised gai<span class=\"_ _3\"></span>ns and loss<span class=\"_ _3\"></span>es from<span class=\"_ _3\"></span> the m<span class=\"_ _3\"></span>ea<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt of availabl<span class=\"_ _3\"></span>e for sale f<span class=\"_ _3\"></span>inancial <span class=\"_ _3\"></span>instrume<span class=\"_ _3\"></span>nts and actuarial gai<span class=\"_ _3\"></span>ns and <span class=\"_ _1\"></span>loss<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>at are recog<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ised in compr<span class=\"_ _3\"></span>ehe<span class=\"_ _3\"></span>nsive income in acco<span class=\"_ _3\"></span>rdan<span class=\"_ _3\"></span>ce<span class=\"_ _1\"></span> wit<span class=\"_ _3\"></span>h <span class=\"_ _1\"></span>IAS 19. U<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>re<span class=\"_ _3\"></span>alised gains a<span class=\"_ _3\"></span>nd loss<span class=\"_ _3\"></span>es <span class=\"_ _6\"> </span>fr<span class=\"_ _3\"></span>om <span class=\"_ _b\"> </span>th<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>at <span class=\"_ _b\"> </span>e<span class=\"_ _1\"></span>q<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ity <span class=\"_ _b\"> </span>meas<span class=\"_ _3\"></span>ureme<span class=\"_ _3\"></span>nt <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>associa<span class=\"_ _3\"></span>ted <span class=\"_ _b\"> </span>compa<span class=\"_ _3\"></span>nies <span class=\"_ _b\"> </span>and <span class=\"_ _6\"> </span>tra<span class=\"_ _3\"></span>nslation <span class=\"_ _b\"> </span>dif<span class=\"_ _3\"></span>ferences <span class=\"_ _b\"> </span>r<span class=\"_ _3\"></span>esulting <span class=\"_ _b\"> </span>from<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>c<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>rr<span class=\"_ _3\"></span>ency translatio<span class=\"_ _3\"></span>n for for<span class=\"_ _3\"></span>eign s<span class=\"_ _3\"></span>ubsidiaries <span class=\"_ _3\"></span>are also<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>eported i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> ot<span class=\"_ _3\"></span>her r<span class=\"_ _3\"></span>eserves. <span class=\"_ _3\"></span> Non-contr<span class=\"_ _3\"></span>olling <span class=\"_ _3\"></span>interes<span class=\"_ _3\"></span>ts<span class=\"_ _379\"> </span>are <span class=\"_ _3\"></span>also <span class=\"_ _3\"></span>show<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>as pa<span class=\"_ _3\"></span>rt of <span class=\"_ _5\"></span>sh<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>eholders\u2019 <span class=\"_ _3\"></span>equit<span class=\"_ _3\"></span>y<span class=\"_ _5\"></span>. <span class=\"_ _3\"></span>These <span class=\"_ _3\"></span>consist <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>shares <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _3\"></span>by <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>ir<span class=\"_ _5\"></span>d parties <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>the equity of co<span class=\"_ _3\"></span>nsolidat<span class=\"_ _3\"></span>ed subsidi<span class=\"_ _3\"></span>aries t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t are <span class=\"_ _3\"></span>not dire<span class=\"_ _3\"></span>ctly or i<span class=\"_ _3\"></span>ndir<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y entir<span class=\"_ _3\"></span>ely own<span class=\"_ _3\"></span>ed by VI<span class=\"_ _3\"></span>G Holding.<span class=\"_ _3\"></span> Detailed i<span class=\"_ _3\"></span>nformati<span class=\"_ _3\"></span>on on capital m<span class=\"_ _5\"></span>anageme<span class=\"_ _3\"></span>nt is pro<span class=\"_ _3\"></span>vided on <span class=\"_ _3\"></span>page 96.<span class=\"_ _379\"> </span>8.1.<span class=\"ff4b\"> </span>Share<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capital and <span class=\"_ _3\"></span>vo<span class=\"_ _1\"></span>ting<span class=\"_ _3\"></span> rights The Com<span class=\"_ _5\"></span>pany <span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>as <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>capital <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>EUR <span class=\"_ _5\"></span>132,887,46<span class=\"_ _3\"></span>8.20. <span class=\"_ _3\"></span>It i<span class=\"_ _5\"></span>s divided<span class=\"_ _3\"></span> i<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>o <span class=\"_ _3\"></span>128,00<span class=\"_ _3\"></span>0,000 <span class=\"_ _5\"></span>no-par <span class=\"_ _5\"></span>va<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ue or<span class=\"_ _5\"></span>dinary b<span class=\"_ _3\"></span>ear<span class=\"_ _3\"></span>er s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>es with <span class=\"_ _3\"></span>voting <span class=\"_ _3\"></span>rights, <span class=\"_ _3\"></span>with e<span class=\"_ _3\"></span>ach s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e repr<span class=\"_ _5\"></span>esenting <span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>equal po<span class=\"_ _3\"></span>rtion <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>e s<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>e ca<span class=\"_ _3\"></span>pital. T<span class=\"_ _3\"></span>he n<span class=\"_ _3\"></span>umber o<span class=\"_ _3\"></span>f s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es i<span class=\"_ _3\"></span>ssued <span class=\"_ _3\"></span>remai<span class=\"_ _3\"></span>ns unchange<span class=\"_ _3\"></span>d. The Ma<span class=\"_ _3\"></span>naging Bo<span class=\"_ _3\"></span>ard<span class=\"_ _3\"></span> is not a<span class=\"_ _3\"></span>ware<span class=\"_ _3\"></span> of a<span class=\"_ _3\"></span>ny res<span class=\"_ _3\"></span>trictions o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng rig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ts<span class=\"_ _3\"></span> or the t<span class=\"_ _3\"></span>ransfe<span class=\"_ _3\"></span>r of s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es. <span class=\"_ _3\"></span>Employees<span class=\"_ _3\"></span> who <span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>old <span class=\"_ _3\"></span>shar<span class=\"_ _5\"></span>es exer<span class=\"_ _3\"></span>cise their <span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng rig<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ts <span class=\"_ _3\"></span>without a pr<span class=\"_ _3\"></span>oxy d<span class=\"_ _3\"></span>uring <span class=\"_ _3\"></span>General M<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ngs. <span class=\"_ _3\"></span> The Man<span class=\"_ _3\"></span>aging Boa<span class=\"_ _3\"></span>rd m<span class=\"_ _3\"></span>ust have <span class=\"_ _3\"></span>at least t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>ee a<span class=\"_ _3\"></span>nd no mor<span class=\"_ _3\"></span>e than <span class=\"_ _3\"></span>eight memb<span class=\"_ _3\"></span>ers. The<span class=\"_ _3\"></span> Supe<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>visor<span class=\"_ _3\"></span>y Boar<span class=\"_ _3\"></span>d has a<span class=\"_ _3\"></span>t least t<span class=\"_ _3\"></span>hree<span class=\"_ _3\"></span> and <span class=\"_ _a\"></span>at <span class=\"_ _c\"> </span>mos<span class=\"_ _3\"></span>t <span class=\"_ _c\"> </span>t<span class=\"_ _3\"></span>we<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>ve <span class=\"_ _c\"> </span>mem<span class=\"_ _3\"></span>bers <span class=\"_ _a\"></span>(shar<span class=\"_ _3\"></span>eholder <span class=\"_ _a\"></span>repr<span class=\"_ _5\"></span>esentatives<span class=\"_ _5\"></span>)<span class=\"_ _1\"></span>. <span class=\"_ _a\"></span>W<span class=\"_ _1\"></span>iener <span class=\"_ _a\"></span>St\u00e4dtisc<span class=\"_ _3\"></span>he <span class=\"_ _a\"></span>V<span class=\"_ _3\"></span>ersiche<span class=\"_ _3\"></span>rungsver<span class=\"_ _3\"></span>ein, <span class=\"_ _a\"></span>which <span class=\"_ _a\"></span>dire<span class=\"_ _3\"></span>ctly <span class=\"_ _c\"></span>a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> indire<span class=\"_ _3\"></span>ctly <span class=\"_ _1\"></span>holds <span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>ound <span class=\"_ _1\"></span>72.47<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> (72.47<span class=\"_ _3\"></span>%)<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>capit<span class=\"_ _3\"></span>al, <span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>s the <span class=\"_ _1\"></span>right <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>appoi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>t up <span class=\"_ _1\"></span>to <span class=\"_ _4\"></span>o<span class=\"_ _3\"></span>ne <span class=\"_ _1\"></span>third of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>mem<span class=\"_ _3\"></span>bers of the S<span class=\"_ _3\"></span>upervisor<span class=\"_ _3\"></span>y Boar<span class=\"_ _3\"></span>d i<span class=\"_ _3\"></span>f, <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>d <span class=\"_ _3\"></span>as l<span class=\"_ _3\"></span>ong as, <span class=\"_ _3\"></span>it <span class=\"_ _3\"></span>holds 5<span class=\"_ _3\"></span>0% or <span class=\"_ _3\"></span>less <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Company\u2019<span class=\"_ _11\"></span>s <span class=\"_ _3\"></span>voting s<span class=\"_ _3\"></span>hares. <span class=\"_ _5\"></span>G<span class=\"_ _1\"></span>en<span class=\"_ _3\"></span>eral <span class=\"_ _3\"></span>Meeting <span class=\"_ _3\"></span>resolutio<span class=\"_ _3\"></span>ns are <span class=\"_ _3\"></span>adopted b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>a simple m<span class=\"_ _3\"></span>ajority<span class=\"_ _d\"></span>, unless <span class=\"_ _5\"></span>a<span class=\"_ _1\"></span> dif<span class=\"_ _5\"></span>ferent m<span class=\"_ _3\"></span>ajority is <span class=\"_ _3\"></span>requir<span class=\"_ _3\"></span>ed by la<span class=\"_ _3\"></span>w or the <span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>cles of asso<span class=\"_ _3\"></span>ciation.<span class=\"_ _3\"></span> No <span class=\"_ _1\"></span>shares have <span class=\"_ _1\"></span>sp<span class=\"_ _3\"></span>ecial <span class=\"_ _1\"></span>rights of <span class=\"_ _1\"></span>contr<span class=\"_ _3\"></span>ol. <span class=\"_ _1\"></span>See <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>sec<span class=\"_ _3\"></span>tion <span class=\"_ _1\"></span>indi<span class=\"_ _3\"></span>cated <span class=\"_ _1\"></span>abo<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _4\"></span>info<span class=\"_ _3\"></span>rmation <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>the<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ig<span class=\"_ _3\"></span>hts <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>ehold<span class=\"_ _3\"></span>er Wiener St\u00e4dtis<span class=\"_ _3\"></span>che V<span class=\"_ _5\"></span>ersicher<span class=\"_ _3\"></span>ungsver<span class=\"_ _3\"></span>ein. As of<span class=\"_ _3\"></span> the bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet d<span class=\"_ _3\"></span>ate, t<span class=\"_ _3\"></span>he Comp<span class=\"_ _3\"></span>any w<span class=\"_ _3\"></span>as not<span class=\"_ _3\"></span> party<span class=\"_ _3\"></span> to a<span class=\"_ _3\"></span>ny ma<span class=\"_ _3\"></span>terial ag<span class=\"_ _3\"></span>reeme<span class=\"_ _3\"></span>nts that<span class=\"_ _3\"></span> would<span class=\"_ _3\"></span> com<span class=\"_ _3\"></span>e into <span class=\"_ _3\"></span>eff<span class=\"_ _3\"></span>ect, cha<span class=\"_ _3\"></span>nge or termi<span class=\"_ _3\"></span>nate <span class=\"_ _3\"></span>if <span class=\"_ _3\"></span>cont<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f the <span class=\"_ _3\"></span>Compa<span class=\"_ _3\"></span>ny wer<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>to ch<span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span>e due <span class=\"_ _3\"></span>to<span class=\"_ _3\"></span> a <span class=\"_ _3\"></span>takeover <span class=\"_ _3\"></span>bid, <span class=\"_ _3\"></span>in particul<span class=\"_ _3\"></span>ar<span class=\"_ _d\"></span>, no <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>that wo<span class=\"_ _3\"></span>uld af<span class=\"_ _3\"></span>fe<span class=\"_ _3\"></span>ct participatio<span class=\"_ _3\"></span>ns <span class=\"_ _5\"></span>held <span class=\"_ _3\"></span>in <span class=\"_ _5\"></span>in<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance <span class=\"_ _3\"></span>com<span class=\"_ _3\"></span>panies. <span class=\"_ _5\"></span>Existi<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>eements <span class=\"_ _3\"></span>th<span class=\"_ _3\"></span>at <span class=\"_ _3\"></span>would <span class=\"_ _5\"></span>come <span class=\"_ _5\"></span>into <span class=\"_ _3\"></span>ef<span class=\"_ _3\"></span>fect <span class=\"_ _5\"></span>if <span class=\"_ _5\"></span>con<span class=\"_ _1\"></span>trol<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>wer<span class=\"_ _3\"></span>e to cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge d<span class=\"_ _3\"></span>ue to a <span class=\"_ _3\"></span>takeover bi<span class=\"_ _3\"></span>d rel<span class=\"_ _3\"></span>ate to pa<span class=\"_ _3\"></span>rt<span class=\"_ _1\"></span>icip<span class=\"_ _3\"></span>ations <span class=\"_ _3\"></span>held <span class=\"_ _3\"></span>in other (<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>on-i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>urance) co<span class=\"_ _3\"></span>mpanies.<span class=\"_ _379\"> </span>No <span class=\"_ _5\"></span>compe<span class=\"_ _3\"></span>nsation <span class=\"_ _5\"></span>agre<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>exist <span class=\"_ _d\"></span>betwee<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>the <span class=\"_ _5\"></span>Comp<span class=\"_ _3\"></span>any <span class=\"_ _5\"></span>and <span class=\"_ _3\"></span>its<span class=\"_ _3\"></span> <span class=\"_ _5\"></span>Managing <span class=\"_ _d\"></span>Board <span class=\"_ _d\"></span>membe<span class=\"_ _3\"></span>rs, <span class=\"_ _3\"></span>Sup<span class=\"_ _3\"></span>ervisor<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Board <span class=\"_ _5\"></span>mem<span class=\"_ _3\"></span>be<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>s or emplo<span class=\"_ _3\"></span>yees co<span class=\"_ _3\"></span>vering the cas<span class=\"_ _3\"></span>e of a p<span class=\"_ _3\"></span>ublic tak<span class=\"_ _3\"></span>eover bid.<span class=\"_ _5\"></span> ANTICIP<span class=\"_ _5\"></span>A<span class=\"_ _5\"></span>T<span class=\"_ _1\"></span>OR<span class=\"_ _5\"></span>Y<span class=\"_ _1\"></span> RESOLU<span class=\"_ _3\"></span>TIONS The Managi<span class=\"_ _3\"></span>ng Board is autho<span class=\"_ _3\"></span>rised unde<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>\u00a7 169<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>Austri<span class=\"_ _3\"></span>an Stock Corpo<span class=\"_ _3\"></span>ration Act (AktG<span class=\"_ _3\"></span>) <span class=\"_ _1\"></span>to incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the shar<span class=\"_ _3\"></span>e capital<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the Compa<span class=\"_ _3\"></span>ny <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>a <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>minal <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span>mo<span class=\"_ _3\"></span>unt <span class=\"_ _3\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _5\"></span>to <span class=\"_ _5\"></span>EUR <span class=\"_ _3\"></span>66,443<span class=\"_ _3\"></span>,734.10<span class=\"_ _3\"></span> <span class=\"_ _d\"></span>by<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ing <span class=\"_ _5\"></span>64,000,0<span class=\"_ _3\"></span>00 <span class=\"_ _d\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>-par <span class=\"_ _5\"></span>value <span class=\"_ _5\"></span>bear<span class=\"_ _3\"></span>er <span class=\"_ _3\"></span>or <span class=\"_ _d\"></span>registe<span class=\"_ _3\"></span>red<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>es or a <span class=\"_ _1\"></span>com<span class=\"_ _3\"></span>bination<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>of the two i<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>one<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>or more<span class=\"_ _3\"></span> tranches o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>or befor<span class=\"_ _3\"></span>e 20 May 2026 <span class=\"_ _3\"></span>against cash or in-ki<span class=\"_ _3\"></span>nd contributio<span class=\"_ _3\"></span>ns. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he terms o<span class=\"_ _3\"></span>f th<span class=\"_ _3\"></span>e sh<span class=\"_ _3\"></span>ares, t<span class=\"_ _3\"></span>he ex<span class=\"_ _3\"></span>clusio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>sharehold<span class=\"_ _3\"></span>er pr<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-empti<span class=\"_ _3\"></span>on <span class=\"_ _3\"></span>rights, <span class=\"_ _3\"></span>and <span class=\"_ _3\"></span>other t<span class=\"_ _3\"></span>erms a<span class=\"_ _3\"></span>nd <span class=\"_ _3\"></span>conditions <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>the s<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>issue a<span class=\"_ _3\"></span>re decided <span class=\"_ _1\"></span>by <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _1\"></span>Boar<span class=\"_ _3\"></span>d, <span class=\"_ _1\"></span>subj<span class=\"_ _3\"></span>ect<span class=\"_ _1\"></span> to <span class=\"_ _4\"></span>S<span class=\"_ _3\"></span>uperviso<span class=\"_ _3\"></span>ry<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ard a<span class=\"_ _1\"></span>ppro<span class=\"_ _5\"></span>v<span class=\"_ _1\"></span>al. <span class=\"_ _1\"></span>Pr<span class=\"_ _3\"></span>eferre<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>hout v<span class=\"_ _1\"></span>oti<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>rig<span class=\"_ _3\"></span>hts <span class=\"_ _1\"></span>may <span class=\"_ _1\"></span>also be <span class=\"_ _1\"></span>issued, <span class=\"_ _1\"></span>with rights <span class=\"_ _1\"></span>equivalen<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>those <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>existi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>pr<span class=\"_ _3\"></span>eferr<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>es. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>issue <span class=\"_ _1\"></span>prices <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>commo<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>p<span class=\"_ _3\"></span>refe<span class=\"_ _3\"></span>rred <span class=\"_ _1\"></span>shar<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>s may dif<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>. T<span class=\"_ _3\"></span>he G<span class=\"_ _3\"></span>ene<span class=\"_ _3\"></span>ra<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span> Me<span class=\"_ _3\"></span>et<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span> of<span class=\"_ _3\"></span> 21 <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>2<span class=\"_ _3\"></span>1 au<span class=\"_ _3\"></span>tho<span class=\"_ _5\"></span>ris<span class=\"_ _5\"></span>ed <span class=\"_ _3\"></span>the<span class=\"_ _3\"></span> M<span class=\"_ _3\"></span>ana<span class=\"_ _3\"></span>gi<span class=\"_ _3\"></span>ng B<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o is<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span>ue,<span class=\"_ _3\"></span> s<span class=\"_ _3\"></span>ubj<span class=\"_ _3\"></span>ec<span class=\"_ _3\"></span>t t<span class=\"_ _3\"></span>o S<span class=\"_ _3\"></span>up<span class=\"_ _3\"></span>erv<span class=\"_ _3\"></span>is<span class=\"_ _5\"></span>ory<span class=\"_ _3\"></span> Bo<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>d ap<span class=\"_ _3\"></span>pr<span class=\"_ _5\"></span>ova<span class=\"_ _3\"></span>l,<span class=\"_ _3\"></span> on<span class=\"_ _3\"></span>e or<span class=\"_ _3\"></span> m<span class=\"_ _3\"></span>or<span class=\"_ _5\"></span>e t<span class=\"_ _3\"></span>ran<span class=\"_ _3\"></span>che<span class=\"_ _3\"></span>s<span class=\"_ _3\"></span> of<span class=\"_ _5\"></span> co<span class=\"_ _3\"></span>nve<span class=\"_ _3\"></span>rti<span class=\"_ _5\"></span>ble<span class=\"_ _3\"></span> bo<span class=\"_ _5\"></span>nds<span class=\"_ _3\"></span> in <span class=\"_ _3\"></span>acc<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>rd<span class=\"_ _5\"></span>ance<span class=\"_ _3\"></span> wi<span class=\"_ _5\"></span>th \u00a7<span class=\"_ _3\"></span> 1<span class=\"_ _3\"></span>74 A<span class=\"_ _3\"></span>kt<span class=\"_ _3\"></span>G w<span class=\"_ _3\"></span>it<span class=\"_ _3\"></span>h a<span class=\"_ _3\"></span> to<span class=\"_ _5\"></span>tal<span class=\"_ _5\"></span> nom<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>al<span class=\"_ _3\"></span> val<span class=\"_ _3\"></span>ue<span class=\"_ _3\"></span> of<span class=\"_ _5\"></span> up t<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span> EU<span class=\"_ _3\"></span>R 2<span class=\"_ _3\"></span>,00<span class=\"_ _5\"></span>0,0<span class=\"_ _3\"></span>0<span class=\"_ _3\"></span>0,00<span class=\"_ _5\"></span>0.0<span class=\"_ _3\"></span>0 on <span class=\"_ _a\"></span>or<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>befor<span class=\"_ _3\"></span>e <span class=\"_ _c\"></span>20<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>May <span class=\"_ _a\"></span>2026, <span class=\"_ _a\"></span>with <span class=\"_ _c\"> </span>co<span class=\"_ _3\"></span>nversion <span class=\"_ _a\"></span>or <span class=\"_ _c\"></span>subs<span class=\"_ _3\"></span>criptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>rights <span class=\"_ _a\"></span>for <span class=\"_ _a\"></span>u<span class=\"_ _1\"></span>p <span class=\"_ _a\"></span>to <span class=\"_ _c\"></span>30,<span class=\"_ _3\"></span>000,000 <span class=\"_ _4\"></span>be<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>er <span class=\"_ _c\"> </span>or<span class=\"_ _3\"></span>dina<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>y <span class=\"_ _a\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _c\"></span>of<span class=\"_ _3\"></span> <span class=\"_ _c\"></span>the Compa<span class=\"_ _3\"></span>ny<span class=\"_ _1\"></span> <span class=\"_ _c\"> </span>repr<span class=\"_ _3\"></span>esenting <span class=\"_ _c\"> </span>a <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>hare <span class=\"_ _b\"> </span>of <span class=\"_ _c\"> </span>up <span class=\"_ _6\"> </span>to <span class=\"_ _c\"> </span>E<span class=\"_ _1\"></span>UR<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>31,1<span class=\"_ _3\"></span>45,50<span class=\"_ _3\"></span>0.36 <span class=\"_ _b\"> </span>of <span class=\"_ _b\"> </span>the <span class=\"_ _b\"> </span>shar<span class=\"_ _3\"></span>e <span class=\"_ _6\"> </span>capi<span class=\"_ _3\"></span>tal, <span class=\"_ _6\"> </span>i<span class=\"_ _3\"></span>ncluding <span class=\"_ _c\"> </span>authorisa<span class=\"_ _3\"></span>tion <span class=\"_ _6\"> </span>to<span class=\"_ _3\"></span> <span class=\"_ _6\"> </span>excl<span class=\"_ _3\"></span>ude shar<span class=\"_ _3\"></span>eholder pr<span class=\"_ _5\"></span>e-<span class=\"_ _1\"></span>em<span class=\"_ _3\"></span>ption righ<span class=\"_ _3\"></span>ts. T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>har<span class=\"_ _3\"></span>e capi<span class=\"_ _5\"></span>tal has c<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>nseq<span class=\"_ _5\"></span>uentl<span class=\"_ _3\"></span>y bee<span class=\"_ _3\"></span>n rais<span class=\"_ _5\"></span>ed in ac<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>nce wi<span class=\"_ _3\"></span>th \u00a7 15<span class=\"_ _3\"></span>9 (2) n<span class=\"_ _3\"></span>o. 1 Akt<span class=\"_ _3\"></span>G by a co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nge<span class=\"_ _3\"></span>nt c<span class=\"_ _3\"></span>apit<span class=\"_ _3\"></span>al <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>ase<span class=\"_ _3\"></span> of up to<span class=\"_ _3\"></span> EU<span class=\"_ _3\"></span>R 31,1<span class=\"_ _5\"></span>45,50<span class=\"_ _5\"></span>0.36<span class=\"_ _5\"></span> <span class=\"_ _1\"></span>thr<span class=\"_ _3\"></span>ou<span class=\"_ _3\"></span>gh<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e is<span class=\"_ _3\"></span>su<span class=\"_ _3\"></span>e of up<span class=\"_ _3\"></span> to 30,<span class=\"_ _3\"></span>00<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>000<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>be<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>er or<span class=\"_ _3\"></span>di<span class=\"_ _3\"></span>nar<span class=\"_ _3\"></span>y sha<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>es. T<span class=\"_ _3\"></span>he co<span class=\"_ _5\"></span>ntin<span class=\"_ _3\"></span>gent<span class=\"_ _3\"></span> capi<span class=\"_ _5\"></span>tal i<span class=\"_ _3\"></span>ncr<span class=\"_ _3\"></span>eas<span class=\"_ _3\"></span>e wil<span class=\"_ _3\"></span>l only be im<span class=\"_ _3\"></span>plement<span class=\"_ _3\"></span>ed to the exte<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>t h<span class=\"_ _1\"></span>old<span class=\"_ _3\"></span>ers of co<span class=\"_ _3\"></span>nvertible bon<span class=\"_ _3\"></span>ds issued o<span class=\"_ _3\"></span>n the basis <span class=\"_ _3\"></span>of the General M<span class=\"_ _3\"></span>eeting r<span class=\"_ _3\"></span>esoluti<span class=\"_ _3\"></span>on of <span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>May 20<span class=\"_ _3\"></span>21 <span class=\"_ _3\"></span>ex<span class=\"_ _3\"></span>ercise <span class=\"_ _5\"></span>the s<span class=\"_ _3\"></span>ubscriptio<span class=\"_ _3\"></span>n o<span class=\"_ _3\"></span>r ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge <span class=\"_ _5\"></span>r<span class=\"_ _1\"></span>igh<span class=\"_ _3\"></span>ts th<span class=\"_ _3\"></span>ey w<span class=\"_ _3\"></span>ere <span class=\"_ _5\"></span>granted. <span class=\"_ _5\"></span>The Ma<span class=\"_ _3\"></span>naging <span class=\"_ _5\"></span>Board <span class=\"_ _5\"></span>has <span class=\"_ _3\"></span>not <span class=\"_ _3\"></span>adopte<span class=\"_ _3\"></span>d a<span class=\"_ _3\"></span>ny resol<span class=\"_ _3\"></span>ut<span class=\"_ _1\"></span>io<span class=\"_ _3\"></span>ns to d<span class=\"_ _3\"></span>ate conc<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ning t<span class=\"_ _3\"></span>he issua<span class=\"_ _3\"></span>nce of co<span class=\"_ _3\"></span>nvertible b<span class=\"_ _3\"></span>onds based o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> th<span class=\"_ _3\"></span>e authoris<span class=\"_ _3\"></span>ation gra<span class=\"_ _3\"></span>nted on 21 <span class=\"_ _3\"></span>May 2021.<span class=\"_ _5\"></span> The <span class=\"_ _1\"></span>General <span class=\"_ _1\"></span>M<span class=\"_ _3\"></span>eet<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>21 <span class=\"_ _1\"></span>May<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2021 <span class=\"_ _1\"></span>f<span class=\"_ _3\"></span>urther <span class=\"_ _1\"></span>authoris<span class=\"_ _3\"></span>ed <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Managing B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>issue, <span class=\"_ _1\"></span>subjec<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>S<span class=\"_ _3\"></span>upervisory B<span class=\"_ _1\"></span>oa<span class=\"_ _3\"></span>rd <span class=\"_ _1\"></span>ap-<span class=\"_ _379\"> </span>prov<span class=\"_ _3\"></span>al in accord<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>with \u00a7 174 <span class=\"_ _3\"></span>(2)<span class=\"_ _1\"></span> Akt<span class=\"_ _3\"></span>G, income bo<span class=\"_ _3\"></span>nds wit<span class=\"_ _3\"></span>h a total nomi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al value of <span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>p to EU<span class=\"_ _3\"></span>R 2,000,00<span class=\"_ _3\"></span>0,000.00<span class=\"_ _3\"></span> in one or mor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>tran<span class=\"_ _3\"></span>ches on <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>r befor<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>20 Ma<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>2026, i<span class=\"_ _3\"></span>ncluding aut<span class=\"_ _3\"></span>horisation<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>to excl<span class=\"_ _3\"></span>ude <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>hare<span class=\"_ _3\"></span>holder pre-<span class=\"_ _3\"></span>emptio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> rights.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>Ma<span class=\"_ _3\"></span>n-<span class=\"_ _379\"> </span>aging <span class=\"_ _3\"></span>Board <span class=\"_ _3\"></span>has not<span class=\"_ _3\"></span> adopte<span class=\"_ _3\"></span>d any r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>sol<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>tio<span class=\"_ _3\"></span>ns to da<span class=\"_ _3\"></span>te r<span class=\"_ _3\"></span>egardi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g t<span class=\"_ _3\"></span>he issu<span class=\"_ _3\"></span>ance of i<span class=\"_ _3\"></span>ncome bo<span class=\"_ _3\"></span>nds bas<span class=\"_ _3\"></span>ed o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> t<span class=\"_ _3\"></span>his au<span class=\"_ _3\"></span>th<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>risation. The <span class=\"_ _3\"></span>Gener<span class=\"_ _3\"></span>al Meeti<span class=\"_ _3\"></span>ng o<span class=\"_ _3\"></span>f 2<span class=\"_ _3\"></span>1 Ma<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>21 a<span class=\"_ _3\"></span>uthoris<span class=\"_ _3\"></span>ed t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>naging <span class=\"_ _3\"></span>Boar<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>to ac<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>e b<span class=\"_ _3\"></span>earer <span class=\"_ _3\"></span>or<span class=\"_ _3\"></span>dinary <span class=\"_ _3\"></span>shar<span class=\"_ _3\"></span>es <span class=\"_ _3\"></span>in <span class=\"_ _3\"></span>accord<span class=\"_ _3\"></span>ance <span class=\"_ _5\"></span>w<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>th \u00a7 <span class=\"_ _1\"></span>65 <span class=\"_ _1\"></span>(1) <span class=\"_ _4\"></span>no. <span class=\"_ _1\"></span>8, <span class=\"_ _1\"></span>(1a) <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>1b<span class=\"_ _3\"></span>) <span class=\"_ _4\"></span>Akt<span class=\"_ _3\"></span>G <span class=\"_ _4\"></span>to <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>maxim<span class=\"_ _3\"></span>um <span class=\"_ _1\"></span>extent <span class=\"_ _1\"></span>permissible <span class=\"_ _1\"></span>b<span class=\"_ _3\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>law <span class=\"_ _1\"></span>during <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>period <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>30 <span class=\"_ _1\"></span>months <span class=\"_ _1\"></span>foll<span class=\"_ _3\"></span>owing <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he date the General Meeti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>resol<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>tion was adopted. Th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>amount paid upon rep<span class=\"_ _3\"></span>ur<span class=\"_ _3\"></span>chase <span class=\"_ _1\"></span>of the <span class=\"_ _1\"></span>Com<span class=\"_ _3\"></span>pan<span class=\"_ _3\"></span>y\u2019<span class=\"_ _d\"></span>s <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>wn<span class=\"_ _1\"></span> shar<span class=\"_ _3\"></span>es <span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ay not <span class=\"_ _4\"></span>be <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _1\"></span>than <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>m<span class=\"_ _3\"></span>aximum <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>50% <span class=\"_ _4\"></span>belo<span class=\"_ _3\"></span>w<span class=\"_ _3\"></span>, <span class=\"_ _4\"></span>or <span class=\"_ _4\"></span>mo<span class=\"_ _3\"></span>re <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>han <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>maxim<span class=\"_ _3\"></span>um <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>10<span class=\"_ _3\"></span>% <span class=\"_ _4\"></span>above, <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>verage <span class=\"_ _1\"></span>unwei<span class=\"_ _3\"></span>ghted <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>los<span class=\"_ _3\"></span>ing price <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>Vi<span class=\"_ _3\"></span>enna <span class=\"_ _4\"></span>Stock <span class=\"_ _1\"></span>Exchang<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>on <span class=\"_ _4\"></span>the <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>stock <span class=\"_ _1\"></span>exchange <span class=\"_ _1\"></span>trading <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>ay<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>pre<span class=\"_ _3\"></span>ceding <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>r<span class=\"_ _3\"></span>epurc<span class=\"_ _3\"></span>hase. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _4\"></span>Managi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _3\"></span> Boar<span class=\"_ _3\"></span>d may choos<span class=\"_ _3\"></span>e to make the p<span class=\"_ _3\"></span>urchas<span class=\"_ _3\"></span>e on the stock ex<span class=\"_ _3\"></span>cha<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>ge, t<span class=\"_ _3\"></span>hroug<span class=\"_ _3\"></span>h a public of<span class=\"_ _5\"></span>fer<span class=\"_ _1\"></span> or in an<span class=\"_ _3\"></span>y other legall<span class=\"_ _3\"></span>y permissi<span class=\"_ _3\"></span>ble and <span class=\"_ _4\"></span>expedi<span class=\"_ _3\"></span>ent <span class=\"_ _4\"></span>manner<span class=\"_ _11\"></span>. <span class=\"_ _4\"></span>If <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>re<span class=\"_ _3\"></span>purc<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>is <span class=\"_ _4\"></span>perform<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>v<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>public <span class=\"_ _4\"></span>of<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>, <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>end <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>the <span class=\"_ _4\"></span>calculatio<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>period <span class=\"_ _4\"></span>is <span class=\"_ _1\"></span>det<span class=\"_ _1\"></span>ermi<span class=\"_ _3\"></span>ned based on t<span class=\"_ _3\"></span>he date on whic<span class=\"_ _3\"></span>h the intentio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> to mak<span class=\"_ _3\"></span>e a public o<span class=\"_ _3\"></span>ff<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span> is annou<span class=\"_ _3\"></span>nced (\u00a7 5 (2) and (3) of<span class=\"_ _3\"></span> the<span class=\"_ _1\"></span> A<span class=\"_ _3\"></span>ustria<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> T<span class=\"_ _11\"></span>akeover <span class=\"_ _3\"></span>Act (\u00dcbernahmeg<span class=\"_ _3\"></span>esetz)).<span class=\"_ _3\"></span> The <span class=\"_ _5\"></span>Gene<span class=\"_ _3\"></span>ra<span class=\"_ _1\"></span>l <span class=\"_ _d\"></span>Meeting <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>21 <span class=\"_ _5\"></span>May <span class=\"_ _5\"></span>2021 <span class=\"_ _d\"></span>au<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>orise<span class=\"_ _3\"></span>d <span class=\"_ _5\"></span>the <span class=\"_ _5\"></span>Managin<span class=\"_ _3\"></span>g <span class=\"_ _d\"></span>B<span class=\"_ _1\"></span>oard <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _5\"></span>five <span class=\"_ _d\"></span>y<span class=\"_ _1\"></span>ears <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>date <span class=\"_ _5\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _5\"></span>resolutio<span class=\"_ _3\"></span>n to use ow<span class=\"_ _3\"></span>n shar<span class=\"_ _3\"></span>es, whil<span class=\"_ _3\"></span>e excludi<span class=\"_ _3\"></span>ng shar<span class=\"_ _3\"></span>eholde<span class=\"_ _3\"></span>r pre-em<span class=\"_ _3\"></span>ption rights,<span class=\"_ _3\"></span> \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>for servicing co<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>vertibl<span class=\"_ _3\"></span>e bonds is<span class=\"_ _3\"></span>sued base<span class=\"_ _3\"></span>d on th<span class=\"_ _3\"></span>e resol<span class=\"_ _3\"></span>ution ado<span class=\"_ _3\"></span>pted b<span class=\"_ _3\"></span>y the Gen<span class=\"_ _3\"></span>eral Meeti<span class=\"_ _3\"></span>ng of 21 Ma<span class=\"_ _3\"></span>y 2021; a<span class=\"_ _3\"></span>nd \u2022<span class=\"ff4b\"> <span class=\"_ _4\"></span></span>for sales in a m<span class=\"_ _3\"></span>anner pe<span class=\"_ _3\"></span>rmitted b<span class=\"_ _3\"></span>y law ot<span class=\"_ _3\"></span>her than <span class=\"_ _3\"></span>via the sto<span class=\"_ _3\"></span>ck ma<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>ke<span class=\"_ _3\"></span>t or by m<span class=\"_ _3\"></span>eans of a p<span class=\"_ _3\"></span>ublic of<span class=\"_ _3\"></span>fer<span class=\"_ _d\"></span>. The <span class=\"_ _3\"></span>wr<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>ten r<span class=\"_ _3\"></span>eport on the r<span class=\"_ _3\"></span>easons f<span class=\"_ _3\"></span>or excl<span class=\"_ _3\"></span>usion of sh<span class=\"_ _3\"></span>arehold<span class=\"_ _3\"></span>er pre<span class=\"_ _3\"></span>-empti<span class=\"_ _3\"></span>on rights <span class=\"_ _3\"></span>wa<span class=\"_ _1\"></span>s s<span class=\"_ _3\"></span>ubmitted to <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>General Me<span class=\"_ _3\"></span>eting.<span class=\"_ _379\"> </span>The <span class=\"_ _4\"></span>Man<span class=\"_ _3\"></span>aging <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oar<span class=\"_ _3\"></span>d <span class=\"_ _4\"></span>has <span class=\"_ _1\"></span>not <span class=\"_ _4\"></span>made <span class=\"_ _1\"></span>use <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>es<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>authorisa<span class=\"_ _3\"></span>tions <span class=\"_ _4\"></span>to <span class=\"_ _4\"></span>date. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ro<span class=\"_ _3\"></span>up <span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>eld <span class=\"_ _1\"></span>none <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>its <span class=\"_ _1\"></span>own <span class=\"_ _4\"></span>s<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>ar<span class=\"_ _3\"></span>es <span class=\"_ _4\"></span>on <span class=\"_ _1\"></span>the balanc<span class=\"_ _3\"></span>e sheet date.<span class=\"_ _379\"> </span>8.2.<span class=\"ff4b\"> </span>Capital reserves \u2013 hybrid<span class=\"_ _3\"></span> capital Issue date<span class=\"_ _1\"></span> <span class=\"_ _263\"> </span><span class=\"fs15\">Outsta<span class=\"_ _1\"></span>nding vol<span class=\"_ _1\"></span>ume </span>Maturit<span class=\"_ _1\"></span>y<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in years<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>10.<span class=\"_ _1\"></span>6.2<span class=\"_ _1\"></span>02<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>300,000<span class=\"_ _379\"> </span>unlimited<span class=\"_ _379\"> </span>First 10 yea<span class=\"_ _1\"></span>rs: 3.2125% p<span class=\"_ _1\"></span>.a.; thereafter variable<span class=\"_ _379\"> </span>193,830<span class=\"_ _379\"> </span>On <span class=\"_ _5\"></span>15 <span class=\"_ _3\"></span>Ma<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ch <span class=\"_ _3\"></span>202<span class=\"_ _3\"></span>1, <span class=\"_ _5\"></span>VI<span class=\"_ _3\"></span>G<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>Hol<span class=\"_ _3\"></span>ding <span class=\"_ _5\"></span>pl<span class=\"_ _3\"></span>ace<span class=\"_ _3\"></span>d a <span class=\"_ _5\"></span>hyb<span class=\"_ _3\"></span>ri<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>pital <span class=\"_ _d\"></span>bo<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>d <span class=\"_ _5\"></span>wit<span class=\"_ _3\"></span>h i<span class=\"_ _3\"></span>ts <span class=\"_ _5\"></span>prin<span class=\"_ _3\"></span>cip<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>sh<span class=\"_ _3\"></span>ar<span class=\"_ _5\"></span>ehold<span class=\"_ _3\"></span>er<span class=\"_ _11\"></span>, <span class=\"_ _3\"></span>Wie<span class=\"_ _3\"></span>ner <span class=\"_ _3\"></span>St<span class=\"_ _3\"></span>\u00e4dti<span class=\"_ _5\"></span>sche<span class=\"_ _3\"></span> <span class=\"_ _3\"></span>V<span class=\"_ _5\"></span>ersi<span class=\"_ _3\"></span>ch<span class=\"_ _3\"></span>eru<span class=\"_ _3\"></span>ng<span class=\"_ _3\"></span>s-<span class=\"_ _379\"> </span>ve<span class=\"_ _3\"></span>r<span class=\"_ _3\"></span>ein,<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>dur<span class=\"_ _3\"></span>i<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>priv<span class=\"_ _3\"></span>at<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>pl<span class=\"_ _3\"></span>ac<span class=\"_ _3\"></span>em<span class=\"_ _3\"></span>ent.<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>he <span class=\"_ _1\"></span>hy<span class=\"_ _3\"></span>brid<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>sa<span class=\"_ _3\"></span>tisfi<span class=\"_ _5\"></span>es <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>eq<span class=\"_ _3\"></span>ui<span class=\"_ _3\"></span>ty <span class=\"_ _1\"></span>capi<span class=\"_ _5\"></span>tal <span class=\"_ _1\"></span>cri<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span>ria <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>IAS<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>32.1<span class=\"_ _5\"></span>6C <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>.16<span class=\"_ _5\"></span>D, <span class=\"_ _4\"></span>since <span class=\"_ _1\"></span>the<span class=\"_ _3\"></span> iss<span class=\"_ _3\"></span>uer <span class=\"_ _3\"></span>can fr<span class=\"_ _5\"></span>eel<span class=\"_ _3\"></span>y deci<span class=\"_ _3\"></span>de<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>ab<span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e in<span class=\"_ _3\"></span>ter<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>t pay<span class=\"_ _3\"></span>m<span class=\"_ _3\"></span>ent a<span class=\"_ _3\"></span>nd th<span class=\"_ _3\"></span>e bon<span class=\"_ _3\"></span>d doe<span class=\"_ _3\"></span>s not<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span>ve a fix<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>d<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>te<span class=\"_ _3\"></span>rm. I<span class=\"_ _3\"></span>t als<span class=\"_ _3\"></span>o sa<span class=\"_ _3\"></span>tisf<span class=\"_ _3\"></span>ies t<span class=\"_ _3\"></span>he<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>So<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span>cy II req<span class=\"_ _3\"></span>uirem<span class=\"_ _3\"></span>ents for r<span class=\"_ _3\"></span>estricte<span class=\"_ _3\"></span>d tier 1 i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>st<span class=\"_ _3\"></span>ru<span class=\"_ _1\"></span>m<span class=\"_ _3\"></span>ents and <span class=\"_ _3\"></span>qualifi<span class=\"_ _3\"></span>es as capit<span class=\"_ _3\"></span>al based o<span class=\"_ _3\"></span>n the r<span class=\"_ _3\"></span>equir<span class=\"_ _3\"></span>ements<span class=\"_ _3\"></span> of the S&amp;P<span class=\"_ _3\"></span> rating <span class=\"_ _3\"></span>agenc<span class=\"_ _3\"></span>y<span class=\"_ _d\"></span>.  8.3.<span class=\"ff4b\"> </span>Other res<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>ves Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2022<span class=\"_ _1\"></span> </span>  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span>and losses<span class=\"_ _379\"> </span>Cash flow he<span class=\"_ _1\"></span>dge reserve<span class=\"_ _379\"> </span>Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns and losses f<span class=\"_ _1\"></span>rom provision<span class=\"_ _1\"></span>s for employee<span class=\"_ _1\"></span> benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>Share<span class=\"_ _1\"></span> of other reserves of<span class=\"_ _1\"></span> at equity consolidate<span class=\"_ _1\"></span>d companies<span class=\"_ _379\"> </span>Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oss <span class=\"_ _107\"> </span>-2,090,44<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>-4<span class=\"_ _379\"> </span>-143,215<span class=\"_ _379\"> </span>-528<span class=\"_ _379\"> </span>-227,492<span class=\"_ _379\"> </span>-2,461,68<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>+/- E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> fro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>   <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le 8,861  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28b\"> </span>8,861<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _104\"> </span>617,194<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>58,864  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>67<span class=\"_ _1\"></span>6,058<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _b7\"> </span>2<span class=\"_ _1\"></span>96,456<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>18,883  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1a9\"> </span>31<span class=\"_ _1\"></span>5,339<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _28c\"> </span>27,303<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>1,411<span class=\"_ _379\"> </span>32<span class=\"_ _379\"> </span>20,482<span class=\"_ _379\"> </span>49,230<span class=\"_ _379\"> </span>Net <span class=\"_ _1ff\"> </span>-1,140,63<span class=\"_ _1\"></span>4<span class=\"_ _379\"> </span>-2<span class=\"_ _379\"> </span>-64,05<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>-496<span class=\"_ _379\"> </span>-207,0<span class=\"_ _1\"></span>10<span class=\"_ _379\"> </span>-1,412<span class=\"_ _1\"></span>,199<span class=\"_ _379\"> </span>Compositio<span class=\"_ _1\"></span>n <span class=\"_ _24d\"> </span><span class=\"fs15\">31.12.2021<span class=\"_ _1\"></span> </span>  <span class=\"_ _fa\"> </span><span class=\"fs15\">Unrealised gain<span class=\"_ _1\"></span>s </span>and losses<span class=\"_ _379\"> </span>Cash flow he<span class=\"_ _1\"></span>dge reserve<span class=\"_ _379\"> </span>Actuar<span class=\"_ _1\"></span>ial gai<span class=\"_ _1\"></span>ns and losses f<span class=\"_ _1\"></span>rom provision<span class=\"_ _1\"></span>s for employee<span class=\"_ _1\"></span> benefit<span class=\"_ _1\"></span>s<span class=\"_ _379\"> </span>Share<span class=\"_ _1\"></span> of other reserves of<span class=\"_ _1\"></span> at equity consolidate<span class=\"_ _1\"></span>d companies<span class=\"_ _379\"> </span>Currency re<span class=\"_ _1\"></span>serve<span class=\"_ _379\"> </span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Gr<span class=\"_ _1\"></span>oss <span class=\"_ _18f\"> </span>2,294,974<span class=\"_ _379\"> </span>-38<span class=\"_ _379\"> </span>-367,775<span class=\"_ _379\"> </span>126<span class=\"_ _379\"> </span>-197,696<span class=\"_ _379\"> </span>1,729,59<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>xch<span class=\"_ _1\"></span>ang<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>chan<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>es f<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l  <span class=\"_ _49\"> </span>   <span class=\"_ _1\"></span><span class=\"fc11\">as<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ts a<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span>ilab<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e f<span class=\"_ _1\"></span>or <span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>le <span class=\"_ _28d\"> </span>10,235</span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28e\"> </span>10,235<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>ath<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cal <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span> <span class=\"_ _40\"> </span>-673,5<span class=\"_ _1\"></span>35  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _1f9\"> </span>  <span class=\"_ _28f\"> </span>-673,535<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>t p<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span>icip<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>-883,910<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>115,841  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-7<span class=\"_ _1\"></span>68,069<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Def<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rred<span class=\"_ _1\"></span> t<span class=\"_ _1\"></span>ax<span class=\"_ _1\"></span>es <span class=\"_ _291\"> </span>-179,646<span class=\"_ _379\"> </span>0<span class=\"_ _379\"> </span>61,852  <span class=\"_ _1f9\"> </span>  <span class=\"_ _45\"> </span>-1<span class=\"_ _1\"></span>17,794<span class=\"_ _379\"> </span>+/- <span class=\"_ _1\"></span>Non<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>roll<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>eres<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>-9,835<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>3,158<span class=\"_ _379\"> </span>23<span class=\"_ _379\"> </span>1,877<span class=\"_ _379\"> </span>-4,776<span class=\"_ _379\"> </span>Net <span class=\"_ _19c\"> </span>558,2<span class=\"_ _1\"></span>83<span class=\"_ _379\"> </span>-37<span class=\"_ _379\"> </span>-186,9<span class=\"_ _1\"></span>24<span class=\"_ _379\"> </span>149<span class=\"_ _379\"> </span>-195,8<span class=\"_ _1\"></span>19<span class=\"_ _379\"> </span>175,652<span class=\"_ _379\"> </span>8.4.<span class=\"ff4b\"> </span>P<span class=\"_ _3\"></span>ayout Payout 2022 <span class=\"_ _1\"></span>for the<span class=\"_ _1\"></span> financial<span class=\"_ _1\"></span> year 202<span class=\"_ _1\"></span>1 <span class=\"_ _292\"> </span><span class=\"fs15\">Per share<span class=\"_ _379\"> </span></span>Total<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R<span class=\"_ _379\"> </span>Ordi<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y sh<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> <span class=\"_ _bb\"> </span><span>1.25<span class=\"_ _379\"> </span></span>160,000,<span class=\"_ _1\"></span>000<span class=\"_ _379\"> </span>8.5.<span class=\"ff4b\"> </span>Propos<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>d appropriati<span class=\"_ _3\"></span>on o<span class=\"_ _1\"></span>f<span class=\"_ _3\"></span> profits VIENNA <span class=\"_ _5\"></span>I<span class=\"_ _1\"></span>NSU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span>ANC<span class=\"_ _3\"></span>E G<span class=\"_ _3\"></span>ROUP <span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>G Wiener <span class=\"_ _5\"></span>V<span class=\"_ _3\"></span>ersic<span class=\"_ _3\"></span>herung <span class=\"_ _3\"></span>Gruppe <span class=\"_ _5\"></span>(V<span class=\"_ _1\"></span>I<span class=\"_ _3\"></span>G Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g)<span class=\"_ _3\"></span> e<span class=\"_ _3\"></span>nd<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>d fi<span class=\"_ _3\"></span>nancial <span class=\"_ _3\"></span>year <span class=\"_ _3\"></span>2022 <span class=\"_ _d\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h a <span class=\"_ _5\"></span>net <span class=\"_ _3\"></span>retain<span class=\"_ _3\"></span>ed prof<span class=\"_ _3\"></span>it of EUR 370<span class=\"_ _3\"></span>,431,503<span class=\"_ _3\"></span>.00. T<span class=\"_ _3\"></span>he following <span class=\"_ _3\"></span>appr<span class=\"_ _3\"></span>opriation o<span class=\"_ _3\"></span>f pro<span class=\"_ _3\"></span>fits will<span class=\"_ _3\"></span> be propos<span class=\"_ _3\"></span>ed in th<span class=\"_ _3\"></span>e Annual<span class=\"_ _3\"></span> General <span class=\"_ _3\"></span>Meeting: <span class=\"_ _3\"></span> The <span class=\"_ _4\"></span>128<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>mil<span class=\"_ _3\"></span>lion <span class=\"_ _1\"></span>shares <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ha<span class=\"_ _1\"></span>ll recei<span class=\"_ _3\"></span>ve <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>di<span class=\"_ _3\"></span>vidend <span class=\"_ _1\"></span>of EUR <span>1.30</span><span class=\"_ _3\"></span> <span class=\"_ _4\"></span>per <span class=\"_ _1\"></span>shar<span class=\"_ _3\"></span>e. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>paym<span class=\"_ _3\"></span>ent <span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>this dividend will <span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>1 <span class=\"_ _4\"></span>J<span class=\"_ _3\"></span>une 2023,<span class=\"_ _3\"></span> th<span class=\"_ _1\"></span>e <span class=\"_ _3\"></span>recor<span class=\"_ _3\"></span>d dat<span class=\"_ _3\"></span>e 31 May 20<span class=\"_ _3\"></span>23, and <span class=\"_ _3\"></span>the ex-di<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>id<span class=\"_ _3\"></span>end date 30<span class=\"_ _3\"></span> May 2023<span class=\"_ _3\"></span>. A <span class=\"_ _1\"></span>total <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR <span><span class=\"gs10bb\" id=\"__115\">166, 400,000. 00</span></span> <span class=\"_ _1\"></span>will<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>ther<span class=\"_ _3\"></span>efore be <span class=\"_ _1\"></span>distribut<span class=\"_ _3\"></span>ed. <span class=\"_ _1\"></span>The <span class=\"_ _1\"></span>net <span class=\"_ _1\"></span>r<span class=\"_ _3\"></span>eta<span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>ned <span class=\"_ _1\"></span>profi<span class=\"_ _3\"></span>t <span class=\"_ _4\"></span>of E<span class=\"_ _1\"></span>U<span class=\"_ _3\"></span>R 204,031<span class=\"_ _3\"></span>,503.00 remai<span class=\"_ _3\"></span>ning <span class=\"_ _1\"></span>for financial y<span class=\"_ _3\"></span>ear 2022 af<span class=\"_ _3\"></span>ter di<span class=\"_ _3\"></span>stribution of t<span class=\"_ _3\"></span>he divid<span class=\"_ _3\"></span>end is to be <span class=\"_ _3\"></span>carried fo<span class=\"_ _3\"></span>rward.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-420": {
   "value": "The items share capital and other capital reserves include contributions to share capital made by VIG Holding shareholders. Other capital reserves report the share of contributions paid that is in excess of the share capital. The reserves are reduced by external costs directly related to corporate actions affecting equity after taking tax effects into account. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-395": {
   "value": "8.1. Share capital and voting rights The Company has share capital of EUR 132,887,468.20. It is divided into 128,000,000 no-par value ordinary bearer shares with voting rights, with each share representing an equal portion of the share capital. The number of shares issued remains unchanged. The Managing Board is not aware of any restrictions on voting rights or the transfer of shares. Employees who hold shares exercise their voting rights without a proxy during General Meetings.  The Managing Board must have at least three and no more than eight members. The Supervisory Board has at least three and at  most  twelve  members (shareholder representatives). Wiener St\u00e4dtische Versicherungsverein, which directly and indirectly holds around 72.47% (72.47%) of the share capital, has the right to appoint up to one third of the members of the Supervisory Board if, and as long as, it holds 50% or less of the Company\u2019s voting shares. General Meeting resolutions are adopted by a simple majority, unless a different majority is required by law or the articles of association. No shares have special rights of control. See the section indicated above for information on the rights of the shareholder Wiener St\u00e4dtische Versicherungsverein. As of the balance sheet date, the Company was not party to any material agreements that would come into effect, change or terminate if control of the Company were to change due to a takeover bid, in particular, no agreements that would affect participations held in insurance companies. Existing agreements that would come into effect if control of the Company were to change due to a takeover bid relate to participations held in other (non-insurance) companies. No compensation agreements exist between the Company and its Managing Board members, Supervisory Board members or employees covering the case of a public takeover bid. ANTICIPATORY RESOLUTIONS The Managing Board is authorised under \u00a7 169 Austrian Stock Corporation Act (AktG) to increase the share capital of the Company by a nominal amount of up to EUR 66,443,734.10 by issuing 64,000,000 no-par value bearer or registered shares or a combination of the two in one or more tranches on or before 20 May 2026 against cash or in-kind contributions. The terms of the shares, the exclusion of shareholder pre-emption rights, and other terms and conditions of the share issue are decided by the Managing Board, subject to Supervisory Board approval. Preferred shares without voting rights may also be issued, with rights equivalent to those of existing preferred shares. The issue prices of common and preferred shares may differ. The General Meeting of 21 May 2021 authorised the Managing Board to issue, subject to Supervisory Board approval, one or more tranches of convertible bonds in accordance with \u00a7 174 AktG with a total nominal value of up to EUR 2,000,000,000.00 on or before 20 May 2026, with  conversion or subscription rights for up to 30,000,000 bearer  ordinary shares of the Company  representing  a  share  of  up  to  EUR  31,145,500.36  of  the  share  capital,  including  authorisation  to  exclude shareholder pre-emption rights. The share capital has consequently been raised in accordance with \u00a7 159 (2) no. 1 AktG by a contingent capital increase of up to EUR 31,145,500.36 through the issue of up to 30,000,000 bearer ordinary shares. The contingent capital increase will only be implemented to the extent that holders of convertible bonds issued on the basis of the General Meeting resolution of 21 May 2021 exercise the subscription or exchange rights they were granted. The Managing Board has not adopted any resolutions to date concerning the issuance of convertible bonds based on the authorisation granted on 21 May 2021. The General Meeting of 21 May 2021 further authorised the Managing Board to issue, subject to Supervisory Board ap- proval in accordance with \u00a7 174 (2) AktG, income bonds with a total nominal value of up to EUR 2,000,000,000.00 in one or more tranches on or before 20 May 2026, including authorisation to exclude shareholder pre-emption rights. The Man- aging Board has not adopted any resolutions to date regarding the issuance of income bonds based on this authorisation. The General Meeting of 21 May 2021 authorised the Managing Board to acquire bearer ordinary shares in accordance with \u00a7 65 (1) no. 8, (1a) and (1b) AktG to the maximum extent permissible by law during a period of 30 months following the date the General Meeting resolution was adopted. The amount paid upon repurchase of the Company\u2019s own shares may not be more than a maximum of 50% below, or more than a maximum of 10% above, the average unweighted closing price on the Vienna Stock Exchange on the ten stock exchange trading days preceding the repurchase. The Managing Board may choose to make the purchase on the stock exchange, through a public offer or in any other legally permissible and expedient manner. If the repurchase is performed via a public offer, the end of the calculation period is determined based on the date on which the intention to make a public offer is announced (\u00a7 5 (2) and (3) of the Austrian Takeover Act (\u00dcbernahmegesetz)). The General Meeting of 21 May 2021 authorised the Managing Board for a period of five years from the date of the resolution to use own shares, while excluding shareholder pre-emption rights, \u2022 for servicing convertible bonds issued based on the resolution adopted by the General Meeting of 21 May 2021; and \u2022 for sales in a manner permitted by law other than via the stock market or by means of a public offer. The written report on the reasons for exclusion of shareholder pre-emption rights was submitted to the General Meeting.   The Managing Board has not made use of these authorisations to date. The Group held none of its own shares on the balance sheet date. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-421": {
   "value": "1.25",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR/xbrli:shares"
   }
  },
  "fact-396": {
   "value": "8.5. Proposed appropriation of profits VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (VIG Holding) ended financial year 2022 with a net retained profit of EUR 370,431,503.00. The following appropriation of profits will be proposed in the Annual General Meeting:  The 128 million shares shall receive a dividend of EUR 1.30 per share. The payment date for this dividend will be 1 June 2023, the record date 31 May 2023, and the ex-dividend date 30 May 2023. A total of EUR 166, 400,000. 00 will therefore be distributed. The net retained profit of EUR 204,031,503.00 remaining for financial year 2022 after distribution of the dividend is to be carried forward.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-422": {
   "value": "1.3",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR/xbrli:shares"
   }
  },
  "fact-423": {
   "value": "166400000",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-28": {
   "value": "9.<span class=\"_ _10\"> </span>SU<span class=\"_ _379\"> </span>BORDIN<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TED LIABILITIES<span class=\"_ _379\"> </span>Subordina<span class=\"_ _3\"></span>ted liabilit<span class=\"_ _3\"></span>ies of the<span class=\"_ _3\"></span> Group Issuing com<span class=\"_ _1\"></span>pany <span class=\"_ _263\"> </span><span class=\"fsc\">Iss<span class=\"_ _3\"></span>ue <span class=\"_ _1\"></span>date<span class=\"_ _379\"> </span></span>Outstanding <span class=\"_ _1\"></span>volume <span class=\"_ _3b\"> </span>Mat<span class=\"_ _1\"></span>urity<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st <span class=\"_ _293\"> </span>Fair<span class=\"_ _1\"></span> value<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in years<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> 9.10.201<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>284,400<span class=\"_ _379\"> </span>30<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>First 10 yea<span class=\"_ _1\"></span>rs: 5.5% p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>284,613<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> 2.3.2015<span class=\"_ _379\"> </span>400,000<span class=\"_ _379\"> </span>31<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>First 11 yea<span class=\"_ _1\"></span>rs: 3.75% p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>379,912<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> 13.4.201<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>200,000<span class=\"_ _379\"> </span>30<span class=\"_ _379\"> </span>3<span class=\"_ _379\"> </span>First 10 yea<span class=\"_ _1\"></span>rs: 3.75% p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>187,270<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>ld<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> 15.6.202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span>500,000<span class=\"_ _379\"> </span>20<span class=\"_ _379\"> </span>4<span class=\"_ _379\"> </span>First 10 yea<span class=\"_ _1\"></span>rs: 4,875% p.a.; thereafter <span class=\"_ _1\"></span>variable<span class=\"_ _169\"> </span>449,006<span class=\"_ _379\"> </span>Don<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _294\"> </span>15.4. + 2<span class=\"_ _1\"></span>1.5.2004<span class=\"_ _379\"> </span>9,500<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 5<span class=\"_ _379\"> </span>4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>9,285<span class=\"_ _379\"> </span>Don<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _1b6\"> </span>1.7.1999<span class=\"_ _379\"> </span>1,500<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 6<span class=\"_ _379\"> </span>4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>1,496<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>1.3.1999<span class=\"_ _379\"> </span>8,250<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 7<span class=\"_ _379\"> </span>4.90% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>240,050<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>2.7.2001<span class=\"_ _379\"> </span>16,100<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 8<span class=\"_ _379\"> </span>6.10% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>8,074<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _28b\"> </span>15.11.2<span class=\"_ _1\"></span>003<span class=\"_ _379\"> </span>19,110<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 9<span class=\"_ _379\"> </span>4.95% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>16,139<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>30.6.200<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>34,700<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 10<span class=\"_ _379\"> </span>4.75% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>18,781<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> <span class=\"_ _296\"> </span>11.5.201<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>250,000<span class=\"_ _379\"> </span>10 11<span class=\"_ _379\"> </span>3.50% p<span class=\"_ _1\"></span>.a.<span class=\"_ _379\"> </span>34,133<span class=\"_ _379\"> </span>Ko<span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span> (Cz<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ch <span class=\"_ _1\"></span>Rep<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>c)<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>22.12.2010<span class=\"_ _379\"> </span>22,806<span class=\"_ _379\"> </span>unlimited<span class=\"_ _1\"></span> 12  5.05% p<span class=\"_ _1\"></span>.a. <span class=\"_ _61\"> </span>21,369<span class=\"_ _379\"> </span>Total <span class=\"_ _1ac\"> </span>1,746,366<span class=\"_ _379\"> </span>1,650,12<span class=\"_ _1\"></span>8<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed effective 9 October <span class=\"_ _3\"></span>202<span class=\"_ _1\"></span>3. 2 <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed effective 2 M<span class=\"_ _3\"></span>arch 2026.<span class=\"_ _1\"></span> 3 <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed after <span class=\"_ _3\"></span>10 years.<span class=\"_ _1\"></span> 4 <span class=\"_ _6\"> </span>The righ<span class=\"_ _3\"></span>t to ordinary and extraordinary cancell<span class=\"_ _3\"></span>ation<span class=\"_ _1\"></span> by the <span class=\"_ _3\"></span>holder is<span class=\"_ _1\"></span> exclu<span class=\"_ _3\"></span>ded. Regular cancellation by the issuer is fir<span class=\"_ _3\"></span>st<span class=\"_ _1\"></span> allowed after <span class=\"_ _3\"></span>10 years.<span class=\"_ _1\"></span> 5 <span class=\"_ _6\"> </span>Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2025.<span class=\"_ _1\"></span> 6 <span class=\"_ _6\"> </span>Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2025.<span class=\"_ _1\"></span> 7 <span class=\"_ _6\"> </span>This <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span>ly be <span class=\"_ _5\"></span>canc<span class=\"_ _3\"></span>elle<span class=\"_ _3\"></span>d sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _3\"></span>ot les<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>han <span class=\"_ _3\"></span>5 ye<span class=\"_ _3\"></span>ars\u2019 <span class=\"_ _3\"></span>no<span class=\"_ _3\"></span>tice, <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>less <span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>an in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e regu<span class=\"_ _5\"></span>lators<span class=\"_ _3\"></span> ag<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>to r<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>ymen<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>eing <span class=\"_ _3\"></span>made <span class=\"_ _5\"></span>earl<span class=\"_ _3\"></span>y. Du<span class=\"_ _3\"></span>e to<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ancell<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> EUR <span class=\"_ _5\"></span>8<span class=\"_ _1\"></span>,<span class=\"_ _3\"></span>250,<span class=\"_ _3\"></span>000 <span class=\"_ _3\"></span>will <span class=\"_ _5\"></span>be rep<span class=\"_ _5\"></span>aid st<span class=\"_ _3\"></span>ar<span class=\"_ _3\"></span>ting <span class=\"_ _3\"></span>with <span class=\"_ _5\"></span>2025.<span class=\"_ _3\"></span> 8 <span class=\"_ _6\"> </span>This <span class=\"_ _3\"></span>ca<span class=\"_ _3\"></span>n on<span class=\"_ _3\"></span>ly be <span class=\"_ _5\"></span>canc<span class=\"_ _3\"></span>elle<span class=\"_ _3\"></span>d sub<span class=\"_ _3\"></span>je<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _3\"></span>ot les<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>han <span class=\"_ _3\"></span>5 ye<span class=\"_ _3\"></span>ars\u2019 <span class=\"_ _3\"></span>no<span class=\"_ _3\"></span>tice, <span class=\"_ _3\"></span>un<span class=\"_ _3\"></span>less <span class=\"_ _5\"></span>A<span class=\"_ _1\"></span>us<span class=\"_ _3\"></span>tri<span class=\"_ _3\"></span>an in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e regu<span class=\"_ _5\"></span>lators<span class=\"_ _3\"></span> ag<span class=\"_ _3\"></span>ree <span class=\"_ _3\"></span>to r<span class=\"_ _3\"></span>epa<span class=\"_ _3\"></span>ymen<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>eing <span class=\"_ _3\"></span>made <span class=\"_ _5\"></span>earl<span class=\"_ _3\"></span>y. Du<span class=\"_ _3\"></span>e to<span class=\"_ _3\"></span> c<span class=\"_ _3\"></span>ancell<span class=\"_ _5\"></span>a<span class=\"_ _1\"></span>ti<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> EUR <span class=\"_ _5\"></span>16,10<span class=\"_ _3\"></span>0,<span class=\"_ _3\"></span>000 w<span class=\"_ _3\"></span>ill b<span class=\"_ _3\"></span>e r<span class=\"_ _3\"></span>epai<span class=\"_ _3\"></span>d s<span class=\"_ _3\"></span>tarti<span class=\"_ _3\"></span>ng <span class=\"_ _3\"></span>with <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>24. 9 <span class=\"_ _6\"> </span>Th<span class=\"_ _5\"></span>is c<span class=\"_ _3\"></span>an <span class=\"_ _3\"></span>on<span class=\"_ _3\"></span>ly <span class=\"_ _3\"></span>b<span class=\"_ _3\"></span>e ca<span class=\"_ _3\"></span>nc<span class=\"_ _3\"></span>ell<span class=\"_ _5\"></span>ed su<span class=\"_ _5\"></span>bje<span class=\"_ _3\"></span>ct t<span class=\"_ _3\"></span>o n<span class=\"_ _5\"></span>ot l<span class=\"_ _3\"></span>ess<span class=\"_ _5\"></span> tha<span class=\"_ _3\"></span>n <span class=\"_ _3\"></span>5 y<span class=\"_ _3\"></span>ear<span class=\"_ _5\"></span>s\u2019 n<span class=\"_ _3\"></span>ot<span class=\"_ _3\"></span>ice,<span class=\"_ _3\"></span> un<span class=\"_ _5\"></span>les<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>u<span class=\"_ _3\"></span>str<span class=\"_ _5\"></span>ian i<span class=\"_ _5\"></span>nsur<span class=\"_ _5\"></span>ance<span class=\"_ _3\"></span> r<span class=\"_ _3\"></span>egul<span class=\"_ _5\"></span>ator<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee <span class=\"_ _5\"></span>to <span class=\"_ _3\"></span>repa<span class=\"_ _3\"></span>ym<span class=\"_ _3\"></span>en<span class=\"_ _3\"></span>t b<span class=\"_ _3\"></span>ein<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>mad<span class=\"_ _5\"></span>e ea<span class=\"_ _3\"></span>rl<span class=\"_ _3\"></span>y. <span class=\"_ _3\"></span>Du<span class=\"_ _3\"></span>e t<span class=\"_ _3\"></span>o <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>cell<span class=\"_ _5\"></span>ati<span class=\"_ _3\"></span>ons,<span class=\"_ _3\"></span> E<span class=\"_ _3\"></span>UR <span class=\"_ _5\"></span>19,<span class=\"_ _3\"></span>110,<span class=\"_ _5\"></span>000 w<span class=\"_ _3\"></span>il<span class=\"_ _3\"></span>l b<span class=\"_ _3\"></span>e <span class=\"_ _3\"></span>rep<span class=\"_ _5\"></span>aid b<span class=\"_ _5\"></span>etwe<span class=\"_ _3\"></span>en <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>23 <span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span>20<span class=\"_ _3\"></span>24. 10 This <span class=\"_ _3\"></span>can <span class=\"_ _3\"></span>only <span class=\"_ _3\"></span>be <span class=\"_ _3\"></span>can<span class=\"_ _3\"></span>celle<span class=\"_ _3\"></span>d sub<span class=\"_ _5\"></span>ject <span class=\"_ _3\"></span>to n<span class=\"_ _5\"></span>ot<span class=\"_ _1\"></span> l<span class=\"_ _3\"></span>es<span class=\"_ _3\"></span>s than<span class=\"_ _3\"></span> 5 <span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ars' <span class=\"_ _3\"></span>noti<span class=\"_ _3\"></span>ce, u<span class=\"_ _3\"></span>nle<span class=\"_ _5\"></span>ss Aus<span class=\"_ _3\"></span>trian<span class=\"_ _3\"></span> in<span class=\"_ _3\"></span>sur<span class=\"_ _3\"></span>ance <span class=\"_ _3\"></span>regu<span class=\"_ _3\"></span>la<span class=\"_ _3\"></span>tors <span class=\"_ _3\"></span>agr<span class=\"_ _3\"></span>ee t<span class=\"_ _3\"></span>o r<span class=\"_ _3\"></span>epay<span class=\"_ _3\"></span>ment <span class=\"_ _3\"></span>bein<span class=\"_ _5\"></span>g<span class=\"_ _1\"></span> m<span class=\"_ _3\"></span>ade <span class=\"_ _3\"></span>earl<span class=\"_ _5\"></span>y<span class=\"_ _1\"></span>. <span class=\"_ _3\"></span>Due <span class=\"_ _3\"></span>to <span class=\"_ _3\"></span>canc<span class=\"_ _3\"></span>ell<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span>s, <span class=\"_ _3\"></span>EUR <span class=\"_ _3\"></span>34,<span class=\"_ _3\"></span>700,<span class=\"_ _3\"></span>000 w<span class=\"_ _3\"></span>ill b<span class=\"_ _5\"></span>e repa<span class=\"_ _3\"></span>id s<span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>rting <span class=\"_ _5\"></span>with <span class=\"_ _3\"></span>2024.<span class=\"_ _3\"></span> 11 The right to ordi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>ry and <span class=\"_ _3\"></span>extraordinary cancellatio<span class=\"_ _379\"> </span>n by the hold<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span>r is excluded. No <span class=\"_ _3\"></span>provision<span class=\"_ _1\"></span> h<span class=\"_ _3\"></span>as been ma<span class=\"_ _1\"></span>de for r<span class=\"_ _3\"></span>egular cancellation by the issuer. 12 Due to the cal<span class=\"_ _3\"></span>l, the supplementary capital <span class=\"_ _3\"></span>wi<span class=\"_ _1\"></span>ll b<span class=\"_ _3\"></span>e<span class=\"_ _1\"></span> repaid in full in<span class=\"_ _3\"></span> 2024<span class=\"_ _1\"></span>. VIG Holding<span class=\"_ _3\"></span> subordina<span class=\"_ _3\"></span>ted liab<span class=\"_ _3\"></span>ilities Interes<span class=\"_ _3\"></span>t o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> s<span class=\"_ _3\"></span>upplem<span class=\"_ _3\"></span>entary <span class=\"_ _3\"></span>capital <span class=\"_ _5\"></span>bonds i<span class=\"_ _3\"></span>s <span class=\"_ _3\"></span>only <span class=\"_ _5\"></span>pa<span class=\"_ _1\"></span>id <span class=\"_ _3\"></span>o<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>t <span class=\"_ _5\"></span>to t<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>extent <span class=\"_ _3\"></span>that <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span>inter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>is <span class=\"_ _3\"></span>co<span class=\"_ _3\"></span>v<span class=\"_ _1\"></span>er<span class=\"_ _3\"></span>ed b<span class=\"_ _3\"></span>y t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>compa<span class=\"_ _3\"></span>ny\u2019<span class=\"_ _d\"></span>s <span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>atio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span> annual pro<span class=\"_ _3\"></span>fit. T<span class=\"_ _3\"></span>he inter<span class=\"_ _3\"></span>est is, <span class=\"_ _3\"></span>however<span class=\"_ _d\"></span>, al<span class=\"_ _3\"></span>ways inclu<span class=\"_ _3\"></span>ded as a<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> exp<span class=\"_ _3\"></span>ense. On <span class=\"_ _4\"></span>9 Oct<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>ber <span class=\"_ _1\"></span>2013 <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _4\"></span>is<span class=\"_ _3\"></span>sued <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>subo<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>ed <span class=\"_ _4\"></span>b<span class=\"_ _3\"></span>ond <span class=\"_ _4\"></span>wit<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>tal <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>omi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>EUR <span class=\"_ _1\"></span>500,000<span class=\"_ _3\"></span>,000.00 <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a term <span class=\"_ _1\"></span>of 30 years. VIG <span class=\"_ _1\"></span>Holdi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>g can <span class=\"_ _1\"></span>call<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>the bond in <span class=\"_ _1\"></span>full<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>for the <span class=\"_ _1\"></span>first time <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>9 O<span class=\"_ _1\"></span>ctob<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>2023<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>and on each following coupo<span class=\"_ _3\"></span>n date. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e subor<span class=\"_ _3\"></span>dinate<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>bond bears inter<span class=\"_ _3\"></span>est <span class=\"_ _1\"></span>at a <span class=\"_ _1\"></span>fixed rate of 5.50% p<span class=\"_ _1\"></span>.a. during the <span class=\"_ _1\"></span>fi<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>st ten <span class=\"_ _1\"></span>yea<span class=\"_ _3\"></span>rs <span class=\"_ _1\"></span>of its t<span class=\"_ _1\"></span>erm and variable inter<span class=\"_ _3\"></span>est <span class=\"_ _3\"></span>after <span class=\"_ _5\"></span>t<span class=\"_ _1\"></span>hat. <span class=\"_ _3\"></span>T<span class=\"_ _3\"></span>he s<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>bordi<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span>ate <span class=\"_ _5\"></span>bond <span class=\"_ _3\"></span>satisf<span class=\"_ _3\"></span>ies t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span>tier <span class=\"_ _3\"></span>2 <span class=\"_ _3\"></span>re<span class=\"_ _3\"></span>quirem<span class=\"_ _3\"></span>ents <span class=\"_ _3\"></span>of <span class=\"_ _3\"></span>Sol<span class=\"_ _3\"></span>vency <span class=\"_ _3\"></span>II. <span class=\"_ _3\"></span>The <span class=\"_ _3\"></span>bo<span class=\"_ _3\"></span>nds <span class=\"_ _3\"></span>are <span class=\"_ _5\"></span>traded o<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _5\"></span>the <span class=\"_ _3\"></span>Vienna Stock <span class=\"_ _3\"></span>Exchange. <span class=\"_ _3\"></span>On 15 J<span class=\"_ _3\"></span>une 2022, a<span class=\"_ _3\"></span>n early pa<span class=\"_ _3\"></span>r<span class=\"_ _1\"></span>tial r<span class=\"_ _5\"></span>epurch<span class=\"_ _3\"></span>ase of t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e s<span class=\"_ _3\"></span>ubordi<span class=\"_ _3\"></span>nated bon<span class=\"_ _3\"></span>ds issued o<span class=\"_ _3\"></span>n 9 Octob<span class=\"_ _3\"></span>er 2013 <span class=\"_ _3\"></span>was performed.<span class=\"_ _3\"></span> App<span class=\"_ _3\"></span>roxim<span class=\"_ _3\"></span>ate<span class=\"_ _1\"></span>l<span class=\"_ _3\"></span>y 43<span class=\"_ _3\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _3\"></span>(EUR 215.<span class=\"_ _3\"></span>6 mill<span class=\"_ _3\"></span>ion) got r<span class=\"_ _3\"></span>epur<span class=\"_ _3\"></span>chased. EU<span class=\"_ _5\"></span>R<span class=\"_ _1\"></span> 284.<span class=\"_ _3\"></span>4 m<span class=\"_ _3\"></span>illio<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> in bo<span class=\"_ _3\"></span>nds sti<span class=\"_ _3\"></span>ll outst<span class=\"_ _3\"></span>anding co<span class=\"_ _3\"></span>ntin<span class=\"_ _3\"></span>ue to be r<span class=\"_ _3\"></span>eporte<span class=\"_ _3\"></span>d under s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated liabil<span class=\"_ _3\"></span>ities.<span class=\"_ _379\"> </span>The <span class=\"_ _1\"></span>Compa<span class=\"_ _3\"></span>ny <span class=\"_ _1\"></span>iss<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ed a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated bond <span class=\"_ _1\"></span>with <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>otal<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>minal v<span class=\"_ _1\"></span>al<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>of EUR <span class=\"_ _1\"></span>400,000<span class=\"_ _3\"></span>,000.00 and <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>term <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>31<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>years<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>on  2 Marc<span class=\"_ _3\"></span>h 2015. V<span class=\"_ _3\"></span>IG Holdi<span class=\"_ _3\"></span>ng ca<span class=\"_ _3\"></span>n c<span class=\"_ _1\"></span>all t<span class=\"_ _3\"></span>he bon<span class=\"_ _3\"></span>d in full<span class=\"_ _3\"></span> for the first tim<span class=\"_ _3\"></span>e on 2 Ma<span class=\"_ _3\"></span>rc<span class=\"_ _3\"></span>h 2026 and o<span class=\"_ _3\"></span>n ea<span class=\"_ _3\"></span>ch<span class=\"_ _1\"></span> fol<span class=\"_ _3\"></span>lowing co<span class=\"_ _5\"></span>u<span class=\"_ _1\"></span>pon da<span class=\"_ _3\"></span>te. The <span class=\"_ _4\"></span>subor<span class=\"_ _3\"></span>dinated <span class=\"_ _1\"></span>bond <span class=\"_ _4\"></span>bea<span class=\"_ _3\"></span>rs <span class=\"_ _4\"></span>interest <span class=\"_ _1\"></span>at <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>fixed <span class=\"_ _4\"></span>rate <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>3.75% <span class=\"_ _4\"></span>p.a. <span class=\"_ _4\"></span>d<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>ri<span class=\"_ _3\"></span>ng <span class=\"_ _4\"></span>the <span class=\"_ _4\"></span>first <span class=\"_ _4\"></span>eleve<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>years <span class=\"_ _4\"></span>of <span class=\"_ _1\"></span>its <span class=\"_ _4\"></span>term <span class=\"_ _4\"></span>and <span class=\"_ _4\"></span>variabl<span class=\"_ _3\"></span>e inter<span class=\"_ _3\"></span>est <span class=\"_ _6\"> </span>after <span class=\"_ _6\"> </span>th<span class=\"_ _3\"></span>at. <span class=\"_ _6\"> </span>The <span class=\"_ _6\"> </span>subo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ate <span class=\"_ _6\"> </span>bond <span class=\"_ _6\"> </span>s<span class=\"_ _3\"></span>atisfies <span class=\"_ _6\"> </span>t<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _b\"> </span>tier <span class=\"_ _6\"> </span>2 <span class=\"_ _6\"> </span>r<span class=\"_ _3\"></span>equirem<span class=\"_ _3\"></span>ents <span class=\"_ _6\"> </span>of <span class=\"_ _b\"> </span>Solvenc<span class=\"_ _3\"></span>y <span class=\"_ _6\"> </span>II<span class=\"_ _1\"></span>. <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>he <span class=\"_ _6\"> </span>bond <span class=\"_ _6\"> </span>is <span class=\"_ _b\"> </span>listed <span class=\"_ _b\"> </span>on <span class=\"_ _6\"> </span>the Luxembo<span class=\"_ _3\"></span>urg Stoc<span class=\"_ _3\"></span>k Exchang<span class=\"_ _3\"></span>e. A EUR <span class=\"_ _1\"></span>200,000<span class=\"_ _3\"></span>,000.00 s<span class=\"_ _3\"></span>ub<span class=\"_ _1\"></span>or<span class=\"_ _5\"></span>dinated bond was privatel<span class=\"_ _3\"></span>y <span class=\"_ _1\"></span>place<span class=\"_ _3\"></span>d. <span class=\"_ _1\"></span>The subor<span class=\"_ _3\"></span>dinated bon<span class=\"_ _3\"></span>d <span class=\"_ _1\"></span>has a term of <span class=\"_ _1\"></span>30 years and VIG Holdi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>call <span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>th<span class=\"_ _3\"></span>e <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>time<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ft<span class=\"_ _3\"></span>er <span class=\"_ _1\"></span>10 y<span class=\"_ _1\"></span>ears.<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>It <span class=\"_ _1\"></span>satisfie<span class=\"_ _3\"></span>s <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>tier <span class=\"_ _1\"></span>2 requir<span class=\"_ _3\"></span>eme<span class=\"_ _3\"></span>nts <span class=\"_ _4\"></span>of<span class=\"_ _5\"></span> <span class=\"_ _4\"></span>Solv<span class=\"_ _3\"></span>ency <span class=\"_ _1\"></span>II <span class=\"_ _1\"></span>and<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>qualifies <span class=\"_ _1\"></span>as<span class=\"_ _3\"></span> <span class=\"_ _1\"></span>capital based <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>the req<span class=\"_ _3\"></span>uireme<span class=\"_ _3\"></span>nts <span class=\"_ _1\"></span>of the S&amp;P rating agency<span class=\"_ _d\"></span>. The <span class=\"_ _1\"></span>s<span class=\"_ _3\"></span>ubordi<span class=\"_ _3\"></span>nated bond bears <span class=\"_ _1\"></span>i<span class=\"_ _3\"></span>nterest at a<span class=\"_ _1\"></span> fixed rate of 3.75 %<span class=\"_ _1\"></span> p.a. during <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>ten y<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>ar<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>its <span class=\"_ _1\"></span>term and <span class=\"_ _1\"></span>variable <span class=\"_ _1\"></span>inter<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>st after <span class=\"_ _1\"></span>that. <span class=\"_ _1\"></span>Incl<span class=\"_ _3\"></span>usion <span class=\"_ _4\"></span>fo<span class=\"_ _3\"></span>r <span class=\"_ _1\"></span>trading <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>the <span class=\"_ _1\"></span>Third Market <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>the V<span class=\"_ _1\"></span>ienna<span class=\"_ _3\"></span> Stock <span class=\"_ _3\"></span>Exchange to<span class=\"_ _3\"></span>ok place o<span class=\"_ _3\"></span>n 13 Ap<span class=\"_ _3\"></span>ril 2017<span class=\"_ _3\"></span>. A <span class=\"_ _4\"></span>tier<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>2 <span class=\"_ _a\"></span>s<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>bo<span class=\"_ _3\"></span>rdin<span class=\"_ _3\"></span>ated <span class=\"_ _a\"></span>bo<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span>w<span class=\"_ _1\"></span>it<span class=\"_ _3\"></span>h <span class=\"_ _a\"></span>a <span class=\"_ _4\"></span>total <span class=\"_ _4\"></span>nominal <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>alue <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>EU<span class=\"_ _3\"></span>R 500,000,<span class=\"_ _3\"></span>000.00 <span class=\"_ _4\"></span>was <span class=\"_ _4\"></span>placed<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>on <span class=\"_ _a\"></span>15<span class=\"_ _3\"></span> <span class=\"_ _a\"></span>June <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>h<span class=\"_ _1\"></span>e <span class=\"_ _4\"></span>sub-<span class=\"_ _379\"> </span>ordi<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>ted<span class=\"_ _1\"></span> bond <span class=\"_ _1\"></span>has <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>t<span class=\"_ _3\"></span>er<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>20 years <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>VIG <span class=\"_ _1\"></span>Holding <span class=\"_ _1\"></span>ca<span class=\"_ _3\"></span>n <span class=\"_ _4\"></span>c<span class=\"_ _3\"></span>all <span class=\"_ _1\"></span>it <span class=\"_ _1\"></span>for <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _1\"></span>first <span class=\"_ _1\"></span>time <span class=\"_ _1\"></span>after <span class=\"_ _1\"></span>10 y<span class=\"_ _1\"></span>ears. <span class=\"_ _1\"></span>T<span class=\"_ _3\"></span>he<span class=\"_ _1\"></span> bond <span class=\"_ _1\"></span>bears <span class=\"_ _1\"></span>initial inter<span class=\"_ _3\"></span>est <span class=\"_ _4\"></span>at <span class=\"_ _1\"></span>a <span class=\"_ _4\"></span>fixed <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>t<span class=\"_ _3\"></span>e <span class=\"_ _4\"></span>of <span class=\"_ _4\"></span>4.875<span class=\"_ _5\"></span>%<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>p.<span class=\"_ _3\"></span>a. <span class=\"_ _4\"></span>and <span class=\"_ _1\"></span>w<span class=\"_ _1\"></span>ill<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>pay <span class=\"_ _1\"></span>variable <span class=\"_ _1\"></span>int<span class=\"_ _1\"></span>e<span class=\"_ _3\"></span>rest <span class=\"_ _4\"></span>fro<span class=\"_ _3\"></span>m <span class=\"_ _1\"></span>15 <span class=\"_ _4\"></span>Ju<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _4\"></span>203<span class=\"_ _3\"></span>2 <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>incl<span class=\"_ _3\"></span>u<span class=\"_ _1\"></span>di<span class=\"_ _3\"></span>ng), <span class=\"_ _4\"></span>unless<span class=\"_ _3\"></span> <span class=\"_ _4\"></span>called <span class=\"_ _1\"></span>and <span class=\"_ _4\"></span>r<span class=\"_ _5\"></span>e<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span>purch<span class=\"_ _3\"></span>ased befor<span class=\"_ _5\"></span>e this date. T<span class=\"_ _5\"></span>h<span class=\"_ _1\"></span>e bon<span class=\"_ _3\"></span>ds ar<span class=\"_ _3\"></span>e traded o<span class=\"_ _3\"></span>n the Vien<span class=\"_ _3\"></span>na<span class=\"_ _1\"></span> S<span class=\"_ _3\"></span>tock Exc<span class=\"_ _3\"></span>hange.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-29": {
   "value": "10. UNDERWRITING PROVISIONS Composition  31.12.2022 31.12.2021 in EUR '000 Provision for unearned premiums  2,232,406 1,863,198 Mathematical reserve  21,484,398 21,937,030 Guaranteed policy benefits  20,947,713 20,616,136 Allocated and committed profit shares  536,685 647,359 Deferred mathematical reserve  0 673,535 Provision for outstanding claims  7,984,212 7,082,488 Provision for premium refunds  224,450 1,599,710 Profit-related premium refunds  414,143 305,586 Profit-unrelated premium-refunds  89,824 87,560 Deferred profit participation recognised through profit and loss 1  396,541 438,495 Deferred profit participation recognised directly in equity 1 or 2  -676,058 768,069 Other underwriting provisions  62,404 63,801 Total  31,987,870 32,546,227 1 The deferred profit participation is solely due to the profit-related premium refunds. 2 Due to the missing coverage in the undisclosed profit commissions in the profit participation pursuant to the Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz \u2013 VAG), EUR 302,492,000 were not recognised.   11 10.1. Provision for unearned premiums Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  1,863,198 1,711,489 Exchange rate differences  -36,691 -29,592 Book value as of 1.1.  1,826,507 1,681,897 Additions  1,965,769 1,673,061 Amount used/released  -1,603,411 -1,491,760 Changes in scope of consolidation  43,541 0 Book value as of 31.12.  2,232,406 1,863,198 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  1,901,764 1,620,528 more than one year up to five years  262,446 209,487 more than five years up to ten years  49,320 25,581 more than ten years  18,876 7,602 Total  2,232,406 1,863,198 10.2. Mathematical reserve Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  21,937,030 22,243,792 Exchange rate differences  -38,458 81,088 Book value as of 1.1.  21,898,572 22,324,880 Additions  2,357,415 2,149,024 Amount used/released  -3,350,998 -2,678,671 Transfer from provisions for premium refunds  295 141,797 Changes in scope of consolidation  579,114 0 Book value as of 31.12.  21,484,398 21,937,030 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  1,531,178 1,541,997 more than one year up to five years  4,837,750 5,299,718 more than five years up to ten years  3,889,059 3,850,476 more than ten years  11,226,411 11,244,839 Total  21,484,398 21,937,030 10.3. Provision for outstanding claims Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  7,082,488 6,345,913 Exchange rate differences  -18,712 12,595 Book value as of 1.1.  7,063,776 6,358,508 Changes in scope of consolidation  74,468 0 Additions of provision for outstanding claims  5,931,877 5,217,594 for claims paid occurred in the reporting period  5,234,520 4,493,352 for claims paid occurred in previous periods  697,357 724,242 Use/release of provision  -5,085,909 -4,493,529 for claims paid occurred in the reporting period  -2,960,354 -2,505,507 for claims paid occurred in previous periods  -2,125,555 -1,988,022 Other changes  0 -85 Book value as of 31.12.  7,984,212 7,082,488 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  3,544,453 3,178,391 more than one year up to five years  2,547,999 2,208,485 more than five years up to ten years  1,027,287 925,165 more than ten years  864,473 770,447 Total  7,984,212 7,082,488 EUR 127,097,000 (EUR 126,769,000) in recourse claims were deducted from the provision for outstanding claims. A detailed presentation of the change in gross loss reserve for the property and casualty line of business is provided on page 93. 1 10.4. Provision for premium refunds Development  2022 2021 in EUR '000 Provision for premium refunds       Book value as of 31.12. of the previous year  393,146 393,873 Exchange rate differences  2,636 3,248 Book value as of 1.1.  395,782 397,121 Additions  1,591,353 427,892 Amount used/released  -1,483,091 -290,070 Changes in scope of consolidation  218 0 Transfer to mathematical reserve  -295 -141,797 Book value as of 31.12.  503,967 393,146 Deferred profit participation       Book value as of 31.12. of the previous year  1,206,564 1,477,543 Exchange rate differences  2,447 0 Book value as of 1.1.  1,209,011 1,477,543 Changes in scope of consolidation  -50,495 0 Unrealised gains and losses on financial assets available for sale  -1,501,104 -323,279 Actuarial gains and losses from provisions for employee benefits  56,977 14,515 Revaluations recognised through profit and loss  6,094 37,785 Book value as of 31.12.  -279,517 1,206,564 Provision for premium refunds incl. deferred profit participation  224,450 1,599,710 10.5. Other underwriting provisions Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  63,801 57,445 Exchange rate differences  -716 -42 Book value as of 1.1.  63,085 57,403 Additions  16,148 25,252 Amount used/released  -18,303 -18,854 Changes in scope of consolidation  1,474 0 Book value as of 31.12.  62,404 63,801 Other underwriting provisions are primarily a provision for guaranteed interest for  the PAC Doverie in Bulgaria  and the provision for cancellations. Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  22,700 20,666 more than one year up to five years  9,492 11,268 more than five years up to ten years  1,668 1,381 more than ten years  28,544 30,486 Total  62,404 63,801 11. UNDERWRITING PROVISIONS FOR UNIT- AND INDEX-LINKED LIFE INSURANCE Composition  31.12.2022 31.12.2021 in EUR '000 Unit-linked life insurance  6,499,930 7,302,876 Index-linked life insurance  402,780 885,917 Total  6,902,710 8,188,793 Development  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  8,188,793 7,617,216 Exchange rate differences  -15,184 42,741 Book value as of 1.1.  8,173,609 7,659,957 Additions  950,206 1,624,302 Amount used/released  -2,401,732 -1,095,466 Changes in scope of consolidation  180,627 0 Book value as of 31.12.  6,902,710 8,188,793 Maturity structure  31.12.2022 31.12.2021 in EUR '000 up to one year  269,432 728,456 more than one year up to five years  1,243,196 1,202,133 more than five years up to ten years  979,990 1,183,717 more than ten years  4,410,092 5,074,487 Total  6,902,710 8,188,793 12. NON-UNDERWRITING PROVISIONS Composition  31.12.2022 31.12.2021 in EUR '000 Provisions for pensions and similar obligations  314,119 539,249 Provision for pension obligations  214,244 436,191 Provision for severance obligations  99,875 103,058 Provisions for other employee benefits  59,848 57,256 Other non-underwriting provisions  323,738 293,684 Total  697,705 890,189 1 Provision for pension obligations Development of DBO  2022 2021 in EUR '000 Present value of the obligations (DBO) as of 31.12. of the previous year  828,764 894,169 Exchange rate differences  -186 -7 Present value of the obligations (DBO) as of 1.1.  828,578 894,162 Current service costs  12,094 13,755 Past service costs  55 8 Interest expense  8,120 6,561 Remeasurement  -224,429 -53,829 Actuarial gain/loss demographic  19 -1 Actuarial gain/loss financial  -210,521 -42,770 Experience adjustment  -13,927 -11,058 Settlement payments  2 -1 Benefits paid  -31,362 -30,843 Changes in scope of consolidation  1,050 -1,049 Present value of the obligations (DBO) as of 31.12.  594,108 828,764 thereof active personnel  144,668 254,349 thereof DBO retirees  449,440 574,415 Development of plan assets  2022 2021 in EUR '000 Plan assets as of 31.12. of the previous year  392,573 408,549 Plan assets as of 1.1.  392,573 408,549 Interest income  3,844 3,007 Remeasurement  -187 -325 Net return on assets  -187 -325 Contributions*  10,344 7,930 Benefits paid  -26,710 -26,588 Plan assets as of 31.12.  379,864 392,573 * The contributions shown were paid in full by the employers. Development of provision  2022 2021 in EUR '000 Book value as of 31.12. of the previous year  436,191 485,620 Exchange rate differences  -186 -7 Book value as of 1.1.  436,005 485,613 Current service costs  12,094 13,755 Past service costs  55 8 Interest expense  4,276 3,554 Remeasurement  -224,242 -53,504 Net return on assets  187 325 Actuarial gain/loss demographic  19 -1 Actuarial gain/loss financial  -210,521 -42,770 Experience adjustment  -13,927 -11,058 Contributions*  -10,344 -7,930 Settlement payments  2 -1 Benefits paid  -4,652 -4,255 Changes in scope of consolidation  1,050 -1,049 Book value as of 31.12.  214,244 436,191 * The contributions shown were paid in full by the employers. Additional information for the Austrian companies The plan assets consist of the following: Structure of financial investments in the mathematical reserve for occupational group insurance  31.12.2022 31.12.2021 in % Wiener St\u00e4dtische and VIG Holding  100.00 100.00 Fixed-interest securities  95.46 92.93 Loans  1.40 1.47 Bank deposits  1.37 3.74 Shares, supplementary capital, profit participation rights, participation capital  1.77 1.86 Donau Versicherung  100.00 100.00 Fixed-interest securities  97.04 99.92 Bank deposits  2.96 0.08 The asset allocation of the actuarial reserve for occupational group insurance is structured according to the maturity of the liabilities.  Pension  contributions  are  expected  to  be  EUR 22,110,000  in  financial  year  2023  (ACTUAL  in  2022: EUR 10,344,000 incl. transfers). Pension sensitivity analysis  Variation DBO Change in % in EUR '000 in % Base parameters     583,746 Interest rate  +0.5 551,285 -5.56   -0.5 619,671 6.15 Future salary increases  +0.5 587,475 0.64   -0.5 580,286 -0.59 Future pension increases  +0.5 615,956 5.52   -0.5 554,076 -5.08 Employee turnover  +2.5 567,478 -2.79   -2.5 584,930 0.20 Mortality  +5.0 574,340 -1.61   -5.0 592,810 1.55 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-30": {
   "value": "13. LIABILITIES EXCL. SUBORDINATED LIABILITIES Composition  31.12.2022 31.12.2021 in EUR '000 Underwriting  1,336,601 1,166,270 Liabilities from direct business  1,098,200 1,008,912 to policyholders  543,931 562,792 to insurance intermediaries  325,630 269,732 to insurance companies  228,639 176,388 Liabilities from reinsurance business  215,288 133,544 Deposits from ceded reinsurance business  23,113 23,814 Non-underwriting  1,851,774 1,734,010 Liabilities to financial institutions  343,898 351,087 Other liabilities  1,507,876 1,382,923 Total  3,188,375 2,900,280 1 Composition of Other liabilities  31.12.2022 31.12.2021 in EUR '000 Tax liabilities (excl. income taxes), levies and fees  116,432 96,683 Liabilities for social security  23,158 21,949 Property management, building contract and property transfer liabilities  24,870 16,821 Personnel-related liabilities  172,174 153,998 Liabilities for unpaid incoming invoices  142,771 126,598 Interest payable for subordinated liabilities  42,914 32,313 Lease liabilities  183,126 181,048 Liabilities from sureties  66,231 59,816 Financing liabilities*  594,958 597,319 Other liabilities  141,242 96,378 Total  1,507,876 1,382,923 *Includes derivative liabilities and other financing liabilities Maturity structure  31.12.2022  31.12.2021   Underwriting Non-underwriting Total Total in EUR '000 up to one year  1,273,123 961,093 2,234,216 1,912,783 more than one year up to five years  39,752 207,549 247,301 295,545 more than five years up to ten years  17,745 87,558 105,303 92,351 more than ten years  5,981 595,574 601,555 599,601 Total  1,336,601 1,851,774 3,188,375 2,900,280 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-397": {
   "value": "14. CONTINGENT LIABILITIES AND RECEIVABLES Litigation relating to coverage In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as de- fendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the opinion of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law.  Off-balance sheet claims  31.12.2022 31.12.2021 in EUR '000 Contingent receivables  9,082 314 The increase in contingent receivables is due to a bank guarantee granted. Off-balance sheet commitments  31.12.2022 31.12.2021 in EUR '000 Liabilities and assumed liabilities  0 750 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-430": {
   "value": "14. CONTINGENT LIABILITIES AND RECEIVABLES Litigation relating to coverage In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as de- fendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the opinion of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-424": {
   "value": "14. CONTINGENT LIABILITIES AND RECEIVABLES Litigation relating to coverage In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as de- fendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the opinion of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law. Off-balance sheet claims  31.12.2022 31.12.2021 in EUR '000 Contingent receivables  9,082 314 The increase in contingent receivables is due to a bank guarantee granted. Off-balance sheet commitments  31.12.2022 31.12.2021 in EUR '000 Liabilities and assumed liabilities  0 750 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-31": {
   "value": "14. CONTINGENT LIABILITIES AND RECEIVABLES Litigation relating to coverage In their capacity as insurance companies, the Group companies are involved in a number of court proceedings as de- fendants or have been threatened with litigation. In addition, there are proceedings, in which the Group companies are not involved as parties, but may be affected by the outcome of such lawsuits due to agreements with other insurers concerning participation in claims. In the opinion of the Group, adequate provisions proportionate to the amount in dispute have been established for all claims in accordance with the law. Off-balance sheet claims  31.12.2022 31.12.2021 in EUR '000 Contingent receivables  9,082 314 The increase in contingent receivables is due to a bank guarantee granted. Off-balance sheet commitments  31.12.2022 31.12.2021 in EUR '000 Liabilities and assumed liabilities  0 750 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-32": {
   "value": "NOTES TO THE CONSOLIDATED INCOME STATEMENT 15. PREMIUMS WRITTEN \u2013 GROSS Composition  2022    Motor own damage insurance (Casco) Motor third party liability insurance Other property and casualty insurance Life insurance \u2013 regular premium Life insurance \u2013 single premium Health insurance Total in EUR '000 Austria  337,099 340,237 1,592,050 1,206,922 182,067 480,009 4,138,384 Czech Republic  327,324 389,016 632,102 721,013 28,019 24,647 2,122,121 Poland  200,604 307,037 498,626 165,049 142,972 38,593 1,352,881 Extended CEE  673,547 809,842 830,881 647,191 423,245 208,538 3,593,244 Special Markets  88,788 90,099 334,760 199,900 83,853 48,787 846,187 Group Functions  0 0 2,223,272 40,176 0 34,377 2,297,825 Subtotal  1,627,362 1,936,231 6,111,691 2,980,251 860,156 834,951 14,350,642 Consolidation                    -1,791,400 Total                    12,559,242 Composition  2021    Motor own damage insurance (Casco) Motor third party liability insurance Other property and casualty insurance Life insurance \u2013 regular premium Life insurance \u2013 single premium Health insurance Total in EUR '000 Austria  316,921 327,699 1,499,767 1,208,158 228,008 467,890 4,048,443 Czech Republic  279,235 349,310 526,050 659,140 30,204 21,000 1,864,939 Poland  192,220 310,739 444,957 166,804 135,654 29,417 1,279,791 Extended CEE  566,526 584,560 621,151 527,891 423,819 162,786 2,886,733 Special Markets  47,251 39,958 270,776 88,844 50,900 33,957 531,686 Group Functions  0 0 1,904,412 32,535 0 28,070 1,965,017 Subtotal  1,402,153 1,612,266 5,267,113 2,683,372 868,585 743,120 12,576,609 Consolidation   -1,574,043 Total   11,002,566 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-398": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100.  Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-437": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100. Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-435": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100. Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-431": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100. Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-425": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100. Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-33": {
   "value": "16. F INANCIAL RESULT EXCL. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  Austria  Czech Republic  Poland  Extended CEE 2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  659,111 646,176 94,030 73,422 37,889 23,216 151,514 115,924 Appreciation  1,729 1,517 1,543 4,461 491 1,503 7,674 5,526 thereof reversal of impairment  0 0 0 0 0 0 337 334 Gains from disposal  138,750 55,039 22,250 17,918 143 9,351 13,320 19,536 Other income  60,188 59,812 7,064 10,066 6,652 7,544 41,412 29,495 Total income  859,778 762,544 124,887 105,867 45,175 41,614 213,920 170,481 Depreciation  169,185 56,411 4,776 4,950 3,234 5,911 29,460 9,062 thereof impairment  112,555 6,635 37 916 0 4,000 7,514 228 Exchange rate differences  0 -127 287 2,280 -248 145 -8,739 1,596 Losses from disposal  26,028 10,702 28,743 11,235 1,192 804 26,204 1,066 Interest expenses  50,647 55,792 15,415 5,034 13,098 1,487 14,289 5,489 Interest expenses for personnel provisions  4,486 3,632 0 0 0 0 0 0 Interest expenses for liabilities to financial institutions 1,899 2,159 0 0 0 0 4 0 Interest expenses for financing liabilities  840 978 0 0 0 0 350 221 Interest expenses for subordinate liabilities 35,989 35,966 1,131 1,083 612 39 3,097 893 Interest expenses for lease liabilities  1,564 1,772 993 774 174 118 751 714 Other interest expenses  5,869 11,285 13,291 3,177 12,312 1,330 10,087 3,661 Other expenses  57,236 59,665 8,064 11,389 8,350 9,321 24,520 23,179 Managed portfolio fees  4,520 4,367 1,416 1,394 1,838 3,494 1,317 1,212 Asset management expenses  52,133 54,880 3,616 2,848 4,732 4,579 21,299 21,331 Other expenses  583 418 3,032 7,147 1,780 1,248 1,904 636 Total expenses  303,096 182,443 57,285 34,888 25,626 17,668 85,734 40,392 Composition  Special Markets  Group Functions  Consolidation  Total    2022 2021 2022 2021 2022 2021 2022 2021 in EUR '000 Current income  57,991 34,270 121,635 82,411 -88,513 -60,453 1,033,657 914,966 Appreciation  7 66 0 3,100 0 0 11,444 16,173 thereof reversal of impairment  7 66 0 3,100 0 0 344 3,500 Gains from disposal  661 595 6,303 8,745 0 0 181,427 111,184 Other income  485 654 17,565 10,633 -433 -1,007 132,933 117,197 Total income  59,144 35,585 145,503 104,889 -88,946 -61,460 1,359,461 1,159,520 Depreciation  2,725 546 46,137 27,403 0 0 255,517 104,283 thereof impairment  2,179 33 17,682 13,200 0 0 139,967 25,012 Exchange rate differences  -99,491 -2,851 943 6,193 -193 -163 -107,441 7,073 Losses from disposal  560 97 17,278 11,829 0 0 100,005 35,733 Interest expenses  887 221 91,377 90,653 -83,835 -56,125 101,878 102,551 Interest expenses for personnel provisions  0 0 704 520 0 0 5,190 4,152 Interest expenses for liabilities to financial institutions 0 0 3,146 3,276 0 0 5,049 5,435 Interest expenses for financing liabilities  32 54 26,794 30,090 -21,445 -25,597 6,571 5,746 Interest expenses for subordinate liabilities 0 0 56,894 50,000 -24,735 -22,432 72,988 65,549 Interest expenses for lease liabilities  316 56 87 47 -465 -341 3,420 3,140 Other interest expenses  539 111 3,752 6,720 -37,190 -7,755 8,660 18,529 Other expenses  1,919 1,931 130,826 198,413 -360 -1,036 230,555 302,862 Managed portfolio fees  0 0 0 0 0 0 9,091 10,467 Asset management expenses  1,856 1,800 104,634 157,466 0 0 188,270 242,904 Other expenses  63 131 26,192 40,947 -360 -1,036 33,194 49,491 Total expenses  -93,400 -56 286,561 334,491 -84,388 -57,324 580,514 552,502 Information on operating expenses for investment property is provided in Note 2.1. Property on page 100. Composition  2022  2021 Income  Current income Appreciation Gains from disposal Current income Appreciation Gains from disposal in EUR '000 Property  113,854 275 4,479 101,972 3,385 4,470 Loans  80,281 69 231 77,326 115 9,147 Loans  44,441 69 1 41,243 115 9,138 Reclassified loans  4,409 0 202 7,775 0 0 Bonds classified as loans  31,431 0 28 28,308 0 9 Financial assets held to maturity \u2013 bonds  69,715 0 1,426 67,227 0 9 Financial assets reclassified as held to maturity \u2013 bonds  12,039 0 0 14,091 0 0 Financial assets available for sale  683,887 0 159,729 605,638 0 86,419 Bonds  591,328 0 54,949 534,566 0 39,665 Shares and other participations  46,771 0 31,989 22,713 0 21,773 thereof participations  27,147 0 162 9,024 0 2,117 Investment funds  45,788 0 72,791 48,359 0 24,981 Financial assets recognised at fair value through profit and loss*  3,379 11,100 15,539 3,241 12,673 9,986 Other investments  27,712 0 23 20,973 0 1,153 Unit- and index-linked life insurance  42,790 0 0 24,498 0 0 Total  1,033,657 11,444 181,427 914,966 16,173 111,184 *Including held for trading EUR 286,254,000 (EUR 75,060,000) of financial assets available for sale were reclassified from shareholders\u2019 equity to the income statement in the current reporting period. Composition  2022  2021 Expenses  Depreciation Exchange rate differences Losses from disposal Depreciation Exchange rate differences Losses from disposal in EUR '000 Property  90,616 0 97 73,413 0 30 Loans  12,814 143 620 3,500 188 183 Loans  814 -17 500 3,500 -24 9 Reclassified loans  0 0 0 0 0 174 Bonds classified as loans  12,000 160 120 0 212 0 Financial assets held to maturity \u2013 bonds  399 -1,055 0 0 827 3 Financial assets reclassified as held to maturity \u2013 bonds  0 17 87 0 46 0 Financial assets available for sale  126,478 -106,216 70,993 19,824 3,367 19,440 Bonds  100,927 -105,796 45,444 0 2,696 4,843 Shares and other participations  10,477 115 4,093 19,461 202 3,697 Investment funds  15,074 -535 21,456 363 469 10,900 Financial assets recognised at fair value through profit and loss*  25,210 1,758 27,543 7,546 2,280 13,449 Other investments  0 -2,088 665 0 365 2,628 Total  255,517 -107,441 100,005 104,283 7,073 35,733 *Including held for trading Interest  expenses  and  other expenses  result  from  items on  the  liabilities  side  of  the  balance  sheet  or  from  business operations and therefore cannot be directly allocated to an investment class.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-400": {
   "value": "17. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  2022 2021 in EUR '000 Income  18,287 24,872 Current result  18,287 24,872 18. OTHER INCOME AND EXPENSES Composition  2022 2021 in EUR '000 Other income  185,859 165,789 Underwriting  94,328 100,649 Non-underwriting  91,531 65,140 Other expenses  421,480 317,902 Underwriting  325,108 219,804 Non-underwriting  96,372 98,098 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-34": {
   "value": "17. RESULT FROM SHARES IN AT EQUITY CONSOLIDATED COMPANIES Composition  2022 2021 in EUR '000 Income  18,287 24,872 Current result  18,287 24,872 18. OTHER INCOME AND EXPENSES Composition  2022 2021 in EUR '000 Other income  185,859 165,789 Underwriting  94,328 100,649 Non-underwriting  91,531 65,140 Other expenses  421,480 317,902 Underwriting  325,108 219,804 Non-underwriting  96,372 98,098 Details of other expenses  2022 2021 in EUR '000 Other expenses  421,480 317,902 thereof creation of allowances for receivables and receivable write-offs  61,586 39,858 thereof write-downs of insurance portfolio and customer base  30,210 8,677 thereof brokering expenses  2,205 2,037 thereof underwriting taxes  120,289 48,754 thereof exchange rate losses  47,277 43,997 thereof expenses related to leases  27,688 28,584 thereof other contributions and fees  19,023 14,191 thereof expenses for government-imposed contributions  27,216 27,038 thereof creation of other provisions  18,256 30,575 The increase in underwriting taxes is predominantly due to the additional insurance tax in Hungary. Details are listed on page 55. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-399": {
   "value": "Details of other expenses  2022 2021 in EUR '000 Other expenses  421,480 317,902 thereof creation of allowances for receivables and receivable write-offs  61,586 39,858 thereof write-downs of insurance portfolio and customer base  30,210 8,677 thereof brokering expenses  2,205 2,037 thereof underwriting taxes  120,289 48,754 thereof exchange rate losses  47,277 43,997 thereof expenses related to leases  27,688 28,584 thereof other contributions and fees  19,023 14,191 thereof expenses for government-imposed contributions  27,216 27,038 thereof creation of other provisions  18,256 30,575 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-426": {
   "value": "Details of other expenses  2022 2021 in EUR '000 Other expenses  421,480 317,902 thereof creation of allowances for receivables and receivable write-offs  61,586 39,858 thereof write-downs of insurance portfolio and customer base  30,210 8,677 thereof brokering expenses  2,205 2,037 thereof underwriting taxes  120,289 48,754 thereof exchange rate losses  47,277 43,997 thereof expenses related to leases  27,688 28,584 thereof other contributions and fees  19,023 14,191 thereof expenses for government-imposed contributions  27,216 27,038 thereof creation of other provisions  18,256 30,575 The increase in underwriting taxes is predominantly due to the additional insurance tax in Hungary. Details are listed on page 55. 19. EXPENSES FOR CLAIMS AND INSURANCE BENEFITS \u2013 RETENTION All payments to policyholders arising from loss events, claims settlement expenses directly related to loss events, and internal costs attributable to claims settlement under the allocation according to origin principle, are shown as expenses for claims  and  insurance  benefits.  Expenses  for  loss  prevention  are  also  reported  in  this  item.  Expenses  for  claims  and insurance benefits are reduced by the income gained from using existing contractual and statutory avenues of recourse (this applies in particular to property and casualty insurance). Changes in the underwriting provisions are also reported in expenses for claims and insurance benefits. 1 Composition  2022 2021 in EUR '000 Expenses for claims and insurance benefits \u2013 gross  8,951,798 8,081,691 Payments for claims and insurance benefits  8,701,691 7,754,860 Changes in the provision for outstanding claims  847,376 712,195 Change in mathematical reserve  -824,453 -537,988 Change in other underwriting provisions  -1,560 3,012 Expenses for profit-related and profit-unrelated premium refunds  228,744 149,612 Expenses for claims and insurance benefits \u2013 reinsurers\u00b4 share  -1,039,762 -945,130 Payments for claims and insurance benefits  -661,135 -545,920 Changes in the provision for outstanding claims  -351,738 -373,713 Change in mathematical reserve  -14 -520 Change in other underwriting provisions  681 1,763 Expenses for profit-unrelated premium refunds  -27,556 -26,740 Expenses for claims and insurance benefits \u2013 retention  7,912,036 7,136,561 Payments for claims and insurance benefits  8,040,556 7,208,940 Changes in the provision for outstanding claims  495,638 338,482 Change in mathematical reserve  -824,467 -538,508 Change in other underwriting provisions  -879 4,775 Expenses for profit-related and profit-unrelated premium refunds  201,188 122,872 20. ACQUISITION AND ADMINISTRATIVE EXPENSES The acquisition and administrative expenses item is broken down into acquisition expenses, administrative expenses less reinsurance commissions and profit commissions  for  reinsurance  cessions.  It  therefore  includes  VIG Insurance Group personnel and materials expenses allocated according to the origin principle. Composition  2022 2021 in EUR '000 Acquisition expenses  2,560,636 2,211,125 Commission expenses*  1,861,517 1,573,075 Pro rata personnel expenses  417,303 377,940 Pro rata material expenses  281,816 260,110 Administrative expenses  578,992 510,949 Pro rata personnel expenses  272,535 237,997 Pro rata material expenses  306,457 272,952 Reinsurance commissions  -209,163 -185,246 Total  2,930,465 2,536,828 *Includes commissions of EUR 1,802,169,000 (EUR 1,481,503,000) for direct insurance business ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-401": {
   "value": "20. ACQUISITION AND ADMINISTRATIVE EXPENSES The acquisition and administrative expenses item is broken down into acquisition expenses, administrative expenses less reinsurance commissions and profit commissions  for  reinsurance  cessions.  It  therefore  includes  VIG Insurance Group personnel and materials expenses allocated according to the origin principle. Composition  2022 2021 in EUR '000 Acquisition expenses  2,560,636 2,211,125 Commission expenses*  1,861,517 1,573,075 Pro rata personnel expenses  417,303 377,940 Pro rata material expenses  281,816 260,110 Administrative expenses  578,992 510,949 Pro rata personnel expenses  272,535 237,997 Pro rata material expenses  306,457 272,952 Reinsurance commissions  -209,163 -185,246 Total  2,930,465 2,536,828 *Includes commissions of EUR 1,802,169,000 (EUR 1,481,503,000) for direct insurance business ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-432": {
   "value": "20. ACQUISITION AND ADMINISTRATIVE EXPENSES The acquisition and administrative expenses item is broken down into acquisition expenses, administrative expenses less reinsurance commissions and profit commissions  for  reinsurance  cessions.  It  therefore  includes  VIG Insurance Group personnel and materials expenses allocated according to the origin principle. Composition  2022 2021 in EUR '000 Acquisition expenses  2,560,636 2,211,125 Commission expenses*  1,861,517 1,573,075 Pro rata personnel expenses  417,303 377,940 Pro rata material expenses  281,816 260,110 Administrative expenses  578,992 510,949 Pro rata personnel expenses  272,535 237,997 Pro rata material expenses  306,457 272,952 Reinsurance commissions  -209,163 -185,246 Total  2,930,465 2,536,828 *Includes commissions of EUR 1,802,169,000 (EUR 1,481,503,000) for direct insurance business ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-35": {
   "value": "20. ACQUISITION AND ADMINISTRATIVE EXPENSES The acquisition and administrative expenses item is broken down into acquisition expenses, administrative expenses less reinsurance commissions and profit commissions  for  reinsurance  cessions.  It  therefore  includes  VIG Insurance Group personnel and materials expenses allocated according to the origin principle. Composition  2022 2021 in EUR '000 Acquisition expenses  2,560,636 2,211,125 Commission expenses*  1,861,517 1,573,075 Pro rata personnel expenses  417,303 377,940 Pro rata material expenses  281,816 260,110 Administrative expenses  578,992 510,949 Pro rata personnel expenses  272,535 237,997 Pro rata material expenses  306,457 272,952 Reinsurance commissions  -209,163 -185,246 Total  2,930,465 2,536,828 *Includes commissions of EUR 1,802,169,000 (EUR 1,481,503,000) for direct insurance business ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-402": {
   "value": "21. TAXES Composition  2022 2021 in EUR '000 Actual taxes  88,538 270,566 from the current period  78,616 263,908 from previous periods  9,922 6,658 Deferred taxes  9,593 -147,227 Change of deferred taxes in the current year  10,621 -131,532 Deferred taxes due to temporary differences relating to other periods  206 -12,467 Deferred taxes due to loss carry forwards relating to other periods  -1,234 -3,228 Total  98,131 123,339 Reconciliation  2022 2021 in EUR '000 Expected tax rate in %  25.0% 25.0% Result before taxes  562,422 511,333 Expected tax expenses  140,606 127,833 Adjusted for tax effects due to:       Different local tax rate  -28,412 -41,668 Change of tax rates  -2,788 476 Non-deductible expenses  95,793 110,625 Income not subject to tax  -97,196 -93,774 Taxes from previous years  8,894 -9,037 Non-recognition/reduction of deferred tax assets due to temporary differences  5,675 1,936 Non-recognition/reduction of deferred tax assets due to loss carry forwards  5,160 3,355 Effects due to group taxation/profit transfers  458 3,859 Tax effects due to deferred profit participation  -44,208 9,421 Others  14,149 10,313 Effective tax expenses  98,131 123,339 Effective tax rate in %  17.4% 24.1% The income tax rate of the parent company is used as the group tax rate. The non-deductible expenses consist primarily of depreciation and the income not subject to tax is mainly the result of appreciation, dividends and interest received. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-403": {
   "value": "22. EARNINGS PER SHARE Earnings per share     2022 2021 Result for the period  EUR '000  464,291 387,994 Non-controlling interests in net result for the period  EUR '000  1,650 -12,264 Result for the period less non-controlling interests  EUR '000  465,941 375,730 Interest expenses for hybrid capital  EUR '000  7,469 0 Attributable result  EUR '000  458,472 375,730 Number of shares at closing date  units  128,000,000 128,000,000 Earnings per share*  EUR  3.58 2.94 *The calculation of these figures considers the interest expenses for hybrid capital. The undiluted earnings per share equals the diluted earnings per share ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-36": {
   "value": "22. EARNINGS PER SHARE Earnings per share     2022 2021 Result for the period  EUR '000  464,291 387,994 Non-controlling interests in net result for the period  EUR '000  1,650 -12,264 Result for the period less non-controlling interests  EUR '000  465,941 375,730 Interest expenses for hybrid capital  EUR '000  7,469 0 Attributable result  EUR '000  458,472 375,730 Number of shares at closing date  units  128,000,000 128,000,000 Earnings per share*  EUR  3.58 2.94 *The calculation of these figures considers the interest expenses for hybrid capital. The undiluted earnings per share equals the diluted earnings per share .",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-37": {
   "value": "NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT 23. LIABILITIES FROM FINANCING ACTIVITIES Development  31.12.2022    Subordinated liabilities (including interest) 1 Liabilities to financial institutions Lease liabilities Financing liabilities 2 in EUR '000 Book value as of 31.12. of the previous year  1,493,599 351,087 181,048 594,632 Cash changes  223,687 -12,599 -34,244 -6,915 Cash inflows  500,000 55,007 0 13,000 Payments  -215,600 -63,117 -34,244 -13,714 Interest paid  -60,713 -4,489 0 -6,201 Non-cash changes  71,995 5,410 36,322 5,181 Additions  71,327 5,410 34,736 6,567 Disposals  0 0 -20 -981 Changes in scope of consolidation  0 0 203 1,436 Reclassifications  0 0 0 -1,823 Measurement changes  0 0 0 -19 Exchange rate differences  668 0 1,403 1 Book value as of 31.12.  1,789,281 343,898 183,126 592,898 1  The interest payable for subordinated liabilities is included in other liabilities. 2  Contains derivative liabilities from financing liabilities and other financing liabilities Development  31.12.2021    Subordinated liabilities (including interest) 1 Liabilities to financial institutions Lease liabilities Financing liabilities 2 in EUR '000 Book value as of 31.12. of the previous year  1,496,361 325,267 189,762 102,204 Cash changes  -68,341 19,596 -28,535 486,944 Cash inflows  0 35,000 0 488,000 Payments  -3,790 -10,733 -28,535 -33 Interest paid  -64,551 -4,671 0 -1,023 Non-cash changes  65,579 6,224 19,821 5,484 Additions  64,431 6,221 16,093 5,741 Disposals  0 0 -17 -260 Changes in scope of consolidation  0 0 828 0 Measurement changes  0 0 0 2 Exchange rate differences  1,148 3 2,917 1 Book value as of 31.12.  1,493,599 351,087 181,048 594,632 1  The interest payable for subordinated liabilities is included in other liabilities. 2  Contains derivative liabilities from financing liabilities and other financing liabilities",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-404": {
   "value": "24. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT HIERARCHY Fair values and book values of financial instruments and investments  31.12.2022    Book value Level 1 Level 2 Level 3 Fair value in EUR '000 Property  3,128,977 0 83,589 5,041,467 5,125,056 Owner-occupied property  483,345 0 39,007 820,867 859,874 Investment property  2,645,632 0 44,582 4,220,600 4,265,182 Shares in at equity consolidated companies  287,960 Loans  2,119,428 188,803 1,750,389 46,392 1,985,584 Loans  1,306,237 140,612 994,247 28,485 1,163,344 Reclassified loans  91,834 29,262 69,354 0 98,616 Bonds classified as loans  721,357 18,929 686,788 17,907 723,624 Other financial assets  25,555,212 20,665,567 3,776,220 874,407 25,316,194 Financial assets held to maturity  2,278,932 1,566,204 466,374 11,515 2,044,093 Financial assets reclassified as held to maturity  155,858 141,504 10,175 0 151,679 Financial assets available for sale  22,915,672 18,847,253 3,264,597 803,822 22,915,672 Financial assets recognised at fair value through profit and loss 1  204,750 110,606 35,074 59,070 204,750 Other investments  1,248,776         1,248,776 Financial investments for unit- and index-linked life insurance  7,164,129 7,164,129      7,164,129 Subordinated liabilities  1,746,366 0 1,628,759 21,369 1,650,128 Liabilities to financial institutions  343,898         343,898 Financing liabilities 2  592,898 0 320,939 101,154 422,093 1  including held for trading 2  Not including derivative liabilities  Fair values and book values of financial instruments and investments  31.12.2021    Book value Level 1 Level 2 Level 3 Fair value in EUR '000 Property  2,850,588 0 64,483 4,617,616 4,682,099 Owner-occupied property  472,303 0 26,866 788,603 815,469 Investment property  2,378,285 0 37,617 3,829,013 3,866,630 Shares in at equity consolidated companies  276,913 Loans  2,156,064 58,403 2,280,842 40,412 2,379,657 Loans  1,273,633 0 1,322,849 26,155 1,349,004 Reclassified loans  106,677 33,681 92,792 0 126,473 Bonds classified as loans  775,754 24,722 865,201 14,257 904,180 Other financial assets  28,653,998 23,486,989 4,427,171 838,085 28,752,245 Financial assets held to maturity  2,255,318 1,767,514 541,052 9,646 2,318,212 Financial assets reclassified as held to maturity  302,402 327,417 10,338 0 337,755 Financial assets available for sale  25,849,069 21,260,626 3,829,911 758,532 25,849,069 Financial assets recognised at fair value through profit and loss 1  247,209 131,432 45,870 69,907 247,209 Other investments  872,227         872,227 Financial investments for unit- and index-linked life insurance  8,525,331 8,525,331      8,525,331 Subordinated liabilities  1,461,286 0 1,586,047 21,199 1,607,246 Liabilities to financial institutions  351,087         351,087 Financing liabilities 2  594,614 0 487,493 102,870 590,363 1  including held for trading 2  Not including derivative liabilities  Information on the nature and extent of risks arising from financial instruments is provided in the Financial instruments and risk management section on page 71. Property (fair values)  31.12.2022 31.12.2021 in EUR '000 Owner-occupied property  859,874 815,469 evaluated by an independent expert  394,979 348,034 evaluated by an internal expert  464,895 467,435 Investment property  4,265,182 3,866,630 evaluated by an independent expert*  1,017,714 916,684 evaluated by an internal expert  3,247,468 2,949,946 *This corresponds to 23.86% (23.71%) of the fair value of investment property.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-405": {
   "value": "Reclassification of financial instruments The companies in VIG Insurance Group regularly review the validity of the last fair value classification performed on each valuation date. For example, a reclassification is performed, if needed inputs are no longer directly observable in the market. Reclassifications between Level 1 and 2 primarily occur if liquidity, trading frequency or trading activity of the particular financial instrument once again, or no longer allows one to conclude that an active market exists. For example, the market maker for a security frequently changes, with corresponding changes on the liquidity. A similar example is when shares are included in (or removed from) an index that acts as a benchmark for many funds. In this case, the classification can also change. As a result of the decentralised structure of VIG Insurance Group, the classifications are generally reviewed by the local companies at the end of the period. Any reclassifications are presented as if they had taken place at the end of the period. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-406": {
   "value": "Reclassification financial instruments  2022    Between Level 1 and Level 2 Level 3 to Level 1 Level 1 to Level 3 Level 3 to Level 2 Level 2 to Level 3 Number Financial assets available for sale  33 1 31 1 11 The reclassifications between Level 1 and Level 2 are due to changes in liquidity, trading frequency and trading activity. The reclassification from Level 3 to Level 1 is based on improvements in trading activity. The reclassifications from Level 1 to Level 3 are primarily based on a worsening of the credit quality or liquidity or on a change in liquidity as part of the sanctions against Russia. The reclassifications from Level 2 to Level 3 are primarily related to a worsening of credit quality or liquidity. Reclassification financial instruments  2021    Between Level 1 and Level 2 Level 3 to Level 1 Level 1 to Level 3 Level 3 to Level 2 Level 2 to Level 3 Number Financial assets available for sale  65 3 1 4 20 Unobservable input factors Asset class  Measurement methods Unob-servable input factors  Range  2022  2021   from to from to Property Capitalised earnings value Capitalisation rate  in %  0.30 7.47 1.00 7.50      Rental income in EUR '000 7 3,999 3 3,765      Land price in EUR '000 0 12 0 11   Discounted Cash flow  Capitalisation rate  in %  3.56 8.26 3.56 8.03      Rental income in EUR '000 102 5,699 96.56 6,913 Building rights \u2013 capitalised earnings value Capitalisation rate  in %  2.5 4 2.5 4      Rental income in EUR '000 83 4,378 76.75 4,377      Land prices in EUR '000 0.3 0.73 0.25 0.73 Construction interest actually paid in %  0.9 5.7 0.2 5.7 Financial assets available  for sale Present value method  Spreads  in %  -0.52 11.00 -0.13 4.13 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-38": {
   "value": "25. NUMBER OF EMPLOYEES AND PERSONNEL EXPENSES Number of employees  2022 2021 Number Sales representatives  14,797 13,142 Office staff  14,035 12,542 Total  28,832 25,684 The employee figures shown are average values based on full-time equivalents.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-39": {
   "value": "Personnel expenses  2022 2021 in EUR '000 Wages and salaries  695,669 624,170 Expenses for severance benefits and payments to company pension plans  7,218 8,624 Expenses for retirement provisions  17,538 18,970 Mandatory social security contributions and expenses  190,522 171,955 Other social security expenses  27,893 22,619 Total  938,840 846,338 thereof sales representatives  411,189 378,722 thereof office staff  527,651 467,616 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-41": {
   "value": "26. AUDITING FEES AND AUDITING SERVICES KPMG Austria GmbH Wirtschaftspr\u00fcfungs- und Steuerberatungsgesellschaft (KPMG Austria GmbH) was the auditor of these consolidated financial statements. The following expenses were recognised during the financial year for services provided by KPMG Austria GmbH and the Austrian member firms (KPMG Austria-wide): Composition  2022  2021   KPMG Austria wide KPMG Austria GmbH* Total Total in EUR '000 Audit of consolidated financial statements  0 745 745 265 Audit of parent company financial statements  0 62 62 59 Other audit services  273 718 991 423 Tax advisory fees  3 0 3 9 Fees for audit-related services  40 136 176 608 Total  316 1,661 1,977 1,364 * Reference is made to the decision of the supervisory authority for financial statement auditors dated 14 April 2022 and to the amending decision dated 20 April 2022, which sets out the release of KPMG Austria GmbH Wirtschaftspr\u00fcfungs- und Steuerberatungsgesellschaft as auditor of VIG from its requirements pursuant to Art. 4 (2) (1) Regulation EU No. 537/2014. The decision was issued in connection with the review of an annual financial statement as of 31 March 2022, which became necessary as a result of a bond issuance, and the associated payments",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-40": {
   "value": "27. MEMBERS OF MANAGEMENT IN KEY POSITIONS Supervisory Board    Chairman  G\u00fcnter Geyer 1 st Deputy Chairman  Rudolf Ertl 2 nd Deputy Chairman  Robert Lasshofer Members  Martina Dobringer    Zsuzsanna Eifert    Gerhard Fabisch    Peter Mih\u00f3k    Andr\u00e1s Kozma (since 20 May 2022)    Heinz \u00d6hler    Georg Riedl (until 20 May 2022)    Gabriele Semmelrock-Werzer    Katarina Slez\u00e1kov\u00e1    Gertrude Tumpel-Gugerell Managing Board    Chairwoman  Elisabeth Stadler Deputy Chairman  Hartwig L\u00f6ger Members  Liane Hirner    Peter H\u00f6finger    Gerhard Lahner    G\u00e1bor Lehel    Harald Riener    Peter Thirring Changes during and after the end of the financial year The VIG Holding Managing Board will have the following members from 1 July 2023: Mr L\u00f6ger, Chairman of the Managing Board (General Manager), Mr H\u00f6finger, Deputy Chairman of the Managing Board (Deputy General Manager), Ms Hirner, Mr Lahner, Mr Lehel and Mr Riener. All Managing Board terms will expire on 30 June 2027. Ms Stadler and Mr Thirring will, at their own request, not extend their terms on the Managing Board when they expire on 30 June 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-407": {
   "value": "<div class=\"t m1 h3d ff45 fs1d fc3 sc0 ls6 ws0 gs189d\">28.<span class=\"ff4b\"> </span>AFFILIA<span class=\"_ _5\"></span>TED COMP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>IES <span class=\"_ _5\"></span>AND P<span class=\"_ _3\"></span>ART<span class=\"_ _3\"></span>ICIP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TIONS<span class=\"_ _3\"></span> </div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs189e\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fs15\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs189f\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs18a0\">Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs18a1\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs18a2\">Equity 2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs18a3\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs18a4\">Equity 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs18a5\">2<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gs18a6\"><div class=\"t m1 x6 h35 y8b2 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs18a7\"><div class=\"t m1 x6 h35 y8b2 ff4c fs15 fcf sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs18a8\"><div class=\"t m1 x6 h35 y8b2 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs18a9\"><div class=\"t m1 x6 h35 y8b2 ff4c fs15 fcf sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs18aa\">Full<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>date<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s <span class=\"_ _2fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  <span class=\"_ _43\"> </span></span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ab\">\"BU<span class=\"_ _1\"></span>LS<span class=\"_ _1\"></span>TRA<span class=\"_ _1\"></span>D L<span class=\"_ _1\"></span>IFE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span> ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ac\">COMPA<span class=\"_ _4\"></span>NY,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ad\">Bulg<span class=\"_ _1\"></span>aria </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ae\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18af\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18b0\">12,018<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18b1\">27,375<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18b2\">\"Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\",<span class=\"_ _1\"></span> AD<span class=\"_ _1\"></span>B,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>ius<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18b3\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18b4\">53,895<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18b5\">86,338<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18b6\">\"Gr\u00fc<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>aum<span class=\"_ _1\"></span>\" <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>es.m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _c3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18b7\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18b8\">40,043<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18b9\">39,996<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ba\">365<span class=\"_ _1\"></span>.l<span class=\"_ _1\"></span>ife,<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> a.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18bb\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">13,820<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18bc\">AB <span class=\"_ _1\"></span>Mod<span class=\"_ _1\"></span>\u0159i<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _131\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18bd\">  <span class=\"_ _1af\"> </span><span class=\"fc3\">9,332<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18be\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> \u00c1l<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l\u00e1n<span class=\"_ _1\"></span>os B<span class=\"_ _4\"></span>iztos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3 <span class=\"_ _1\"></span>Z\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18bf\">R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c0\">Hungary </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c1\">100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18c2\">  <span class=\"_ _2fd\"> </span><span class=\"fc3\">100,137<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c3\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si A<span class=\"_ _1\"></span>lap<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>el\u0151 <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>\u00e1rt<span class=\"_ _1\"></span>k\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u0151<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c4\">R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c5\">Hungary </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c6\">100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18c7\">  <span class=\"_ _1af\"> </span><span class=\"fc3\">8,415<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c8\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>\u00e9nzt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>olg<span class=\"_ _1\"></span>\u00e1lt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>\u00f3 Z<span class=\"_ _1\"></span>\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18c9\">R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>apes<span class=\"_ _1\"></span>t </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ca\">Hungary </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18cb\">100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18cc\">  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,959<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18cd\">And<span class=\"_ _1\"></span>\u011bl <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Pr<span class=\"_ _1\"></span>ah<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _75\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18ce\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18cf\">25,465<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18d0\">24,052<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d1\">Anif<span class=\"_ _1\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18d2\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d3\">16,617<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18d4\">16,597<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d5\">Asigu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ea R<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>\u00e2ne<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>c\u0103 <span class=\"_ _1\"></span>- A<span class=\"_ _1\"></span>SI<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>M <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>., </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d6\">Buch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d7\">Roman<span class=\"_ _1\"></span>ia </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18d8\">99.79<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18d9\">99.79<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18da\">79,442<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18db\">79,960<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18dc\">ATB<span class=\"_ _1\"></span>IH G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18dd\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18de\">158,521<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18df\">173,509<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e0\">ATR<span class=\"_ _1\"></span>IUM<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>ER S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OS<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e1\">Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e2\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e3\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18e4\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e5\">17,867<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18e6\">18,559<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e7\">Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18e8\">  <span class=\"_ _1e6\"> </span><span class=\"fc3\">3<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18e9\">Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>Austria <span class=\"_ _a4\"> </span>100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18ea\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">10,199<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18eb\">AUT<span class=\"_ _1\"></span>ODR<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>OSN<span class=\"_ _1\"></span>OV\u00c1<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span> \u010c<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>k\u00e9 <span class=\"_ _1\"></span>L\u00edp<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _2a\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18ec\">  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,563<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ed\">BCR A<span class=\"_ _4\"></span>sigu<span class=\"_ _1\"></span>r\u0103<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>a\u0163\u0103 <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _25\"> </span>Romania <span class=\"_ _154\"> </span>93.98<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18ee\">93.98<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ef\">51,794<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18f0\">48,074<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18f1\">Blizz<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _103\"> </span>Polan<span class=\"_ _1\"></span>d <span class=\"_ _1aa\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18f2\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18f3\">3,602<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18f4\">3,347<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18f5\">Bro<span class=\"_ _1\"></span>ckm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>nga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>32 <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1b4\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18f6\">  <span class=\"_ _1af\"> </span><span class=\"fc3\">3,559<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18f7\">BTA<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ic <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>Latvia  <span class=\"_ _41\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18f8\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18f9\">53,934<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18fa\">64,005<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18fb\">Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ki I<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ti A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>OOD<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Sofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>Bulgaria <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18fc\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18fd\">-1,065<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs18fe\">-1,284<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs18ff\">Busin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span> Ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _1b3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1900\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1901\">33,456<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1902\">33,983<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1903\">CAP<span class=\"_ _1\"></span>IT<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>kcio<span class=\"_ _1\"></span>v\u00e1<span class=\"_ _1\"></span> sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lo\u010dn<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>\u0165, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _117\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1904\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1905\">1,681<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1906\">1,562<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1907\">CENT<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>elb<span class=\"_ _1\"></span>etr<span class=\"_ _1\"></span>ieb<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2ff\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>80.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1908\">80.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1909\">41<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs190a\">10<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs190b\">Cen<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Poin<span class=\"_ _1\"></span>t I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>T-S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> Liq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _df\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs190c\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs190d\">21,634<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs190e\">10,952<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1910\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1911\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1912\">Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1913\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1914\">Equity 2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1915\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1916\">Equity 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1917\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1918\">\u010ces<span class=\"_ _1\"></span>k\u00e1<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>lsk<span class=\"_ _1\"></span>\u00e1 p<span class=\"_ _1\"></span>oji\u0161<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ovna<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _301\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1919\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs191a\">108,073<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs191b\">114,722<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs191c\">Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nia d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r\u0103ri<span class=\"_ _1\"></span> \"D<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>ARI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NC<span class=\"_ _1\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs191d\">So<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iun<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>Chi<span class=\"_ _1\"></span>\u0219in<span class=\"_ _1\"></span>\u0103u<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs191e\">Moldova<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs191f\">99.99<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1920\">99.99<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1921\">6,251<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1922\">5,639<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1923\">Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a Li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _28d\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1924\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1925\">17,151<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1926\">45,469<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1927\">Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 N<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1928\">Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1929\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs192a\">99.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs192b\">99.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs192c\">58,860<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs192d\">59,036<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs192e\">Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs192f\">Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1930\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1931\">99.95<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1932\">99.94<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1933\">82,233<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1934\">96,104<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1935\">CP <span class=\"_ _1\"></span>Solu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Pra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1936\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1937\">13,514<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1938\">12,849<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1939\">DBL<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span> &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _28e\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs193a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs193b\">3,544<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs193c\">3,025<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs193d\">DBR<span class=\"_ _1\"></span>-Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Stu<span class=\"_ _1\"></span>ttg<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt <span class=\"_ _1b5\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs193e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs193f\">9,477<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1940\">8,247<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1941\">Deu<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>chm<span class=\"_ _1\"></span>eist<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rpl<span class=\"_ _1\"></span>atz<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span> Ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ktv<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1942\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1943\">2,343<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1944\">2,963<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1945\">Don<span class=\"_ _1\"></span>au B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>kerlin<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s-S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1946\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1947\">101,394<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1948\">96,047<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1949\">DON<span class=\"_ _1\"></span>AU <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _cd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs194a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs194b\">111,462<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs194c\">108,482<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs194d\">DVIB<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alph<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _18f\"> </span>Austria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs194e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs194f\">18,506<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1950\">8,373<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1951\">DVIB<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1952\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1953\">101,186<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1954\">95,420<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1955\">DV <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1956\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1957\">44,200<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1958\">22,854<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1959\">EL<span class=\"_ _1\"></span>VP B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs195a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs195b\">23,276<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs195c\">23,324<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs195d\">EUR<span class=\"_ _1\"></span>OPE<span class=\"_ _1\"></span>UM<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s.<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs195e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs195f\">10,301<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1960\">8,634<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1961\">Flor<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>sdo<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span> am<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> 4<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obil<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>env<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _1fa\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1962\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1963\">18,819<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1964\">18,545<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1965\">Ges<span class=\"_ _1\"></span>undh<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>tsp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rk <span class=\"_ _1\"></span>Wi<span class=\"_ _1\"></span>en-<span class=\"_ _1\"></span>Obe<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>aa G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>llsc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1966\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1967\">29,199<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1968\">29,446<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1969\">GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _164\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs196a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs196b\">6,754<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs196c\">6,134<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs196d\">Han<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>3-5<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obi<span class=\"_ _1\"></span>lien<span class=\"_ _1\"></span>bes<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1f\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs196e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs196f\">31,121<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1970\">28,751<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1971\">HUN<span class=\"_ _1\"></span> BM<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1to<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>l\u0151s<span class=\"_ _1\"></span>s\u00e9g<span class=\"_ _1\"></span>\u0171 <span class=\"_ _1\"></span>T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _1f\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1972\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1973\">4,416<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1974\">4,830<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1975\">Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>.d.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1976\">Sa<span class=\"_ _1\"></span>raje<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1977\">Bosnia-Herzeg<span class=\"_ _1\"></span>ovina  </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1978\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1979\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs197a\">9,735<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs197b\">11,649<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs197c\">INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>ONE<span class=\"_ _1\"></span>-SHA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>EH<span class=\"_ _1\"></span>OLDE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OCK<span class=\"_ _1\"></span> CO<span class=\"_ _1\"></span>MPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y BU<span class=\"_ _1\"></span>LST<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AD </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs197d\">VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P EA<span class=\"_ _4\"></span>D, S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs197e\">Bulg<span class=\"_ _1\"></span>aria </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs197f\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1980\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1981\">70,096<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1982\">76,845<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1983\">Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Leben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>-AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1984\">Wi<span class=\"_ _1\"></span>esb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1985\">Germany<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1986\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1987\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1988\">23,518<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1989\">23,518<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs198a\">Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ystw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ezp<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ecze\u0144<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>. V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs198b\">Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs198c\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs198d\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs198e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs198f\">43,675<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1990\">72,346<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1991\">Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vers<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ungs<span class=\"_ _1\"></span>-A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>iesb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _18\"> </span>G<span class=\"_ _1\"></span>ermany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1992\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1993\">53,670<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1994\">56,120<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1995\">INTER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>ENNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>INS<span class=\"_ _1\"></span>URA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>h.A<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ti<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>a <span class=\"_ _302\"> </span>Alban<span class=\"_ _1\"></span>ia <span class=\"_ _45\"> </span>89.98<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1996\">89.98<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1997\">7,295<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1998\">6,648<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1999\">Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y GP<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lisi<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>Georgia <span class=\"_ _1c7\"> </span>9<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs199a\">90.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs199b\">20,461<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs199c\">15,100<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs199d\">Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>erna<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>IRA<span class=\"_ _1\"></span>O,<span class=\"_ _1\"></span> Tb<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span> <span class=\"_ _303\"> </span>Georgia<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs199e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs199f\">6,249<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19a0\">4,832<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a1\">Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>INN<span class=\"_ _1\"></span>ER-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Grou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a2\">Skop<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a3\">North Macedonia<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a4\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19a5\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a6\">7,097<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19a7\">7,461<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19a8\">Ka<span class=\"_ _1\"></span>iser<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 11<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _2c1\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19a9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19aa\">2,979<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19ab\">2,798<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19ac\">K\u00c1L<span class=\"_ _1\"></span>VIN<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWER<span class=\"_ _4\"></span> Ing<span class=\"_ _1\"></span>atl<span class=\"_ _1\"></span>anf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>jlesz<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span> \u00e9<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e1z\u00e1<span class=\"_ _1\"></span>si K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Fele<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0151ss\u00e9g<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19ad\">T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ape<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19ae\">Hungary </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19af\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19b0\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19b1\">2,231<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19b2\">2,309<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19b3\">KAPI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19b4\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19b5\">1,600<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19b6\">1,920<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19b7\">KKB R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a <span class=\"_ _18f\"> </span>Latvia <span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19b8\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19b9\">20,766<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19ba\">20,472<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19bb\">KOM<span class=\"_ _1\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pois<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ov\u0148<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>isla<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a <span class=\"_ _c5\"> </span>Slov<span class=\"_ _3\"></span>ak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19bc\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19bd\">52,644<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19be\">74,869<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19bf\">KOO<span class=\"_ _1\"></span>PER<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>VA p<span class=\"_ _1\"></span>ois<span class=\"_ _1\"></span>\u0165o<span class=\"_ _1\"></span>v\u0148<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _192\"> </span>98.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19c0\">98.47<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19c1\">231,548<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19c2\">385,574<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19c3\">Ko<span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>ji<span class=\"_ _1\"></span>\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _a0\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a7\"> </span>97.28<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19c4\">97.28<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19c5\">596,911<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19c6\">682,480<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19c7\">LVP <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19c8\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19c9\">626,967<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19ca\">622,534<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19cb\">MAP-<span class=\"_ _1\"></span>WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>iligu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Austria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19cc\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19cd\">368,793<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19ce\">307,688<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19cf\">MC <span class=\"_ _1\"></span>EIN<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19d0\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d1\">19,630<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19d2\">19,726<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d3\">MER<span class=\"_ _1\"></span>LOT<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NVE<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> SP<span class=\"_ _1\"></span>\u00d3\u0141<span class=\"_ _1\"></span>KA <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d4\">ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>IAL<span class=\"_ _1\"></span>NO\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d5\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d6\">100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19d7\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">31,881<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19d8\">MH <span class=\"_ _1\"></span>54<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>anl<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>Austria <span class=\"_ _1aa\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19d9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19da\">25,819<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19db\">26,356<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19dc\">NNC<span class=\"_ _1\"></span> REA<span class=\"_ _4\"></span>L EST<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>E S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z O<span class=\"_ _1\"></span>GRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>O\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19dd\">Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19de\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19df\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19e0\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e1\">20,099<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19e2\">20,284<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e3\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _2fd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19e4\">97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e5\">19,187<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e6\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t\u00e4<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _cd\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19e7\">97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e8\">34<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19e9\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>Austria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs19ea\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs19eb\">21,142<span class=\"_ _379\"> </span></div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs19ed\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fsc\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs19ee\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs19ef\">Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fce sc0 ls6 ws0 gs19f0\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs19f1\">Equity 2022<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs19f2\">2<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs19f3\">Equity 2021<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fce sc0 ls6 ws0 gs19f4\">2<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19f5\">No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e4r G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _113\"> </span>Aust<span class=\"_ _1\"></span>ria <span class=\"_ _28d\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs19f6\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19f7\">36<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19f8\">Nu\u00dfd<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>r St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a\u00dfe<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span>0-9<span class=\"_ _1\"></span>2 P<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jek<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ntw<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cklu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _d0\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs19f9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19fa\">38,364<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs19fb\">39,450<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19fc\">OMN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>SIG<span class=\"_ _1\"></span> VIE<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SURA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>R<span class=\"_ _1\"></span>omania <span class=\"_ _154\"> </span>99.54<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs19fd\">99.54<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs19fe\">149,548<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs19ff\">143,913<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a00\">O\u00dc <span class=\"_ _1\"></span>Liv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>On P<span class=\"_ _1\"></span>ae<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le, T<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a01\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a02\">86<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a03\">92<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a04\">Pa<span class=\"_ _1\"></span>lais<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _100\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>56.5<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a05\">56.55<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a06\">35,859<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a07\">37,277<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a08\">Pas<span class=\"_ _1\"></span>sat <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>War<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a09\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a0a\">-1,361<span class=\"_ _ca\"> </span><span class=\"fce\">-1<span class=\"_ _1\"></span>,191<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a0b\">Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on A<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny D<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rie A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _3e\"> </span>Bulgaria <span class=\"_ _192\"> </span>82.59<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a0c\">92.58<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a0d\">32,890<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a0e\">31,402<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a0f\">PFG<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Austria <span class=\"_ _300\"> </span>89.23<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a10\">89.23<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a11\">77,992<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a12\">78,376<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a13\">PFG<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>tsb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irts<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aftu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _ae\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>92<span class=\"_ _1\"></span>.88<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a14\">92.88<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a15\">12,663<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a16\">12,478<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a17\">Po<span class=\"_ _1\"></span>rzel<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 4<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>altu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _304\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a18\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a19\">13,576<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a1a\">12,983<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a1b\">PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"IN<span class=\"_ _1\"></span>SURA<span class=\"_ _4\"></span>NCE <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>OMP<span class=\"_ _1\"></span>ANY<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>KN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>ZHA </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a1c\">LIFE<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>RAN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _4\"></span>OUP\"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a1d\">Ukraine<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a1e\">99.81<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a1f\">99.81<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a20\">2,922<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a21\">3,407<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a22\">Priv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>int-S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y \"<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> \"U<span class=\"_ _1\"></span>SG<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v <span class=\"_ _30\"> </span>Ukraine <span class=\"_ _1e6\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a23\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a24\">16,528<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a25\">18,653<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a26\">PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"UK<span class=\"_ _1\"></span>RA<span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>IAN<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>COMPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a27\">\"KNI<span class=\"_ _1\"></span>AZ<span class=\"_ _1\"></span>HA<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA <span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a28\">Ukraine<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a29\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a2a\">99.99<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a2b\">10,219<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a2c\">11,478<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a2d\">PRO<span class=\"_ _1\"></span>GRE<span class=\"_ _1\"></span>SS <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.m.<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _23\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>70.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a2e\">70.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a2f\">17,769<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a30\">15,825<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a31\">Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>esm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _202\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a32\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a33\">14,106<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a34\">15,065<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a35\">Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Austria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a36\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a37\">14,183<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a38\">14,185<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a39\">Rath<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 8<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _33\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a3a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a3b\">1,087<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a3c\">1,656<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a3d\">Ray<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>igor<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span> A.<span class=\"_ _1\"></span>\u015e.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Istan<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>T\u00fcrkiye <span class=\"_ _28f\"> </span>94.9<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a3e\">94.96<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a3f\">44,622<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a40\">28,867<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a41\">R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>rei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a42\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a43\">11,841<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a44\">11,552<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a45\">R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> Zw<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _e6\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a46\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a47\">30,241<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a48\">29,583<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a49\">S -<span class=\"_ _1\"></span> bud<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vy, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _ec\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a4a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a4b\">3,189<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a4c\">3,059<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a4d\">Sch<span class=\"_ _1\"></span>ulr<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rohau<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verm<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a4e\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a4f\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a50\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a51\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a52\">5,737<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a53\">7,744<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a54\">SECU<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>maj<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>kov<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>pr\u00e1<span class=\"_ _1\"></span>vna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ielo<span class=\"_ _1\"></span>v\u00e1 s<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a55\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a56\">7,505<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a57\">10,305<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a58\">Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rerp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> Ve<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a59\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a5a\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a5b\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a5c\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a5d\">-6,998<span class=\"_ _ca\"> </span><span class=\"fce\">-6<span class=\"_ _1\"></span>,749<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a5e\">Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ldid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwal<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a5f\">Gmb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a60\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a61\">66.70<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a62\">66.70<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a63\">8,146<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a64\">8,211<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a65\">SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>lau<span class=\"_ _1\"></span>ks<span class=\"_ _1\"></span>ta 1<span class=\"_ _1\"></span>3/<span class=\"_ _1\"></span>15\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a66\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a67\">937<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a68\">971<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a69\">SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0113rij<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> 35<span class=\"_ _1\"></span>\u201d,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _45\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a6a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a6b\">1,146<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a6c\">918<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a6d\">SIA <span class=\"_ _1\"></span>\u201c\u0122<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tr\u016b<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>21\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _305\"> </span>Latvia <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a6e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a6f\">3,414<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a70\">3,379<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a71\">SIA <span class=\"_ _1\"></span>\"Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> As<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tic\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a72\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a73\">287<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a74\">277<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a75\">SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>Latvia <span class=\"_ _1ee\"> </span>70.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a76\">70.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a77\">26,699<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a78\">21,530<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a79\">SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tirn<span class=\"_ _1\"></span>u\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a7a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a7b\">1,696<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a7c\">1,702<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a7d\">SIA <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On<span class=\"_ _1\"></span> Te<span class=\"_ _1\"></span>rbat<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c7\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a7e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a7f\">5,191<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a80\">5,201<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a81\">SIA <span class=\"_ _1\"></span>\"U<span class=\"_ _1\"></span>rban<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e\",<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a82\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a83\">481<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a84\">481<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a85\">Sigm<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>alb<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>.a<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>ira<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>A<span class=\"_ _1\"></span>lbania <span class=\"_ _11e\"> </span>8<span class=\"_ _1\"></span>9.05<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a86\">89.05<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a87\">17,077<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a88\">16,501<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a89\">SK B<span class=\"_ _1\"></span>M s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a8a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a8b\">13,345<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a8c\">13,136<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a8d\">SMAR<span class=\"_ _1\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _1\"></span> DE<span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OP<span class=\"_ _1\"></span>MENT<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.R<span class=\"_ _1\"></span>.L.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>Romania <span class=\"_ _1c9\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a8e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a8f\">5,022<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a90\">-51<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a91\">Sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd R<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce M<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>KED<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>IJA <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kop<span class=\"_ _1\"></span>je <span class=\"_ _1\"></span>- </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a92\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kopj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a93\">North Macedonia<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a94\">94.36<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a95\">94.26<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a96\">25,898<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a97\">27,280<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a98\">SVZ <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _187\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a99\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a9a\">203,598<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a9b\">176,329<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a9c\">SVZD<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _265\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a9d\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1a9e\">62,031<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1a9f\">73,285<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa0\">SVZ<span class=\"_ _1\"></span>I G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _1b8\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aa1\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa2\">200,314<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aa3\">171,480<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa4\">T 12<span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aa5\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa6\">9,179<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aa7\">9,012<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aa8\">TEC<span class=\"_ _1\"></span>HBA<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span> Sc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _307\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aa9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aaa\">13,649<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aab\">17,829<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aac\">twin<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _308\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aad\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aae\">3,403<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aaf\">2,887<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab0\">UAB<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On <span class=\"_ _1\"></span>Lin<span class=\"_ _1\"></span>km<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ab1\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab2\">3,660<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ab3\">4,188<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab4\">UNI<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>s\u00ed<span class=\"_ _1\"></span>t\u00f3 Z<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t., B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Hu<span class=\"_ _1\"></span>ngary <span class=\"_ _a4\"> </span>9<span class=\"_ _1\"></span>8.64<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ab5\">98.64<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab6\">36,082<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ab7\">50,774<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ab8\">Unte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e D<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>aul\u00e4n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e 40<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ab9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1aba\">11,383<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1abb\">11,340<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1abc\">Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> O\u00dc,<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1e4\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _154\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1abd\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1abe\">44<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1abf\">73<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac0\">Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>SIA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span> <span class=\"_ _275\"> </span>L<span class=\"_ _3\"></span>atvia <span class=\"_ _309\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ac1\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac2\">1,624<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ac3\">1,630<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac4\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>bez<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 n<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie <span class=\"_ _1\"></span>S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac5\">Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac6\">Poland </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac7\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ac8\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ac9\">5,971<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1aca\">4,976<span class=\"_ _379\"> </span></div><div class=\"t m1 h34 ff45 fs18 fc3 sc0 ls6 ws0 gs1acc\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1acd\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1ace\">Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1acf\">1<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc3 sc0 ls6 ws0 gs1ad0\">Equity 2022<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc3 sc0 ls6 ws0 gs1ad1\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h2b ff45 fs15 fc11 sc0 ls6 ws0 gs1ad2\">Equity 2021<span class=\"_ _379\"> </span></div><div class=\"t m1 h8e ff45 fs1a fc11 sc0 ls6 ws0 gs1ad3\">2<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ad4\">V\u0130EN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span>L\u0130<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> EME<span class=\"_ _1\"></span>KL<span class=\"_ _1\"></span>\u0130<span class=\"_ _1\"></span>L\u0130K <span class=\"_ _1\"></span>VE <span class=\"_ _1\"></span>HAY<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span>N\u0130M<span class=\"_ _1\"></span> \u015e<span class=\"_ _1\"></span>\u0130RK<span class=\"_ _1\"></span>ET\u0130<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tanb<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>T\u00fcrkiye <span class=\"_ _28d\"> </span>100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ad5\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">38,063<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ad6\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-L<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cher<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>G <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span> <span class=\"_ _30a\"> </span>Liechtenstein <span class=\"_ _1\"></span> <span class=\"_ _30b\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ad7\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ad8\">9,313<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ad9\">9,535<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ada\">VIG-A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1adb\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1adc\">354,694<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1add\">352,832<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ade\">VIG-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>Z R<span class=\"_ _1\"></span>eal <span class=\"_ _1\"></span>Est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _30c\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1adf\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae0\">147,548<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ae1\">147,538<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae2\">V.I.<span class=\"_ _1\"></span>G. <span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _188\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ae3\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae4\">99,386<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1ae5\">94,959<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae6\">Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ska<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>\u0142ka<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>\u0105 </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae7\">odp<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ln<span class=\"_ _1\"></span>o\u015bc<span class=\"_ _1\"></span>i\u0105,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae8\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1ae9\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1aea\">99.99<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1aeb\">18,256<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1aec\">VIG <span class=\"_ _1\"></span>FU<span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1aed\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1aee\">276,262<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1aef\">275,189<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af0\">VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s.r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _15e\"> </span>Slovak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1af1\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af2\">21,905<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1af3\">21,897<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af4\">VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>.V.<span class=\"_ _1\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>Netherland<span class=\"_ _1\"></span>s <span class=\"_ _30d\"> </span>55.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1af5\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af6\">VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>., T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Hag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1e4\"> </span>Netherlands <span class=\"_ _30d\"> </span>55.<span class=\"_ _1\"></span>00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1af7\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af8\">VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>orsz<span class=\"_ _1\"></span>\u00e1g B<span class=\"_ _4\"></span>efe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si Z<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1af9\">Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1afa\">Hungary </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1afb\">55.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1afc\">  <span class=\"_ _97\"> </span><span class=\"fc3\">197<span class=\"_ _1\"></span>,606<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1afd\">VIG <span class=\"_ _1\"></span>Of<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _30e\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1afe\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1aff\">15,945<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b00\">16,003<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b01\">VIG <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>erti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _192\"> </span>99.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b02\">99.97<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b03\">1,084<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b04\">3,748<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b05\">VIG R<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>aj<span class=\"_ _1\"></span>i\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _2c5\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b06\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b07\">140,255<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b08\">179,835<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b09\">VIG R<span class=\"_ _1\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>EST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>OO, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lgr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>S<span class=\"_ _1\"></span>erbia <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b0a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b0b\">10,672<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b0c\">10,432<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b0d\">VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>kr<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>C, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>iv <span class=\"_ _c7\"> </span>Ukrai<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b0e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b0f\">1,239<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b10\">1,438<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b11\">VIG T<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>iye<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>oldin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V.,<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>terd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>N<span class=\"_ _1\"></span>etherlands <span class=\"_ _14\"> </span>100.00</div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b12\">  <span class=\"_ _2fc\"> </span><span class=\"fc3\">32,288<span class=\"_ _379\"> </span></span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b13\">VIVE<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _2ca\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b14\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b15\">31,175<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b16\">WGP<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Hol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _112\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b17\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b18\">105,287<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b19\">107,003<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b1a\">WIBG<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b1b\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b1c\">80,258<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b1d\">80,098<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b1e\">WIBG<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>kten<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>klun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _310\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b1f\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b20\">80,191<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b21\">80,031<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b22\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Osig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>d, B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ja<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ka <span class=\"_ _1f5\"> </span>Bos<span class=\"_ _1\"></span>nia-Herzegovina <span class=\"_ _1\"></span> <span class=\"_ _167\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b23\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b24\">8,898<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b25\">8,919<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b26\">Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>je V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u010dko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>u\u0161t<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b27\">os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>agre<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b28\">Croatia </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b29\">97.82<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b2a\">97.82<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b2b\">39,009<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b2c\">98,736<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b2d\">\"WIE<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>R R<span class=\"_ _1\"></span>E\"<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>kci<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>ko <span class=\"_ _1\"></span>dru<span class=\"_ _1\"></span>\u0161t<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> za<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e, B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Serbia<span class=\"_ _1\"></span> <span class=\"_ _311\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b2e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b2f\">7,305<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b30\">7,491<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b31\">WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> OSI<span class=\"_ _1\"></span>GUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>JE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>akci<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>anje<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b32\">Belg<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b33\">Serbia<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b34\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b35\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b36\">39,289<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b37\">55,964<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b38\">WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> VER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NG <span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b39\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b3a\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b3b\">97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b3c\">97.75<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b3d\">633,264<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b3e\">559,209<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b3f\">WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>ZYS<span class=\"_ _1\"></span>TW<span class=\"_ _1\"></span>O U<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>ZP<span class=\"_ _1\"></span>IECZ<span class=\"_ _1\"></span>E\u0143 <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3<span class=\"_ _1\"></span>\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b40\">INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OUP,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b41\">Poland </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b42\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b43\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b44\">43,631<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b45\">34,035<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b46\">WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> VER<span class=\"_ _4\"></span>EIN <span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>STA<span class=\"_ _1\"></span>TTU<span class=\"_ _1\"></span>NG<span class=\"_ _1\"></span>S- <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>ND <span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>RS<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NGS<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>VICE<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b47\">GESE<span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CHA<span class=\"_ _1\"></span>FT<span class=\"_ _1\"></span> M.B<span class=\"_ _1\"></span>.H<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b48\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b49\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b4a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b4b\">2,116<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b4c\">1,938<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b4d\">WI<span class=\"_ _1\"></span>LA G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _312\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b4e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b4f\">37,119<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b50\">31,685<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b51\">WIN<span class=\"_ _1\"></span>O Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _313\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b52\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b53\">64,713<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b54\">46,117<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b55\">WN<span class=\"_ _1\"></span>H Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>esit<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b56\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b57\">6,187<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b58\">5,363<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b59\">WSB<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eil<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b5a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b5b\">25,371<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b5c\">24,125<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b5d\">WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>eta <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b5e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b5f\">93,136<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b60\">73,972<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b61\">WS<span class=\"_ _1\"></span>VA <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b62\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b63\">55,423<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b64\">43,310<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b65\">WS<span class=\"_ _1\"></span>VB <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b66\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b67\">41,611<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b68\">41,496<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b69\">WS<span class=\"_ _1\"></span>VC L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>egen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>tb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b6a\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b6b\">21,327<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b6c\">21,341<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b6d\">WS<span class=\"_ _1\"></span>V Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ohold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b6e\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b6f\">582,027<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b70\">511,862<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b71\">WS<span class=\"_ _1\"></span>V T<span class=\"_ _1\"></span>rie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erst<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>\u00dfe<span class=\"_ _1\"></span> 91<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co K<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _61\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b72\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b73\">80,979<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b74\">81,865<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b75\">WS<span class=\"_ _1\"></span>V V<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>\u00f6g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _1\"></span>rwa<span class=\"_ _1\"></span>ltu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1a9\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b76\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b77\">10,695<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b78\">7,487<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b79\">WWG<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1ee\"> </span>87.0<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b7a\">87.07<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc3 sc0 ls6 ws0 gs1b7b\">83,665<span class=\"_ _379\"> </span></div><div class=\"t m1 h35 ff4c fs15 fc11 sc0 ls6 ws0 gs1b7c\">93,289<span class=\"_ _379\"> </span></div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1b7d\">1</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1b7e\"> <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> </div><div class=\"t m1 h39 ff4a fs1b fc3 sc0 ls6 ws0 gs1b7f\">2</div><div class=\"t m1 h3a ff4a fs1c fc3 sc0 ls6 ws0 gs1b80\"> <span class=\"_ _6\"> </span>The capital <span class=\"_ _3\"></span>value shown corresponds <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> latest local <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> statements availabl<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs1b82\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _2bd\"> </span><span class=\"fsc\">Countr<span class=\"_ _1\"></span>y of domicil<span class=\"_ _1\"></span>e <span class=\"_ _1c5\"> </span>Interest 202<span class=\"_ _1\"></span>2<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs1b83\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1b84\">Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fce sc0 ls6 ws0 gs1b85\">1<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1b86\">Equity 2022<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs1b87\">2<span class=\"_ _379\"> </span></div><div class=\"t m3 h18 ff45 fsc fce sc0 ls6 ws0 gs1b88\">Equity 2021<span class=\"_ _379\"> </span></div><div class=\"t m3 h5c ff45 fs2e fce sc0 ls6 ws0 gs1b89\">2<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gs1b8a\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w2c h24 gs1b8b\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs1b8c\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"c w1f h24 gs1b8d\"><div class=\"t m3 x6 h25 y365 ff4c fsc fcb sc0 ls6 ws0\">in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1b8e\">At <span class=\"_ _1\"></span>equ<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>con<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b8f\">\"S<span class=\"_ _1\"></span>chw<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ata<span class=\"_ _1\"></span>l\" G<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>- un<span class=\"_ _1\"></span>d S<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>edl<span class=\"_ _1\"></span>ung<span class=\"_ _1\"></span>san<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>-G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b90\">Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b91\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b92\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b93\">100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b94\">171,108<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b95\">165,442<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b96\">Alpe<span class=\"_ _1\"></span>nl<span class=\"_ _1\"></span>\u00e4nd<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e Ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ige <span class=\"_ _1\"></span>Woh<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>bau<span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>nsb<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span> <span class=\"_ _12e\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>94.84<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b97\">94.84<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b98\">246,770<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b99\">229,840<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b9a\">Bet<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Lin<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>Austria <span class=\"_ _28d\"> </span>25.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b9b\">25.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b9c\">20,405<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b9d\">19,878<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1b9e\">Bet<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>lag<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Linz<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28d\"> </span>25.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1b9f\">25.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba0\">237,778<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ba1\">229,253<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba2\">CR<span class=\"_ _1\"></span>OWN<span class=\"_ _1\"></span>-WS<span class=\"_ _1\"></span>F s<span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>l.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.o.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _160\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _315\"> </span>30.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ba3\">30.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba4\">7,740<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ba5\">8,882<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba6\">EGW <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>e g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ein<span class=\"_ _1\"></span>n\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ohnun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>esel<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft <span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _165\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>99.77<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ba7\">99.77<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1ba8\">325,567<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1ba9\">309,955<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1baa\">ERST<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>o. -<span class=\"_ _1\"></span> za<span class=\"_ _1\"></span> up<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>vlj<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span> ob<span class=\"_ _1\"></span>vezn<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span> do<span class=\"_ _1\"></span>br<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vljni<span class=\"_ _1\"></span>m m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>rov<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>kim<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bab\">fond<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vima<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Zag<span class=\"_ _1\"></span>reb<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bac\">Croatia </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bad\">25.30<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bae\">25.30<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1baf\">16,131<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bb0\">15,481<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb1\">Gem<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Ind<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ie-W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>kti<span class=\"_ _1\"></span>eng<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t, <span class=\"_ _1\"></span>Leo<span class=\"_ _1\"></span>ndi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> <span class=\"_ _15\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>55.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bb2\">55.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb3\">346,173<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bb4\">332,045<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb5\">Gem<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>M\u00fc<span class=\"_ _1\"></span>rz-Y<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>bs<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>iedlu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>anl<span class=\"_ _1\"></span>agen<span class=\"_ _1\"></span>-G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Kap<span class=\"_ _1\"></span>fen<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>erg<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>99.92<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bb6\">99.92<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb7\">157,424<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bb8\">148,588<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bb9\">Gew<span class=\"_ _1\"></span>ist<span class=\"_ _1\"></span>a-W<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>beg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>llsc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _117\"> </span>Austria <span class=\"_ _28d\"> </span>33.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bba\">33.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bbb\">128,915<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bbc\">116,801<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bbd\">NEU<span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>HEIM<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ober<span class=\"_ _1\"></span>\u00f6s<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rre<span class=\"_ _1\"></span>ich <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>ohn<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bbe\">Si<span class=\"_ _1\"></span>edlu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>smb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>inz<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bbf\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc0\">99.82<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bc1\">99.82<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc2\">229,323<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bc3\">212,512<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc4\">Neu<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nd g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ohnb<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>-Ge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>., V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _ae\"> </span>Austria <span class=\"_ _28d\"> </span>61<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bc5\">61.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc6\">112,011<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bc7\">109,955<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc8\">\u00d6ste<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>rei<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>isch<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Ve<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>kehr<span class=\"_ _1\"></span>sb\u00fc<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ktie<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bc9\">(Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>atem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bca\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bcb\">36.58<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bcc\">36.58<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bcd\">53,300<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bce\">61,670<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bcf\">SOZ<span class=\"_ _1\"></span>IAL<span class=\"_ _1\"></span>BA<span class=\"_ _1\"></span>U g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fct<span class=\"_ _1\"></span>zig<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hnu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>akt<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>sell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _15\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28d\"> </span>54.1<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bd0\">54.17<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd1\">352,888<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bd2\">342,450<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd3\">Tow<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ys<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>o Ub<span class=\"_ _1\"></span>ezp<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>cze\u0144 W<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>aje<span class=\"_ _1\"></span>mn<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ch \u201e<span class=\"_ _1\"></span>TUW\"<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _1d\"> </span>P<span class=\"_ _1\"></span>oland <span class=\"_ _1aa\"> </span>52.16<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bd4\">52.16<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd5\">49,703<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bd6\">57,690<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd7\">Urb<span class=\"_ _1\"></span>anb<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Gem<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>inn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>-, W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>und<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd8\">Sta<span class=\"_ _1\"></span>dt<span class=\"_ _1\"></span>erneu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>m.b<span class=\"_ _1\"></span>.H<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bd9\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bda\">51.46<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bdb\">51.46<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bdc\">147,896<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1bdd\">142,492<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bde\">VB<span class=\"_ _1\"></span>V - B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>eb<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>he<span class=\"_ _1\"></span> Al<span class=\"_ _1\"></span>ters<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>orso<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bdf\">(Con<span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lid<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Fin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>cia<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>atem<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span> </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1be0\">Aus<span class=\"_ _1\"></span>tria </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1be1\">25.32<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1be2\">25.32<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1be3\">311,808<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fce sc0 ls6 ws0 gs1be4\">279,847<span class=\"_ _379\"> </span></div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1be5\">1</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1be6\"> <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> </div><div class=\"t m3 h5a ff4a fs2f fc3 sc0 ls6 ws0 gs1be7\">2</div><div class=\"t m3 h1d ff4a fs10 fc3 sc0 ls6 ws0 gs1be8\"> <span class=\"_ _6\"> </span>The capital <span class=\"_ _3\"></span>value shown corresponds <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> latest local <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> statements availabl<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m3 h32 ff45 fs17 fc3 sc0 ls6 ws0 gs1be9\">Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fsc\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span></div><div class=\"t m3 h5c ff45 fs2e fc3 sc0 ls6 ws0 gs1bea\">1<span class=\"_ _379\"> </span></div><div class=\"c w2c h24 gs1beb\"><div class=\"t m3 x6 h25 y124 ff4c fsc fcb sc0 ls6 ws0\">in %<span class=\"_ _379\"> </span></div></div><div class=\"t m3 h18 ff45 fsc fc3 sc0 ls6 ws0 gs1bec\">Non-<span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>d co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ni<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s </div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bed\">\" As<span class=\"_ _1\"></span>sis<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>\" U<span class=\"_ _1\"></span>kra<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>n As<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce\" <span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>C, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>iv <span class=\"_ _312\"> </span>Ukraine <span class=\"_ _316\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bee\">\"Eis<span class=\"_ _1\"></span>enh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>\" G<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn\u00fc<span class=\"_ _1\"></span>tz<span class=\"_ _1\"></span>ige <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hn<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>lsch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _2fe\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>20.13<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bef\">\"JA<span class=\"_ _1\"></span>HOR<span class=\"_ _1\"></span>INA<span class=\"_ _1\"></span> AU<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>O\" d<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>a Lu<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>a <span class=\"_ _c9\"> </span>B<span class=\"_ _1\"></span>osnia-Herzegovina <span class=\"_ _1ed\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf0\">\"LI<span class=\"_ _1\"></span>FETR<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>ST\"<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>td,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> <span class=\"_ _149\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf1\">\"Neu<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>eima<span class=\"_ _1\"></span>t\" <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>adt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rneu<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>inz<span class=\"_ _1\"></span> <span class=\"_ _1bb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>83.42<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf2\">AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>\u00f6zv<span class=\"_ _1\"></span>et\u00edt<span class=\"_ _1\"></span>\u0151<span class=\"_ _1\"></span> \u00e9s<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span>etin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Z\u00e1<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R\u00e9<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt\u00e1<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _2bf\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _f4\"> </span>55.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf3\">AIS <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>s,<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.o<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Brn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _27f\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _11b\"> </span>98.10<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf4\">Ak<span class=\"_ _1\"></span>cion<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsk<span class=\"_ _1\"></span>o d<span class=\"_ _1\"></span>ru\u017e<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a \u017e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>votn<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>osi<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>j<span class=\"_ _1\"></span>e Wi<span class=\"_ _1\"></span>ene<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4dti<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>odg<span class=\"_ _1\"></span>ori<span class=\"_ _1\"></span>ca,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>odg<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ca <span class=\"_ _318\"> </span>Monteneg<span class=\"_ _1\"></span>ro <span class=\"_ _4b\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf5\">ALBA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _24d\"> </span>Austria <span class=\"_ _7d\"> </span>48.87<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf6\">Amad<span class=\"_ _1\"></span>i G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>sba<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span> <span class=\"_ _319\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf7\">AQU<span class=\"_ _1\"></span>ILA<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span>sm<span class=\"_ _1\"></span>ana<span class=\"_ _1\"></span>gem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12a\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97<span class=\"_ _1\"></span>.75<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf8\">ARE<span class=\"_ _1\"></span>AL<span class=\"_ _1\"></span>IS <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ftsm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bf9\">arit<span class=\"_ _1\"></span>hm<span class=\"_ _1\"></span>eti<span class=\"_ _1\"></span>ca <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _ce\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>98.3<span class=\"_ _1\"></span>1<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bfa\">AUT<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span> BR<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o., <span class=\"_ _1\"></span>Brn<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _237\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a9\"> </span>9<span class=\"_ _1\"></span>8.10<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bfb\">Auto<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>g SR<span class=\"_ _1\"></span>L,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>t <span class=\"_ _2d8\"> </span>R<span class=\"_ _1\"></span>omania <span class=\"_ _2ca\"> </span>99.54<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bfc\">B&amp;A<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> Con<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>lti<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, M<span class=\"_ _1\"></span>ora<span class=\"_ _1\"></span>vs<span class=\"_ _1\"></span>k\u00e1 <span class=\"_ _1\"></span>Ost<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _124\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _31a\"> </span>48.45<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bfd\">BB <span class=\"_ _1\"></span>Par<span class=\"_ _1\"></span>kin<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>s.r<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>atis<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _226\"> </span>Slov<span class=\"_ _3\"></span>ak<span class=\"_ _1\"></span>ia <span class=\"_ _267\"> </span>98.47<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bfe\">BEE<span class=\"_ _1\"></span>SA<span class=\"_ _1\"></span>FE <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> Z<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>NI<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>ZONA <span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>DP<span class=\"_ _1\"></span>OWIE<span class=\"_ _1\"></span>DZ<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OS<span class=\"_ _1\"></span>CIA,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _2bb\"> </span>Poland <span class=\"_ _269\"> </span>99<span class=\"_ _1\"></span>.99<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1bff\">Ben<span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ia U<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>zpi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>czeni<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ka z<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ogr<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>dpo<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>lnos<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ia, W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _1b7\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.95<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c00\">Boh<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>\u017dat<span class=\"_ _1\"></span>ec <span class=\"_ _31b\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c01\">Boh<span class=\"_ _1\"></span>emi<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>HY<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>O s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> \u017da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>c <span class=\"_ _186\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c02\">BSA<span class=\"_ _1\"></span> +<span class=\"_ _1\"></span> OF<span class=\"_ _1\"></span>K <span class=\"_ _1\"></span>Germ<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Est<span class=\"_ _1\"></span>ate<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Fra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>kfu<span class=\"_ _1\"></span>rt <span class=\"_ _31c\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>97.75<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c03\">Buls<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span> Tr<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ova <span class=\"_ _1\"></span>Med<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>zin<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _31d\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _32\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span></div><div class=\"t m3 h25 ff4c fsc fc3 sc0 ls6 ws0 gs1c04\">Cam<span class=\"_ _1\"></span>elo<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Inf<span class=\"_ _1\"></span>orm<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>k un<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>Cons<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lting<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _27d\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>92.8<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span></div>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fs15\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>CARP<span class=\"_ _1\"></span>LU<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>mi<span class=\"_ _1\"></span>tt<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _144\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97<span class=\"_ _1\"></span>.75<span class=\"_ _379\"> </span>Ch<span class=\"_ _1\"></span>r\u00e1\u0161\u0165<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y k<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>er\u010d<span class=\"_ _1\"></span>n\u00ed<span class=\"_ _1\"></span> ar<span class=\"_ _1\"></span>e\u00e1<span class=\"_ _1\"></span>l a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gu<span class=\"_ _1\"></span>e <span class=\"_ _31e\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span>CLA<span class=\"_ _1\"></span>IM<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>XPER<span class=\"_ _1\"></span>T S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.R.<span class=\"_ _1\"></span>L.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _31f\"> </span>Roman<span class=\"_ _1\"></span>ia <span class=\"_ _316\"> </span>99.<span class=\"_ _1\"></span>16<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a D<span class=\"_ _1\"></span>yst<span class=\"_ _1\"></span>ryb<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cja <span class=\"_ _1\"></span>Sp.<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span> o.<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>w<span class=\"_ _1\"></span> <span class=\"_ _1ac\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span>\u010cPP<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>is, <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _320\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span>DBL<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _321\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span>DBR<span class=\"_ _1\"></span>-Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>altun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tut<span class=\"_ _1\"></span>tg<span class=\"_ _1\"></span>art<span class=\"_ _1\"></span> <span class=\"_ _ac\"> </span>G<span class=\"_ _1\"></span>ermany <span class=\"_ _151\"> </span>97.75<span class=\"_ _379\"> </span>DEL<span class=\"_ _1\"></span>OIS <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>o., B<span class=\"_ _4\"></span>rati<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _276\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98<span class=\"_ _1\"></span>.47<span class=\"_ _379\"> </span>DEL<span class=\"_ _1\"></span>OIS <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>a <span class=\"_ _6b\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98<span class=\"_ _1\"></span>.47<span class=\"_ _379\"> </span>Dom<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>c\u00ed p<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span>\u010de H<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>\u00e1 s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rer<span class=\"_ _1\"></span>au<span class=\"_ _1\"></span> <span class=\"_ _322\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>63.23<span class=\"_ _379\"> </span>DV <span class=\"_ _1\"></span>Ass<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>agem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t E<span class=\"_ _1\"></span>AD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _286\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100.00<span class=\"_ _379\"> </span>DV <span class=\"_ _1\"></span>CO<span class=\"_ _1\"></span>NSU<span class=\"_ _1\"></span>LTI<span class=\"_ _1\"></span>NG <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>OD, S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span> <span class=\"_ _282\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>DV <span class=\"_ _1\"></span>Inv<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> EA<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>fi<span class=\"_ _1\"></span>a <span class=\"_ _27c\"> </span>Bulgaria <span class=\"_ _1bf\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>EBV<span class=\"_ _1\"></span>-L<span class=\"_ _1\"></span>easi<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> Ge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>scha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H.<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f8\"> </span>Austria <span class=\"_ _317\"> </span>47.9<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>EGW <span class=\"_ _1\"></span>Da<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nv<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>rb<span class=\"_ _1\"></span>eitu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>Ges<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _8d\"> </span>Austria <span class=\"_ _7d\"> </span>71.92<span class=\"_ _379\"> </span>EGW <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ieg<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>scha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span>sv<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _323\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>71.92<span class=\"_ _379\"> </span>EGW<span class=\"_ _1\"></span>-N<span class=\"_ _1\"></span>OE <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>ste g<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tzig<span class=\"_ _1\"></span>e W<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>nun<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>ls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft <span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>iene<span class=\"_ _1\"></span>r N<span class=\"_ _1\"></span>eu<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>adt<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Austria <span class=\"_ _317\"> </span>71.92<span class=\"_ _379\"> </span>EKG U<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span> N<span class=\"_ _1\"></span>ord<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, K<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>nfu<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span> <span class=\"_ _2f4\"> </span>Austria <span class=\"_ _317\"> </span>24.<span class=\"_ _1\"></span>46<span class=\"_ _379\"> </span>Els<span class=\"_ _1\"></span>\u00f6 M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>eszs<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>\u00fcgy<span class=\"_ _1\"></span>i H<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>oz<span class=\"_ _1\"></span>at Z<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _116\"> </span>Hungary <span class=\"_ _267\"> </span>26.58<span class=\"_ _379\"> </span>ERST<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> Biz<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>s\u00ed<span class=\"_ _1\"></span>t\u00e1si<span class=\"_ _1\"></span> Al<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>usz<span class=\"_ _1\"></span> Kf<span class=\"_ _1\"></span>t,<span class=\"_ _1\"></span> Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _31e\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _f4\"> </span>54.2<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Eur<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>ean<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> &amp; R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce B<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>ke<span class=\"_ _1\"></span>rs Lt<span class=\"_ _1\"></span>d.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Lon<span class=\"_ _1\"></span>don<span class=\"_ _1\"></span> <span class=\"_ _324\"> </span>United<span class=\"_ _1\"></span> Kingdom <span class=\"_ _192\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>EXP<span class=\"_ _1\"></span>ERTA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Sch<span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>nr<span class=\"_ _1\"></span>egu<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span>Ges<span class=\"_ _1\"></span>ell<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span> mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _182\"> </span>Austria <span class=\"_ _7d\"> </span>99.44<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>rtn<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _78\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span>Fin<span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>s P<span class=\"_ _1\"></span>lus<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _186\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>For<span class=\"_ _1\"></span>eig<span class=\"_ _1\"></span>n l<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> l<span class=\"_ _1\"></span>iab<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lity<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>comp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Int<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>vestU<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ie\", <span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>ins<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span> <span class=\"_ _f9\"> </span>Belarus <span class=\"_ _316\"> </span>100.00<span class=\"_ _379\"> </span>GELU<span class=\"_ _1\"></span>P G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _181\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>32.58<span class=\"_ _379\"> </span>GGV<span class=\"_ _1\"></span>ier<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt-Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _282\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>53.<span class=\"_ _1\"></span>76<span class=\"_ _379\"> </span>Gla<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>etei<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>igung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>altu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\"Be<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>\" K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _31c\"> </span>Austria <span class=\"_ _317\"> </span>42<span class=\"_ _1\"></span>.76<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>O.<span class=\"_ _1\"></span>O. B<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>rad<span class=\"_ _1\"></span>e <span class=\"_ _26f\"> </span>S<span class=\"_ _1\"></span>erbia <span class=\"_ _159\"> </span>100.00<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>eo<span class=\"_ _1\"></span>rgi<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>LLC<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>lis<span class=\"_ _1\"></span> <span class=\"_ _1a2\"> </span>Georgia <span class=\"_ _159\"> </span>95.00<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e P<span class=\"_ _1\"></span>ols<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>Sp<span class=\"_ _1\"></span>.z<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _31f\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.99<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _1c7\"> </span>100.00<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CES<span class=\"_ _1\"></span> SR<span class=\"_ _1\"></span>L,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _2b6\"> </span>Romania <span class=\"_ _2ca\"> </span>99.23<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span>KIA<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _118\"> </span>Slovakia <span class=\"_ _267\"> </span>99.22<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Exp<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ardu<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span> <span class=\"_ _19e\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>98.10<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r P\u00e9<span class=\"_ _1\"></span>\u010de,<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>.\u00fa<span class=\"_ _1\"></span>., P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _153\"> </span>C<span class=\"_ _3\"></span>z<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a9\"> </span>63<span class=\"_ _1\"></span>.23<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r Zd<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>av\u00ed,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _1d4\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _31a\"> </span>63.2<span class=\"_ _1\"></span>3<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Pa<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _325\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>63.23<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l R<span class=\"_ _1\"></span>ep<span class=\"_ _1\"></span>air <span class=\"_ _1\"></span>Cen<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ard<span class=\"_ _1\"></span>ub<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> <span class=\"_ _83\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>98.10<span class=\"_ _379\"> </span>Glo<span class=\"_ _1\"></span>ba<span class=\"_ _1\"></span>l Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lga<span class=\"_ _1\"></span>ria<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JSC,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> <span class=\"_ _326\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _32\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>Hau<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>ice<span class=\"_ _1\"></span> Ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ktb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irt<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2f6\"> </span>Austria <span class=\"_ _7d\"> </span>20.72<span class=\"_ _379\"> </span>Help<span class=\"_ _1\"></span>24 <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>olt<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>l\u0151<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>\u00e9g\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>dap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _194\"> </span>Hu<span class=\"_ _1\"></span>ngary <span class=\"_ _f4\"> </span>5<span class=\"_ _1\"></span>5.00<span class=\"_ _379\"> </span>HOTE<span class=\"_ _1\"></span>LY<span class=\"_ _1\"></span> SR<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>\u00cd, <span class=\"_ _1\"></span>a.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2a5\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span>Hote<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Vol<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> in<span class=\"_ _1\"></span> Liqu<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>io<span class=\"_ _1\"></span>n, <span class=\"_ _1\"></span>Zag<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span> <span class=\"_ _105\"> </span>Croatia <span class=\"_ _317\"> </span>97.82<span class=\"_ _379\"> </span>HORI<span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>ONT<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ers<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al-,<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>eam<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> O<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>ani<span class=\"_ _1\"></span>sat<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cklun<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _160\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>98.29<span class=\"_ _379\"> </span>Imm<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>at <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _184\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>20.72<span class=\"_ _379\"> </span>IM<span class=\"_ _1\"></span>OVE <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rwe<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd <span class=\"_ _1\"></span>-v<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _1b2\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>20.72<span class=\"_ _379\"> </span>INS<span class=\"_ _1\"></span>HIFT<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>K\u00f6ln<span class=\"_ _1\"></span> <span class=\"_ _327\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>23.53<span class=\"_ _379\"> </span>insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eX I<span class=\"_ _1\"></span>T G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _328\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>98.87<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k I<span class=\"_ _1\"></span>nf<span class=\"_ _1\"></span>orma<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>k Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Wi<span class=\"_ _1\"></span>esb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _31e\"> </span>Germany <span class=\"_ _f0\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>ITI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Spo<span class=\"_ _1\"></span>lk<span class=\"_ _1\"></span>a z<span class=\"_ _1\"></span> og<span class=\"_ _1\"></span>rani<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>zon<span class=\"_ _1\"></span>\u0105 od<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>ied<span class=\"_ _1\"></span>zial<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ci\u0105 <span class=\"_ _1\"></span>spo<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ka <span class=\"_ _1\"></span>koma<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span>yt<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> <span class=\"_ _15c\"> </span>Poland <span class=\"_ _269\"> </span>99.9<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span>ITI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>Sp.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _4\"></span> <span class=\"_ _27f\"> </span>Poland <span class=\"_ _269\"> </span>9<span class=\"_ _1\"></span>9.99<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Cu<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>o\",<span class=\"_ _1\"></span> Tb<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>i <span class=\"_ _108\"> </span>Georgia<span class=\"_ _1\"></span> <span class=\"_ _164\"> </span>90.00<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>INN<span class=\"_ _1\"></span>ER <span class=\"_ _1\"></span>LI<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> - <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>kopj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>North<span class=\"_ _1\"></span> Macedonia<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>100.00<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fsc\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Kit<span class=\"_ _1\"></span>zb\u00fch<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>esta<span class=\"_ _1\"></span>ttu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>V Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Ki<span class=\"_ _1\"></span>tzb\u00fc<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span> <span class=\"_ _120\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span>KUPA<span class=\"_ _1\"></span>LA<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>el<span class=\"_ _1\"></span>arus<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>n-Au<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span> Cl<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>Joi<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y, <span class=\"_ _1\"></span>Min<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k <span class=\"_ _329\"> </span>Belarus <span class=\"_ _275\"> </span>98.2<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>KW<span class=\"_ _1\"></span>C Ca<span class=\"_ _1\"></span>mpu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sge<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>t m<span class=\"_ _1\"></span>.b.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Kl<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>enf<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _324\"> </span>Austria <span class=\"_ _317\"> </span>48.8<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>LD <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>m\u00f6<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _66\"> </span>Austria <span class=\"_ _317\"> </span>98<span class=\"_ _1\"></span>.65<span class=\"_ _379\"> </span>Lead<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>qu<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>ies <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span>.P<span class=\"_ _1\"></span>riv<span class=\"_ _1\"></span>ate E<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ui<span class=\"_ _1\"></span>ty M<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>lstan<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>sfin<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s A<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>21.59<span class=\"_ _379\"> </span>LiS<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>V Mu<span class=\"_ _1\"></span>th<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _122\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>42.76<span class=\"_ _379\"> </span>Mai<span class=\"_ _1\"></span>n P<span class=\"_ _1\"></span>oin<span class=\"_ _1\"></span>t K<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u00edn <span class=\"_ _1\"></span>II.,<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _76\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _31a\"> </span>97.28<span class=\"_ _379\"> </span>Mon<span class=\"_ _1\"></span>ey <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Mor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P\u00e9n<span class=\"_ _1\"></span>z\u00fcg<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>an\u00e1<span class=\"_ _1\"></span>csa<span class=\"_ _1\"></span>d\u00f3<span class=\"_ _1\"></span> Z\u00e1<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>k\u00f6r<span class=\"_ _1\"></span>\u0171e<span class=\"_ _1\"></span>n M\u0171<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v\u00e9n<span class=\"_ _1\"></span>yt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _28e\"> </span>Hung<span class=\"_ _1\"></span>ary <span class=\"_ _f4\"> </span>54.25<span class=\"_ _379\"> </span>Nad<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>cia <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>is\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>e K<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>OPERA<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>IVA<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98.<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span>PFG<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>tsb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irts<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aftu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e4\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>73.69<span class=\"_ _379\"> </span>POL<span class=\"_ _1\"></span>ISA <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>\u017bY<span class=\"_ _1\"></span>CIE<span class=\"_ _1\"></span> U<span class=\"_ _1\"></span>bez<span class=\"_ _1\"></span>pi<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>czeni<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Sp.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _232\"> </span>Polan<span class=\"_ _1\"></span>d <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span>Priv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span> Jo<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>t-<span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>any \"<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>WN <span class=\"_ _1\"></span>SER<span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span>\", <span class=\"_ _1\"></span>K<span class=\"_ _1\"></span>yiv<span class=\"_ _1\"></span> <span class=\"_ _118\"> </span>Ukraine<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>100.00<span class=\"_ _379\"> </span>Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>nun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roje<span class=\"_ _1\"></span>ktm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>age<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>Bau<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Ge<span class=\"_ _1\"></span>smb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2cb\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>54.51<span class=\"_ _379\"> </span>Ren<span class=\"_ _1\"></span>ais<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce H<span class=\"_ _1\"></span>ote<span class=\"_ _1\"></span>l R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>lb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _16d\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>40.00<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t Bu<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD<span class=\"_ _1\"></span>, S<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _267\"> </span>51.00<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>ons<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>t P<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lsk<span class=\"_ _1\"></span>a S<span class=\"_ _1\"></span>p.z<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _26e\"> </span>Poland <span class=\"_ _269\"> </span>68.1<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>RISK<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>CONSU<span class=\"_ _4\"></span>LT S<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rhei<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>- u<span class=\"_ _1\"></span>nd R<span class=\"_ _4\"></span>isi<span class=\"_ _1\"></span>ko- <span class=\"_ _1\"></span>Man<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>atun<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _3e\"> </span>Austria <span class=\"_ _317\"> </span>5<span class=\"_ _1\"></span>1.00<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span> Ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k v<span class=\"_ _1\"></span>e Ha<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>r D<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ism<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>k Hiz<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>etl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri L<span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>ited<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ir<span class=\"_ _1\"></span>ket<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tan<span class=\"_ _1\"></span>bu<span class=\"_ _1\"></span>l <span class=\"_ _112\"> </span>T\u00fcrkiye <span class=\"_ _32a\"> </span>64.19<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>s R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>iko<span class=\"_ _1\"></span> Eng<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>ee<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f5\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>12.24<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>xpe<span class=\"_ _1\"></span>rt<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _2dd\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _267\"> </span>51.00<span class=\"_ _379\"> </span>Ris<span class=\"_ _1\"></span>k L<span class=\"_ _1\"></span>ogi<span class=\"_ _1\"></span>cs <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span>kob<span class=\"_ _1\"></span>era<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>51.00<span class=\"_ _379\"> </span>sam<span class=\"_ _1\"></span>avu<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>atis<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _16a\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _f4\"> </span>98.<span class=\"_ _1\"></span>47<span class=\"_ _379\"> </span>San<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>oriu<span class=\"_ _1\"></span>m A<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>ia, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rlsba<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _1a9\"> </span>97.<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span>SB <span class=\"_ _1\"></span>Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rtu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>40.2<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>S.<span class=\"_ _1\"></span>C. R<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k C<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>sul<span class=\"_ _1\"></span>t &amp;<span class=\"_ _1\"></span> En<span class=\"_ _1\"></span>gin<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ering<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ro<span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>nia <span class=\"_ _1\"></span>S.R<span class=\"_ _1\"></span>.L<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>est<span class=\"_ _a5\"> </span>Roman<span class=\"_ _1\"></span>ia <span class=\"_ _316\"> </span>51<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>S.<span class=\"_ _1\"></span>C. S<span class=\"_ _1\"></span>OC<span class=\"_ _1\"></span>IET<span class=\"_ _1\"></span>ATE<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>TRA<span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>ING<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IGURA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>S.R<span class=\"_ _1\"></span>.L<span class=\"_ _1\"></span>., B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _140\"> </span>Rom<span class=\"_ _1\"></span>ania <span class=\"_ _2ca\"> </span>99.16<span class=\"_ _379\"> </span>se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>cel<span class=\"_ _1\"></span>ine<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>ont<span class=\"_ _1\"></span>act<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cent<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> di<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>tle<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s-G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _fb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span>S.<span class=\"_ _1\"></span>O.S.<span class=\"_ _1\"></span>- E<span class=\"_ _1\"></span>XP<span class=\"_ _1\"></span>ERT<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>o. <span class=\"_ _1\"></span>za<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e n<span class=\"_ _1\"></span>ek<span class=\"_ _1\"></span>retn<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>Za<span class=\"_ _1\"></span>greb<span class=\"_ _1\"></span> <span class=\"_ _32b\"> </span>Croatia <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span>Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>tzi<span class=\"_ _1\"></span>ge <span class=\"_ _1\"></span>Be<span class=\"_ _1\"></span>tri<span class=\"_ _1\"></span>ebsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _107\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Sl<span class=\"_ _1\"></span>ove<span class=\"_ _1\"></span>xp<span class=\"_ _1\"></span>erta<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r.o.,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>lein<span class=\"_ _1\"></span> <span class=\"_ _2a2\"> </span>Slovakia <span class=\"_ _267\"> </span>98.70<span class=\"_ _379\"> </span>So<span class=\"_ _1\"></span>leta<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>wa<span class=\"_ _1\"></span>ltu<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _32c\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>42.76<span class=\"_ _379\"> </span>Spa<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>-Ve<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>iche<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>ngs<span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>rvi<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lls<span class=\"_ _1\"></span>cha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>Sp\u00f3<span class=\"_ _1\"></span>\u0142dz<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>ln<span class=\"_ _1\"></span>ia U<span class=\"_ _1\"></span>s\u0142u<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>owa<span class=\"_ _1\"></span> VI<span class=\"_ _1\"></span>G E<span class=\"_ _1\"></span>KSP<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span>T <span class=\"_ _1\"></span>W <span class=\"_ _1\"></span>WAR<span class=\"_ _1\"></span>SZA<span class=\"_ _1\"></span>WIE<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _198\"> </span>Poland <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span>SUR<span class=\"_ _1\"></span>PM<span class=\"_ _1\"></span>O, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _1d8\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _31a\"> </span>97.<span class=\"_ _1\"></span>28<span class=\"_ _379\"> </span>TAU<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>S C<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l In<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co K<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _b6\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _317\"> </span>19.55<span class=\"_ _379\"> </span>TAU<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>S C<span class=\"_ _1\"></span>api<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>emen<span class=\"_ _1\"></span>t G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _134\"> </span>Austria <span class=\"_ _317\"> </span>25.30<span class=\"_ _379\"> </span>Tel<span class=\"_ _1\"></span>eD<span class=\"_ _1\"></span>oc <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _32d\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>25.01<span class=\"_ _379\"> </span>TGM<span class=\"_ _1\"></span>Z T<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>m G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>und<span class=\"_ _1\"></span> M<span class=\"_ _1\"></span>ediz<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> Z<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tren<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _32e\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>39.10<span class=\"_ _379\"> </span>TOG<span class=\"_ _1\"></span>ET<span class=\"_ _1\"></span>HER <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _e1\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>24<span class=\"_ _1\"></span>.71<span class=\"_ _379\"> </span>UAB<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pen<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span> Lif<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Di<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ribu<span class=\"_ _1\"></span>tio<span class=\"_ _1\"></span>n\"<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>lniu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _24b\"> </span>Lithuan<span class=\"_ _1\"></span>ia  <span class=\"_ _32f\"> </span>100.00<span class=\"_ _379\"> </span>UNI<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>-E<span class=\"_ _1\"></span>rted <span class=\"_ _1\"></span>El<span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>sz<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>\u00f6 K<span class=\"_ _1\"></span>orl<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>old <span class=\"_ _1\"></span>Fe<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>el\u00f6ss<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>\u00fc T<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>sag<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Bud<span class=\"_ _1\"></span>ape<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Hungary <span class=\"_ _f4\"> </span>5<span class=\"_ _1\"></span>4.25<span class=\"_ _379\"> </span>Vers<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>sb<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>ro D<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span> Ign<span class=\"_ _1\"></span>az<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ial<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ells<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _18c\"> </span>Austria <span class=\"_ _317\"> </span>47.90<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rn<span class=\"_ _1\"></span>atio<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span>l Un<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>ters<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _d1\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span>vies<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span>ova<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>cen<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _330\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>98.87<span class=\"_ _379\"> </span>VIG A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>ea<span class=\"_ _1\"></span>l E<span class=\"_ _1\"></span>stat<span class=\"_ _1\"></span>e,<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _322\"> </span>Czech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1c7\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>VIG A<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>erv<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ces <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _70\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _f4\"> </span>100.00<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>IT <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>Dig<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>al S<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12b\"> </span>Austria <span class=\"_ _f4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>VIG M<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _1\"></span>ce SR<span class=\"_ _4\"></span>L, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t <span class=\"_ _cf\"> </span>Rom<span class=\"_ _1\"></span>ania <span class=\"_ _2ca\"> </span>99.16<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>PO<span class=\"_ _1\"></span>LS<span class=\"_ _1\"></span>KA R<span class=\"_ _1\"></span>EA<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span> ES<span class=\"_ _1\"></span>TAT<span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>SP\u00d3<span class=\"_ _1\"></span>\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Z OGR<span class=\"_ _4\"></span>ANI<span class=\"_ _1\"></span>CZ<span class=\"_ _1\"></span>ONA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODPO<span class=\"_ _1\"></span>WI<span class=\"_ _1\"></span>ED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OSC<span class=\"_ _1\"></span>IA,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> <span class=\"_ _121\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _269\"> </span>99.97<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es B<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ria <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>OOD,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _ed\"> </span>B<span class=\"_ _1\"></span>ulgaria <span class=\"_ _1bf\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es S<span class=\"_ _1\"></span>hq<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>eri <span class=\"_ _1\"></span>Sh.<span class=\"_ _1\"></span>p.K<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ti<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>a <span class=\"_ _109\"> </span>A<span class=\"_ _1\"></span>lbania <span class=\"_ _275\"> </span>8<span class=\"_ _1\"></span>9.52<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>ZP<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s. <span class=\"_ _1\"></span>r. o<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>av<span class=\"_ _1\"></span>a <span class=\"_ _276\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _267\"> </span>99.22<span class=\"_ _379\"> </span>VIG/<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>-QUA<span class=\"_ _1\"></span>DRA<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWA<span class=\"_ _1\"></span>RZ<span class=\"_ _1\"></span>YST<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>O FU<span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>US<span class=\"_ _1\"></span>ZY <span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>STY<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNY<span class=\"_ _1\"></span>CH <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3\u0141KA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>AK<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNA<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _1af\"> </span>Poland <span class=\"_ _269\"> </span>50.99<span class=\"_ _379\"> </span>V\u00d6B <span class=\"_ _1\"></span>Di<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>kt <span class=\"_ _1\"></span>Ver<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>rung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>agen<span class=\"_ _1\"></span>tu<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>raz<span class=\"_ _1\"></span> <span class=\"_ _32c\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>48.87<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span><span class=\"fs15\">Coun<span class=\"_ _3\"></span>t<span class=\"_ _1\"></span>ry of domici<span class=\"_ _1\"></span>le <span class=\"_ _15f\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>342<span class=\"_ _1\"></span>0 A<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>pm<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> AG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _16d\"> </span>Austria <span class=\"_ _7d\"> </span>23.92<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> St<span class=\"_ _1\"></span>\u00e4d<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>au <span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>asin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _331\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>Be<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>attu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sbe<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ieb<span class=\"_ _1\"></span>e Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Kr<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>ch <span class=\"_ _f8\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _317\"> </span>97.7<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>WOF<span class=\"_ _1\"></span>IN <span class=\"_ _1\"></span>Wo<span class=\"_ _1\"></span>hnu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>sf<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>anz<span class=\"_ _1\"></span>ierun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2f5\"> </span>Austria <span class=\"_ _317\"> </span>20.<span class=\"_ _1\"></span>72<span class=\"_ _379\"> </span>Woh<span class=\"_ _1\"></span>nqu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>er 1<span class=\"_ _1\"></span>1b <span class=\"_ _1\"></span>Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _250\"> </span>Austria <span class=\"_ _f4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>Woh<span class=\"_ _1\"></span>nqu<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>er 1<span class=\"_ _1\"></span>2b <span class=\"_ _1\"></span>Im<span class=\"_ _1\"></span>mob<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _250\"> </span>Austria <span class=\"_ _317\"> </span>9<span class=\"_ _1\"></span>7.75<span class=\"_ _379\"> </span>WSB<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eil<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _332\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _317\"> </span>97.75<span class=\"_ _379\"> </span>zuu<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>r.o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _1d2\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span>98.47<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> Please see the Scope and methods of consoli<span class=\"_ _3\"></span>dation sectio<span class=\"_ _3\"></span>n <span class=\"_ _1\"></span>starti<span class=\"_ _3\"></span>ng <span class=\"_ _1\"></span>o<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> page 61 <span class=\"_ _1\"></span>for informa<span class=\"_ _3\"></span>tion on changes in the <span class=\"_ _1\"></span>sco<span class=\"_ _3\"></span>pe of consol<span class=\"_ _3\"></span>idation.<span class=\"_ _3\"></span> The <span class=\"_ _c\"></span>info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n <span class=\"_ _c\"></span>r<span class=\"_ _3\"></span>equire<span class=\"_ _3\"></span>d <span class=\"_ _c\"></span>u<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span>der <span class=\"_ _a\"></span>\u00a7 <span class=\"_ _a\"></span>265(2) <span class=\"_ _a\"></span>n<span class=\"_ _1\"></span>o. <span class=\"_ _a\"></span>4 <span class=\"_ _a\"></span>of <span class=\"_ _a\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _c\"></span>A<span class=\"_ _3\"></span>ustrian <span class=\"_ _a\"></span>Corporatio<span class=\"_ _5\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>Code <span class=\"_ _c\"></span>(U<span class=\"_ _3\"></span>GB) <span class=\"_ _a\"></span>is <span class=\"_ _a\"></span>provided <span class=\"_ _c\"></span>i<span class=\"_ _3\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _a\"></span>the <span class=\"_ _a\"></span>overview <span class=\"_ _4\"></span>of participatio<span class=\"_ _3\"></span>ns in th<span class=\"_ _3\"></span>e separat<span class=\"_ _3\"></span>e financi<span class=\"_ _3\"></span>al stateme<span class=\"_ _3\"></span>nt<span class=\"_ _1\"></span>s.<span class=\"_ _3\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-42": {
   "value": "28.<span class=\"ff4b\"> </span>AFFILIA<span class=\"_ _5\"></span>TED COMP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>N<span class=\"_ _1\"></span>IES <span class=\"_ _5\"></span>AND P<span class=\"_ _3\"></span>ART<span class=\"_ _3\"></span>ICIP<span class=\"_ _3\"></span>A<span class=\"_ _3\"></span>TIONS<span class=\"_ _3\"></span> Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fs15\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in %<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>in EU<span class=\"_ _1\"></span>R '000<span class=\"_ _379\"> </span>Full<span class=\"_ _1\"></span>y c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>soli<span class=\"_ _1\"></span>date<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nie<span class=\"_ _1\"></span>s <span class=\"_ _2fb\"> </span>  <span class=\"_ _9f\"> </span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  <span class=\"_ _43\"> </span></span>  <span class=\"_ _56\"> </span><span class=\"fc11\">  </span>\"BU<span class=\"_ _1\"></span>LS<span class=\"_ _1\"></span>TRA<span class=\"_ _1\"></span>D L<span class=\"_ _1\"></span>IFE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span> ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK<span class=\"_ _1\"></span> COMPA<span class=\"_ _4\"></span>NY,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofia<span class=\"_ _1\"></span> Bulg<span class=\"_ _1\"></span>aria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>12,018<span class=\"_ _379\"> </span>27,375<span class=\"_ _379\"> </span>\"Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p\",<span class=\"_ _1\"></span> AD<span class=\"_ _1\"></span>B,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>ius<span class=\"_ _1\"></span> <span class=\"_ _1a\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,895<span class=\"_ _379\"> </span>86,338<span class=\"_ _379\"> </span>\"Gr\u00fc<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r B<span class=\"_ _1\"></span>aum<span class=\"_ _1\"></span>\" <span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>sg<span class=\"_ _1\"></span>es.m<span class=\"_ _1\"></span>.b<span class=\"_ _1\"></span>.H.<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _c3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>40,043<span class=\"_ _379\"> </span>39,996<span class=\"_ _379\"> </span>365<span class=\"_ _1\"></span>.l<span class=\"_ _1\"></span>ife,<span class=\"_ _1\"></span> d.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> a.<span class=\"_ _1\"></span> s.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">13,820<span class=\"_ _379\"> </span></span>AB <span class=\"_ _1\"></span>Mod<span class=\"_ _1\"></span>\u0159i<span class=\"_ _1\"></span>ce, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _131\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">9,332<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> \u00c1l<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>l\u00e1n<span class=\"_ _1\"></span>os B<span class=\"_ _4\"></span>iztos<span class=\"_ _1\"></span>\u00edt<span class=\"_ _1\"></span>\u00f3 <span class=\"_ _1\"></span>Z\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00  <span class=\"_ _2fd\"> </span><span class=\"fc3\">100,137<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si A<span class=\"_ _1\"></span>lap<span class=\"_ _1\"></span>k<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>el\u0151 <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>\u00e1rt<span class=\"_ _1\"></span>k\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6<span class=\"_ _1\"></span>d\u0151<span class=\"_ _1\"></span> R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9n<span class=\"_ _1\"></span>yt\u00e1r<span class=\"_ _1\"></span>sa<span class=\"_ _1\"></span>s\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>uda<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">8,415<span class=\"_ _379\"> </span></span>AEG<span class=\"_ _1\"></span>ON <span class=\"_ _1\"></span>Mag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>aro<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>\u00e9nzt<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rsz<span class=\"_ _1\"></span>olg<span class=\"_ _1\"></span>\u00e1lt<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>\u00f3 Z<span class=\"_ _1\"></span>\u00e1r<span class=\"_ _1\"></span>tk\u00f6<span class=\"_ _1\"></span>r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d\u0151<span class=\"_ _1\"></span> R\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>apes<span class=\"_ _1\"></span>t Hungary 100.00  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,959<span class=\"_ _379\"> </span></span>And<span class=\"_ _1\"></span>\u011bl <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ves<span class=\"_ _1\"></span>tm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t Pr<span class=\"_ _1\"></span>ah<span class=\"_ _1\"></span>a s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _f0\"> </span>Czech Rep<span class=\"_ _1\"></span>ublic <span class=\"_ _75\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,465<span class=\"_ _379\"> </span>24,052<span class=\"_ _379\"> </span>Anif<span class=\"_ _1\"></span>-R<span class=\"_ _1\"></span>esi<span class=\"_ _1\"></span>den<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>16,617<span class=\"_ _379\"> </span>16,597<span class=\"_ _379\"> </span>Asigu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ea R<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span>\u00e2ne<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>c\u0103 <span class=\"_ _1\"></span>- A<span class=\"_ _1\"></span>SI<span class=\"_ _1\"></span>RO<span class=\"_ _1\"></span>M <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>., Buch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> Roman<span class=\"_ _1\"></span>ia 99.79<span class=\"_ _379\"> </span>99.79<span class=\"_ _379\"> </span>79,442<span class=\"_ _379\"> </span>79,960<span class=\"_ _379\"> </span>ATB<span class=\"_ _1\"></span>IH G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>158,521<span class=\"_ _379\"> </span>173,509<span class=\"_ _379\"> </span>ATR<span class=\"_ _1\"></span>IUM<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>ER S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>OS<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>17,867<span class=\"_ _379\"> </span>18,559<span class=\"_ _379\"> </span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00  <span class=\"_ _1e6\"> </span><span class=\"fc3\">3<span class=\"_ _1\"></span>9<span class=\"_ _379\"> </span></span>Atzl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 13<span class=\"_ _1\"></span>-15<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c4\"> </span>Austria <span class=\"_ _a4\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">10,199<span class=\"_ _379\"> </span></span>AUT<span class=\"_ _1\"></span>ODR<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>OSN<span class=\"_ _1\"></span>OV\u00c1<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span> \u010c<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>k\u00e9 <span class=\"_ _1\"></span>L\u00edp<span class=\"_ _1\"></span>y a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e <span class=\"_ _2a\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0  <span class=\"_ _1af\"> </span><span class=\"fc3\">1,563<span class=\"_ _379\"> </span></span>BCR A<span class=\"_ _4\"></span>sigu<span class=\"_ _1\"></span>r\u0103<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>a\u0163\u0103 <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gro<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>char<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _25\"> </span>Romania <span class=\"_ _154\"> </span>93.98<span class=\"_ _379\"> </span>93.98<span class=\"_ _379\"> </span>51,794<span class=\"_ _379\"> </span>48,074<span class=\"_ _379\"> </span>Blizz<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rd R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o.,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _103\"> </span>Polan<span class=\"_ _1\"></span>d <span class=\"_ _1aa\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,602<span class=\"_ _379\"> </span>3,347<span class=\"_ _379\"> </span>Bro<span class=\"_ _1\"></span>ckm<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>nga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>32 <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>ili<span class=\"_ _1\"></span>enb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1b4\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00  <span class=\"_ _1af\"> </span><span class=\"fc3\">3,559<span class=\"_ _379\"> </span></span>BTA<span class=\"_ _1\"></span> Ba<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>ic <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Comp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y A<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1ab\"> </span>Latvia  <span class=\"_ _41\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,934<span class=\"_ _379\"> </span>64,005<span class=\"_ _379\"> </span>Bulg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ki I<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>ti A<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>istan<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>OOD<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Sofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1eb\"> </span>Bulgaria <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-1,065<span class=\"_ _379\"> </span>-1,284<span class=\"_ _379\"> </span>Busin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k B<span class=\"_ _1\"></span>ru<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span> Ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>nna<span class=\"_ _1\"></span> <span class=\"_ _1b3\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>33,456<span class=\"_ _379\"> </span>33,983<span class=\"_ _379\"> </span>CAP<span class=\"_ _1\"></span>IT<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>kcio<span class=\"_ _1\"></span>v\u00e1<span class=\"_ _1\"></span> sp<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lo\u010dn<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>\u0165, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _117\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,681<span class=\"_ _379\"> </span>1,562<span class=\"_ _379\"> </span>CENT<span class=\"_ _1\"></span>ER<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>elb<span class=\"_ _1\"></span>etr<span class=\"_ _1\"></span>ieb<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2ff\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>80.00<span class=\"_ _379\"> </span>80.00<span class=\"_ _379\"> </span>41<span class=\"_ _379\"> </span>10<span class=\"_ _379\"> </span>Cen<span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Poin<span class=\"_ _1\"></span>t I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce I<span class=\"_ _1\"></span>T-S<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>lut<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span> Liq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>idat<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _df\"> </span>Austria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,634<span class=\"_ _379\"> </span>10,952<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>\u010ces<span class=\"_ _1\"></span>k\u00e1<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>odn<span class=\"_ _1\"></span>ika<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>lsk<span class=\"_ _1\"></span>\u00e1 p<span class=\"_ _1\"></span>oji\u0161<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ovna<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _301\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>108,073<span class=\"_ _379\"> </span>114,722<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>nia d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r\u0103ri<span class=\"_ _1\"></span> \"D<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>ARI<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>VIE<span class=\"_ _1\"></span>NNA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NC<span class=\"_ _1\"></span>E GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P\"<span class=\"_ _1\"></span> So<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span>tate<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>e A<span class=\"_ _1\"></span>ct<span class=\"_ _1\"></span>iun<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>Chi<span class=\"_ _1\"></span>\u0219in<span class=\"_ _1\"></span>\u0103u<span class=\"_ _1\"></span> Moldova<span class=\"_ _1\"></span> 99.99<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>6,251<span class=\"_ _379\"> </span>5,639<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a Li<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup <span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _290\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _28d\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>17,151<span class=\"_ _379\"> </span>45,469<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 N<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 99.97<span class=\"_ _379\"> </span>99.97<span class=\"_ _379\"> </span>58,860<span class=\"_ _379\"> </span>59,036<span class=\"_ _379\"> </span>Com<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>a T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ez<span class=\"_ _1\"></span>pie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 99.95<span class=\"_ _379\"> </span>99.94<span class=\"_ _379\"> </span>82,233<span class=\"_ _379\"> </span>96,104<span class=\"_ _379\"> </span>CP <span class=\"_ _1\"></span>Solu<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>Pra<span class=\"_ _1\"></span>gue<span class=\"_ _1\"></span> <span class=\"_ _27e\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,514<span class=\"_ _379\"> </span>12,849<span class=\"_ _379\"> </span>DBL<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span> &amp; <span class=\"_ _1\"></span>Co <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _28e\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,544<span class=\"_ _379\"> </span>3,025<span class=\"_ _379\"> </span>DBR<span class=\"_ _1\"></span>-Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aft<span class=\"_ _1\"></span>en G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp; <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Stu<span class=\"_ _1\"></span>ttg<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt <span class=\"_ _1b5\"> </span>Germany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,477<span class=\"_ _379\"> </span>8,247<span class=\"_ _379\"> </span>Deu<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span>chm<span class=\"_ _1\"></span>eist<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rpl<span class=\"_ _1\"></span>atz<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span> Ob<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>ktv<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,343<span class=\"_ _379\"> </span>2,963<span class=\"_ _379\"> </span>Don<span class=\"_ _1\"></span>au B<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>kerlin<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s-S<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _132\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>101,394<span class=\"_ _379\"> </span>96,047<span class=\"_ _379\"> </span>DON<span class=\"_ _1\"></span>AU <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ersi<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>erun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>up,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _cd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>111,462<span class=\"_ _379\"> </span>108,482<span class=\"_ _379\"> </span>DVIB<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alph<span class=\"_ _1\"></span>a G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _18f\"> </span>Austria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>18,506<span class=\"_ _379\"> </span>8,373<span class=\"_ _379\"> </span>DVIB<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>101,186<span class=\"_ _379\"> </span>95,420<span class=\"_ _379\"> </span>DV <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c0\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>44,200<span class=\"_ _379\"> </span>22,854<span class=\"_ _379\"> </span>EL<span class=\"_ _1\"></span>VP B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _19d\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>23,276<span class=\"_ _379\"> </span>23,324<span class=\"_ _379\"> </span>EUR<span class=\"_ _1\"></span>OPE<span class=\"_ _1\"></span>UM<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>sin<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Cen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>er s.<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>.o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>lav<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,301<span class=\"_ _379\"> </span>8,634<span class=\"_ _379\"> </span>Flor<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>sdo<span class=\"_ _1\"></span>rf<span class=\"_ _1\"></span> am<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> 4<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obil<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>env<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _1fa\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>18,819<span class=\"_ _379\"> </span>18,545<span class=\"_ _379\"> </span>Ges<span class=\"_ _1\"></span>undh<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>tsp<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rk <span class=\"_ _1\"></span>Wi<span class=\"_ _1\"></span>en-<span class=\"_ _1\"></span>Obe<span class=\"_ _1\"></span>rl<span class=\"_ _1\"></span>aa G<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>llsc<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ft<span class=\"_ _1\"></span> m.<span class=\"_ _1\"></span>b.<span class=\"_ _1\"></span>H., <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _8a\"> </span>Austria <span class=\"_ _1aa\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>29,199<span class=\"_ _379\"> </span>29,446<span class=\"_ _379\"> </span>GL<span class=\"_ _1\"></span>OBA<span class=\"_ _1\"></span>L A<span class=\"_ _1\"></span>SS<span class=\"_ _1\"></span>ISTA<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _164\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _75\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,754<span class=\"_ _379\"> </span>6,134<span class=\"_ _379\"> </span>Han<span class=\"_ _1\"></span>sen<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>3-5<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>obi<span class=\"_ _1\"></span>lien<span class=\"_ _1\"></span>bes<span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1f\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31,121<span class=\"_ _379\"> </span>28,751<span class=\"_ _379\"> </span>HUN<span class=\"_ _1\"></span> BM<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1to<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>ele<span class=\"_ _1\"></span>l\u0151s<span class=\"_ _1\"></span>s\u00e9g<span class=\"_ _1\"></span>\u0171 <span class=\"_ _1\"></span>T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> <span class=\"_ _1f\"> </span>Hun<span class=\"_ _1\"></span>gary <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>4,416<span class=\"_ _379\"> </span>4,830<span class=\"_ _379\"> </span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pan<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e d<span class=\"_ _1\"></span>.d.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, Sa<span class=\"_ _1\"></span>raje<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> Bosnia-Herzeg<span class=\"_ _1\"></span>ovina  100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,735<span class=\"_ _379\"> </span>11,649<span class=\"_ _379\"> </span>INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>ONE<span class=\"_ _1\"></span>-SHA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>EH<span class=\"_ _1\"></span>OLDE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span> J<span class=\"_ _1\"></span>OINT<span class=\"_ _1\"></span>-S<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OCK<span class=\"_ _1\"></span> CO<span class=\"_ _1\"></span>MPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y BU<span class=\"_ _1\"></span>LST<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>AD VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P EA<span class=\"_ _4\"></span>D, S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span> Bulg<span class=\"_ _1\"></span>aria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>70,096<span class=\"_ _379\"> </span>76,845<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Leben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rsi<span class=\"_ _1\"></span>che<span class=\"_ _1\"></span>run<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span>-AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, Wi<span class=\"_ _1\"></span>esb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en Germany<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>23,518<span class=\"_ _379\"> </span>23,518<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arz<span class=\"_ _1\"></span>ystw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ezp<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ecze\u0144<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.A<span class=\"_ _1\"></span>. V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>43,675<span class=\"_ _379\"> </span>72,346<span class=\"_ _379\"> </span>Int<span class=\"_ _1\"></span>erR<span class=\"_ _1\"></span>is<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vers<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ungs<span class=\"_ _1\"></span>-A<span class=\"_ _1\"></span>G<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, W<span class=\"_ _1\"></span>iesb<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> <span class=\"_ _18\"> </span>G<span class=\"_ _1\"></span>ermany<span class=\"_ _1\"></span> <span class=\"_ _2e7\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>53,670<span class=\"_ _379\"> </span>56,120<span class=\"_ _379\"> </span>INTER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>IG <span class=\"_ _1\"></span>VI<span class=\"_ _1\"></span>ENNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>INS<span class=\"_ _1\"></span>URA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>h.A<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Ti<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>a <span class=\"_ _302\"> </span>Alban<span class=\"_ _1\"></span>ia <span class=\"_ _45\"> </span>89.98<span class=\"_ _379\"> </span>89.98<span class=\"_ _379\"> </span>7,295<span class=\"_ _379\"> </span>6,648<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ance<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y GP<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>bi<span class=\"_ _1\"></span>lisi<span class=\"_ _1\"></span> <span class=\"_ _9c\"> </span>Georgia <span class=\"_ _1c7\"> </span>9<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>90.00<span class=\"_ _379\"> </span>20,461<span class=\"_ _379\"> </span>15,100<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Co<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>any<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>erna<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>al In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>IRA<span class=\"_ _1\"></span>O,<span class=\"_ _1\"></span> Tb<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>isi<span class=\"_ _1\"></span> <span class=\"_ _303\"> </span>Georgia<span class=\"_ _1\"></span> <span class=\"_ _12f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,249<span class=\"_ _379\"> </span>4,832<span class=\"_ _379\"> </span>Join<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>St<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>k Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>INN<span class=\"_ _1\"></span>ER-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Grou<span class=\"_ _1\"></span>p,<span class=\"_ _1\"></span> Skop<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span> North Macedonia<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,097<span class=\"_ _379\"> </span>7,461<span class=\"_ _379\"> </span>Ka<span class=\"_ _1\"></span>iser<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 11<span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _2c1\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,979<span class=\"_ _379\"> </span>2,798<span class=\"_ _379\"> </span>K\u00c1L<span class=\"_ _1\"></span>VIN<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWER<span class=\"_ _4\"></span> Ing<span class=\"_ _1\"></span>atl<span class=\"_ _1\"></span>anf<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>jlesz<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span> \u00e9<span class=\"_ _1\"></span>s B<span class=\"_ _1\"></span>eru<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>\u00e1z\u00e1<span class=\"_ _1\"></span>si K<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>l\u00e1t<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Fele<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0151ss\u00e9g<span class=\"_ _1\"></span>\u0171<span class=\"_ _1\"></span> T\u00e1<span class=\"_ _1\"></span>rsas<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ape<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span> Hungary 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,231<span class=\"_ _379\"> </span>2,309<span class=\"_ _379\"> </span>KAPI<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>OL, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Br<span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _eb\"> </span>Czech R<span class=\"_ _1\"></span>epublic<span class=\"_ _1\"></span> <span class=\"_ _75\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,600<span class=\"_ _379\"> </span>1,920<span class=\"_ _379\"> </span>KKB R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> Es<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>te S<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a <span class=\"_ _18f\"> </span>Latvia <span class=\"_ _1\"></span> <span class=\"_ _41\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>20,766<span class=\"_ _379\"> </span>20,472<span class=\"_ _379\"> </span>KOM<span class=\"_ _1\"></span>UN\u00c1<span class=\"_ _1\"></span>LNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>pois<span class=\"_ _1\"></span>\u0165<span class=\"_ _1\"></span>ov\u0148<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Br<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>isla<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a <span class=\"_ _c5\"> </span>Slov<span class=\"_ _3\"></span>ak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>52,644<span class=\"_ _379\"> </span>74,869<span class=\"_ _379\"> </span>KOO<span class=\"_ _1\"></span>PER<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>VA p<span class=\"_ _1\"></span>ois<span class=\"_ _1\"></span>\u0165o<span class=\"_ _1\"></span>v\u0148<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s.<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Ins<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ti<span class=\"_ _1\"></span>sla<span class=\"_ _1\"></span>va<span class=\"_ _1\"></span> <span class=\"_ _16\"> </span>S<span class=\"_ _1\"></span>lovakia <span class=\"_ _192\"> </span>98.47<span class=\"_ _379\"> </span>98.47<span class=\"_ _379\"> </span>231,548<span class=\"_ _379\"> </span>385,574<span class=\"_ _379\"> </span>Ko<span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>iva<span class=\"_ _1\"></span> po<span class=\"_ _1\"></span>ji<span class=\"_ _1\"></span>\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, <span class=\"_ _1\"></span>a.s.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>rou<span class=\"_ _1\"></span>p, <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _a0\"> </span>Cz<span class=\"_ _1\"></span>ech Repub<span class=\"_ _1\"></span>lic <span class=\"_ _1a7\"> </span>97.28<span class=\"_ _379\"> </span>97.28<span class=\"_ _379\"> </span>596,911<span class=\"_ _379\"> </span>682,480<span class=\"_ _379\"> </span>LVP <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>old<span class=\"_ _1\"></span>ing<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1a6\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _a4\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>626,967<span class=\"_ _379\"> </span>622,534<span class=\"_ _379\"> </span>MAP-<span class=\"_ _1\"></span>WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>iligu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mbH<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Austria <span class=\"_ _a4\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>368,793<span class=\"_ _379\"> </span>307,688<span class=\"_ _379\"> </span>MC <span class=\"_ _1\"></span>EIN<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>vest<span class=\"_ _1\"></span>men<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>19,630<span class=\"_ _379\"> </span>19,726<span class=\"_ _379\"> </span>MER<span class=\"_ _1\"></span>LOT<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NVE<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>MEN<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> SP<span class=\"_ _1\"></span>\u00d3\u0141<span class=\"_ _1\"></span>KA <span class=\"_ _1\"></span>Z <span class=\"_ _1\"></span>OGR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>IAL<span class=\"_ _1\"></span>NO\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">31,881<span class=\"_ _379\"> </span></span>MH <span class=\"_ _1\"></span>54<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>anl<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e6\"> </span>Austria <span class=\"_ _1aa\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,819<span class=\"_ _379\"> </span>26,356<span class=\"_ _379\"> </span>NNC<span class=\"_ _1\"></span> REA<span class=\"_ _4\"></span>L EST<span class=\"_ _1\"></span>AT<span class=\"_ _1\"></span>E S<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>\u00d3\u0141K<span class=\"_ _1\"></span>A <span class=\"_ _1\"></span>Z O<span class=\"_ _1\"></span>GRA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ICZ<span class=\"_ _1\"></span>ON\u0104<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ODP<span class=\"_ _1\"></span>OW<span class=\"_ _1\"></span>IED<span class=\"_ _1\"></span>ZIA<span class=\"_ _1\"></span>LN<span class=\"_ _1\"></span>O\u015a<span class=\"_ _1\"></span>CI\u0104<span class=\"_ _1\"></span>, Wa<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>20,099<span class=\"_ _379\"> </span>20,284<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _2fd\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>19,187<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt EP<span class=\"_ _1\"></span>W8 <span class=\"_ _1\"></span>Ko<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>lem<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>t\u00e4<span class=\"_ _1\"></span>r G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _cd\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>34<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _7c\"> </span>Austria <span class=\"_ _a4\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,142<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span><span class=\"fsc\">Country of domi<span class=\"_ _1\"></span>cile <span class=\"_ _30\"> </span>I<span class=\"_ _1\"></span>nterest <span class=\"_ _1\"></span>2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>No<span class=\"_ _1\"></span>rdb<span class=\"_ _1\"></span>ahnh<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>roj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>kt Ta<span class=\"_ _1\"></span>bo<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>tra\u00df<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>123<span class=\"_ _1\"></span> K<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>eme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>\u00e4r G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _113\"> </span>Aust<span class=\"_ _1\"></span>ria <span class=\"_ _28d\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>36<span class=\"_ _379\"> </span>Nu\u00dfd<span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>r St<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a\u00dfe<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span>0-9<span class=\"_ _1\"></span>2 P<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>jek<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ntw<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cklu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _d0\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>38,364<span class=\"_ _379\"> </span>39,450<span class=\"_ _379\"> </span>OMN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>SIG<span class=\"_ _1\"></span> VIE<span class=\"_ _1\"></span>NN<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SURA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _1\"></span>OU<span class=\"_ _1\"></span>P S<span class=\"_ _1\"></span>.A.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>R<span class=\"_ _1\"></span>omania <span class=\"_ _154\"> </span>99.54<span class=\"_ _379\"> </span>99.54<span class=\"_ _379\"> </span>149,548<span class=\"_ _379\"> </span>143,913<span class=\"_ _379\"> </span>O\u00dc <span class=\"_ _1\"></span>Liv<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>On P<span class=\"_ _1\"></span>ae<span class=\"_ _1\"></span>val<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>le, T<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>inn<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>86<span class=\"_ _379\"> </span>92<span class=\"_ _379\"> </span>Pa<span class=\"_ _1\"></span>lais<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>ans<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span> Im<span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>bili<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>wi<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span>lung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _100\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>56.5<span class=\"_ _1\"></span>5<span class=\"_ _379\"> </span>56.55<span class=\"_ _379\"> </span>35,859<span class=\"_ _379\"> </span>37,277<span class=\"_ _379\"> </span>Pas<span class=\"_ _1\"></span>sat <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>eal<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>. z<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>.o<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>War<span class=\"_ _1\"></span>saw<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>Poland<span class=\"_ _1\"></span> <span class=\"_ _1aa\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-1,361<span class=\"_ _ca\"> </span><span class=\"fce\">-1<span class=\"_ _1\"></span>,191<span class=\"_ _379\"> </span></span>Pen<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>on A<span class=\"_ _1\"></span>ssu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny D<span class=\"_ _1\"></span>ov<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rie A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>of<span class=\"_ _1\"></span>ia <span class=\"_ _3e\"> </span>Bulgaria <span class=\"_ _192\"> </span>82.59<span class=\"_ _379\"> </span>92.58<span class=\"_ _379\"> </span>32,890<span class=\"_ _379\"> </span>31,402<span class=\"_ _379\"> </span>PFG<span class=\"_ _1\"></span> Ho<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Austria <span class=\"_ _300\"> </span>89.23<span class=\"_ _379\"> </span>89.23<span class=\"_ _379\"> </span>77,992<span class=\"_ _379\"> </span>78,376<span class=\"_ _379\"> </span>PFG<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>af<span class=\"_ _1\"></span>tsb<span class=\"_ _1\"></span>ew<span class=\"_ _1\"></span>irts<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>aftu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _ae\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _300\"> </span>92<span class=\"_ _1\"></span>.88<span class=\"_ _379\"> </span>92.88<span class=\"_ _379\"> </span>12,663<span class=\"_ _379\"> </span>12,478<span class=\"_ _379\"> </span>Po<span class=\"_ _1\"></span>rzel<span class=\"_ _1\"></span>lan<span class=\"_ _1\"></span>ga<span class=\"_ _1\"></span>ss<span class=\"_ _1\"></span>e 4<span class=\"_ _1\"></span> Li<span class=\"_ _1\"></span>ege<span class=\"_ _1\"></span>ns<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>erw<span class=\"_ _1\"></span>altu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o K<span class=\"_ _1\"></span>G, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _304\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,576<span class=\"_ _379\"> </span>12,983<span class=\"_ _379\"> </span>PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"IN<span class=\"_ _1\"></span>SURA<span class=\"_ _4\"></span>NCE <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>OMP<span class=\"_ _1\"></span>ANY<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>KN<span class=\"_ _1\"></span>IA<span class=\"_ _1\"></span>ZHA LIFE<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> IN<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>RAN<span class=\"_ _1\"></span>CE<span class=\"_ _1\"></span> GR<span class=\"_ _4\"></span>OUP\"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v Ukraine<span class=\"_ _1\"></span> 99.81<span class=\"_ _379\"> </span>99.81<span class=\"_ _379\"> </span>2,922<span class=\"_ _379\"> </span>3,407<span class=\"_ _379\"> </span>Priv<span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>e J<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>int-S<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>ck<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>omp<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>y \"<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Co<span class=\"_ _1\"></span>mpa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> \"U<span class=\"_ _1\"></span>SG<span class=\"_ _1\"></span> \"<span class=\"_ _1\"></span>, K<span class=\"_ _1\"></span>yi<span class=\"_ _1\"></span>v <span class=\"_ _30\"> </span>Ukraine <span class=\"_ _1e6\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>16,528<span class=\"_ _379\"> </span>18,653<span class=\"_ _379\"> </span>PRI<span class=\"_ _1\"></span>VATE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>JOI<span class=\"_ _1\"></span>NT-<span class=\"_ _1\"></span>ST<span class=\"_ _1\"></span>O<span class=\"_ _1\"></span>CK C<span class=\"_ _1\"></span>OM<span class=\"_ _1\"></span>PANY<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\"UK<span class=\"_ _1\"></span>RA<span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>IAN<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>NSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>NCE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>COMPA<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>Y \"KNI<span class=\"_ _1\"></span>AZ<span class=\"_ _1\"></span>HA<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>IEN<span class=\"_ _1\"></span>NA <span class=\"_ _1\"></span>IN<span class=\"_ _1\"></span>SUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>CE <span class=\"_ _1\"></span>GR<span class=\"_ _1\"></span>OUP\"<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v Ukraine<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>10,219<span class=\"_ _379\"> </span>11,478<span class=\"_ _379\"> </span>PRO<span class=\"_ _1\"></span>GRE<span class=\"_ _1\"></span>SS <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>ete<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>gsg<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>.m.<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>.H.,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _23\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _300\"> </span>70.00<span class=\"_ _379\"> </span>70.00<span class=\"_ _379\"> </span>17,769<span class=\"_ _379\"> </span>15,825<span class=\"_ _379\"> </span>Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>esm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _202\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>14,106<span class=\"_ _379\"> </span>15,065<span class=\"_ _379\"> </span>Proj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ktbau<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ldi<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Austria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>14,183<span class=\"_ _379\"> </span>14,185<span class=\"_ _379\"> </span>Rath<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ra\u00df<span class=\"_ _1\"></span>e 8<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>gen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaft<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _33\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,087<span class=\"_ _379\"> </span>1,656<span class=\"_ _379\"> </span>Ray<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>igor<span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span> A.<span class=\"_ _1\"></span>\u015e.<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Istan<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _1fe\"> </span>T\u00fcrkiye <span class=\"_ _28f\"> </span>94.9<span class=\"_ _1\"></span>6<span class=\"_ _379\"> </span>94.96<span class=\"_ _379\"> </span>44,622<span class=\"_ _379\"> </span>28,867<span class=\"_ _379\"> </span>R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> D<span class=\"_ _1\"></span>rei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _f2\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>11,841<span class=\"_ _379\"> </span>11,552<span class=\"_ _379\"> </span>R\u00f6\u00dfl<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rg<span class=\"_ _1\"></span>asse B<span class=\"_ _4\"></span>aute<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span> Zw<span class=\"_ _1\"></span>ei <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _e6\"> </span>Austria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>30,241<span class=\"_ _379\"> </span>29,583<span class=\"_ _379\"> </span>S -<span class=\"_ _1\"></span> bud<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>vy, <span class=\"_ _1\"></span>a.<span class=\"_ _1\"></span>s.<span class=\"_ _1\"></span>, P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _ec\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _75\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,189<span class=\"_ _379\"> </span>3,059<span class=\"_ _379\"> </span>Sch<span class=\"_ _1\"></span>ulr<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>21<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rohau<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>Er<span class=\"_ _1\"></span>ri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>gs-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Verm<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>gs<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co<span class=\"_ _1\"></span> KG<span class=\"_ _1\"></span>, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,737<span class=\"_ _379\"> </span>7,744<span class=\"_ _379\"> </span>SECU<span class=\"_ _1\"></span>RIA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>maj<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>kov<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>pr\u00e1<span class=\"_ _1\"></span>vna<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a p<span class=\"_ _1\"></span>od<span class=\"_ _1\"></span>ielo<span class=\"_ _1\"></span>v\u00e1 s<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _6f\"> </span>Slovakia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,505<span class=\"_ _379\"> </span>10,305<span class=\"_ _379\"> </span>Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> Fu<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rerp<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k E<span class=\"_ _1\"></span>rr<span class=\"_ _1\"></span>ich<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>nd<span class=\"_ _1\"></span> Ve<span class=\"_ _1\"></span>rw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>-6,998<span class=\"_ _ca\"> </span><span class=\"fce\">-6<span class=\"_ _1\"></span>,749<span class=\"_ _379\"> </span></span>Sen<span class=\"_ _1\"></span>ior<span class=\"_ _1\"></span>en R<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>enz<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ldid<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>ark<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>rri<span class=\"_ _1\"></span>chtu<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>s-<span class=\"_ _1\"></span> und<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rwal<span class=\"_ _1\"></span>tun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s Gmb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a Aus<span class=\"_ _1\"></span>tria 66.70<span class=\"_ _379\"> </span>66.70<span class=\"_ _379\"> </span>8,146<span class=\"_ _379\"> </span>8,211<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>lau<span class=\"_ _1\"></span>ks<span class=\"_ _1\"></span>ta 1<span class=\"_ _1\"></span>3/<span class=\"_ _1\"></span>15\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _fa\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>937<span class=\"_ _379\"> </span>971<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201cA<span class=\"_ _1\"></span>rti<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u0113rij<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> 35<span class=\"_ _1\"></span>\u201d,<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _45\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,146<span class=\"_ _379\"> </span>918<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\u201c\u0122<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>tr\u016b<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>s 1<span class=\"_ _1\"></span>21\u201d<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _305\"> </span>Latvia <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,414<span class=\"_ _379\"> </span>3,379<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"Gl<span class=\"_ _1\"></span>ob<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span> As<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>anc<span class=\"_ _1\"></span>e B<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tic\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _ad\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>287<span class=\"_ _379\"> </span>277<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c9\"> </span>Latvia <span class=\"_ _1ee\"> </span>70.00<span class=\"_ _379\"> </span>70.00<span class=\"_ _379\"> </span>26,699<span class=\"_ _379\"> </span>21,530<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>veOn<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>tirn<span class=\"_ _1\"></span>u\"<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>Latvia <span class=\"_ _300\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,696<span class=\"_ _379\"> </span>1,702<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On<span class=\"_ _1\"></span> Te<span class=\"_ _1\"></span>rbat<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>ig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _2c7\"> </span>Latvia <span class=\"_ _28f\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,191<span class=\"_ _379\"> </span>5,201<span class=\"_ _379\"> </span>SIA <span class=\"_ _1\"></span>\"U<span class=\"_ _1\"></span>rban<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>e\",<span class=\"_ _1\"></span> Rig<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _e8\"> </span>Latvia <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>481<span class=\"_ _379\"> </span>481<span class=\"_ _379\"> </span>Sigm<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>alb<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ian<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> Sh<span class=\"_ _1\"></span>.a<span class=\"_ _1\"></span>, T<span class=\"_ _1\"></span>ira<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _218\"> </span>A<span class=\"_ _1\"></span>lbania <span class=\"_ _11e\"> </span>8<span class=\"_ _1\"></span>9.05<span class=\"_ _379\"> </span>89.05<span class=\"_ _379\"> </span>17,077<span class=\"_ _379\"> </span>16,501<span class=\"_ _379\"> </span>SK B<span class=\"_ _1\"></span>M s<span class=\"_ _1\"></span>.r<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>rati<span class=\"_ _1\"></span>sl<span class=\"_ _1\"></span>ava<span class=\"_ _1\"></span> <span class=\"_ _e7\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,345<span class=\"_ _379\"> </span>13,136<span class=\"_ _379\"> </span>SMAR<span class=\"_ _1\"></span>DA<span class=\"_ _1\"></span>N 5<span class=\"_ _1\"></span> DE<span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OP<span class=\"_ _1\"></span>MENT<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>.R<span class=\"_ _1\"></span>.L.<span class=\"_ _1\"></span>, Bu<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rest<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>Romania <span class=\"_ _1c9\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,022<span class=\"_ _379\"> </span>-51<span class=\"_ _379\"> </span>Sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>ny<span class=\"_ _1\"></span> f<span class=\"_ _1\"></span>or I<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>ce a<span class=\"_ _1\"></span>nd R<span class=\"_ _1\"></span>ei<span class=\"_ _1\"></span>nsu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce M<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>KED<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span>IJA <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kop<span class=\"_ _1\"></span>je <span class=\"_ _1\"></span>- Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>kopj<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> North Macedonia<span class=\"_ _1\"></span> 94.36<span class=\"_ _379\"> </span>94.26<span class=\"_ _379\"> </span>25,898<span class=\"_ _379\"> </span>27,280<span class=\"_ _379\"> </span>SVZ <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _187\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28d\"> </span>100<span class=\"_ _1\"></span>.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>203,598<span class=\"_ _379\"> </span>176,329<span class=\"_ _379\"> </span>SVZD<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na <span class=\"_ _265\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>62,031<span class=\"_ _379\"> </span>73,285<span class=\"_ _379\"> </span>SVZ<span class=\"_ _1\"></span>I G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a <span class=\"_ _1b8\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>200,314<span class=\"_ _379\"> </span>171,480<span class=\"_ _379\"> </span>T 12<span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _2fe\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,179<span class=\"_ _379\"> </span>9,012<span class=\"_ _379\"> </span>TEC<span class=\"_ _1\"></span>HBA<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span> Sc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>k <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _307\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>13,649<span class=\"_ _379\"> </span>17,829<span class=\"_ _379\"> </span>twin<span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>rm<span class=\"_ _1\"></span>ati<span class=\"_ _1\"></span>cs<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, Vi<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _308\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28d\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,403<span class=\"_ _379\"> </span>2,887<span class=\"_ _379\"> </span>UAB<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>ive<span class=\"_ _1\"></span>On <span class=\"_ _1\"></span>Lin<span class=\"_ _1\"></span>km<span class=\"_ _1\"></span>enu<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Viln<span class=\"_ _1\"></span>iu<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Lithuania  <span class=\"_ _1e0\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>3,660<span class=\"_ _379\"> </span>4,188<span class=\"_ _379\"> </span>UNI<span class=\"_ _1\"></span>ON<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Insu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce G<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oup B<span class=\"_ _1\"></span>iz<span class=\"_ _1\"></span>to<span class=\"_ _1\"></span>s\u00ed<span class=\"_ _1\"></span>t\u00f3 Z<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t., B<span class=\"_ _1\"></span>ud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Hu<span class=\"_ _1\"></span>ngary <span class=\"_ _a4\"> </span>9<span class=\"_ _1\"></span>8.64<span class=\"_ _379\"> </span>98.64<span class=\"_ _379\"> </span>36,082<span class=\"_ _379\"> </span>50,774<span class=\"_ _379\"> </span>Unte<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e D<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>aul\u00e4n<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e 40<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1c9\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _a4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>11,383<span class=\"_ _379\"> </span>11,340<span class=\"_ _379\"> </span>Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>estm<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>ts<span class=\"_ _1\"></span> O\u00dc,<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>lin<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1e4\"> </span>E<span class=\"_ _1\"></span>stonia <span class=\"_ _154\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>44<span class=\"_ _379\"> </span>73<span class=\"_ _379\"> </span>Vien<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>Ga<span class=\"_ _1\"></span>tve<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>rop<span class=\"_ _1\"></span>ert<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>SIA<span class=\"_ _1\"></span>, R<span class=\"_ _1\"></span>iga<span class=\"_ _1\"></span> <span class=\"_ _275\"> </span>L<span class=\"_ _3\"></span>atvia <span class=\"_ _309\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,624<span class=\"_ _379\"> </span>1,630<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>if<span class=\"_ _1\"></span>e T<span class=\"_ _1\"></span>ow<span class=\"_ _1\"></span>arzy<span class=\"_ _1\"></span>stw<span class=\"_ _1\"></span>o U<span class=\"_ _1\"></span>bez<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>ie<span class=\"_ _1\"></span>cze<span class=\"_ _1\"></span>\u0144 n<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>\u017by<span class=\"_ _1\"></span>cie <span class=\"_ _1\"></span>S.A<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>oup,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>5,971<span class=\"_ _379\"> </span>4,976<span class=\"_ _379\"> </span>Compan<span class=\"_ _1\"></span>y n<span class=\"_ _3\"></span>a<span class=\"_ _1\"></span>me, <span class=\"_ _1\"></span>registered<span class=\"_ _1\"></span> office<span class=\"_ _1\"></span> <span class=\"_ _267\"> </span><span class=\"fs15\">Country of<span class=\"_ _1\"></span> domicil<span class=\"_ _1\"></span>e <span class=\"_ _7a\"> </span>Inte<span class=\"_ _1\"></span>rest 2022<span class=\"_ _379\"> </span></span>1<span class=\"_ _379\"> </span>Intere<span class=\"_ _1\"></span>st 2021<span class=\"_ _379\"> </span>1<span class=\"_ _379\"> </span>Equity 2022<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>Equity 2021<span class=\"_ _379\"> </span>2<span class=\"_ _379\"> </span>V\u0130EN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span>L\u0130<span class=\"_ _1\"></span>FE<span class=\"_ _1\"></span> EME<span class=\"_ _1\"></span>KL<span class=\"_ _1\"></span>\u0130<span class=\"_ _1\"></span>L\u0130K <span class=\"_ _1\"></span>VE <span class=\"_ _1\"></span>HAY<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T A<span class=\"_ _1\"></span>NO<span class=\"_ _1\"></span>N\u0130M<span class=\"_ _1\"></span> \u015e<span class=\"_ _1\"></span>\u0130RK<span class=\"_ _1\"></span>ET\u0130<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Is<span class=\"_ _1\"></span>tanb<span class=\"_ _1\"></span>ul<span class=\"_ _1\"></span> <span class=\"_ _90\"> </span>T\u00fcrkiye <span class=\"_ _28d\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">38,063<span class=\"_ _379\"> </span></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>-L<span class=\"_ _1\"></span>ife <span class=\"_ _1\"></span>Le<span class=\"_ _1\"></span>ben<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>cher<span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>g A<span class=\"_ _1\"></span>G <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e Gr<span class=\"_ _1\"></span>ou<span class=\"_ _1\"></span>p, B<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ern<span class=\"_ _1\"></span> <span class=\"_ _30a\"> </span>Liechtenstein <span class=\"_ _1\"></span> <span class=\"_ _30b\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>9,313<span class=\"_ _379\"> </span>9,535<span class=\"_ _379\"> </span>VIG-A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eili<span class=\"_ _1\"></span>gun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _135\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>354,694<span class=\"_ _379\"> </span>352,832<span class=\"_ _379\"> </span>VIG-<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>Z R<span class=\"_ _1\"></span>eal <span class=\"_ _1\"></span>Est<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _30c\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>147,548<span class=\"_ _379\"> </span>147,538<span class=\"_ _379\"> </span>V.I.<span class=\"_ _1\"></span>G. <span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ragu<span class=\"_ _1\"></span>e <span class=\"_ _188\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>99,386<span class=\"_ _379\"> </span>94,959<span class=\"_ _379\"> </span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>ska<span class=\"_ _1\"></span> Sp<span class=\"_ _1\"></span>\u00f3<span class=\"_ _1\"></span>\u0142ka<span class=\"_ _1\"></span> z <span class=\"_ _1\"></span>org<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>icz<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>\u0105 odp<span class=\"_ _1\"></span>owi<span class=\"_ _1\"></span>edz<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ln<span class=\"_ _1\"></span>o\u015bc<span class=\"_ _1\"></span>i\u0105,<span class=\"_ _1\"></span> Wa<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>aw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>99.99<span class=\"_ _379\"> </span>18,256<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>FU<span class=\"_ _1\"></span>ND<span class=\"_ _1\"></span>, a.<span class=\"_ _1\"></span>s.,<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _15d\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>276,262<span class=\"_ _379\"> </span>275,189<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Ho<span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s.r.<span class=\"_ _1\"></span>o.,<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _15e\"> </span>Slovak<span class=\"_ _1\"></span>ia <span class=\"_ _9f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,905<span class=\"_ _379\"> </span>21,897<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>.V.<span class=\"_ _1\"></span>, Th<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>H<span class=\"_ _1\"></span>agu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _295\"> </span>Netherland<span class=\"_ _1\"></span>s <span class=\"_ _30d\"> </span>55.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span>VIG <span class=\"_ _1\"></span>Hun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>ary<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>II<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>., T<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e Hag<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e <span class=\"_ _1e4\"> </span>Netherlands <span class=\"_ _30d\"> </span>55.<span class=\"_ _1\"></span>00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">70,648<span class=\"_ _379\"> </span></span>VIG M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>orsz<span class=\"_ _1\"></span>\u00e1g B<span class=\"_ _4\"></span>efe<span class=\"_ _1\"></span>kte<span class=\"_ _1\"></span>t\u00e9<span class=\"_ _1\"></span>si Z<span class=\"_ _1\"></span>\u00e1<span class=\"_ _1\"></span>rtk<span class=\"_ _1\"></span>\u00f6r\u0171<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>M\u0171<span class=\"_ _1\"></span>k\u00f6d<span class=\"_ _1\"></span>\u0151 R<span class=\"_ _1\"></span>\u00e9sz<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>\u00e9nt<span class=\"_ _1\"></span>\u00e1rs<span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>\u00e1g,<span class=\"_ _1\"></span> Bud<span class=\"_ _1\"></span>ap<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> Hungary 55.00  <span class=\"_ _97\"> </span><span class=\"fc3\">197<span class=\"_ _1\"></span>,606<span class=\"_ _379\"> </span></span>VIG <span class=\"_ _1\"></span>Of<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>, s<span class=\"_ _1\"></span>.r.<span class=\"_ _1\"></span>o.<span class=\"_ _1\"></span>, B<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>tisl<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>va <span class=\"_ _30e\"> </span>Slovakia<span class=\"_ _1\"></span> <span class=\"_ _306\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>15,945<span class=\"_ _379\"> </span>16,003<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Pr<span class=\"_ _1\"></span>op<span class=\"_ _1\"></span>erti<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span> Bu<span class=\"_ _1\"></span>lg<span class=\"_ _1\"></span>ar<span class=\"_ _1\"></span>ia A<span class=\"_ _1\"></span>D,<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>ofi<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _11f\"> </span>Bulg<span class=\"_ _1\"></span>aria <span class=\"_ _192\"> </span>99.97<span class=\"_ _379\"> </span>99.97<span class=\"_ _379\"> </span>1,084<span class=\"_ _379\"> </span>3,748<span class=\"_ _379\"> </span>VIG R<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> z<span class=\"_ _1\"></span>aj<span class=\"_ _1\"></span>i\u0161\u0165o<span class=\"_ _1\"></span>vn<span class=\"_ _1\"></span>a, a<span class=\"_ _1\"></span>.s<span class=\"_ _1\"></span>., <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rag<span class=\"_ _1\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _2c5\"> </span>Czech Repu<span class=\"_ _1\"></span>blic <span class=\"_ _1b4\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>140,255<span class=\"_ _379\"> </span>179,835<span class=\"_ _379\"> </span>VIG R<span class=\"_ _1\"></span>EA<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>EST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TE <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>OO, B<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lgr<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e <span class=\"_ _2bd\"> </span>S<span class=\"_ _1\"></span>erbia <span class=\"_ _30f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,672<span class=\"_ _379\"> </span>10,432<span class=\"_ _379\"> </span>VIG <span class=\"_ _1\"></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>vic<span class=\"_ _1\"></span>es U<span class=\"_ _1\"></span>kr<span class=\"_ _1\"></span>ain<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>C, <span class=\"_ _1\"></span>Ky<span class=\"_ _1\"></span>iv <span class=\"_ _c7\"> </span>Ukrai<span class=\"_ _3\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1e6\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>1,239<span class=\"_ _379\"> </span>1,438<span class=\"_ _379\"> </span>VIG T<span class=\"_ _1\"></span>\u00fc<span class=\"_ _1\"></span>rk<span class=\"_ _1\"></span>iye<span class=\"_ _1\"></span> H<span class=\"_ _1\"></span>oldin<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span> B.<span class=\"_ _1\"></span>V.,<span class=\"_ _1\"></span> A<span class=\"_ _1\"></span>ms<span class=\"_ _1\"></span>terd<span class=\"_ _1\"></span>am<span class=\"_ _1\"></span> <span class=\"_ _1bf\"> </span>N<span class=\"_ _1\"></span>etherlands <span class=\"_ _14\"> </span>100.00  <span class=\"_ _2fc\"> </span><span class=\"fc3\">32,288<span class=\"_ _379\"> </span></span>VIVE<span class=\"_ _1\"></span>CA<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>nge<span class=\"_ _1\"></span>n G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ienn<span class=\"_ _1\"></span>a <span class=\"_ _2ca\"> </span>Austria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>31,175<span class=\"_ _379\"> </span>WGP<span class=\"_ _1\"></span>V <span class=\"_ _1\"></span>Hol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na <span class=\"_ _112\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>105,287<span class=\"_ _379\"> </span>107,003<span class=\"_ _379\"> </span>WIBG<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Hold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _291\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1aa\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,258<span class=\"_ _379\"> </span>80,098<span class=\"_ _379\"> </span>WIBG<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>oje<span class=\"_ _1\"></span>kten<span class=\"_ _1\"></span>tw<span class=\"_ _1\"></span>ic<span class=\"_ _1\"></span>klun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> Co <span class=\"_ _1\"></span>KG<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a <span class=\"_ _310\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _a4\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,191<span class=\"_ _379\"> </span>80,031<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Osig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>sur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ce <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>oup<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>d, B<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>ja<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ka <span class=\"_ _1f5\"> </span>Bos<span class=\"_ _1\"></span>nia-Herzegovina <span class=\"_ _1\"></span> <span class=\"_ _167\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>8,898<span class=\"_ _379\"> </span>8,919<span class=\"_ _379\"> </span>Wi<span class=\"_ _1\"></span>ener<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>sig<span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>je V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>ion<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u010dko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>u\u0161t<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ranj<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>Z<span class=\"_ _1\"></span>agre<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span> Croatia 97.82<span class=\"_ _379\"> </span>97.82<span class=\"_ _379\"> </span>39,009<span class=\"_ _379\"> </span>98,736<span class=\"_ _379\"> </span>\"WIE<span class=\"_ _1\"></span>NE<span class=\"_ _1\"></span>R R<span class=\"_ _1\"></span>E\"<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>kci<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>ars<span class=\"_ _1\"></span>ko <span class=\"_ _1\"></span>dru<span class=\"_ _1\"></span>\u0161t<span class=\"_ _1\"></span>vo<span class=\"_ _1\"></span> za<span class=\"_ _1\"></span> re<span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>nj<span class=\"_ _1\"></span>e, B<span class=\"_ _1\"></span>elg<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _163\"> </span>Serbia<span class=\"_ _1\"></span> <span class=\"_ _311\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>7,305<span class=\"_ _379\"> </span>7,491<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> OSI<span class=\"_ _1\"></span>GUR<span class=\"_ _1\"></span>AN<span class=\"_ _1\"></span>JE<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>akci<span class=\"_ _1\"></span>ona<span class=\"_ _1\"></span>rs<span class=\"_ _1\"></span>ko<span class=\"_ _1\"></span> dr<span class=\"_ _1\"></span>ust<span class=\"_ _1\"></span>vo z<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>os<span class=\"_ _1\"></span>igu<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>anje<span class=\"_ _1\"></span>, Belg<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>e Serbia<span class=\"_ _1\"></span> 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>39,289<span class=\"_ _379\"> </span>55,964<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> S<span class=\"_ _1\"></span>T\u00c4D<span class=\"_ _1\"></span>TIS<span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>HE<span class=\"_ _1\"></span> VER<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NG <span class=\"_ _1\"></span>AG<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> In<span class=\"_ _1\"></span>su<span class=\"_ _1\"></span>ran<span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>roup<span class=\"_ _1\"></span>, Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 97.75<span class=\"_ _379\"> </span>97.75<span class=\"_ _379\"> </span>633,264<span class=\"_ _379\"> </span>559,209<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> T<span class=\"_ _1\"></span>OWA<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>ZYS<span class=\"_ _1\"></span>TW<span class=\"_ _1\"></span>O U<span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>ZP<span class=\"_ _1\"></span>IECZ<span class=\"_ _1\"></span>E\u0143 <span class=\"_ _1\"></span>SP<span class=\"_ _1\"></span>\u00d3<span class=\"_ _1\"></span>\u0141KA<span class=\"_ _1\"></span> AK<span class=\"_ _1\"></span>CY<span class=\"_ _1\"></span>JNA<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>VIEN<span class=\"_ _1\"></span>NA<span class=\"_ _1\"></span> INSUR<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>CE G<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>OUP,<span class=\"_ _1\"></span> W<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rsaw<span class=\"_ _1\"></span> Poland 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>43,631<span class=\"_ _379\"> </span>34,035<span class=\"_ _379\"> </span>WIE<span class=\"_ _1\"></span>NER<span class=\"_ _1\"></span> VER<span class=\"_ _4\"></span>EIN <span class=\"_ _1\"></span>BE<span class=\"_ _1\"></span>STA<span class=\"_ _1\"></span>TTU<span class=\"_ _1\"></span>NG<span class=\"_ _1\"></span>S- <span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>ND <span class=\"_ _1\"></span>VE<span class=\"_ _1\"></span>RS<span class=\"_ _1\"></span>ICHER<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>NGS<span class=\"_ _1\"></span>SE<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>VICE<span class=\"_ _1\"></span>-<span class=\"_ _379\"> </span>GESE<span class=\"_ _1\"></span>LL<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>CHA<span class=\"_ _1\"></span>FT<span class=\"_ _1\"></span> M.B<span class=\"_ _1\"></span>.H<span class=\"_ _1\"></span>.,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> Aus<span class=\"_ _1\"></span>tria 100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>2,116<span class=\"_ _379\"> </span>1,938<span class=\"_ _379\"> </span>WI<span class=\"_ _1\"></span>LA G<span class=\"_ _1\"></span>mb<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vie<span class=\"_ _1\"></span>nn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _312\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>37,119<span class=\"_ _379\"> </span>31,685<span class=\"_ _379\"> </span>WIN<span class=\"_ _1\"></span>O Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, <span class=\"_ _1\"></span>Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _313\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>64,713<span class=\"_ _379\"> </span>46,117<span class=\"_ _379\"> </span>WN<span class=\"_ _1\"></span>H Li<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>afts<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>esit<span class=\"_ _1\"></span>z G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>6,187<span class=\"_ _379\"> </span>5,363<span class=\"_ _379\"> </span>WSB<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>et<span class=\"_ _1\"></span>eil<span class=\"_ _1\"></span>igun<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>verw<span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>tung<span class=\"_ _1\"></span> Gm<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H &amp;<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>KG,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _169\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.<span class=\"_ _1\"></span>00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>25,371<span class=\"_ _379\"> </span>24,125<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V B<span class=\"_ _1\"></span>eta <span class=\"_ _1\"></span>Imm<span class=\"_ _1\"></span>oh<span class=\"_ _1\"></span>ol<span class=\"_ _1\"></span>din<span class=\"_ _1\"></span>g G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>H, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _28f\"> </span>10<span class=\"_ _1\"></span>0.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>93,136<span class=\"_ _379\"> </span>73,972<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VA <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>55,423<span class=\"_ _379\"> </span>43,310<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VB <span class=\"_ _1\"></span>Lieg<span class=\"_ _1\"></span>ens<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ha<span class=\"_ _1\"></span>ftb<span class=\"_ _1\"></span>esitz<span class=\"_ _1\"></span> G<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Aus<span class=\"_ _1\"></span>tria <span class=\"_ _28f\"> </span>100.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>41,611<span class=\"_ _379\"> </span>41,496<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>VC L<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>egen<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chaf<span class=\"_ _1\"></span>tb<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz<span class=\"_ _1\"></span> Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vienn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _314\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>21,327<span class=\"_ _379\"> </span>21,341<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V Im<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ohold<span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>g <span class=\"_ _1\"></span>Gm<span class=\"_ _1\"></span>bH<span class=\"_ _1\"></span>, V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>na<span class=\"_ _1\"></span> <span class=\"_ _101\"> </span>Au<span class=\"_ _1\"></span>stria <span class=\"_ _28f\"> </span>100.0<span class=\"_ _1\"></span>0<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>582,027<span class=\"_ _379\"> </span>511,862<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V T<span class=\"_ _1\"></span>rie<span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>erst<span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>\u00dfe<span class=\"_ _1\"></span> 91<span class=\"_ _1\"></span> B<span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>itz <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H <span class=\"_ _1\"></span>&amp; <span class=\"_ _1\"></span>Co K<span class=\"_ _1\"></span>G,<span class=\"_ _1\"></span> V<span class=\"_ _1\"></span>ien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _61\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>80,979<span class=\"_ _379\"> </span>81,865<span class=\"_ _379\"> </span>WS<span class=\"_ _1\"></span>V V<span class=\"_ _1\"></span>erm<span class=\"_ _1\"></span>\u00f6g<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>sve<span class=\"_ _1\"></span>rwa<span class=\"_ _1\"></span>ltu<span class=\"_ _1\"></span>ng <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Vien<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a <span class=\"_ _1a9\"> </span>Austria <span class=\"_ _28f\"> </span>1<span class=\"_ _1\"></span>00.00<span class=\"_ _379\"> </span>100.00<span class=\"_ _379\"> </span>10,695<span class=\"_ _379\"> </span>7,487<span class=\"_ _379\"> </span>WWG<span class=\"_ _1\"></span> Be<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ilig<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ng<span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>Gmb<span class=\"_ _1\"></span>H,<span class=\"_ _1\"></span> Vi<span class=\"_ _1\"></span>enn<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _159\"> </span>A<span class=\"_ _1\"></span>ustria <span class=\"_ _1ee\"> </span>87.0<span class=\"_ _1\"></span>7<span class=\"_ _379\"> </span>87.07<span class=\"_ _379\"> </span>83,665<span class=\"_ _379\"> </span>93,289<span class=\"_ _379\"> </span>1 <span class=\"_ _6\"> </span>The shar<span class=\"_ _3\"></span>e in equity equals the share in voting r<span class=\"_ _3\"></span>ights<span class=\"_ _1\"></span> before n<span class=\"_ _3\"></span>on-co<span class=\"_ _1\"></span>ntrolli<span class=\"_ _3\"></span>ng interests.<span class=\"_ _1\"></span> 2 <span class=\"_ _6\"> </span>The capital <span class=\"_ _3\"></span>value shown corresponds <span class=\"_ _3\"></span>to the<span class=\"_ _1\"></span> latest local <span class=\"_ _3\"></span>an<span class=\"_ _1\"></span>nual <span class=\"_ _3\"></span>f<span class=\"_ _1\"></span>inanci<span class=\"_ _3\"></span>al<span class=\"_ _1\"></span> statements availabl<span class=\"_ _3\"></span>e.<span class=\"_ _379\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-427": {
   "value": "Company name, registered office  Country of domicile  Interest 2022 1 Interest 2021 1 Equity 2022 2 Equity 2021 2 in % in % in EUR '000 in EUR '000 At equity consolidated companies \"Schwarzatal\" Gemeinn\u00fctzige Wohnungs- und Siedlungsanlagen-GmbH, Vienna Austria 100.00 100.00 171,108 165,442 Alpenl\u00e4ndische Gemeinn\u00fctzige WohnbauGmbH, Innsbruck  Austria  94.84 94.84 246,770 229,840 Beteiligungs- und Immobilien GmbH, Linz  Austria  25.00 25.00 20,405 19,878 Beteiligungs- und Wohnungsanlagen GmbH, Linz  Austria  25.00 25.00 237,778 229,253 CROWN-WSF spol. s.r.o., Prague  Czech Republic  30.00 30.00 7,740 8,882 EGW Erste gemeinn\u00fctzige Wohnungsgesellschaft mbH, Vienna  Austria  99.77 99.77 325,567 309,955 ERSTE d.o.o. - za upravljanje obveznim i dobrovljnim mirovinskim fondovima, Zagreb Croatia 25.30 25.30 16,131 15,481 Gemeinn\u00fctzige Industrie-Wohnungsaktiengesellschaft, Leonding  Austria  55.00 55.00 346,173 332,045 Gemeinn\u00fctzige M\u00fcrz-Ybbs Siedlungsanlagen-GmbH, Kapfenberg  Austria  99.92 99.92 157,424 148,588 Gewista-Werbegesellschaft m.b.H., Vienna  Austria  33.00 33.00 128,915 116,801 NEUE HEIMAT Ober\u00f6sterreich Gemeinn\u00fctzige Wohnungs- und SiedlungsgesmbH, Linz Austria 99.82 99.82 229,323 212,512 Neuland gemeinn\u00fctzige Wohnbau-Gesellschaft m.b.H., Vienna  Austria  61.00 61.00 112,011 109,955 \u00d6sterreichisches Verkehrsb\u00fcro Aktiengesellschaft, Vienna (Consolidated Financial Statements) Austria 36.58 36.58 53,300 61,670 SOZIALBAU gemeinn\u00fctzige Wohnungsaktiengesellschaft, Vienna  Austria  54.17 54.17 352,888 342,450 Towarzystwo Ubezpiecze\u0144 Wzajemnych \u201eTUW\", Warsaw  Poland  52.16 52.16 49,703 57,690 Urbanbau Gemeinn\u00fctzige Bau-, Wohnungs- und Stadterneuerungsgesellschaft m.b.H., Vienna Austria 51.46 51.46 147,896 142,492 VBV - Betriebliche Altersvorsorge AG, Vienna (Consolidated Financial Statements) Austria 25.32 25.32 311,808 279,847 1  The share in equity equals the share in voting rights before non-controlling interests. 2  The capital value shown corresponds to the latest local annual financial statements available. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-43": {
   "value": "29. RELATED PARTIES Related parties Related parties are the affiliated companies, joint ventures and associated companies listed in Note 28. Affiliated companies and participations starting on page 140. In addition, the members of the Managing Board and Supervisory Board of VIG Holding also qualify as related parties. Wiener St\u00e4dtische Versicherungsverein directly and indirectly holds around 72.47% (around 72.47%), and therefore a majority of the voting rights of VIG Holding. Based on this controlling interest, it and the members of its managing board and supervisory board are therefore also related parties. Members  of  the  Managing  Board  and  Supervisory  Board  did  not  receive  any  advances  or  loans  and  had  no  loans outstanding during the reporting periods. There were also no guarantees outstanding for members of the Managing Board or Supervisory Board during the reporting periods. Transactions with related companies Transactions with non-consolidated affiliated and associated companies mainly relate to financing and charges for services.  Transactions between the fully consolidated companies included in the consolidated financial statements are eliminated during consolidation and are therefore not included in the notes. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-44": {
   "value": "Transactions with Wiener St\u00e4dtische Versicherungsverein Wiener St\u00e4dtische Versicherungsverein is the majority shareholder of VIG Holding. It has the legal form of a mutual insurance association that has spun off its insurance operations under the Austrian Insurance Supervision Act (VAG) and consequently has no insurance business operations. Due to the outsourcing to Wiener St\u00e4dtische Versicherung AG that took place at that time, its only responsibilities are those as a majority shareholder of VIG Holding, so that intercompany charges within VIG Insurance Group are of minor importance. They are based on service agreements between VIG Insurance Group and Wiener  St\u00e4dtische  Versicherungsverein  for  intercompany  charges  for  internal  audit  services,  finance  and  accounting, provision of personnel and office leases based on the arm\u2019s length principle. Open items with related companies  31.12.2022 31.12.2021 in EUR '000 Loans  174,060 178,630 Associated companies  109,747 115,417 Subsidiaries not included in the consolidated financial statements  64,313 63,213 Receivables  151,725 147,524 Parent company  131,141 108,690 Associated companies  3,084 27,441 Subsidiaries not included in the consolidated financial statements  17,500 11,393 Liabilities excl. Subordinated liabilities  122,816 158,605 Parent company  101,595 136,836 Associated companies  369 6,381 Subsidiaries not included in the consolidated financial statements  20,852 15,388 Transactions with related companies  2022 2021 in EUR '000 Loans  17,919 4,743 Associated companies  5,670 364 Subsidiaries not included in the consolidated financial statements  12,249 4,379 Receivables  115,554 110,567 Parent company  31,872 24,470 Associated companies  60,480 56,088 Subsidiaries not included in the consolidated financial statements  23,202 30,009 Liabilities excl. Subordinated liabilities  306,046 283,286 Parent company  74,179 134,131 Associated companies  52,304 13,111 Subsidiaries not included in the consolidated financial statements  179,563 136,044 The transactions do not include changes in open items resulting from a change in the scope of consolidation. Open items with related persons  31.12.2022 31.12.2021 in EUR '000 Receivables  3 2 Liabilities excl. Subordinated liabilities  82 77 Transactions with related parties  2022 2021 in EUR '000 Receivables  217 196 Liabilities excl. Subordinated liabilities  2,143 1,850 The related party  items  in the  income  statement do not exceed EUR 3,000,000 and  primarily  consist  of Payments to Supervisory Board members. Compensation of management in key positions Supervisory board and managing board remuneration (gross)  2022 2021 in EUR '000 Remuneration paid to Supervisory Board members  758 695 Total payments to former members of the Managing Board or their survivors  1,075 1,330 Provision for future pension and severance obligations of Managing Board members  2,265 3,159 Provision for other future long-term claims of Managing Board members  6,758 6,374 Remuneration paid to active Managing Board members  7,948 7,243 Total  18,804 18,801 Remuneration for Managing Board members Managing Board remuneration takes into account the importance of the Group and the responsibility that goes with it, the economic situation of the Company, and the appropriateness of the remuneration in the market environment. The variable portion of the remuneration emphasises the need for sustainability and achieving it fully depends critically on an analysis of the sustainable performance of the Company that extends beyond a single reporting year. The  performance-related  remuneration  is  limited.  The  maximum  performance-related  remuneration  that  the  Managing Board  can  receive  by  achieving  the  traditional  targets  in  financial  year  2022  is  around  30%  to  around  40%  of  total remuneration. Special bonus remuneration can also be earned for appropriate target achievement, and remuneration for overachievement in certain target areas. In total, the members of the Managing Board can earn variable remuneration equal to a maximum of around 45% to 50% of their total remuneration in this way. Large parts of performance-related remuneration are only paid after a delay. The delay for financial year 2022 extends to 2026. The deferred portions are awarded based on the sustainable performance of the Group. The Managing Board is not entitled to performance-related remuneration if performance fails to meet certain thresholds. Even if the targets are fully met in a given financial year, because of the focus on sustainability, the full variable remuneration is only awarded if the Group also achieves sustainable performance in the three following years. Managing Board remuneration does not include stock options or similar instruments. Members of the Company\u2019s Managing Board who are active as of 31 December 2019 are entitled to funded defined benefit pensions \u2013 based, among other things, on the length of service in VIG Insurance Group \u2013 equal to a maximum of 40% of the measurement base if they remain in the Managing Board until age 65. The measurement base is equal to their standard fixed remuneration. This pension amount can be increased in individual cases if work continues past the maximum pension age, since a pension is not drawn during this period. Starting as of 1 January 2020, newly appointed members of the Managing Board can be granted entitlements to defined benefit pensions (alternatively entitlements to defined contribution pensions). As a rule, entitlements require at least one reappointment, and  are  granted  in stages,  so that  the  maximum entitlement  of 40%  of fixed remuneration  cannot be reached until age 65 after at least 10 years of service as a member of the Managing Board. If a member of the Managing Board has previously served in other positions in the Group for at least 5 years, an entitlement can already be granted at the beginning of the term of office. Pensions are normally received (regardless of the initial appointment date) only if a Managing Board member\u2019s position is not extended and the member is not at fault for the lack of extension, or the Managing Board member retires due to illness or age. The provisions of the Austrian Employee and Employment Provisions Act (Mitarbeiter- und Selbstst\u00e4ndigen-Vorsorgegesetz) (\u201cnew severance\u201d) apply to the contracts of the Managing Board members. Only the contracts for Managing Board members who have been active in the Group for a long time provide for a severance payment structured in accordance with the provisions of the Austrian Employee Act (Angestelltengesetz), in the version prior to 2003, in combination with applicable industry-specific provisions. This allows these Managing Board members to receive a severance payment equal to two to twelve months\u2019 remuneration, depending on the period of service, with a supplement of 50% if the member retires or leaves after a long-term illness. A Managing Board member who leaves by their own choice, without agreement with the Company, before retirement is possible, or leaves due to their own fault, is not entitled to severance payment. Managing Board members are provided a company car for both business and personal use. The members of the Managing Board received EUR 7,948,000 (EUR 7,243,000) from the Company during the reporting period for their services. The members of the Managing Board received EUR 978,000 (EUR 774,000) from subsidiaries during the reporting period. Former members of the Managing Board received EUR 1,075,000 (EUR 1,330,000). The Managing Board had eight members in the current financial year.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-45": {
   "value": "30. LEASES The interest expenses for leases recognised in the reporting period are shown in Note 16.  Financial result excl. result from shares in at equity consolidated companies starting on page 126.  30.1. Lessees The significant cash outflows for leases from lessees amount to a total of EUR 52,214,000 (EUR 39,989,000). 30.2. Lessors \u2013 operating leases Operational leases for which VIG Insurance Group is the lessor exist primarily in connection with real estate leasing. Maturity analysis of undiscounted lease payments  31.12.2022 31.12.2021 in EUR '000 up to one year  126,626 116,444 one to two years  118,184 108,133 two to three years  109,334 100,423 three to four years  101,024 91,348 four to five years  92,940 84,626 more than five years  2,708,095 2,412,971 Total  3,256,203 2,913,945 Lease income  2022 2021 in EUR '000 Fixed lease income  129,252 113,972 Lease income of variable lease payments  28,159 23,615 Total  157,411 137,587 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-46": {
   "value": "31. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE Earthquake in south-eastern T\u00fcrkiye and parts of Syria An earthquake of magnitude 7.8 on the Richter scale occurred in the early morning hours of 6 February 2023, accompanied by numerous aftershocks of up to 7.5 on the Richter scale in subsequent hours. Overall, the earthquakes affected a region with a radius of around 400 kilometres, including the cities of Gaziantep, Adana, Antakya, Kahramanmara\u015f, Malatya, Kilis, Osmaniye, Diyarbak\u0131r, Ad\u0131yaman and \u015eanl\u0131urfa in T\u00fcrkiye, and Aleppo, Idlib, Homs and Hama in Syria. Several thousand buildings collapsed, causing thousands of injuries and tens of thousands of deaths. Small tsunami waves were observed on the east coast of Cyprus as a result of the earthquakes, but did not cause any damage, and a tsunami warning was issued in Italy. VIG offers insurance coverage in this region, primarily through its insurance company RaySigorta in T\u00fcrkiye, which mainly focuses on the less affected western part of T\u00fcrkiye. The insurance penetration for the affected area in T\u00fcrkiye is lower than in the western part of the country and residential buildings are covered by the state TCIP pool. According to preliminary estimates, the Group is expecting a gross loss of approximately EUR 100.0 million (before reinsurance).  Currently, net loss cannot be estimated, but VIG has concluded reinsurance programmes for natural disasters.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-47": {
   "value": "The consolidated financial statements for financial year 2022 were approved for publication by a resolution of the Managing Board on 20 March 2023.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300JCRU23I1THU176",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}